BECTON, DICKINSON AND COMPANY (NYSE:BDX) Files An 8-K Results of Operations and Financial Condition

BECTON, DICKINSON AND COMPANY (NYSE:BDX) Files An 8-K Results of Operations and Financial Condition

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 2, 2017, Becton, Dickinson and Company (BD) issued a press
release announcing its financial results for its second>fiscal
quarter ending March 31, 2017. A copy of the press release is
furnished as Exhibit 99.1 to this report.
The press release furnished as Exhibit 99.1 contains certain
financial measures that differ from those presented in accordance
with U.S. generally accepted accounting principles (non-GAAP
measures), as follows:
Revenues. We present comparable revenue growth rates, which
reflect revenue growth after eliminating the impact of
divestitures, including the divestiture of our Respiratory
Solutions business, which occur infrequently and affect
comparability to the prior period. Revenue growth rates are
also presented after eliminating the effect of foreign
currency translation, which can fluctuate from period to
period and also affect comparability. We also present our
estimated revenue growth for fiscal year 2017>on a
comparable, foreign currency neutral basis. We believe
these adjustments help investors better understand the
underlying performance of BD compared to the prior period,
and evaluate our anticipated underlying revenue growth for
the 2017>fiscal year compared to fiscal year 2016.
Earnings per share. We present diluted earnings per share
(EPS) for the second quarter and first six months of fiscal
year 2017, and the corresponding prior periods, after
eliminating items that we believe affect the comparability
of the two periods. These include adjustments for purchase
accounting adjustments, acquisition-related transaction,
integration and restructuring costs, the reversal of a
litigation reserve and the loss resulting from the
extinguishment of certain long-term debt. These items are
not considered by management to be part of our ordinary
operations, and these adjustments allow investors to better
understand the underlying operating results of BD and
facilitate comparisons between the periods shown. We also
show the growth in adjusted EPS compared to the prior year
period after eliminating the impact of foreign currency
translation to further enable investors to evaluate BDs
underlying earnings performance compared to the prior year
period.
We also present our estimated EPS for fiscal year
2017>compared to fiscal year 2016>EPS after eliminating the
above-mentioned items (and a pension settlement that occurred in
fiscal year 2016) and after further adjusting for the anticipated
impact of foreign currency translation in fiscal year 2017.
Management believes that these adjustments allow investors to
better evaluate BDs anticipated underlying earnings performance
for fiscal year 2017>in relation to our underlying fiscal year
2016>performance.
BDs management uses each of these non-GAAP measures in its own
evaluation of BDs performance, particularly when comparing
performance to past periods and to the performance of peer
companies. Management also uses the non-GAAP results for budget
planning purposes on a quarterly and annual basis.
BD provides non-GAAP measures to investors on a supplemental
basis in addition to our GAAP results, as they provide additional
insight into BDs financial results. Management believes the
non-GAAP results provide a reasonable measure of BDs underlying
performance before the effects of items that are considered by
management to be outside of BDs underlying operational results or
that affect period to period comparability. However, Non-GAAP
results should not be considered in isolation and are not in
accordance with, or a substitute for, GAAP results. Also, our
non-GAAP results may differ from similar measures used by other
companies, even if similar terms are used to identify such
measures. Although BDs management believes non-GAAP results are
useful in evaluating the performance of its business, its
reliance on these measures is limited since items excluded from
such measures may have a material impact on BDs net income,
earnings per share or cash flows calculated in accordance with
GAAP. Therefore, management typically uses non-GAAP results in
conjunction with GAAP results to address these limitations.
Investors should also consider these limitations when evaluating
BDs results.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 99.1 Press release dated May 2, 2017, which is furnished
to Item 2.02
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BECTON, DICKINSON AND COMPANY
(Registrant)
By:
/s/ Gary DeFazio
Gary DeFazio
Senior Vice President and Corporate Secretary
Date: May 2, 2017>
Exhibit Index
99.1 Press release dated May 2, 2017, which is furnished


About BECTON, DICKINSON AND COMPANY (NYSE:BDX)

Becton, Dickinson and Company (BD) is a global medical technology company engaged in the development, manufacture and sale of a range of medical supplies, devices, laboratory equipment and diagnostic products. The Company operates through two segments: BD Medical and BD Life Sciences. The BD Medical segment produces an array of medical technologies and devices that are used to help improve healthcare delivery in a range of settings. BD Medical consists of various business units, including diabetes care, medication and procedural solutions, medication management solutions and pharmaceutical systems. The BD Life Sciences segment provides products for the safe collection and transport of diagnostics specimens, and instruments and reagent systems to detect a range of infectious diseases, healthcare-associated infections and cancers. The Company’s BD Life Sciences segment consists of various business units, including preanalytical systems, diagnostic systems and biosciences.

BECTON, DICKINSON AND COMPANY (NYSE:BDX) Recent Trading Information

BECTON, DICKINSON AND COMPANY (NYSE:BDX) closed its last trading session down -0.59 at 186.38 with 2,404,223 shares trading hands.

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