Leadership Changes - BD's CFO Chris DelOrefice will leave the company on December 5 to join Ulta Beauty as CFO, with a search for a permanent successor underway [1][2] - Vitor Roque, senior vice president of finance, will serve as interim CFO until a permanent replacement is found, having held various finance leadership roles at BD for two decades [3][4] Financial Performance - BD reported preliminary fiscal fourth-quarter revenue of approximately $5.9 billion, reflecting an 8.3% year-over-year increase, while the preliminary revenue for fiscal year 2025 is about $21.8 billion, up 8.2% [5] - Analysts from Stifel described the fourth-quarter results as "disappointing" and below consensus expectations, attributing the impact of a "dynamic macro environment" particularly in vaccines and academic and government research [5][6] Strategic Developments - BD is planning to separate its biosciences and diagnostics business from the rest of the company, with a deal valued at approximately $17.5 billion involving Waters [6] - The company will discuss its fiscal fourth-quarter and full-year earnings on a scheduled earnings call on November 6 [7]

Core Insights - Falcon Energy Materials plc is making significant progress in constructing its pilot plant in Jorf Lasfar, Morocco, which positions the company as a leader in developing large-scale, high-purity coated spherical purified graphite (CSPG) for the global battery industry outside of China [1][6][11] - The pilot plant is on track for completion and commissioning in Q4 2025, which is crucial for securing long-term offtake agreements for Falcon's proposed 25,000 tonnes per annum (tpa) commercial scale anode facility [2][4][10] Group 1: Pilot Plant Development - The pilot plant is being developed within the industrial complex of Falcon's strategic partner Fluoralpha S.A. at Jorf Lasfar, benefiting from advanced industrial infrastructure and proximity to European and North American markets [4][6] - Civil construction is progressing steadily, with the completion of the pilot plant building and ancillary infrastructure expected by late 2025 [5][10] - The pilot plant has been fully commissioned and tested at Hensen Graphite Carbon Corporation's facility in China, ensuring optimized performance before shipment to Morocco [8][10] Group 2: Customer Engagement and Production - The first CSPG samples have been produced and delivered to three potential customers, who have initiated large-scale qualification programs [1][9] - Two distinct specifications of CSPG have been tailored to customer requirements, with 50kg sample batches currently under evaluation [9] - Falcon has procured and assembled all necessary equipment to produce large-scale CSPG samples for potential customers [8][10] Group 3: Strategic Partnerships and Future Outlook - The strategic partnership with Hensen and Fluoralpha is aimed at developing a comprehensive industrial value chain to lead the global battery market [11] - Falcon aims to become a fully integrated supplier of battery anode materials, with plans for a high-purity graphite production mine in Guinea and a CSPG conversion facility in Morocco [11][12] - The company is committed to sustainability and supply chain transparency, supported by attractive operating costs and strong ESG credentials [12]

Core Insights - The article discusses the author's journey in dividend growth investing and the establishment of a blog that documents this journey towards financial independence [1]. Group 1 - The author has been investing since September 2017 and has a long-standing interest in dividend investing since around 2009 [1]. - The blog "Kody's Dividends" was launched in July 2018 to share insights and experiences related to dividend growth investing [1]. - The author credits the blog for introducing them to the Seeking Alpha community as an analyst [1].

Core Insights - BD (Becton, Dickinson and Company) celebrates 65 years of manufacturing excellence at its Broken Bow, Nebraska facility, which has evolved significantly since its inception in 1960 [1][2] - The Broken Bow site is now the world's largest manufacturer of BD Vacutainer® tubes, producing billions of tubes and other medical devices annually, essential for patient care globally [1][6] Manufacturing Investments - BD has invested over $50 million since 2020 to modernize and expand operations at the Broken Bow facility, including upgrades to its chemistry lab [2] - The company is also investing more than $35 million and creating 50 additional jobs at its Columbus facility to enhance prefilled flush syringe production, further supporting the U.S. healthcare system [2] Community Engagement - BD is donating $6,500 to the Custer County Foundation for scholarships aimed at local graduates pursuing healthcare careers, continuing its support for community initiatives [5] - The company has contributed $40,000 over the last five years to advance youth programs and STEM education in the community [5] Workforce and Operations - BD operates over 30 manufacturing and distribution facilities across 16 states and Puerto Rico, employing more than 10,000 people, forming a critical part of the U.S. medical device supply chain [3] - The 65th anniversary celebration included recognition of long-tenured associates, highlighting the company's commitment to its workforce [4]

Group 1 - The core viewpoint of the news is that Becton Dickinson (BDX.US) experienced a pre-market decline of 3.25% following its fourth-quarter earnings report, which showed an 8.3% revenue growth to $5.9 billion, slightly below analyst expectations of $5.91 billion [1] - The company's unaudited annual revenue reached $21.8 billion, reflecting a year-over-year growth of approximately 8% [1] - Becton Dickinson has revised its sales guidance for fiscal year 2025 down from a range of $21.863 billion to $21.8 billion, indicating a more conservative outlook [1] Group 2 - The pre-market price for Becton Dickinson was reported at $180.70, down $6.07 or 3.25% from the previous close [2] - The closing price on October 15 was $186.77, with a trading volume of 1.1448 million shares [2] - The company's total market capitalization stands at $53.533 billion [2]

Core Viewpoint - Becton Dickinson's Chief Financial Officer Chris DelOrefice will leave the company on December 5 to pursue a new professional opportunity [1] Company Summary - The departure of the CFO may impact the company's financial strategy and operations moving forward [1]

[BD Announces CFO Transition Plan and Preliminary Fiscal 2025 Results](index=1&type=section&id=BD%20Announces%20CFO%20Transition%20Plan%20and%20Preliminary%20Fiscal%202025%20Results) BD announced a CFO transition and strong preliminary fiscal 2025 results, including revenue growth and EPS outlook [CFO Transition Announcement](index=1&type=section&id=CFO%20Transition%20Announcement) BD announced CFO Chris DelOrefice's departure, appointing Vitor Roque as interim CFO effective December 5, 2025 - Chris DelOrefice, Executive Vice President and CFO, will depart BD effective **December 5, 2025**[2](index=2&type=chunk) - Vitor Roque, Senior Vice President of Finance, has been named interim CFO[2](index=2&type=chunk) - CEO Tom Polen acknowledged DelOrefice's contributions to the BD 2025 strategy and highlighted Roque's extensive experience within the company[3](index=3&type=chunk) [Preliminary Fiscal 2025 Financial Results](index=1&type=section&id=Preliminary%20Fiscal%202025%20Financial%20Results) BD reported strong preliminary Q4 and full year fiscal 2025 revenue, expecting adjusted diluted EPS at or above guidance midpoint [Fourth Quarter Fiscal 2025 Preliminary Revenue](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202025%20Preliminary%20Revenue) BD reported preliminary Q4 fiscal 2025 revenue of approximately **$5.9 billion**, with strong reported, currency-neutral, and organic growth Fourth Quarter Fiscal 2025 Preliminary Revenue Metrics | Metric | Value | | :--- | :--- | | Preliminary Unaudited Revenue | ~$5.9 billion | | Reported Increase | ~8.3% | | Currency-Neutral Increase | ~7.0% | | Organic Increase | ~3.9% | - Strong growth was observed in the BD Interventional segment, Advanced Patient Monitoring, and Medication Delivery Solutions, despite a greater than anticipated impact from a dynamic macro environment on Pharmaceutical Systems vaccines and Biosciences academic and government research[4](index=4&type=chunk) [Full Year Fiscal 2025 Preliminary Revenue](index=1&type=section&id=Full%20Year%20Fiscal%202025%20Preliminary%20Revenue) BD's preliminary full year fiscal 2025 revenue reached approximately **$21.8 billion**, with robust reported, adjusted currency-neutral, and organic growth Full Year Fiscal 2025 Preliminary Revenue Metrics | Metric | Value | | :--- | :--- | | Preliminary Unaudited Revenue | ~$21.8 billion | | Reported Increase | ~8.2% | | Adjusted Currency-Neutral Increase | ~7.7% | | Organic Increase | ~2.9% | [Full Year Fiscal 2025 Adjusted Diluted EPS Outlook](index=2&type=section&id=Full%20Year%20Fiscal%202025%20Adjusted%20Diluted%20EPS%20Outlook) BD expects full year fiscal 2025 **adjusted diluted EPS at or above the midpoint** of its guidance, excluding non-GAAP adjustments - BD expects to deliver full year fiscal 2025 **adjusted diluted EPS at or above the midpoint** of its previously issued guidance[6](index=6&type=chunk) - The adjusted diluted EPS outlook excludes potential charges or gains such as non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters[7](index=7&type=chunk) [Conference Call and Presentation Materials](index=2&type=section&id=Conference%20Call%20and%20Presentation%20Materials) BD will host an audio webcast on **November 6, 2025**, for Q4 and full year fiscal 2025 results, with materials on its investor relations website - An audio webcast for Q4 and full year fiscal 2025 results will be held on **Thursday, November 6, 2025, at 8 a.m. (ET)**[8](index=8&type=chunk) - The webcast and related materials will be accessible via BD's investor relations website at www.bd.com/investors[8](index=8&type=chunk) [Non-GAAP Financial Measures and Preliminary Information Disclaimers](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Preliminary%20Information%20Disclaimers) This section clarifies BD's non-GAAP financial measures and disclaims the preliminary, unaudited nature of presented financial results [Explanation of Non-GAAP Financial Measures](index=2&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) BD uses non-GAAP financial measures (currency-neutral, adjusted, organic revenue growth) for clearer operational performance, excluding distorting items - Non-GAAP financial measures (currency-neutral, adjusted, and organic revenue growth) are used to help investors understand year-over-year performance, underlying trends, and future prospects[9](index=9&type=chunk) - Adjusted revenues for full year fiscal 2024 exclude accruals related to the Italian government medical device pay back legislation and another legal matter, primarily from prior years[10](index=10&type=chunk) - Organic Revenue growth is defined as foreign currency-neutral revenues further adjusted for the impact of acquisitions and divestitures during the first 12 months post-transaction[12](index=12&type=chunk) [Preliminary Financial Information Disclaimer](index=4&type=section&id=Preliminary%20Financial%20Information%20Disclaimer) The financial information is preliminary, unaudited, and subject to change, with actual results potentially differing materially - The financial information as of September 30, 2025, is **preliminary, unaudited, and subject to change**[14](index=14&type=chunk) - Actual results may differ materially due to the completion of financial closing procedures, audit procedures, and final adjustments[14](index=14&type=chunk) - These preliminary estimates are not a comprehensive statement of financial results and should not be viewed as a substitute for full GAAP financial statements[14](index=14&type=chunk) [About BD](index=4&type=section&id=About%20BD) BD is a leading global medical technology company with **over 70,000 employees**, advancing health through innovative solutions and partnerships - BD is one of the largest global medical technology companies, with **over 70,000 employees**[15](index=15&type=chunk) - The company's mission is to advance the world of health by improving medical discovery, diagnostics, and the delivery of care[15](index=15&type=chunk) - BD develops innovative technology, services, and solutions to enhance clinical therapy, clinical processes, disease detection, and research capabilities[15](index=15&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section highlights forward-looking statements, subject to business risks and uncertainties from macroeconomic conditions, international markets, and regulatory changes - The press release contains forward-looking statements based on current expectations and assumptions, involving business risks and uncertainties[16](index=16&type=chunk) - Factors that could cause actual results to vary materially include macroeconomic conditions, international market conditions (e.g., geopolitical developments), competitive factors, product efficacy/safety concerns, and changes to legislation or regulations impacting healthcare systems[16](index=16&type=chunk)[17](index=17&type=chunk) - Other risks include supply chain disruptions, labor constraints, inflationary pressures, currency rate fluctuations, increased interest rates, cybersecurity threats, and uncertainties of litigation or investigations[16](index=16&type=chunk)[17](index=17&type=chunk) [Preliminary Supplemental Revenue Information Tables](index=7&type=section&id=Preliminary%20Supplemental%20Revenue%20Information%20Tables) This section provides preliminary reconciliations of BD's reported revenue to organic and adjusted revenue for Q4 and full year fiscal 2025 [Q4 Fiscal 2025 Preliminary Revenue Reconciliation](index=7&type=section&id=Q4%20Fiscal%202025%20Preliminary%20Revenue%20Reconciliation) This table reconciles preliminary Q4 fiscal 2025 reported revenue to organic revenue, detailing FX impact and inorganic adjustments Q4 Fiscal 2025 Preliminary Revenue Reconciliation (Millions of USD) | Metric | 2025 (A) (Millions of USD) | 2024 (B) (Millions of USD) | FX Impact (C) (Millions of USD) | % Change Reported (D) | % Change FXN (E) | | :--- | :--- | :--- | :--- | :--- | :--- | | TOTAL REVENUES | $5,890 | $5,437 | $75 | 8.3% | 7.0% | | Less: Inorganic revenue adjustment | 170 | — | 3 | NM | NM | | Organic Revenue | $5,720 | $5,437 | $72 | 5.2% | 3.9% | - The inorganic revenue adjustment accounts for incremental revenue from acquisitions and revenue decline from divestitures within the first 12 months post-transaction, including Advanced Patient Monitoring[20](index=20&type=chunk) [Full Year Fiscal 2025 Preliminary Revenue Reconciliation](index=8&type=section&id=Full%20Year%20Fiscal%202025%20Preliminary%20Revenue%20Reconciliation) This table reconciles preliminary full year fiscal 2025 reported revenue to adjusted and organic revenue, including legislative and inorganic adjustments Full Year Fiscal 2025 Preliminary Revenue Reconciliation (Millions of USD) | Metric | 2025 (A) (Millions of USD) | 2024 (B) (Millions of USD) | FX Impact (C) (Millions of USD) | % Change Reported (D) | % Change FXN (E) | | :--- | :--- | :--- | :--- | :--- | :--- | | TOTAL REVENUES | $21,840 | $20,178 | $30 | 8.2% | 8.1% | | Add: Reduction for government (1) legislative and legal matters | — | 67 | — | (100.0%) | (100.0%) | | Adjusted Total Revenues | $21,840 | $20,245 | $30 | 7.9% | 7.7% | | Less: Inorganic revenue adjustment (2) | 977 | — | 1 | NM | NM | | Organic Revenue | $20,863 | $20,245 | $29 | 3.1% | 2.9% | - The reduction for government legislative and legal matters in 2024 primarily relates to accruals for the Italian government medical device pay back legislation and another legal matter from years prior to fiscal year 2024[23](index=23&type=chunk) - The inorganic revenue adjustment includes incremental revenue attributable to acquisitions, such as Advanced Patient Monitoring in the Medical Segment[23](index=23&type=chunk)

Core Insights - BD (Becton, Dickinson and Company) announced a transition plan for its CFO Chris DelOrefice, who will leave the company on December 5, 2025, with Vitor Roque appointed as interim CFO [1][2] - The company provided preliminary revenue results for the fourth quarter and full year of fiscal 2025, indicating strong growth despite challenges in certain segments [2][3] Transition of Leadership - Chris DelOrefice has been a key member of the Executive Leadership Team for four years, contributing to the BD 2025 strategy and portfolio transformation [2] - Vitor Roque, with two decades of experience at BD, will take over as interim CFO, ensuring a smooth transition [1][2] Preliminary Revenue Results - Fourth quarter preliminary revenue is approximately $5.9 billion, reflecting an estimated increase of 8.3% on a reported basis, 7.0% on a currency-neutral basis, and 3.9% on an organic basis [3][8] - Full year preliminary revenue is approximately $21.8 billion, representing an estimated increase of 8.2% on a reported basis, 7.7% on a currency-neutral basis, and 2.9% on an organic basis [3][8] Strategic Outlook - The company continues to navigate a dynamic macro environment, with strong growth in segments like BD Interventional, Advanced Patient Monitoring, and Medication Delivery Solutions [2] - BD plans to share more on its New BD strategy and expectations for fiscal 2026 in an upcoming earnings call [2] Financial Performance Metrics - The expected adjusted diluted earnings per share (EPS) for fiscal 2025 is projected to be at or above the midpoint of previously issued guidance [2] - The company emphasizes the use of non-GAAP financial measures to provide better insight into underlying operational performance [4][5]

Key Takeaways BDX enrolled the first patient in the XTRACT Registry to evaluate the Rotarex Catheter System for PAD.BDX's Rotarex system combines atherectomy and thrombectomy functions to treat PAD lesions effectively.BD aims to boost its PI business and improve patient outcomes through real-world evidence from the registry.Becton, Dickinson and Company (BDX) , popularly known as BD, announced the enrollment of the first patient in the XTRACT Registry. It is a prospective, multi-center, single-arm, post-mar ...

Core Insights - Becton, Dickinson and Co. (BDX) is a multinational medical technology company focused on manufacturing and selling medical devices, instruments, and reagents globally [1] Financial Performance - The company is set to report its Q4 2025 earnings on November 6, with analysts expecting an EPS of $3.92, an increase from $3.81 in the prior year [2] - Quarterly revenue is anticipated to reach $5.92 billion, up from $5.44 billion a year earlier [2] - In Q3 2025, Becton Dickinson reported an adjusted EPS of $3.68, exceeding the consensus estimate of $3.41, and revenues of $5.51 billion, slightly above the consensus of $5.49 billion [3] Growth and Strategic Initiatives - The CEO highlighted an increase in organic growth trajectory in Q3, along with strong margin and EPS growth, which led to a raised EPS guidance for the full year [4] - The full-year 2025 adjusted EPS guidance has been raised to a range of $14.30 to $14.45, reflecting a $0.18 increase and a 9.4% growth at the midpoint [4] - An agreement was announced to combine BD's Biosciences and Diagnostic Solutions business with Waters Corporation, aimed at creating a leader in life sciences and diagnostics focused on high-volume testing [4]