Financial Performance - FY25 revenue reached $21.84 billion, with adjusted FXN growth of 7.7% and organic growth of 2.9%[16,44] - Adjusted diluted EPS for FY25 was $14.40, a 9.6% year-over-year increase[16] - Adjusted operating margin for FY25 was 25.0%, an increase of 80 bps year-over-year[16] - The company returned $2.2 billion to shareholders through share repurchases and dividends[16,48] - Free cash flow for FY25 was $2.67 billion, a 14% decrease compared to FY24's $3.119 billion[47] Segment Performance (Q4 FY25) - BD Medical segment revenue was $3.155 billion, with a 9.9% FXN increase[34] - BD Life Sciences segment revenue was $1.368 billion, with a 0.3% FXN increase[36] - BD Interventional segment revenue was $1.367 billion, with a 7.5% FXN increase[39] FY26 Guidance - The company expects low single-digit revenue growth (FXN) for FY26, including a ~90 bps FX tailwind[53] - Adjusted diluted EPS for FY26 is projected to be between $14.75 and $15.05, a 2.4% to 4.5% increase[53]

Core Insights - BD reported a resilient business model with a 3.9% organic growth in fiscal 2025, alongside significant adjusted margin and earnings growth [2] - The company is on track to complete the combination of its Biosciences and Diagnostic Solutions business with Waters Corporation by the end of Q1 2026, aiming to enhance its position in the Med Tech industry [2] Financial Performance - Q4 2025 revenues reached $5.89 billion, marking an 8.3% increase year-over-year, with a 3.9% organic growth [4][6] - For FY 2025, total revenues were $21.84 billion, up 8.2% from FY 2024, with adjusted diluted EPS growing by 9.6% to $14.40 [6][27] - Q4 GAAP diluted EPS increased to $1.72, a 24.6% rise compared to the previous year [6][27] Segment Performance - BD Medical segment revenues grew by 11.2% to $3.16 billion, driven by strong performance in Advanced Patient Monitoring [9][32] - BD Life Sciences segment saw a modest growth of 2.1% to $1.37 billion, with Specimen Management showing solid performance [11][32] - BD Interventional segment revenues increased by 8.5% to $1.37 billion, with notable growth in Urology and Critical Care [12][32] Geographic Results - In the United States, revenues increased by 9.8% to $3.42 billion, while international revenues grew by 6.4% to $2.47 billion [5][32] - The U.S. market showed strong growth across various segments, particularly in Medication Delivery Solutions and Advanced Patient Monitoring [30][31] Future Outlook - The company provided guidance for FY 2026, expecting low single-digit revenue growth and adjusted diluted EPS in the range of $14.75 to $15.05 [13][14] - The outlook reflects various assumptions about market conditions and operational performance [13]

Core Points - BD (Becton, Dickinson and Company) has declared a quarterly dividend of $1.05 per common share, marking a 1.0% increase from the previous quarter, with an annual dividend rate of $4.20 per share for fiscal year 2026 [1][2] - This marks the 54th consecutive fiscal year that BD has raised its dividend, maintaining its status in the S&P 500 Dividend Aristocrats Index, which tracks companies with at least 25 consecutive years of dividend increases [2] - The increase in dividends reflects BD's confidence in its long-term outlook and commitment to returning capital to shareholders, even while executing the Waters RMT transaction [2] Company Overview - BD is one of the largest global medical technology companies, focused on improving medical discovery, diagnostics, and care delivery [2] - The company employs over 70,000 individuals and is dedicated to enhancing the safety and efficiency of healthcare delivery, supporting laboratory scientists, and advancing research capabilities [2] - BD collaborates with organizations worldwide to tackle significant global health challenges, aiming to improve outcomes, lower costs, and expand access to healthcare [2]

Core Insights - The eighth China International Import Expo (CIIE) showcased several innovative medical devices and healthcare products, attracting significant attention from global trade delegations [1][2] Group 1: Medical Devices - Boston Scientific presented the ENROUTE Transcarotid Artery Revascularization (TCAR) device, the first and only approved device for TCAR procedures, aimed at reducing intraoperative risks associated with carotid artery stenosis [1] - Another product from Boston Scientific, the FARAWAVE NAV catheter, utilizes non-thermal electric fields for cardiac tissue ablation and has treated approximately 500,000 patients globally [1] - Medtronic introduced the Inceptiv closed-loop rechargeable spinal nerve stimulation system, designed to improve the quality of life for patients with chronic pain through weak electrical stimulation [4] - BD Medical showcased the M.R.I™ 4F Slim Implantable Port, the thinnest catheter in its category, designed for the Chinese population, which significantly reduces thrombosis rates by 40% [4] - The Venclose™ catheter, designed for treating lower limb varicose veins, features a flexible setup that minimizes patient trauma [5] Group 2: Innovative Treatments - Fosun Pharma presented the Exablate Neuro system, a high-intensity focused ultrasound (HIFU) device combined with MRI for treating drug-resistant essential tremors and Parkinson's disease [6] - Eli Lilly introduced innovative drugs targeting aging and obesity, including donanemab for Alzheimer's disease, which has shown to delay disease progression by approximately 30% in clinical trials [6]

Core Insights - BD has achieved full enrollment of the iliac artery patient cohort in its AGILITY study, which evaluates the Revello™ Vascular Covered Stent for treating peripheral arterial disease (PAD) [1][4] - The AGILITY study is a multi-center, prospective study being conducted across 45 investigational sites in the U.S., Europe, Australia, and New Zealand [4] - PAD affects over 21 million Americans and more than 200 million people globally, highlighting the critical need for innovative treatment options [5] Company Overview - BD is a leading global medical technology company focused on improving medical discovery, diagnostics, and care delivery [6] - The company employs over 70,000 individuals and collaborates with organizations worldwide to tackle significant global health challenges [6] Study Details - The AGILITY study aims to assess the safety and effectiveness of the Revello™ Vascular Covered Stent for de novo or restenotic lesions in two patient cohorts: the common and external iliac artery cohort (n=118) and the superficial femoral and proximal popliteal artery cohort (n=223) [7] - The study represents a significant advancement in self-expanding covered stent technology, addressing the need for improved flexibility and deliverability in PAD treatment [3][4]

Core Insights - BD (Becton, Dickinson and Company) has received FDA 510(k) clearance and CE marking for its Enteric Bacterial Panel (EBP) and Enteric Bacterial Panel plus (EBP plus) for the BD COR™ System, enhancing diagnostic capabilities for gastrointestinal infections [1][2]. Group 1: Product Features and Benefits - The EBP and EBP plus utilize advanced Polymerase Chain Reaction (PCR) technology to test a wide range of gastrointestinal bacterial pathogens from a single stool swab, streamlining workflows for clinicians [1][2]. - The EBP plus is the only high-throughput, bacterial-only molecular panel that detects Enterotoxigenic Escherichia coli (ETEC) and associated toxins, improving patient management and reducing unnecessary antibiotic use [3]. - The BD COR™ System can automate nearly 1,650 tests and deliver up to 1,000 sample results in 24 hours, maximizing efficiency with minimal manual interaction [4]. Group 2: Market Context and Impact - Gastrointestinal infections lead to over 1.7 million deaths globally each year, with significant healthcare burdens in the U.S., including 179 million outpatient visits and 500,000 hospitalizations annually due to diarrhea [1]. - The introduction of these panels addresses the urgent need for rapid and accurate diagnostics, which is critical for improving patient outcomes and supporting antimicrobial stewardship [1][2]. Group 3: Company Overview - BD is one of the largest global medical technology companies, focused on advancing health through innovative technology and solutions that enhance clinical therapy and healthcare delivery [7][8]. - The company has a strong commitment to improving the safety and efficiency of healthcare processes, with a presence in virtually every country and partnerships aimed at addressing global health challenges [8].

Core Insights - Dividend Aristocrats are considered some of the best stocks to purchase during market downturns due to their strong financial foundations [1] Group 1 - Dividend Aristocrats are backed by companies with solid footing, making them reliable investment options [1]

Company Overview - Becton, Dickinson and Company (BDX) is valued at $52.3 billion and is a leading medical technology company based in Franklin Lakes, New Jersey, founded in 1897. The company develops, manufactures, and sells a variety of medical devices, laboratory equipment, and diagnostic products aimed at improving healthcare safety, efficiency, and quality worldwide [1]. Earnings Expectations - BDX is expected to announce its fiscal fourth-quarter earnings for 2025 on November 6, with analysts predicting a profit of $3.91 per share on a diluted basis, which represents a 2.6% decrease from $3.81 per share in the same quarter last year. The company has a track record of exceeding Wall Street's EPS estimates in the last four quarters [2]. - For the full fiscal year, analysts anticipate BDX will report an EPS of $14.40, reflecting a 9.6% increase from $13.14 in fiscal 2024. EPS is projected to rise by 2.7% year over year to $14.79 in fiscal 2026 [3]. Stock Performance - Over the past year, BDX stock has declined by 21.5%, underperforming the S&P 500 Index, which gained 14.5%, and the Health Care Select Sector SPDR Fund, which saw a 3.4% dip [4]. - On October 17, BDX shares increased by 2.1%, outperforming several competitors in the medical technology sector, following Piper Sandler analyst Jason Bednar's reaffirmation of a "Hold" rating with a $200 price target [5]. Analyst Ratings - The consensus opinion among analysts on BDX stock is moderately bullish, with an overall "Moderate Buy" rating. Out of 17 analysts, six recommend a "Strong Buy," one suggests a "Moderate Buy," and ten give a "Hold." The average analyst price target for BDX is $216.23, indicating a potential upside of 14.9% from current levels [6].

Core Insights - Fiduciary Management Inc. (FMI) reported a strong performance in the third quarter of 2025, with major stock indices such as the Russell 2000 and S&P 500 gaining 12.39% and 8.12% respectively, driven by a Federal Reserve rate cut and enthusiasm for AI and technology stocks [1] - FMI's investment strategy focuses on idiosyncratic dislocations, prioritizing business quality, balance sheet strength, and valuation while maintaining downside protection [1] Company Overview: Becton, Dickinson and Company (NYSE:BDX) - Becton, Dickinson and Company is a leading healthcare company specializing in medical supplies and devices, with a market capitalization of $54.201 billion and a share price of $189.03 as of October 21, 2025 [2] - The company experienced a one-month return of 1.70% but faced a significant decline of 21.33% over the past 52 weeks [2] Investment Thesis on Becton, Dickinson and Company - FMI views Becton, Dickinson and Company as a quality business with a strong competitive position in an oligopoly market, focusing on low-cost medical essentials [3] - The management's strategy aims for over 5% annual organic revenue growth and margin expansion, with a significant portion of revenue being recurring post-separation of its biosciences and diagnostics solutions business in 2026 [3] - The company's manufacturing scale and durable business model driven by healthcare utilization provide a competitive advantage, making its current valuation attractive given its defensive attributes and growth potential [3]

Core Insights - BD (Becton, Dickinson and Company) has announced a new self-collection solution for HPV testing aimed at enhancing cervical cancer screening accessibility globally [1][5]. Product Features - The new swab technology is certified under the In Vitro Diagnostic Medical Device Regulation (IVDR) in Europe, ensuring safety and simplicity for patients [2]. - The self-collection process is non-invasive, requiring no liquids or complex devices, and allows for easy mailing of samples from home to the lab [2][6]. - The BD COR™ System automates lab processing, eliminating manual sample preparation and enhancing laboratory efficiency [3][4]. Market Impact - The BD Onclarity™ HPV Self-Collection solution is expected to be commercially available in IVDR-recognized markets soon, supporting public health initiatives for cervical cancer screening [5]. - The innovation aims to improve participation in screening programs, particularly for underserved populations [4][5]. Company Overview - BD is a leading global medical technology company with over 70,000 employees, dedicated to advancing health care through innovative technologies and solutions [5].