BD Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results

Original from: BD

BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for its fiscal 2024 fourth quarter and full year which ended September 30, 2024.

"In FY24, our team advanced our strategy, continuing to shift our portfolio into higher-growth areas through new innovations and the acquisition of Edwards Lifesciences' Critical Care product group, while leveraging our BD Excellence system to exceed our margin expansion, earnings and cash flow goals," said Tom Polen, chairman, CEO and president of BD. "Our growth strategy remains focused on delivering solutions for our customers that leverage significant shifts in technology, like biologics, AI and automation, that are revolutionizing patient care. Combined with accelerated operational performance through BD Excellence and strong capital deployment, we are poised to deliver continued value creation for our shareholders." 

Recent Business and Corporate Sustainability Highlights

· The company completed the acquisition of Critical Care from Edwards Lifesciences, expanding BD's portfolio of smart connected care solutions with monitoring technologies, including advanced AI-enabled clinical decision tools. The combination of leading monitoring and infusion platforms enables future innovation opportunities for closed-loop monitoring and treatment by integrating combined company data sets and interoperability capabilities.

· BD celebrated 75 years of U.S. manufacturing excellence in Nebraska where its Columbus site produces billions of vital medical supplies each year and where, for the first nine months of 2024, it boosted domestic syringe production to help improve supply continuity to health care providers and their patients.

· BD Life Sciences:

 - The Integrated Diagnostic Solutions business unit announced Health Canada approval of the BD Onclarity™ HPV Assay for human papillomavirus (HPV) testing for the use with self-collected vaginal specimens at home.  

 - The Biosciences business unit announced a new robotics solution to automate and standardize single-cell research with the commercial launch of the first in a family of high-throughput, robotics-compatible reagent kits for use with the Hamilton Robotics Liquid-Handler, helping accelerate lab work leading to genomic sequencing.

· BD Medical: 

 - The Medication Delivery Solutions business unit announced:

   The launch of the new BD® Intraosseous Vascular Access System, enabling access in seconds for rapid delivery of fluids or medication in critical emergency situations. 

   New data that shows BD MaxPlus™ and BD MaxZero™ Needle-free Connector demonstrate better clinical outcomes with lower rate of central line bloodstream infections, fewer occlusions and cost savings.

 - The Medication Management Solutions business unit announced new data that reveals the use of advanced artificial intelligence in BD HealthSight™ Diversion Management software is highly effective in detecting indicators of controlled substance diversion in the operating room.

 - The Pharmaceutical Systems business unit announced:

   The latest capacity expansion of the BD Neopak™ Glass Prefillable Syringe platform, a significant milestone that enables unprecedented large-scale production of advanced BD glass syringes to serve the growing market for biologic therapies. 

   The commercial release of the BD Neopak™ XtraFlow™ Glass Prefillable Syringe with features that enhance the injection experience for the next generation of biologics, expanding the usability of the BD Neopak™ platform. 

   These expansions add to BD's leadership in offering a broad range of injection solutions to enable delivery of treatments such as GLP-1s, antibodies and other next generation treatments for chronic disease.

· Named a Best Place to Work for Disability Inclusion for the sixth consecutive year following its top score on the Disability Equality Index. 

· Named among the 100 Best Corporate Citizens of 2024 by 3BL, ranking second in the health care equipment and services industry.

Fourth Quarter Fiscal 2024 Operating Results

Geographic Results

Segment Results

The BD Medical segment includes the Medication Delivery Solutions (MDS), Medication Management Solutions (MMS) and Pharmaceutical Systems (PS) business units, and the Advanced Patient Monitoring (APM) business unit, which was formed upon the closing of the acquisition of Critical Care from Edwards Lifesciences. The segment's performance includes the revenues of APM from September 3, 2024 to September 30, 2024. BD Medical organic revenue growth was led by MMS.

· MDS performance reflects strong volume growth across the portfolio with increased share in Vascular Access Management and hypodermic products.

· MMS performance reflects high double-digit growth in Infusion driven by BD Alaris™ and higher utilization of infusion sets that was partially offset by the prior-year comparison in Dispensing Solutions.

· PS performance reflects double-digit growth in Biologics, including GLP-1s, that was partially offset by expected transitory market dynamics including customer inventory de-stocking in anti-coagulants and vaccines.

The BD Life Sciences segment includes the Integrated Diagnostic Solutions (IDS) and Biosciences (BDB) business units. BD Life Sciences revenue growth was driven by IDS.

· IDS performance reflects strong growth in Specimen Management driven by broad volume strength, and double-digit growth in BD MAX™ IVD and BD COR™ that was partially offset by the prior-year comparison in Microbiology.

· BDB performance reflects transitory market dynamics that resulted in lower market demand for research instruments partially offset by strong growth in clinical solutions that was driven by the FACSLyric™ Clinical Cell Analyzer and cancer reagents.

The BD Interventional segment includes the Surgery, Peripheral Intervention (PI), and Urology & Critical Care (UCC) business units. BD Interventional organic revenue growth was driven by performance across the segment.

· Surgery performance reflects double-digit growth in Infection Prevention and Phasix™ hernia resorbable scaffold that was partially offset by a tough prior-year comparison in Advanced Repair & Reconstruction. The unit's performance also reflects the impact from the divestiture of the Surgical Instrumentation platform.

· PI performance reflects double-digit growth in the Peripheral Vascular Disease portfolio and strong growth in End Stage Kidney Disease that was partially offset by a decline in U.S. Oncology due to prior year distributor stocking.

· UCC performance reflects strong double-digit growth in the PureWick™ franchise with continued adoption of both the Male and Female portfolios.

Assumptions and Outlook for Full Year Fiscal 2025
The company provided the following guidance with respect to fiscal 2025. GAAP revenue growth of 8.9% to 9.4% and currency-neutral adjusted revenue growth of 8.8% to 9.3% include the newly acquired APM business. The company's organic revenue growth guidance of 4.0% to 4.5% includes absorbing an impact about 125 basis points from an expected decline in revenues in China and Bioscience and Pharma market dynamics.

BD's outlook for fiscal 2025 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Management will discuss its outlook and several of its assumptions on its fourth fiscal quarter earnings call. 

The company's expected adjusted diluted EPS for fiscal 2025 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, spin-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted non-GAAP EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD's financial performance. We also present our estimated adjusted revenue growth and organic revenue growth for our 2025 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD's anticipated underlying earnings performance for our 2025 fiscal year in relation to our underlying 2024 fiscal year performance.

Source: BD Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results