BECTON, DICKINSON AND COMPANY (NYSE:BDX) Files An 8-K Results of Operations and Financial Condition
ITEM2.02
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On February 2, 2017, Becton, Dickinson and Company (BD) issued a
press release announcing its financial results for its first
fiscal quarter ending December 31, 2016. 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:
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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. |
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Earnings per share. We present diluted earnings per share (EPS) for the quarter and the prior period after eliminating items that we believe effect 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 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.
| ITEM9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
Exhibit99.1Press release dated February2, 2017, which is
furnished to Item2.02
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 |
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| Gary DeFazio | ||||||
| SeniorVicePresidentandCorporateSecretary |
Date: February2, 2017
Exhibit Index
| 99.1 | Press release dated February2, 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 up +1.68 at 178.97 with 1,716,115 shares trading hands.