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Becton, Dickinson(BDX) - 2024 Q4 - Annual Results
BDXBecton, Dickinson(BDX)2024-11-07 11:37

Revenue Growth - Q4 revenue of 5.4billionincreased6.95.4 billion increased 6.9% as reported, 7.4% currency-neutral, and 6.2% organic[1] - FY24 revenue of 20.2 billion increased 4.2% as reported and currency-neutral, 4.6% adjusted currency-neutral, and 5.0% organic[1] - FY25 revenue guidance includes GAAP growth of 8.9% to 9.4%, adjusted currency-neutral growth of 8.8% to 9.3%, and organic growth of 4.0% to 4.5%[1] - Revenue growth rates for Q4 and full fiscal year 2024 are presented on a currency-neutral basis to eliminate foreign currency translation effects[16] - Revenues for Q3 2024 increased by 6.9% to 5.437billioncomparedto5.437 billion compared to 5.087 billion in the same period of 2023[22] - Total revenues increased by 4.2% to 20,178millionin2024comparedto20,178 million in 2024 compared to 19,372 million in 2023[24] - Total company revenue increased 6.9% reported and 7.4% FXN to 5,437millioninQ32024comparedto5,437 million in Q3 2024 compared to 5,087 million in Q3 2023[34] - Total revenues for the twelve months ended September 30, 2024, were 20,178million,a4.220,178 million, a 4.2% increase compared to 19,372 million in 2023[50] - Organic revenue growth for the twelve months ended September 30, 2024, was 4.9%, reaching 20,171million,comparedto20,171 million, compared to 19,232 million in 2023[50] - FY 2025 Reported Revenue Growth is projected to be +8.9% to +9.4%, with Adjusted Revenues expected to reach 20.245billion[57]−FY2025OrganicRevenueGrowth(FXN)isforecastedtobe+4.020.245 billion[57] - FY 2025 Organic Revenue Growth (FXN) is forecasted to be +4.0% to +4.5%[57] - Total FY 2025 Revenues are anticipated to be between 21.9 billion and 22.1billion[57]EarningsPerShare(EPS)−FY24GAAPandadjusteddilutedEPSfromcontinuingoperationsgrew16.322.1 billion[57] Earnings Per Share (EPS) - FY24 GAAP and adjusted diluted EPS from continuing operations grew 16.3% and 7.6% respectively[1] - FY25 adjusted diluted EPS guidance of 14.25 to 14.60,reflectinggrowthofabout1014.60, reflecting growth of about 10% at the midpoint[1] - Basic earnings per share from continuing operations for Q3 2024 increased by 173.6% to 1.45 from 0.53inQ32023[22]−DilutedearningspersharefromcontinuingoperationsforQ32024alsoincreasedby173.60.53 in Q3 2023[22] - Diluted earnings per share from continuing operations for Q3 2024 also increased by 173.6% to 1.45 from 0.53inQ32023[22]−Dilutedearningspershareincreasedby20.00.53 in Q3 2023[22] - Diluted earnings per share increased by 20.0% to 5.93 in 2024 from 4.94in2023[24]−AdjusteddilutedearningspersharefromcontinuingoperationsforthetwelvemonthsendedSeptember30,2024,were4.94 in 2023[24] - Adjusted diluted earnings per share from continuing operations for the twelve months ended September 30, 2024, were 3.81, a 11.4% increase compared to 3.42in2023[55]−ReportedDilutedEarningsperSharefromContinuingOperationsincreasedto3.42 in 2023[55] - Reported Diluted Earnings per Share from Continuing Operations increased to 5.93 in 2024 from 5.10in2023,a16.35.10 in 2023, a 16.3% increase[56] - Adjusted Diluted Earnings per Share from Continuing Operations rose to 13.14 in 2024 from 12.21in2023,a7.612.21 in 2023, a 7.6% increase[56] - Adjusted Diluted Earnings per Share for FY 2025 is projected to be between 14.25 and 14.60,representingan8.514.60, representing an 8.5% to 11.0% increase from 2024[59] Cash Flow and Financial Position - FY24 cash from continuing operations grew 28.5% to 3.8 billion and Free Cash Flow grew 47.4% to 3.1billion[1]−Freecashflowforthefullfiscalyear2024iscalculatedasnetcashfromcontinuingoperationslesscapitalexpenditures,indicatingthecompany′sabilitytogeneratecashforacquisitionsandotheractivities[17]−Netcashprovidedbycontinuingoperatingactivitieswas3.1 billion[1] - Free cash flow for the full fiscal year 2024 is calculated as net cash from continuing operations less capital expenditures, indicating the company's ability to generate cash for acquisitions and other activities[17] - Net cash provided by continuing operating activities was 3,844 million in 2024, up from 2,990millionin2023[28]−FreecashflowforthetwelvemonthsendedSeptember30,2024,increasedby47.42,990 million in 2023[28] - Free cash flow for the twelve months ended September 30, 2024, increased by 47.4% to 3,119 million, up from 2,116millionin2023[53]−NetcashprovidedbycontinuingoperatingactivitiesforthetwelvemonthsendedSeptember30,2024,was2,116 million in 2023[53] - Net cash provided by continuing operating activities for the twelve months ended September 30, 2024, was 3,844 million, a 28.5% increase compared to 2,990millionin2023[53]−Totalassetsincreasedto2,990 million in 2023[53] - Total assets increased to 57,286 million in 2024 from 52,780millionin2023[26]SegmentPerformance−BDMedicalsegmentQ4revenuegrew11.152,780 million in 2023[26] Segment Performance - BD Medical segment Q4 revenue grew 11.1% as reported, 11.5% currency-neutral, and 8.6% organic[6] - BD Life Sciences segment Q4 revenue grew 0.7% as reported, 1.4% currency-neutral, and 1.4% organic[6] - BD Interventional segment Q4 revenue grew 4.7% as reported, 5.4% currency-neutral, and 6.6% organic[6] - BD Medical segment revenues in the US grew by 15.3% to 1,667 million in 2024 from 1,447millionin2023[30]−BDLifeSciencessegmentrevenuesintheUSdecreasedby1.21,447 million in 2023[30] - BD Life Sciences segment revenues in the US decreased by 1.2% to 598 million in 2024 from 606millionin2023[30]−BDInterventionalsegmentrevenuesintheUSincreasedby3.0606 million in 2023[30] - BD Interventional segment revenues in the US increased by 3.0% to 851 million in 2024 from 826millionin2023[30]−TotalUSrevenuesgrewby8.3826 million in 2023[30] - Total US revenues grew by 8.3% to 3,117 million in 2024 from 2,879millionin2023[30]−BDMedicalsegmenttotalrevenueincreasedby11.12,879 million in 2023[30] - BD Medical segment total revenue increased by 11.1% reported and 11.5% FXN to 2,837 million in Q3 2024 compared to 2,554millioninQ32023[34]−BDLifeSciencessegmentrevenuegrew0.72,554 million in Q3 2023[34] - BD Life Sciences segment revenue grew 0.7% reported and 1.4% FXN to 1,340 million in Q3 2024 from 1,330millioninQ32023[34]−BDInterventionalsegmentrevenuerose4.71,330 million in Q3 2023[34] - BD Interventional segment revenue rose 4.7% reported and 5.4% FXN to 1,260 million in Q3 2024 versus 1,203millioninQ32023[34]−IntheUS,BDMedicalsegmentrevenuegrew8.71,203 million in Q3 2023[34] - In the US, BD Medical segment revenue grew 8.7% to 5,964 million in FY 2024 from 5,488millioninFY2023[36]−BDLifeSciencesUSrevenuedeclined2.85,488 million in FY 2023[36] - BD Life Sciences US revenue declined 2.8% to 2,310 million in FY 2024 versus 2,377millioninFY2023[36]−BDInterventionalUSrevenueincreased4.52,377 million in FY 2023[36] - BD Interventional US revenue increased 4.5% to 3,394 million in FY 2024 compared to 3,247millioninFY2023[36]−TotalUSrevenuegrew4.93,247 million in FY 2023[36] - Total US revenue grew 4.9% to 11,663 million in FY 2024 from 11,113millioninFY2023[36]−InternationalBDMedicalrevenuerose2.411,113 million in FY 2023[36] - International BD Medical revenue rose 2.4% reported and 2.3% FXN to 4,110 million in FY 2024 versus 4,014millioninFY2023[39]−Totalinternationalrevenueincreased3.14,014 million in FY 2023[39] - Total international revenue increased 3.1% reported and 3.3% FXN to 8,515 million in FY 2024 compared to 8,258millioninFY2023[40]−BDMedicalsegmentrevenuesforthethreemonthsendedSeptember30,2024,were8,258 million in FY 2023[40] - BD Medical segment revenues for the three months ended September 30, 2024, were 2,837 million, an 11.1% increase compared to 2,554millionin2023[47]−BDInterventionalsegmentrevenuesforthethreemonthsendedSeptember30,2024,were2,554 million in 2023[47] - BD Interventional segment revenues for the three months ended September 30, 2024, were 1,260 million, a 4.7% increase compared to 1,203millionin2023[47]−UrologyandCriticalCarerevenuesforthetwelvemonthsendedSeptember30,2024,were1,203 million in 2023[47] - Urology and Critical Care revenues for the twelve months ended September 30, 2024, were 1,554 million, a 13.1% increase compared to 1,374millionin2023[44]−PeripheralInterventionrevenuesforthetwelvemonthsendedSeptember30,2024,were1,374 million in 2023[44] - Peripheral Intervention revenues for the twelve months ended September 30, 2024, were 1,933 million, a 3.7% increase compared to 1,865millionin2023[44]AcquisitionsandStrategicInitiatives−BDcompletedtheacquisitionofCriticalCarefromEdwardsLifesciences,expandingitsportfoliowithAI−enabledclinicaldecisiontools[3]AdjustedFinancialMetrics−Adjustedrevenuesforthefullfiscalyear2024excludeaccrualsrelatedtoItaliangovernmentmedicaldevicepaybacklegislationandanotherlegalmatter,affectingcomparabilitywithpriorperiods[14]−AdjusteddilutedearningspershareforQ4andfullfiscalyear2024excludecostsrelatedtoEuropeanregulatoryinitiatives,integration,restructuring,andothernon−ordinaryoperations[15]−Thecompanyrecognizedaccrualsof1,865 million in 2023[44] Acquisitions and Strategic Initiatives - BD completed the acquisition of Critical Care from Edwards Lifesciences, expanding its portfolio with AI-enabled clinical decision tools[3] Adjusted Financial Metrics - Adjusted revenues for the full fiscal year 2024 exclude accruals related to Italian government medical device pay back legislation and another legal matter, affecting comparability with prior periods[14] - Adjusted diluted earnings per share for Q4 and full fiscal year 2024 exclude costs related to European regulatory initiatives, integration, restructuring, and other non-ordinary operations[15] - The company recognized accruals of 67 million related to Italian government medical device pay back legislation and another legal matter, which substantially relate to years prior to the current fiscal year[45][50] - Integration costs for 2024 were 23millionpre−tax,downfrom23 million pre-tax, down from 67 million in 2023[56] - Restructuring costs for 2024 were 387millionpre−tax,upfrom387 million pre-tax, up from 239 million in 2023[56] - European regulatory initiative-related costs for 2024 were 104millionpre−tax,downfrom104 million pre-tax, down from 139 million in 2023[56] - Product, litigation, and other items for 2024 were 318millionpre−tax,downfrom318 million pre-tax, down from 554 million in 2023[56] Operating and Net Income - Operating income for Q3 2024 surged by 86.4% to 650millionfrom650 million from 349 million in Q3 2023[22] - Net income from continuing operations for Q3 2024 rose by 173.2% to 421millioncomparedto421 million compared to 154 million in Q3 2023[22] - Operating income rose by 14.9% to 2,425millionin2024from2,425 million in 2024 from 2,111 million in 2023[24] - Net income from continuing operations grew by 12.8% to 1,726millionin2024from1,726 million in 2024 from 1,530 million in 2023[24] Interest Income - The company's interest income for Q3 2024 grew by 493.7% to 56millionfrom56 million from 9 million in Q3 2023[22]