Transaction Overview - BD will separate its Biosciences and Diagnostic Solutions business to BD shareholders and simultaneously merge SpinCo with a wholly owned subsidiary of Waters in a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion[65] - Expected pro forma ownership of 60.8% for Waters shareholders and 39.2% for BD shareholders[65] - BD to receive approximately $4 billion cash distribution via proceeds of SpinCo debt[65] - The transaction is expected to close around the end of the first quarter of calendar year 2026[65] Financial Highlights - Pro forma revenue for CY 2025E is approximately $6.5 billion[18] - Adjusted EBITDA for CY 2025E is approximately $2.0 billion[18] - R&D spending is approximately 10% of sales[18] - The transaction is expected to be EPS accretive in Year 1[36] - Expected revenue synergies of approximately $290 million by Year 5, with an EBITDA impact of $145 million[33, 61] - Expected cost synergies of approximately $200 million by Year 3[33, 61] - Approximately $345 million in total annualized adjusted EBITDA synergies are expected by Year 5[36, 61] Growth and Stability - The combined company will have a total addressable market (TAM) of approximately $40 billion with 5-7% market growth[19, 22] - Over 70% of revenue is annually recurring[19, 30] - Over 50% of instruments are replaced every 5-10 years[19, 30] - Expected sales growth in the near-to-mid-term is MSD-HSD (Mid-Single-Digit to High-Single-Digit)[33] - Adjusted operating margin expansion of approximately 500 bps is expected by 2030[33]

Investment Rating - The report maintains a "Buy" rating for Boston Scientific (BSX), Edwards Lifesciences (EW), GE Healthcare (GEHC), Intuitive Surgical (ISRG), and Haemonetics (HAE), while downgrading Tandem Diabetes (TNDM) to "Sell/High Risk" from "Neutral/High Risk" [1][5][20]. Core Insights - The MedTech sector has shown resilience against healthcare headwinds, with a focus on returning to fundamentals and several catalysts expected to drive momentum in the second half of 2025 [1][9]. - The S&P Equipment and Supplies Index has outperformed the broader market, with a year-to-date increase of 7.2%, while relative P/E multiples remain below historical averages [2][12]. - Key upcoming catalysts include product launches and data readouts from various companies, which are anticipated to influence stock performance positively [3][10][11]. Summary by Sections Market Overview - The MedTech industry has largely absorbed tariff impacts, with a weakening USD providing additional support [1][9]. - The S&P 500 is up 6.2% year-to-date, while the S&P Equipment and Supplies Index has increased by 7.2% [2][12]. Company-Specific Insights - Boston Scientific (BSX) is expected to benefit from Farapulse and new product launches, projecting a revenue increase of 80.1% year-over-year in 2Q25 [3][10]. - Edwards Lifesciences (EW) anticipates pivotal data releases and the reopening of TAVR NCD, which could enhance its market position [3][10]. - Intuitive Surgical (ISRG) plans a broad launch of its DV5 system, which is expected to drive stock performance [4][10]. - Haemonetics (HAE) has been upgraded to "Buy" due to improved guidance and revenue growth expectations [5][20]. - Tandem Diabetes (TNDM) faces competitive pressures, leading to its downgrade to "Sell/High Risk" [5][20]. Valuation and Target Prices - Target prices have been adjusted for several companies, with BSX at $125, EW at $95, GEHC at $86, and ISRG at $650 [20][21]. - The report highlights that the relative P/E multiple for the MedTech sector is currently at 1.14x, below historical averages, indicating potential undervaluation [2][12][14].

Group 1 - BD has appointed Bilal Muhsin as executive vice president and president of the future Connected Care segment, effective July 2, 2025, as part of its New BD strategy [1][2] - Under Muhsin's leadership, BD Connected Care will focus on leveraging advanced analytics and AI solutions to enhance patient care efficiency and effectiveness, while exploring growth opportunities in areas like connected medication management and smart monitoring solutions [2][3] - Muhsin brings 25 years of experience from Masimo, where he held various leadership roles, including chief operating officer, and has a strong background in medical engineering and software development, holding over 50 patents [3][4] Group 2 - BD is recognized as one of the largest global medical technology companies, dedicated to improving medical discovery, diagnostics, and care delivery through innovative technology and solutions [5] - The company employs over 70,000 individuals and collaborates with global organizations to tackle significant health challenges, aiming to enhance outcomes, reduce costs, and improve healthcare access [5]

Core Viewpoint - Becton Dickinson and Company (BDX) is currently in the 17th phase of the 18-phase Adhishthana Cycle, indicating continued underperformance and consolidation until early June 2027 [1] Group 1: Adhishthana Cycle Analysis - BDX started its Adhishthana Cycle positively but experienced a critical shift entering Phase 8, where the expected bullish Cakra formation broke down [2][4] - The breakdown of the Cakra in Phase 8 led to over 1,400 days of sideways consolidation, confirming the structural weakness [6] - The Guna Triads, which assess the potential for reaching the highest price point in Phase 18, showed BDX's triads to be among the weakest compared to peers, lacking the necessary bullish momentum [9][10] Group 2: Monthly Chart and Future Outlook - On the monthly chart, BDX is in the Sankhya Period of Phase 2, characterized by bearish pressure and range-bound behavior, expected to last until August 2, 2027 [13] - The combination of the structural breakdown, weak Guna Triads, and bearish monthly trends suggests that BDX is not positioned for recovery in the near term [14][15]

Becton, Dickinson and Company (NYSE:BDX) Goldman Sachs 46th Annual Global Healthcare Conference June 9, 2025 2:00 PM ET Company Participants Thomas E. Polen - President, CEO & Chairman Conference Call Participants Robert Justin Marcus - JPMorgan Chase & Co, Research Division Unidentified Analyst Yes. One additional disclosure that we needed. So the session is not open to the press. There you go. All right. So I want to thank Tom Polen, Chairman and Chief Executive Officer of Becton, Dickinson. I appreciate ...

Summary of Becton, Dickinson and Company (BDX) FY Conference Call Company Overview - **Company**: Becton, Dickinson and Company (BDX) - **Date of Conference**: June 09, 2025 Key Points Industry and Market Dynamics - **Separation Process**: The company is in the process of separating its biosciences or life sciences segment, with an announcement expected between Labor Day and Memorial Day [2][3][4] - **Market Complexity**: BDX operates in a complex medtech portfolio, being the only medtech company with exposure to both life sciences and pharma device markets [31] - **Revenue Growth**: BDX has experienced a 5.6% revenue CAGR since launching BD 2025 in 2021, with current guidance for this year at 3.25% [32] Financial Performance - **Headwinds**: The company faces headwinds from a slowdown in research spending, destocking in the pharma medical device channel, and challenges in the Chinese market, which collectively have impacted growth by approximately 180 basis points [33][34] - **China Exposure**: Currently, 5% to 6% of revenue comes from China, expected to decrease to about 4% post-separation [35] - **Profitability**: Despite challenges, BDX has managed to expand gross margins by 190 basis points last quarter, achieving 8% EPS growth [92] Strategic Focus - **Shareholder Value**: The company is focused on maximizing shareholder value through potential separation options, including spin-offs or sales [6][14] - **Use of Proceeds**: Any proceeds from a sale will likely be used for stock buybacks, as the company views this as a strong investment opportunity at current price levels [22][23] - **Innovation Pipeline**: BDX has a robust innovation pipeline, with significant product launches planned for 2026, including advancements in biologic drug delivery and new medical devices [72][94] Challenges and Outlook - **Macro Challenges**: The company is navigating macroeconomic challenges, particularly in China and life sciences spending, but remains optimistic about revenue growth and operational performance [91] - **Future Growth**: Long-term growth expectations remain positive, with a projected return to high single-digit growth in the biologics space as the destocking phase concludes [73] Additional Insights - **Tariff Impact**: BDX anticipates $90 million in tariff exposure for FY 2025, primarily affecting Q4, but expects a net positive impact for FY 2026 due to recent tariff reductions [81][82] - **Legislative Considerations**: The company is closely monitoring legislative changes that could impact funding for healthcare providers and the medtech industry [85][86] Conclusion Becton, Dickinson and Company is strategically positioned to navigate current market challenges while focusing on innovation and shareholder value. The upcoming separation of its life sciences segment and a strong pipeline of new products are expected to drive future growth.

Core Viewpoint - Becton, Dickinson and Company (NYSE: BDX) is identified as a leading provider of medical supplies with significant undervaluation and a high dividend yield of nearly 2.5%, the highest in over a decade [1] Company Overview - Becton, Dickinson operates in various sectors including life sciences, infusion, and diagnostics [1] - The company is noted for its excellent dividend safety, making it an attractive option for dividend growth investors [1] Investment Strategy - The focus is on identifying undervalued large-cap stocks with sustainable dividend growth and potential for capital appreciation [1] - There is also an interest in tech and small- or mid-cap stocks for their growth potential, regardless of dividend status [1] Performance Metrics - The dividend yield of BDX is highlighted as being the highest in over ten years, indicating strong performance in terms of returns to shareholders [1]

Core Viewpoint - Becton, Dickinson and Company (BDX) has issued an urgent update regarding its esophagogastric balloon tamponade tubes due to safety concerns following one reported death and two serious injuries related to the device's use [1][2][4]. Company Update - The FDA has highlighted BD's updated instructions for the device, emphasizing potential hazards and the importance of proper usage procedures [2][6]. - BD has a market capitalization of $49.59 billion and an earnings yield of 8.1%, which is higher than the industry average of 5.3% [5]. Stock Performance - Following the announcement, BDX shares traded flat until Thursday's closing, with a year-to-date decline of 23.4%, compared to the industry's 0.8% decline and the S&P 500's 0.3% loss [3]. Safety Concerns - The FDA's safety communication was prompted by issues with the device during the pre-use phase, particularly difficulties in removing plastic plugs, which could damage the device [6][8]. - Complications from these issues could delay diagnosis or treatment, potentially worsening patient outcomes [8]. Response Measures - In response to the incidents, BD has communicated revised preparation steps to customers, including specific methods for safely removing plugs from the device [9][10]. - BD is reinforcing training across healthcare facilities and reviewing product handling instructions to enhance patient safety [10].

Core Insights - BD (Becton, Dickinson and Company) is initiating a patient data registry for the Rotarex™ Atherectomy System to evaluate real-world outcomes for patients with peripheral artery disease (PAD) [1][2]. Group 1: Registry Details - The registry, named "XTRACT," is a prospective, multi-center, single-arm, post-market study aimed at assessing the clinical performance of the Rotarex™ Atherectomy System in treating U.S. patients with PAD lesions [3]. - The XTRACT Registry will enroll up to 600 patients across approximately 100 clinical sites in the United States, with the first patient expected to be enrolled later this year [3]. - Clinical follow-up evaluations will be conducted at 30 days, 6 months, and 12 months post-procedure to assess safety and effectiveness [3]. Group 2: Clinical Significance - The registry aims to provide valuable data to support clinical decision-making and enhance patient outcomes in managing PAD [4]. - The Rotarex™ Atherectomy System is designed to efficiently remove plaque and thrombus in peripheral arteries, serving dual purposes as both an atherectomy and thrombectomy device [4]. - The XTRACT Registry is the first comprehensive registry focused on real-world applications of the Rotarex™ System, highlighting BD's commitment to optimizing treatment strategies in collaboration with leading physicians [5]. Group 3: Industry Context - PAD affects over 21 million Americans and more than 200 million people globally, posing risks of cardiovascular complications and lower limb amputation [5]. - BD's initiative reflects its ongoing commitment to innovative technological development and evidence-based research to support physicians and improve patient outcomes [5].

特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无 法看到我们的推送。 息 网 近日， 碧迪医疗（BD） 发布有关2 0 2 5年1月1 6日美国前政府发布的近期临时最终规则 （IFR）的最新进展，称其一直在积极与美国政府沟通，力求对该规则进行修订。"目前，该规 则正在接受审查，在此期间，碧迪医疗已获得出口许可证，能够继续向我们在中国的客户出口 受该规则影响的流式细胞仪。2 0 2 5年4月1 8日，碧迪医疗收到首份出口许可证，允许我们在中 国销售、交付、安装并提供碧迪医疗光谱型和2 6+通道流式细胞仪的相关服务。 " 具体如下： 尊敬的周户: 我们谨此向您通报有关2025年1月16日美 国 前 政 府 发 布 的 近 期 临 时 最 终 规 则 (IFR) 的最新进展。该规则限制从美国 向中国出口某些流式细胞仪。碧迪医疗 (BD) 一直在积极与美国政府沟通,力 求对该规则进行修订。目前,该规则正 在接受审查,在此期间,碧迪医疗已获 得出口许可证,能够继续向我们在中国 的客户出口受该规则影响的流式细胞 仪。 2025年4月18日,碧迪医疗收到首份出 口许 ...