Core Viewpoint - Becton, Dickinson and Company (BDX) is advancing its GalaFLEX LITE Scaffold under an Investigational Device Exemption to secure FDA Premarket Approval, targeting the reduction of capsular contracture recurrence in breast revision surgeries [1][4]. Group 1: Product and Market Context - The GalaFLEX LITE Scaffold is designed to address unmet needs in breast reconstruction, aiming to improve patient recovery, safety, and satisfaction [2]. - Capsular contracture (CC) is a common complication in implant-based breast surgeries, affecting 10% to 20% of patients, leading to pain and potential revision surgeries [6]. - The scaffold is a bioabsorbable surgical mesh made from P4HB, which dissolves over time, supporting tissue integration and reducing mechanical stress during healing [10][11]. Group 2: Clinical Study Details - The pivotal STANCE study will enroll at least 250 patients across 40 sites, comparing the scaffold's effectiveness against standard revision surgery without a supportive matrix [9]. - The study aims to demonstrate the safety and effectiveness of the GalaFLEX LITE Scaffold in improving surgical outcomes [7]. Group 3: Financial and Stock Performance - Following the announcement, BDX shares closed flat at $230.23, with a 2.8% decline over the past six months, while the industry grew by 2.8% [3]. - BDX currently has a market capitalization of $66.11 billion and reported an earnings surprise of 15.1% in the last quarter [5]. - The successful implementation of the GalaFLEX LITE Scaffold could enhance demand from surgeons and hospitals, potentially leading to new revenue streams and improved profitability [4].

Core Insights - BD (Becton, Dickinson and Company) has initiated a clinical trial for the GalaFLEX LITE™ Scaffold aimed at reducing capsular contracture recurrence during breast revision surgery, marking a significant step towards obtaining FDA Premarket Approval [1][3][5] Company Overview - BD is a leading global medical technology company focused on improving medical discovery, diagnostics, and care delivery, with a commitment to enhancing patient outcomes through innovative technologies [8] Clinical Trial Details - The STANCE study is a multi-center, randomized, controlled trial designed to evaluate the safety and efficacy of the GalaFLEX LITE™ Scaffold in breast implant revision surgery, with an enrollment target of at least 250 patients across 40 sites [5][7] - Capsular contracture is a common complication in implant-based breast surgery, with an incidence rate of 10% to 20%, and conventional surgical techniques have a recurrence risk as high as 54% [2][5] Product Information - The GalaFLEX LITE™ Scaffold is made from Poly-4-Hydroxybutyrate (P4HB), a fully absorbable polymer with over 10 years of clinical use in various surgical applications, designed to provide immediate strength and stability during the wound healing process [3][4] Expert Commentary - Surgeons involved in the trial express optimism about the potential benefits of the GalaFLEX LITE™ Scaffold in improving patient outcomes and addressing a critical complication in breast surgery [4][5]

Core Insights - The Zacks Premium service provides tools for investors to enhance their stock market engagement and confidence, including daily updates, research reports, and stock screens [1] Zacks Style Scores - Zacks Style Scores are indicators that assist investors in selecting stocks likely to outperform the market within 30 days, rated from A to F based on value, growth, and momentum characteristics [2] - The Value Score focuses on identifying undervalued stocks using financial ratios like P/E and Price/Sales to find attractive investment opportunities [3] - The Growth Score emphasizes a company's financial health and future outlook, analyzing projected and historical earnings and cash flow to identify sustainable growth stocks [4] - The Momentum Score helps investors capitalize on price trends by evaluating recent price changes and earnings estimate shifts to identify high-momentum stocks [5] - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investment strategies [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [7][8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B to maximize potential returns [10] - The direction of earnings estimate revisions is crucial; stocks with lower ranks but high Style Scores may still face downward price pressure [11] Company Spotlight: Becton Dickinson (BDX) - Becton Dickinson, a medical technology company, is currently rated 3 (Hold) with a VGM Score of B, and has shown a 1.4% increase in share price over the past four weeks [12] - Recent upward revisions in earnings estimates by five analysts for fiscal 2025 have raised the Zacks Consensus Estimate to $14.43 per share, with an average earnings surprise of 7.3% [13]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 在医疗科技深度融合临床实践的当下，医学装备行业正经历技术与应用的双重跃迁。从精准诊断到微创治疗，从智能康复到个性化医疗，医学装备的每一次 技术突破都直接影响着医疗质量与患者预后。然而，行业的高速发展不仅带来了创新机遇，也伴随着标准化、适应性落地和成本控制等多重挑战。 在这一背景下， 2025中国医学装备大会暨医学装备展览会 成为观察行业动向的重要窗口。2025年3月13日至16日，重庆国际博览中心将汇聚 800多家企 业 ，展示超过 1000件创新产品 。这不仅是一场技术竞演，更是对医疗装备未来走向的深度探讨——哪些技术能够真正提升临床价值？国产创新如何突破市 场壁垒？政策与产业如何协同推动高质量发展？答案，或将在这次行业盛会上逐步揭晓。 # 会议信息 此次参会的龙头企业包括 强生、雅培、美敦力、直观复星、上海微创机器人、迈瑞医疗、东软医疗、GE医疗、西门子医疗、飞利浦、罗氏、碧迪医疗 等。 34大 专业展区，覆盖了从基础到前沿的每一个细分领 ...

Core Insights - Becton, Dickinson and Company (BD) is actively pursuing a review strategy for its Biosciences division following significant developments in its first quarter report [4]. Group 1: Company Strategy - The company has been heavily investing in technology over the past decade, indicating a long-term commitment to innovation and improvement in its operations [6]. Group 2: Conference Context - The discussion is part of Citi's Unplugged Medtech and Life Sciences Tools Day, highlighting the importance of investor engagement and communication regarding company strategies and performance [1].

FRANKLIN LAKES, N.J., Feb. 13, 2025 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that it will present at the following healthcare conferences:Citi's 2025 Unplugged Medtech and Life Sciences Access DayFebruary 27, 20258:45 a.m. Eastern TimeBarclays 27th Annual Global Healthcare ConferenceMarch 11, 20258:30 a.m. Eastern TimeThe live webcasts of BD's presentations can be accessed from the BD investor relations website, investors.bd ...

Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. Starboard also has significant experience with its strategic activism. In 57 prior campaigns where it had a strategic thesis, the firm had a 32.96% return versus 14.61% for the Russell 2000 during the same period. Additionally, Starboard has initiated activist campaigns at 24 prior health-care companies and its average return on these si ...

2025年2月5日， 碧迪医疗 BD（Becton, Dickinson and Company）（纽约证券交易所代码：BDX）宣布 其董事会一致授权管理层制定分拆计划，将BD的生物 科学与诊断解决方案业务（Biosciences and Diagnostic Solutions）从BD的其他业务中分离出来。 （本文末附官方PPT全文） 大白话是说：剥离其 生物科学与诊断业务；转型成为一个纯正的医疗器械公司。 要知道，被剥离的业务客户主要为实验室；而医疗器械的客户主要为医疗机 构。相信BD这个战略性举措，来自于对医疗器械市场的重视。 生物科学与诊断业务属于碧迪医疗的生命科学部门，该部门在2024财年收入约为 12.8亿美元（约合93.2亿人民币） 。拆分后，新的BD收入预计为178亿美 元。 此次分拆旨在通过增强战略聚焦、优化投资和资本分配，以及提升市场估值，释放显著的股东价值。 公司预计在2025财年结束前宣布更多分拆计划的具 体细节，并计划在2026财年完成交易。 # 分拆计划的背景与目标 碧迪医疗的分拆计划是基于2024年初启动的全面业务组合评估的结果。 此次拆分将标志着碧迪医疗在剥离其糖尿病部门 Em ...

Revenue Performance - For the three months ended December 31, 2024, worldwide revenues reached $5.168 billion, reflecting a 9.8% increase from the prior-year period, driven by a 3.5% volume increase and a 5.7% contribution from the acquisition of Advanced Patient Monitoring[100]. - The Medical segment reported total revenues of $2.615 billion, a 17.3% increase compared to $2.230 billion in the prior year, with significant growth in Medication Delivery Solutions and Medication Management Solutions[102]. - Life Sciences segment revenues increased slightly by 0.7% to $1.297 billion, with notable declines in the Biosciences unit, which saw a 3.7% decrease in sales[110]. - The Interventional segment generated revenues of $1.257 billion, marking a 5.8% increase from $1.188 billion in the previous year, driven by strong sales in Surgery and Urology and Critical Care units[111]. - Total revenues for the first quarter of 2025 were $5,168 million, a 9.8% increase from $4,706 million in the same period of 2024[115]. - U.S. revenue growth was 12.0%, driven by strong sales in the Medical segment's Medication Delivery Solutions and Medication Management Solutions units[115]. - International revenue growth was 6.7%, primarily driven by the Medical segment's Medication Delivery Solutions unit, with emerging markets contributing $729 million, a 1.8% increase[116]. Financial Metrics - Cash flows from continuing operating activities were $693 million in the first three months of fiscal year 2025, with $830 million in cash and equivalents at the end of the period[100]. - The company paid cash dividends of $302 million to common shareholders during the first three months of fiscal year 2025[100]. - The gross profit margin for the first quarter of 2025 was 43.3%, up from 43.1% in the prior year, reflecting lower manufacturing costs and a foreign currency impact of 0.3%[119]. - Net income for the first quarter of 2025 was $303 million, compared to $281 million in the same period of 2024, with diluted earnings per share increasing to $1.04 from $0.96[132]. - Total specified items impacting financial results amounted to $764 million in the first quarter of 2025, up from $475 million in the prior year[117]. - Cash flows from operating activities in the first quarter of 2025 were $693 million, down from $855 million in the same period of 2024[133]. - Total debt as of December 31, 2024, was $18,758 million, with a weighted average cost of total debt at 3.3%[138]. - The company reported a net interest expense of $132 million for the first quarter of 2025, compared to $77 million in the prior year, primarily due to higher total debt[127]. - The effective income tax rate for the first quarter of 2025 was 0.9%, significantly lower than 21.6% in the same period of 2024, influenced by a favorable discrete item[130]. - The company has a maximum unsecured borrowing capacity of $2.750 billion under its U.S. and euro commercial paper programs, with $475 million outstanding as of December 31, 2024[142]. - The corporate credit ratings from S&P, Moody's, and Fitch remained unchanged as of December 31, 2024, compared to September 30, 2024[144]. - The company has not experienced significant increased credit loss risks due to current macroeconomic conditions, although future risks remain uncertain[147]. Regulatory and Compliance Issues - The FDA issued a Warning Letter on November 22, 2024, related to the company's Dispensing quality management system, which may lead to regulatory actions if not adequately addressed[156]. - The company received FDA 510(k) clearance for its updated BD Alaris™ Infusion System on July 21, 2023, which includes enhanced cybersecurity and interoperability features[154]. - The company is implementing changes to comply with the EPA's National Emission Standards for Hazardous Air Pollutants (NESHAP) regarding ethylene oxide emissions, which may incur additional costs[158]. - The company has retained an independent expert to conduct periodic audits of its quality management system through 2025 in response to FDA compliance issues[149]. - The company anticipates that future regulatory requirements regarding ethylene oxide may require additional investments in emissions control technology[159]. - The company has no accruals associated with compliance with the Consent Decree as of December 31, 2024, believing that a loss is not probable[153]. - The company is assessing the impact of the EPA's interim registration review decision for ethylene oxide on its sterilization facilities and operations[159]. Strategic Initiatives and Market Conditions - The company plans to separate its Biosciences and Diagnostic Solutions business, targeting completion of the transaction in fiscal year 2026[95]. - The company is focused on growth through investments in research and development, strategic acquisitions, and geographic expansion as part of its BD 2025 strategy[96]. - The company faces potential adverse impacts from market dynamics in China, including volume-based procurement programs and government compliance initiatives[97]. - The company experienced temporary shortages in supply of certain materials, which could affect its operations and financial results[98]. - International market conditions, including geopolitical developments and economic sanctions, could negatively impact the company's operations and supply chain costs[33]. - Changes in U.S. federal or foreign laws, including potential tariffs and trade barriers, may adversely affect the company's results of operations and supply chain[33]. - The company is subject to increased pricing pressure due to competitive factors, including new product introductions and consolidation among healthcare providers[34]. - Regulatory focus on sterilization processes may impact the company's ability to manufacture and supply products, particularly in light of increased scrutiny on ethylene oxide emissions[34]. - The company is at risk of supply chain disruptions due to public health crises, which could decrease demand for its products and disrupt operations[34]. - The company must navigate potential litigation and investigations related to compliance with healthcare laws and regulations, which could impact its operations and reputation[35]. - The company is exposed to risks associated with climate change regulations and changing stakeholder preferences regarding sustainability[35]. - The company’s ability to expand in emerging markets is contingent on local economic and political conditions, as well as necessary infrastructure enhancements[34]. - The company faces challenges in recruiting and retaining key employees, which could increase labor costs and affect operational efficiency[34].

Financial Data and Key Metrics Changes - The company reported a revenue growth of 9.6%, with organic growth at 3.9% for Q1 2025, exceeding financial goals [11][21] - Adjusted diluted EPS increased by 28% to $3.43, driven by strong operational performance [11][23] - Adjusted gross margin reached 54.8%, and adjusted operating margin was 23.6%, reflecting expansions of 370 and 340 basis points year-over-year, respectively [11][23] Business Line Data and Key Metrics Changes - The MedTech business led organic growth with approximately 5%, driven by volume increases and market share gains across core devices [21] - Diagnostic Solutions experienced modest growth, supported by Lab Automation and BD MAX molecular platform IVD assays, but faced challenges due to respiratory season timing [21] - Biosciences showed an expected decline due to market dynamics and reduced research funding in China and the US [22] Market Data and Key Metrics Changes - Total company organic growth was primarily driven by strong performance in the US, while China experienced a decline, particularly in Biosciences [22] - The company anticipates a translational currency headwind of approximately $250 million for the full fiscal year, impacting revenue guidance [27] Company Strategy and Development Direction - The company announced its intention to separate the Biosciences and Diagnostic Solutions business to enhance strategic focus and drive growth [5][32] - The New BD will focus on being a pure-play MedTech company, while the separated business will aim to be a leader in Life Sciences Tools & Diagnostics [32][41] - The separation is expected to unlock significant value for both entities, allowing for targeted capital deployment and enhanced focus on high-growth areas [32][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and affirmed full-year guidance despite currency impacts [12][28] - The company is closely monitoring market dynamics, particularly in China and research funding levels, while maintaining a cautious outlook [26][116] - Management highlighted the strong innovation pipeline and the potential for both New BD and the separated business to thrive in their respective markets [19][32] Other Important Information - The company returned over $1 billion to shareholders in Q1, including $300 million in dividends and a $750 million accelerated share buyback [12][25] - The planned separation will allow the company to focus on executing its BD 2025 strategy and continue investments in innovation and growth [5][57] Q&A Session Summary Question: Why now for the separation and how to manage dissynergies? - Management indicated that the separation is a strategic move to unlock value and enhance focus on high-growth areas, with ongoing monitoring of potential dissynergies [68][69] Question: Impact of tariffs on BD's operations? - Management noted that the largest manufacturing footprint is in North America, and they are monitoring tariff discussions closely, particularly regarding potential carve-outs for medical devices [80] Question: Areas for investment post-separation? - Management emphasized the focus on high-growth accretive opportunities, particularly in the Interventional segment and R&D for new product launches [88][90] Question: Trends in China and research spending? - Management acknowledged a slowdown in research spending impacting performance, particularly in China, but expressed confidence in capitalizing on recovery when it occurs [116][120] Question: EPS guidance and integration of Critical Care? - Management clarified that the operating strength from Q1 is reflected in the updated EPS guidance, and integration efforts are ongoing [134]