Group 1 - The core viewpoint of the article highlights the strategic acquisition of Becton, Dickinson & Company by Waters Corporation, aiming to create a leader in the life sciences and diagnostics sector through a deal valued at approximately $17.5 billion [1][3]. Group 2 - The transaction will be executed using a Reverse Morris Trust structure, which is a tax-efficient method for mergers and acquisitions [1]. - The integration of Becton Dickinson's biosciences and diagnostic solutions business is expected to enhance Waters Corporation's capabilities in the life sciences market [1].

Summary of Becton, Dickinson and Company (BDX) and Waters Corporation Conference Call Industry and Companies Involved - **Industry**: Life Sciences and Diagnostics - **Companies**: Waters Corporation and Becton, Dickinson and Company (BDX) Core Points and Arguments 1. **M&A Announcement**: Waters announced a combination with BD's Biosciences and Diagnostic Solutions business via a Reverse Morris Trust, with Waters issuing 39.2% of its shares to BD shareholders and assuming $4 billion in debt [3][6][44]. 2. **Financial Projections**: The combined company is expected to generate pro forma revenue of approximately $6.5 billion and adjusted EBITDA of around $2 billion for 2025 [7][19]. 3. **R&D Investment**: Approximately 10% of product sales will be allocated to R&D to sustain innovation [8][17]. 4. **Employee Count and Headquarters**: The combined entity will have around 16,000 employees and will be headquartered in Milford, Massachusetts [8]. 5. **Market Expansion**: The transaction is expected to double Waters' total addressable market to approximately $40 billion, with a focus on high-volume, regulated applications [9][12]. 6. **Revenue Stability**: Over 70% of the combined revenue is expected to be recurring, enhancing growth stability [10][11]. 7. **Cost and Revenue Synergies**: Expected cost synergies of $200 million by year three and revenue synergies of $290 million by year five [20][41]. 8. **Adjusted Operating Margin**: The combined company aims for an adjusted operating margin of approximately 32% by 2030, with an initial margin of 27% [19][43]. 9. **Strategic Fit**: The combination enhances capabilities in bioseparations, bioanalytical characterization, and multiplex diagnostics, leveraging both companies' strengths [15][36][38]. 10. **Customer Base**: The merger allows for cross-selling opportunities, particularly in flow cytometry and diagnostics, enhancing customer access and service offerings [56][91]. Additional Important Content 1. **Historical Growth**: Both companies have historically grown at mid-single-digit rates, with BD's bioscience and diagnostic solutions business having approximately 80% annual recurring revenue [18][19]. 2. **Innovation Pipeline**: BD's Biosciences is noted for its strong innovation pipeline in flow cytometry and microbiology, while Waters has a robust portfolio in chemistry and analytics [24][26][30]. 3. **Market Positioning**: The combined company is positioned to lead in life sciences tools, with a focus on regulated high-volume settings [47][48]. 4. **Regulatory and Market Access**: The merger is expected to enhance regulatory capabilities and market access for diagnostics, particularly in high-throughput labs [78][92]. 5. **Long-term Value Creation**: The transaction is described as transformational, aiming to create significant long-term value for shareholders, customers, and employees [47][48]. This summary encapsulates the key points from the conference call regarding the merger between Waters Corporation and BD's Biosciences and Diagnostic Solutions, highlighting the strategic, operational, and financial implications of the transaction.

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]

Bringing together complementary technologies to serve high-volume testing in attractive and regulated end-markets: The combined company will have best-in-class liquid chromatography, mass spectrometry, flow cytometry, and diagnostic solutions, doubling Waters' total addressable market to approximately $40 billion. Increasing annual recurring revenue in high-quality applications: Over 70% of the combined company's revenue is expected to be recurring annually and over half of instrument revenue is expected to ...

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]

Core Viewpoint - Changlian Co., Ltd. has established long-term strategic partnerships with several Fortune 500 companies, including Pop Mart and other industry leaders [1] Company Partnerships - The company has formed collaborations with notable firms such as Apple, BD, BOC Healthcare, Seiko, Mitsubishi, Hissen Meikang, Jaguar Land Rover, Baxter, and Kobayashi [1]

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.