BD Reports Third Quarter Fiscal 2024 Financial Results

Core Insights - The company reported a revenue of $5.0 billion for the third quarter of fiscal 2024, with adjusted revenue reaching $5.1 billion, reflecting strong organic revenue growth [1][3] - GAAP diluted EPS was $1.68, marking a 23.5% increase, while adjusted diluted EPS was $3.50, up 18.2% [1][3] - Year-to-date cash from continuing operations increased by 60% to $2.7 billion, and free cash flow more than doubled to $2.2 billion [1] - The company updated its fiscal 2024 GAAP revenue growth guidance to approximately 3.7% and organic revenue growth guidance to 5.0% to 5.25% [1][10] - Adjusted diluted EPS guidance for fiscal 2024 was raised by 5 cents to a range of $13.05 to $13.15 [1][10] Financial Performance - Total revenues for the three months ended June 30, 2024, were $4,990 million, a 2.3% increase from $4,878 million in the same period of 2023 [3][11] - Adjusted revenues for the same period were $5,057 million, reflecting a 3.7% increase [3][11] - The company achieved a reported operating income of $602 million, up 9.7% from $549 million year-over-year [12] - Net income for the quarter was $487 million, a 19.6% increase compared to $407 million in the prior year [12] Segment Performance - BD Medical segment revenues were $2,558 million, a 5.1% increase from $2,434 million in the previous year [5][18] - BD Life Sciences segment revenues totaled $1,260 million, reflecting a 2.7% increase from $1,226 million [5][18] - BD Interventional segment revenues were $1,240 million, up 1.8% from $1,218 million [5][18] Geographic Results - Revenues from the United States were $2,891 million, a 4.3% increase from $2,772 million in the prior year [4][16] - International revenues were $2,098 million, showing a slight decline of 0.3% from $2,106 million [4][16] Strategic Developments - The company announced a definitive agreement to acquire Edwards Lifesciences' Critical Care Product Group for $4.2 billion, enhancing its portfolio in smart connected care solutions and AI-based technologies [2] - BD Life Sciences received FDA approval for self-collection of samples for cervical cancer screening [2] - The company issued its Fiscal Year 2023 Corporate Sustainability Report, surpassing its greenhouse gas emissions reduction targets by 5 percentage points [2]