Becton, Dickinson(US:BDX)2025-08-07 10:33BD Reports Third Quarter Fiscal 2025 Financial Results Financial and Business Highlights BD reported strong Q3 FY2025 results with 10.4% revenue growth and raised full-year adjusted EPS guidance Q3 FY2025 Key Financial Metrics | Metric | Value | Growth (Reported) | | :--- | :--- | :--- | | Revenue | $5.5 billion | 10.4% | | Adjusted Revenue (FXN) | - | 8.5% | | Organic Revenue | - | 3.0% | | GAAP Diluted EPS | $2.00 | - | | Adjusted Diluted EPS | $3.68 | - | | GAAP Operating Income | - | 46.6% | | Adjusted Operating Income | - | 11.3% | - The company raised its full-year adjusted diluted EPS guidance to $14.30 - $14.45, an increase of $0.18 at the midpoint, while reaffirming organic revenue growth guidance5 - Announced a definitive agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters Corporation to create a new life science and diagnostics leader6 - Key business developments include a $35 million investment in a Nebraska facility for BD® PosiFlush™ production, the first clinical trial using the BD Libertas™ Wearable Injector, and the global launch of the BD FACSDiscover™ A8 Cell Analyzer611 Third Quarter Fiscal 2025 Operating Results Overall and Geographic Performance BD's Q3 FY2025 revenue reached $5.51 billion with 10.4% reported growth across U.S. and International markets Q3 FY2025 Overall Performance vs. Q3 FY2024 | Metric (in millions, except per share) | Q3 2025 | Q3 2024 | Reported Change | Organic Revenue Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $5,509 | $4,990 | 10.4% | N/A | | Adjusted Revenues | $5,509 | $5,057 | 8.9% | 3.0% | | Reported Diluted EPS | $2.00 | $1.68 | 19.0% | N/A | | Adjusted Diluted EPS | $3.68 | $3.50 | 5.1% | N/A | Q3 FY2025 Geographic Revenue (in millions) | Region | Q3 2025 | Q3 2024 | Reported Change | FX Neutral Change | | :--- | :--- | :--- | :--- | :--- | | United States | $3,181 | $2,891 | 10.0% | 10.0% | | International | $2,328 | $2,098 | 11.0% | 9.8% | | Total Revenues | $5,509 | $4,990 | 10.4% | 9.9% | Segment Results BD Medical and Interventional segments drove Q3 growth, while BD Life Sciences experienced a slight decline Q3 FY2025 Segment Revenue (in millions) | Segment | Q3 2025 | Q3 2024 | Reported Change | Organic Revenue Change | | :--- | :--- | :--- | :--- | :--- | | BD Medical | $2,927 | $2,558 | 14.4% | 3.2% | | BD Life Sciences | $1,254 | $1,260 | (0.5)% | (1.1)% | | BD Interventional | $1,328 | $1,240 | 7.2% | 6.8% | BD Medical Segment BD Medical segment revenue grew 14.4% reported, driven by APM acquisition and mid-single-digit growth in MMS and PS - Performance reflects revenue contribution from the APM acquisition, mid-single-digit growth in MMS and PS, and low-single-digit growth in MDS12 - MMS performance was driven by continued strength in Infusion Systems. PS performance was led by sustained double-digit growth in Biologics15 BD Life Sciences Segment BD Life Sciences segment revenue declined 0.5% reported, primarily due to Diagnostic Solutions and Biosciences - Performance reflects declines in Diagnostic Solutions (DS) and Biosciences (BDB), partially offset by low single-digit growth in Specimen Management (SM)13 - In DS, BD BACTEC™ utilization improved sequentially, exiting the quarter at over 80% of historical levels. BDB saw strong early traction from the new FACSDiscover™ A8 analyzer15 BD Interventional Segment BD Interventional segment achieved strong 7.2% reported growth, driven by double-digit UCC and mid-single-digit SURG and PI - Performance reflects double-digit growth in Urology & Critical Care (UCC) and mid-single-digit growth in Surgery (SURG) and Peripheral Intervention (PI)14 - UCC performance was driven by strong double-digit growth in the PureWick™ franchise. PI growth was led by the Rotarex™ Atherectomy System15 Full Year Fiscal 2025 Outlook Updated Guidance BD raised its full-year FY2025 adjusted diluted EPS guidance to $14.30-$14.45, reaffirming organic revenue growth Fiscal 2025 Guidance Comparison | Metric | Guidance as of Aug 7, 2025 | Guidance as of May 1, 2025 | | :--- | :--- | :--- | | Organic Revenue Growth (FXN) | 3.0% to 3.5% | 3.0% to 3.5% | | Adjusted Diluted EPS | $14.30 to $14.45 | $14.06 to $14.34 | | Adjusted Diluted EPS Growth | 8.8% to 10.0% | ~7.0% to 9.1% | - The company raised its full-year adjusted EPS guidance by $0.18 at the midpoint, reflecting strong Q3 operating performance and planned investments in Q416 - The estimated impact of translational foreign currency is now expected to be about neutral to adjusted EPS for the full fiscal year, an improvement from previous expectations17 Consolidated Financial Statements Condensed Consolidated Income Statements BD's Q3 FY2025 revenues grew 10.4% to $5.51 billion, with nine-month net income declining 9.2% Q3 FY2025 Income Statement Highlights (in millions) | Account | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | REVENUES | $5,509 | $4,990 | 10.4% | | OPERATING INCOME | $882 | $602 | 46.6% | | NET INCOME | $574 | $487 | 17.9% | | Diluted EPS | $2.00 | $1.68 | 19.0% | Nine Months FY2025 Income Statement Highlights (in millions) | Account | Nine Months 2025 | Nine Months 2024 | % Change | | :--- | :--- | :--- | :--- | | REVENUES | $15,949 | $14,741 | 8.2% | | OPERATING INCOME | $1,882 | $1,775 | 6.0% | | NET INCOME | $1,185 | $1,305 | (9.2)% | | Diluted EPS | $4.10 | $4.49 | (8.7)% | Condensed Consolidated Balance Sheets BD's total assets decreased to $54.9 billion as of June 30, 2025, primarily due to reduced cash and investments Balance Sheet Highlights (in millions) | Account | June 30, 2025 | Sept 30, 2024 | | :--- | :--- | :--- | | Cash and equivalents | $735 | $1,717 | | TOTAL CURRENT ASSETS | $8,997 | $10,468 | | TOTAL ASSETS | $54,902 | $57,286 | | Long-term debt | $17,531 | $17,940 | | TOTAL LIABILITIES | $29,430 | $31,396 | | TOTAL SHAREHOLDERS' EQUITY | $25,472 | $25,890 | Condensed Consolidated Statements of Cash Flows Nine-month operating cash flow decreased to $2.08 billion, resulting in a $1.06 billion net cash decrease Nine-Month Cash Flow Highlights (in millions) | Activity | Nine Months 2025 | Nine Months 2024 | | :--- | :--- | :--- | | NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | $2,076 | $2,660 | | NET CASH USED FOR INVESTING ACTIVITIES | ($324) | ($1,570) | | NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | ($2,808) | $1,960 | | NET (DECREASE) INCREASE IN CASH | ($1,058) | $3,000 | Supplemental Information and Reconciliations Supplemental Revenue Information Detailed revenue breakdown highlights Q3 growth drivers including Advanced Patient Monitoring, Urology & Critical Care - For the three months ended June 30, 2025, in the U.S., the Advanced Patient Monitoring unit, acquired in September 2024, contributed $176 million in revenue. Urology and Critical Care grew 12.4% to $334 million36 - For the three months ended June 30, 2025, internationally, Medication Management Solutions revenue grew 11.4% reported (9.6% FXN) to $179 million, and Urology and Critical Care grew 12.7% reported (10.8% FXN) to $88 million39 - For the nine months ended June 30, 2025, total company revenue for the Medication Management Solutions unit grew 6.0% to $2.5 billion, while the Biosciences unit declined 3.9% to $1.07 billion51 Reconciliation of GAAP to Non-GAAP Measures Reconciliations adjust Q3 reported revenue to $5.23 billion organic revenue and GAAP diluted EPS to $3.68 adjusted Q3 FY2025 Revenue Reconciliation (in millions) | Description | Q3 2025 | Q3 2024 | % Change (FXN) | | :--- | :--- | :--- | :--- | | Total Reported Revenues | $5,509 | $4,990 | 9.9% | | Adjusted Revenues | $5,509 | $5,057 | 8.5% | | Organic Revenue | $5,231 | $5,057 | 3.0% | Q3 FY2025 EPS Reconciliation | Description | Per Share Amount | | :--- | :--- | | Reported Diluted EPS | $2.00 | | Purchase accounting adjustments | $1.34 | | Integration & Restructuring costs | $0.33 | | Other adjustments (net) | $0.01 | | Adjusted Diluted EPS | $3.68 | Q3 FY2025 Gross Margin Reconciliation | Margin | Value | | :--- | :--- | | GAAP Gross Margin % | 47.8% | | Adjusted (non-GAAP) Gross Margin % | 54.8% |