Revenue trends

Becton Dickinson (BDX) generated revenues of $4.3 billion in the fiscal third quarter compared to $1.5 billion in the fiscal third quarter of 2017, reflecting a ~41% YoY (year-over-year) growth. The acquisition of C.R. Bard primarily contributed to Becton Dickinson’s revenue growth in the third quarter.

In the first nine months of the company’s fiscal 2018, it reported net revenues of $11.6 billion compared to $8.9 billion in the same period the prior year, reflecting a ~29.7% YoY growth.

How Becton Dickinson Is Positioned Financially in August

Expense trends

In the fiscal third quarter, Becton Dickinson reported cost of product sales of $2.3 billion compared to $1.5 billion in the fiscal third quarter of 2017, reflecting a ~47.7% YoY growth.

In the fiscal third quarter, it reported S&A (selling and administrative), R&D (research and development), and acquisitions and restructuring expenses of $1.1 billion, $277 million, and $146 million, respectively, compared to $719 million, $186 million, and $81 million, respectively, in the fiscal third quarter of 2017.

Earnings trends

In the fiscal third quarter, Becton Dickinson reported net income of $594 million compared to net income of -$132 million in the fiscal third quarter of 2017. It reported diluted EPS of $2.03 in the fiscal third quarter of 2018 compared to -$0.75 in the fiscal third quarter of 2017.

In the fiscal third quarter, Becton Dickinson reported operating income of $513 million compared to -$223 million in the fiscal third quarter of 2017.

In the first nine months of fiscal 2018, Becton Dickinson reported net income and EPS of $332 million and $1.27, respectively, compared to $741 million and $3.36, respectively, in the same period of the previous year.

Revenue growth for Becton Dickinson could boost the share price of the iShares US Medical Devices ETF (IHI). Becton Dickinson makes up ~5.9% of IHI’s total portfolio holdings.

Becton Dickinson’s peers in the medical devices and personal products market include Colgate-Palmolive (CL) and Intuitive Surgical (ISRG), which reported revenues of $3.9 billion and $909.3 million, respectively, in the second quarter of 2018.

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