UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 5, 2016
BECTON, DICKINSON AND COMPANY
(Exact Name of Registrant as Specified in Its Charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
001-4802 | 22-0760120 | |
(Commission File Number) | (IRS Employer Identification No.) | |
1 Becton Drive, Franklin Lakes, New Jersey | 07417-1880 | |
(Address of Principal Executive Offices) | (Zip Code) |
(201) 847-6800
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K Filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On May 5, 2016, Becton, Dickinson and Company (BD) issued a press release announcing its financial results for its second fiscal quarter ending March 31, 2016. A copy of the press release is furnished as Exhibit 99.1 to this report.
The press release furnished as Exhibit 99.1 contains certain financial measures that differ from those presented in accordance with U.S. generally accepted accounting principles (non-GAAP measures), as follows:
| Revenues. We present revenues and revenue growth rates for the U.S. and the total company, and for our BD Medical segment, for the second quarter and first six months of fiscal year 2016 after adjusting for a write down of deferred revenue made in connection with our acquisition of CareFusion Corporation (CareFusion) in March 2015 (referred to herein as adjusted revenues), which served to lower reported revenues for these periods. We also present segment, international and total company revenue growth for these periods, as well as our anticipated total adjusted revenue growth for fiscal year 2016, after eliminating the effect of foreign currency translation. We believe that these measures of revenues and revenue growth allow investors to better understand the underlying performance of BD and facilitate comparisons to prior periods, as well as allow investors to better understand our fiscal year 2016 guidance in relation to our fiscal year 2015 performance. |
We also present BD Medical, safety, U.S., international and total company revenue growth rates for the second quarter and first six months of fiscal year 2016, as well as our estimated growth in adjusted revenues for fiscal year 2016, on a comparable basis, which means assuming the acquisition of CareFusion occurred at the start of BDs 2015 fiscal year. We also adjust comparable revenue growth in the U.S. and for the total company for second quarter and first six months of fiscal year 2016 to eliminate the impact of a distribution agreement change relating to our Respiratory Solutions unit, as if it had occurred at the start of our 2015 fiscal year. We provide these measures after eliminating the effect of foreign currency translation, where applicable, for the reasons discussed above. We believe these comparable measures allow investors to better understand the underlying revenue performance (and anticipated revenue performance) of the combined company.
| Earnings Per Share. We present diluted earnings per share (EPS) for the second quarter and first six months of fiscal years 2015 and 2016, respectively, after adjusting for purchase accounting adjustments, acquisition-related financing, transaction, integration and restructuring costs, litigation charges and the dilutive impact of shares issued in the CareFusion acquisition prior to the consolidation of its operating results, as applicable. We believe that adjusting for these items, which are not considered by management to be part of our ordinary operations, allows investors to better understand the underlying operating results of BD for the periods presented and facilitates comparisons between the periods shown. We also show the growth in adjusted EPS for the second quarter and first six months of fiscal year 2016 compared to the prior year periods after eliminating the impact of foreign currency translation to further enable investors to understand BDs underlying earnings performance for these periods compared to the prior year periods. |
We also present estimated EPS for fiscal year 2016 compared to fiscal year 2015 EPS after eliminating the aforementioned items and certain employee termination costs from each fiscal year, as applicable, as well as the anticipated impact of foreign currency translation in fiscal year 2016. Management believes that these adjustments allow investors to better understand BDs anticipated underlying performance for fiscal year 2016 in relation to our underlying fiscal year 2015 performance.
BDs management uses each of these non-GAAP measures in its own evaluation of BDs performance, particularly when comparing performance to past periods and to the performance of peer companies. Management also uses the non-GAAP results for budget planning purposes on a quarterly and annual basis.
BD provides non-GAAP measures to investors on a supplemental basis, as they provide additional insight into BDs financial results. Management believes the non-GAAP results provide a reasonable measure of BDs underlying performance before the effects of items that are considered by management to be outside of BDs underlying operational results or that affect period to period comparability.
Non-GAAP results should not be considered in isolation and are not in accordance with, or a substitute for, GAAP results. Our non-GAAP results may differ from similar measures used by other companies, even if similar terms are used to identify such measures. Although BDs management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BDs net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. Investors should also consider these limitations when evaluating BDs results.
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
Exhibit 99.1 Press release dated May 5, 2016, which is furnished pursuant to Item 2.02
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BECTON, DICKINSON AND COMPANY | ||||||
(Registrant) | ||||||
By: | /s/ Gary DeFazio |
|||||
Gary DeFazio | ||||||
Senior Vice President and Corporate Secretary |
Date: May 5, 2016
Exhibit Index
99.1 | Press release dated May 5, 2016, which is furnished pursuant to Item 2.02 |
Exhibit 99.1
1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com
Contact:
Monique N. Dolecki, Investor Relations 201-847-5453
Kristen Cardillo, Corporate Communications 201-847-5657
BD ANNOUNCES RESULTS FOR 2016 SECOND FISCAL QUARTER
| Announces adjusted revenues of $3.071 billion, an increase of 49.7 percent, or 55.2 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 5.3 percent. As reported, revenues increased 49.6 percent to $3.067 billion. |
| Adjusted diluted earnings per share of $2.18 increased 35.4 percent, or 44.7 percent on a currency-neutral basis. As reported, diluted earnings per share were $1.56. |
| Raises fiscal year 2016 adjusted diluted earnings per share guidance to $8.50 to $8.57. On a currency-neutral basis, the Company continues to expect adjusted diluted earnings per share to be between $9.01 and $9.08. As reported, the Company expects full fiscal year diluted earnings per share to be between $6.14 and $6.21. |
Franklin Lakes, NJ (May 5, 2016) BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly adjusted revenues of $3.071 billion for the second fiscal quarter ended March 31, 2016, an increase of 49.7 percent over the prior-year period reported revenues, or 55.2 percent on a currency-neutral basis. On a comparable, currency-neutral basis, second quarter adjusted revenues grew 5.3 percent. As reported, second quarter revenues were $3.067 billion, an increase of 49.6 percent over the prior-year period.
We are pleased with our second quarter revenue growth and strong operating performance, said Vincent A. Forlenza, Chairman, CEO and President. Our results this quarter continue to demonstrate the breadth and diversity of the growth drivers within our portfolio. This performance enables us to continue to create value for shareholders and provides us with the capacity to invest for the future.
Second Quarter and Six-Month Fiscal 2016 Operating Results
Adjusted diluted earnings per share were $2.18, compared with $1.61 in the prior-year period. This represents an increase of 35.4 percent, or 44.7 percent on a currency-neutral basis. On a reported basis, diluted earnings per share for the second quarter were $1.56 compared with $1.08 in the prior-year period.
For the six-month period ended March 31, 2016, adjusted diluted earnings per share were $4.13, compared with $3.14 in the prior-year period. This represents an increase of 31.5 percent, or 44.9 percent on a currency-neutral basis. On a reported basis, diluted earnings per share were $2.62 compared with $2.28 in the prior-year period.
Segment Results
In the BD Medical segment, worldwide adjusted revenues for the quarter were $2.135 billion, an increase of 93.1 percent over the prior-year period reported revenues, or 99.5 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted Medical revenues grew 6.1 percent. The segments revenue growth reflects solid performance across the Medication and Procedural Solutions, Medication Management Solutions, and Diabetes Care units. Strong performance in the Pharmaceutical Systems and Respiratory Solutions units was aided, in part, by volume increases driven by customer ordering patterns and capital placements, respectively. On a reported basis, Medical revenues were $2.131 billion, an increase of 92.8 percent over the prior-year period.
For the six-month period ended March 31, 2016, BD Medical adjusted revenues of $4.194 billion increased 92.6 percent over the prior-year period reported revenues, or 100.5 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 4.0 percent. On a reported basis, revenues were $4.185 billion, an increase of 92.2 percent over the prior-year period.
In the BD Life Sciences segment, reported worldwide revenues for the quarter were $936 million, a decrease of 1.0 percent from the prior-year period, or an increase of 3.4 percent on a currency-neutral basis. The segments results reflect solid growth in the Preanalytical Systems and Diagnostic Systems units, and Biosciences unit revenues that were about flat when compared with the prior-year period revenues. Growth in the Diagnostic Systems unit was driven by strong core microbiology sales, and was aided, in part, by a late flu season in comparison to the prior year which experienced a strong flu season in the first fiscal quarter. Within the Biosciences unit, strong growth in research instruments and reagents in the U.S. was offset by tender delays in Africa and a difficult comparison to the prior year in Europe.
For the six-month period ended March 31, 2016, BD Life Sciences revenues of $1.869 billion decreased 2.9 percent, and increased 2.5 percent on a currency-neutral basis.
Geographic Results
Second quarter adjusted revenues in the U.S. of $1.722 billion represent an increase of 99.6 percent over the prior-year period reported revenues. On a comparable basis, adjusted U.S. revenues increased 5.7 percent, with notable growth across both segments. Within the BD Medical segment, strong performance across the segment was aided, in part, by the aforementioned timing of customer orders and capital placements in the Pharmaceutical Systems and Respiratory Solutions units, respectively. Growth in the BD Life Sciences segment was driven by strong reagent sales and instrument placements in the Biosciences unit and solid growth in the Diagnostic Systems and Preanalytical Systems units. Growth in the Diagnostic Systems unit was aided by the late peak in the flu season. On a reported basis, U.S. revenues were $1.719 billion, an increase of 99.2 percent over the prior-year period.
Revenues outside of the U.S. were $1.349 billion, representing an increase of 13.5 percent over the prior-year period reported revenues, or an increase of 23.0 percent on a currency-neutral basis. On a comparable, currency-neutral basis, international revenues grew 4.8 percent. Within the BD Medical segment, growth was driven by continued strength in Europe and sales of safety-engineered products, particularly in China. Growth in the Medical Segment was aided, in part, by the aforementioned timing of customer orders and capital placements in the Pharmaceutical Systems and Respiratory Solutions units, respectively. Growth in the Life Sciences segment was driven by Preanalytical Systems and strong microbiology sales, partially offset by the aforementioned tender delays in Africa.
For the six-month period ended March 31, 2016, adjusted revenues in the U.S. were $3.419 billion, representing an increase of 96.1 percent compared with the prior-year period reported revenues. On a comparable basis, adjusted U.S. revenues grew 3.6 percent. On a reported basis, U.S. revenues were $3.410 billion, an increase of 95.5 percent over the prior-year period. Revenues outside of the U.S. were $2.644 billion, representing an increase of 12.1 percent over the prior-year period reported revenues, or an increase of 23.8 percent on a foreign currency-neutral basis. On a comparable, currency-neutral basis, revenues outside the U.S. grew 3.5 percent.
Fiscal 2016 Outlook for Full Year
The Company continues to estimate that currency-neutral adjusted revenues for the full fiscal year 2016, including the accretion from the acquisition of CareFusion, will increase 24.5 to 25.0 percent. Including the impact of foreign currency, as adjusted and as reported revenues are now expected to increase 21.5 to 22.0 percent. This is an increase from previously issued guidance of 20.0 to 20.5 percent growth. On a comparable, currency-neutral basis, the Company continues to estimate organic adjusted revenues will increase 4.5 to 5.0 percent when adjusting for the impact of closed acquisitions and divestitures.
The Company has raised its fiscal 2016 adjusted diluted earnings per share guidance to be between $8.50 and $8.57 which represents growth of approximately 19.0 to 20.0 percent. This is an increase from previously issued guidance of $8.37 to $8.44 which represented approximately 17.0 to 18.0 percent growth. On a currency-neutral basis, the Company continues to expect full-year fiscal 2016 adjusted diluted earnings per share to be between $9.01 and $9.08, which represents growth of approximately 26.0 to 27.0 percent over fiscal 2015 adjusted diluted earnings per share of $7.16. Adjusted diluted earnings per share exclude, among other specified items, the non-cash amortization of intangible assets, and include approximately 22.0 percentage points of accretion from the CareFusion acquisition. As reported, the Company expects full fiscal year diluted earnings per share to be between $6.14 and $6.21.
Conference Call Information
A conference call regarding BDs second quarter results will be broadcast live on BDs website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Thursday, May 5, 2016. The conference call will be available for replay on BDs website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Thursday, May 12, 2016, confirmation number 83710101.
Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.
All comparable basis revenue growth rates presented throughout this release include the results of
CareFusion Corporation (CareFusion) in the current and prior-year periods. Adjusted revenues for the current period for the Company and the Medical segment in the U.S. exclude the amortization of a write down of deferred revenue made in connection with our acquisition of CareFusion, which served to lower reported revenues for the period. Adjusted revenue growth rates presented on a comparable basis reflect the aforementioned adjustments and further exclude the impact of a distribution agreement change in the Respiratory Solutions unit. Current and prior-year adjusted diluted earnings per share results exclude the impact of purchase accounting adjustments, including the non-cash amortization of acquisition-related intangible assets; and integration and restructuring costs. Prior-year adjusted diluted earnings per share results also excludes the impact of financing and transaction costs; a litigation-related charge and the dilutive impact of shares issued in the CareFusion acquisition prior to the consolidation of its operating results beginning on April 1, 2015. We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. Reconciliations of these amounts to the most directly comparable GAAP measures are included in the tables at the end of this release.
About BD
BD is a global medical technology company that is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. BD leads in patient and health care worker safety and the technologies that enable medical research and clinical laboratories. The company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures, optimize respiratory care and support the management of diabetes. The company partners with organizations around the world to address some of the most challenging global health issues. BD has more than 45,000 associates across 50 countries who work in close collaboration with customers and partners to help enhance outcomes, lower health care delivery costs, increase efficiencies, improve health care safety and expand access to health. For more information on BD, please visit www.bd.com.
***
This press release, including the section entitled Fiscal 2016 Outlook for Full Year, contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BDs performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to: risks relating to the integration of CareFusions operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; potential cuts in governmental healthcare spending, which could result in reduced demand for our product or downward pricing pressure; measures to contain healthcare costs; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BDs products; efficacy or safety concerns relating to product recalls; fluctuations in costs and availability of raw materials and in BDs ability to maintain favorable supplier arrangements and relationships; new or changing laws and regulations impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BDs filings with the Securities and Exchange Commission); future healthcare reform, including changes in
government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BDs filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Three Months Ended March 31, | ||||||||||||
2016 | 2015 | % Change | ||||||||||
REVENUES |
$ | 3,067 | $ | 2,051 | 49.6 | |||||||
Cost of products sold |
1,584 | 1,005 | 57.6 | |||||||||
Selling and administrative expense |
732 | 511 | 43.2 | |||||||||
Research and development expense |
182 | 129 | 40.4 | |||||||||
Acquisitions and other restructurings |
104 | 113 | (7.9 | ) | ||||||||
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TOTAL OPERATING COSTS AND EXPENSES |
2,601 | 1,758 | 47.9 | |||||||||
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OPERATING INCOME |
466 | 293 | 59.3 | |||||||||
Interest expense |
(99 | ) | (91 | ) | 8.5 | |||||||
Interest income |
3 | 8 | (63.8 | ) | ||||||||
Other income, net |
6 | 15 | (62.7 | ) | ||||||||
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INCOME BEFORE INCOME TAXES |
376 | 225 | 67.1 | |||||||||
Income tax provision |
38 | 9 | NM | |||||||||
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NET INCOME |
$ | 338 | $ | 216 | 56.4 | |||||||
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EARNINGS PER SHARE |
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Basic Earnings per Share |
$ | 1.59 | $ | 1.10 | 44.5 | |||||||
Diluted Earnings per Share |
$ | 1.56 | $ | 1.08 | 44.4 | |||||||
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AVERAGE SHARES OUTSTANDING (in thousands) |
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Basic |
212,469 | 196,085 | ||||||||||
Diluted |
216,538 | 199,938 | ||||||||||
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NM - Not Meaningful
Page 1
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Six Months Ended March 31, | ||||||||||||
2016 | 2015 | % Change | ||||||||||
REVENUES |
$ | 6,054 | $ | 4,102 | 47.6 | |||||||
Cost of products sold |
3,162 | 2,011 | 57.2 | |||||||||
Selling and administrative expense |
1,480 | 1,055 | 40.3 | |||||||||
Research and development expense |
369 | 258 | 42.8 | |||||||||
Acquisitions and other restructurings |
225 | 136 | 65.2 | |||||||||
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TOTAL OPERATING COSTS AND EXPENSES |
5,236 | 3,460 | 51.3 | |||||||||
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OPERATING INCOME |
818 | 642 | 27.5 | |||||||||
Interest expense |
(196 | ) | (167 | ) | 17.1 | |||||||
Interest income |
9 | 19 | (51.5 | ) | ||||||||
Other income, net |
11 | 17 | (35.5 | ) | ||||||||
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INCOME BEFORE INCOME TAXES |
642 | 510 | 25.8 | |||||||||
Income tax provision |
75 | 58 | 28.4 | |||||||||
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NET INCOME |
$ | 567 | $ | 452 | 25.5 | |||||||
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EARNINGS PER SHARE |
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Basic Earnings per Share |
$ | 2.67 | $ | 2.32 | 15.1 | |||||||
Diluted Earnings per Share |
$ | 2.62 | $ | 2.28 | 14.9 | |||||||
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AVERAGE SHARES OUTSTANDING (in thousands) |
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Basic |
212,077 | 194,447 | ||||||||||
Diluted |
216,695 | 198,493 | ||||||||||
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Page 2
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Three Months Ended March 31,
(Unaudited; Amounts in millions)
A | B | C | D=(A-B)/B | E=(C-B)/B | ||||||||||||||||
As Reported | Adjusted 2016 |
% Change | ||||||||||||||||||
2016 | 2015 | Reported | Adjusted | |||||||||||||||||
BD MEDICAL |
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Medication and Procedural Solutions |
$ | 484 | $ | 256 | $ | 484 | 89.3 | 89.3 | ||||||||||||
Medication Management Solutions |
442 | | 442 | NM | NM | |||||||||||||||
Diabetes Care |
125 | 120 | 125 | 4.3 | 4.3 | |||||||||||||||
Pharmaceutical Systems |
81 | 72 | 81 | 13.5 | 13.5 | |||||||||||||||
Respiratory Solutions |
149 | | 149 | NM | NM | |||||||||||||||
Deferred Revenue Adjustment * |
(4 | ) | | | NM | | ||||||||||||||
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TOTAL |
$ | 1,278 | $ | 447 | $ | 1,281 | 185.8 | 186.6 | ||||||||||||
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BD LIFE SCIENCES |
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Preanalytical Systems |
$ | 175 | $ | 170 | $ | 175 | 3.0 | 3.0 | ||||||||||||
Diagnostic Systems |
156 | 149 | 156 | 4.9 | 4.9 | |||||||||||||||
Biosciences |
110 | 97 | 110 | 13.2 | 13.2 | |||||||||||||||
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TOTAL |
$ | 441 | $ | 416 | $ | 441 | 6.1 | 6.1 | ||||||||||||
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TOTAL UNITED STATES |
$ | 1,719 | $ | 863 | $ | 1,722 | 99.2 | 99.6 | ||||||||||||
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* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
NM - Not Meaningful
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C | D=(A-B)/B | E=(A-B-C)/B | ||||||||||||||||
As Reported | FX Impact |
% Change | ||||||||||||||||||
2016 | 2015 | Reported | FXN | |||||||||||||||||
BD MEDICAL |
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Medication and Procedural Solutions |
$ | 348 | $ | 309 | $ | (34 | ) | 12.5 | 23.4 | |||||||||||
Medication Management Solutions |
94 | | (6 | ) | NM | NM | ||||||||||||||
Diabetes Care |
118 | 127 | (12 | ) | (6.6 | ) | 3.0 | |||||||||||||
Pharmaceutical Systems |
229 | 223 | (16 | ) | 3.1 | 10.2 | ||||||||||||||
Respiratory Solutions |
64 | | (3 | ) | NM | NM | ||||||||||||||
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TOTAL |
$ | 853 | $ | 658 | $ | (71 | ) | 29.6 | 40.4 | |||||||||||
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BD LIFE SCIENCES |
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Preanalytical Systems |
$ | 165 | $ | 169 | $ | (18 | ) | (2.2 | ) | 8.4 | ||||||||||
Diagnostic Systems |
163 | 169 | (13 | ) | (3.6 | ) | 4.3 | |||||||||||||
Biosciences |
167 | 192 | (10 | ) | (12.8 | ) | (7.5 | ) | ||||||||||||
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TOTAL |
$ | 495 | $ | 530 | $ | (42 | ) | (6.5 | ) | 1.4 | ||||||||||
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TOTAL INTERNATIONAL |
$ | 1,349 | $ | 1,188 | $ | (113 | ) | 13.5 | 23.0 | |||||||||||
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NM - Not Meaningful
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C | D | E=(A-B)/B | F=(A-B-D)/B | G=(C-B)/B | H=(C-B-D)/B | |||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||||||||
As Reported | Adjusted 2016 |
FX Impact |
Adjusted FXN |
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2016 | 2015 | Reported | FXN | Adjusted | ||||||||||||||||||||||||||||
BD MEDICAL |
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Medication and Procedural Solutions |
$ | 831 | $ | 565 | $ | 831 | $ | (34 | ) | 47.2 | 53.2 | 47.2 | 53.2 | |||||||||||||||||||
Medication Management Solutions |
536 | | 536 | (6 | ) | NM | NM | NM | NM | |||||||||||||||||||||||
Diabetes Care |
243 | 247 | 243 | (12 | ) | (1.3 | ) | 3.6 | (1.3 | ) | 3.6 | |||||||||||||||||||||
Pharmaceutical Systems |
311 | 294 | 311 | (16 | ) | 5.6 | 11.0 | 5.6 | 11.0 | |||||||||||||||||||||||
Respiratory Solutions |
213 | | 213 | (3 | ) | NM | NM | NM | NM | |||||||||||||||||||||||
Deferred Revenue Adjustment * |
(4 | ) | | | | NM | NM | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 2,131 | $ | 1,106 | $ | 2,135 | $ | (71 | ) | 92.8 | 99.2 | 93.1 | 99.5 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||||||||||
Preanalytical Systems |
$ | 340 | $ | 339 | $ | 340 | $ | (18 | ) | 0.4 | 5.7 | 0.4 | 5.7 | |||||||||||||||||||
Diagnostic Systems |
319 | 318 | 319 | (13 | ) | 0.4 | 4.6 | 0.4 | 4.6 | |||||||||||||||||||||||
Biosciences |
277 | 289 | 277 | (10 | ) | (4.1 | ) | (0.5 | ) | (4.1 | ) | (0.5 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 936 | $ | 945 | $ | 936 | $ | (42 | ) | (1.0 | ) | 3.4 | (1.0 | ) | 3.4 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL REVENUES |
$ | 3,067 | $ | 2,051 | $ | 3,071 | $ | (113 | ) | 49.6 | 55.1 | 49.7 | 55.2 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
NM - Not Meaningful
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Six Months Ended March 31,
(Unaudited; Amounts in millions)
A | B | C | D=(A-B)/B | E=(C-B)/B | ||||||||||||||||
As Reported | Adjusted 2016 |
% Change | ||||||||||||||||||
2016 | 2015 | Reported | Adjusted | |||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medication and Procedural Solutions |
$ | 975 | $ | 524 | $ | 975 | 86.1 | 86.1 | ||||||||||||
Medication Management Solutions |
886 | | 886 | NM | NM | |||||||||||||||
Diabetes Care |
259 | 243 | 259 | 6.8 | 6.8 | |||||||||||||||
Pharmaceutical Systems |
144 | 138 | 144 | 4.6 | 4.6 | |||||||||||||||
Respiratory Solutions |
288 | | 288 | NM | NM | |||||||||||||||
Deferred Revenue Adjustment * |
(9 | ) | | | NM | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 2,544 | $ | 904 | $ | 2,553 | 181.2 | 182.3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||
Preanalytical Systems |
$ | 353 | $ | 342 | $ | 353 | 3.2 | 3.2 | ||||||||||||
Diagnostic Systems |
305 | 308 | 305 | (0.9 | ) | (0.9 | ) | |||||||||||||
Biosciences |
208 | 190 | 208 | 9.7 | 9.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 866 | $ | 839 | $ | 866 | 3.2 | 3.2 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL UNITED STATES |
$ | 3,410 | $ | 1,744 | $ | 3,419 | 95.5 | 96.1 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
NM - Not Meaningful
Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C | D=(A-B)/B | E=(A-B-C)/B | ||||||||||||||||
As Reported | FX Impact |
% Change | ||||||||||||||||||
2016 | 2015 | Reported | FXN | |||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medication and Procedural Solutions |
$ | 705 | $ | 642 | $ | (80 | ) | 9.9 | 22.3 | |||||||||||
Medication Management Solutions |
200 | | (19 | ) | NM | NM | ||||||||||||||
Diabetes Care |
240 | 267 | (31 | ) | (10.3 | ) | 1.1 | |||||||||||||
Pharmaceutical Systems |
363 | 364 | (33 | ) | (0.3 | ) | 8.6 | |||||||||||||
Respiratory Solutions |
134 | | (9 | ) | NM | NM | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,641 | $ | 1,273 | $ | (171 | ) | 28.9 | 42.3 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||
Preanalytical Systems |
$ | 331 | $ | 351 | $ | (43 | ) | (5.5 | ) | 6.8 | ||||||||||
Diagnostic Systems |
327 | 347 | (35 | ) | (5.8 | ) | 4.3 | |||||||||||||
Biosciences |
344 | 387 | (26 | ) | (11.1 | ) | (4.3 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,003 | $ | 1,085 | $ | (105 | ) | (7.6 | ) | 2.0 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL INTERNATIONAL |
$ | 2,644 | $ | 2,358 | $ | (275 | ) | 12.1 | 23.8 | |||||||||||
|
|
|
|
|
|
|
|
|
|
NM - Not Meaningful
Page 7
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C | D | E=(A-B)/B | F=(A-B-D)/B | G=(C-B)/B | H=(C-B-D)/B | |||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||||||||
As Reported | Adjusted 2016 |
FX Impact |
Reported | FXN | Adjusted | Adjusted FXN |
||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||||||||||||
Medication and Procedural Solutions |
$ | 1,680 | $ | 1,165 | $ | 1,680 | $ | (80 | ) | 44.1 | 51.0 | 44.1 | 51.0 | |||||||||||||||||||
Medication Management Solutions |
1,087 | | 1,087 | (19 | ) | NM | NM | NM | NM | |||||||||||||||||||||||
Diabetes Care |
499 | 510 | 499 | (31 | ) | (2.2 | ) | 3.8 | (2.2 | ) | 3.8 | |||||||||||||||||||||
Pharmaceutical Systems |
507 | 502 | 507 | (33 | ) | 1.0 | 7.5 | 1.0 | 7.5 | |||||||||||||||||||||||
Respiratory Solutions |
422 | | 422 | (9 | ) | NM | NM | NM | NM | |||||||||||||||||||||||
Deferred Revenue Adjustment * |
(9 | ) | | | | NM | NM | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 4,185 | $ | 2,177 | $ | 4,194 | $ | (171 | ) | 92.2 | 100.0 | 92.6 | 100.5 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||||||||||
Preanalytical Systems |
$ | 684 | $ | 692 | $ | 684 | $ | (43 | ) | (1.2 | ) | 5.0 | (1.2 | ) | 5.0 | |||||||||||||||||
Diagnostic Systems |
632 | 655 | 632 | (35 | ) | (3.5 | ) | 1.8 | (3.5 | ) | 1.8 | |||||||||||||||||||||
Biosciences |
552 | 577 | 552 | (26 | ) | (4.2 | ) | 0.3 | (4.2 | ) | 0.3 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 1,869 | $ | 1,925 | $ | 1,869 | $ | (105 | ) | (2.9 | ) | 2.5 | (2.9 | ) | 2.5 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL REVENUES |
$ | 6,054 | $ | 4,102 | $ | 6,063 | $ | (275 | ) | 47.6 | 54.3 | 47.8 | 54.5 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
NM - Not Meaningful
Page 8
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES
Three Months Ended March 31,
(Unaudited; Amounts in millions)
A | B | C=A+B | D | E | F | G=D+E+F | H=(C-G)/G | |||||||||||||||||||||||||
Reported 2016 |
Deferred Revenue Adjustment |
Adjusted 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Respiratory Adjustment ** 2015 |
Comparable Historical 2015 |
Comparable Adjusted % Change |
|||||||||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||||||||||||
Medication and Procedural Solutions |
$ | 484 | $ | | $ | 484 | $ | 256 | $ | 212 | $ | | $ | 467 | 3.5 | |||||||||||||||||
Medication Management Solutions |
442 | | 442 | | 418 | | 418 | 5.9 | ||||||||||||||||||||||||
Diabetes Care |
125 | | 125 | 120 | | | 120 | 4.3 | ||||||||||||||||||||||||
Pharmaceutical Systems |
81 | | 81 | 72 | | | 72 | 13.5 | ||||||||||||||||||||||||
Respiratory Solutions |
149 | | 149 | | 161 | (23 | ) | 138 | 8.3 | |||||||||||||||||||||||
Deferred Revenue Adjustment * |
(4 | ) | 4 | | | | | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 1,278 | $ | 4 | $ | 1,281 | $ | 447 | $ | 790 | $ | (23 | ) | $ | 1,214 | 5.5 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||||||||||
Preanalytical Systems |
$ | 175 | $ | | $ | 175 | $ | 170 | $ | | $ | | $ | 170 | 3.0 | |||||||||||||||||
Diagnostic Systems |
156 | | 156 | 149 | | | 149 | 4.9 | ||||||||||||||||||||||||
Biosciences |
110 | | 110 | 97 | | | 97 | 13.2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 441 | $ | | $ | 441 | $ | 416 | $ | | $ | | $ | 416 | 6.1 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL UNITED STATES |
$ | 1,719 | $ | 4 | $ | 1,722 | $ | 863 | $ | 790 | $ | (23 | ) | $ | 1,630 | 5.7 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
** | To reflect the impact of a distribution agreement change in the Respiratory Solutions unit that occurred toward the end of fiscal 2015, as if it had occurred as of October 1, 2014. |
Page 9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C | D=B+C | E | F=(A-D-E)/D | |||||||||||||||||||||||
Reported 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Comparable Historical 2015 |
Comparable FX Impact |
Comparable FXN % Change |
|||||||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||||||||
Medication and Procedural Solutions |
$ | 348 | $ | 309 | $ | 56 | $ | 365 | $ | (34 | ) | 4.6 | ||||||||||||||||
Medication Management Solutions |
94 | | 94 | 94 | (6 | ) | 6.6 | |||||||||||||||||||||
Diabetes Care |
118 | 127 | | 127 | (12 | ) | 3.0 | |||||||||||||||||||||
Pharmaceutical Systems |
229 | 223 | | 223 | (16 | ) | 10.2 | |||||||||||||||||||||
Respiratory Solutions |
64 | | 57 | 57 | (3 | ) | 17.1 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 853 | $ | 658 | $ | 207 | $ | 865 | $ | (71 | ) | 6.9 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||||||
Preanalytical Systems |
$ | 165 | $ | 169 | $ | | $ | 169 | $ | (18 | ) | 8.4 | ||||||||||||||||
Diagnostic Systems |
163 | 169 | | 169 | (13 | ) | 4.3 | |||||||||||||||||||||
Biosciences |
167 | 192 | | 192 | (10 | ) | (7.5 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
$ | 495 | $ | 530 | $ | | $ | 530 | $ | (42 | ) | 1.4 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL INTERNATIONAL |
$ | 1,349 | $ | 1,188 | $ | 207 | $ | 1,395 | $ | (113 | ) | 4.8 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C=A+B | D | E | F | G=D+E+F | H | I=(C-G-H)/G | ||||||||||||||||||||||||||||||||
Reported 2016 |
Deferred Revenue Adjustment |
Adjusted 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Respiratory Adjustment ** 2015 |
Comparable Historical 2015 |
Comparable FX Impact |
Comparable Adjusted FXN % Change |
||||||||||||||||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||||||||||||||||||||
Medication and Procedural Solutions |
$ | 831 | $ | | $ | 831 | $ | 565 | $ | 267 | $ | | $ | 832 | $ | (34 | ) | 4.0 | ||||||||||||||||||||||
Medication Management Solutions |
536 | | 536 | | 512 | | 512 | (6 | ) | 6.0 | ||||||||||||||||||||||||||||||
Diabetes Care |
243 | | 243 | 247 | | | 247 | (12 | ) | 3.6 | ||||||||||||||||||||||||||||||
Pharmaceutical Systems |
311 | | 311 | 294 | | | 294 | (16 | ) | 11.0 | ||||||||||||||||||||||||||||||
Respiratory Solutions |
213 | | 213 | | 218 | (23 | ) | 195 | (3 | ) | 10.9 | |||||||||||||||||||||||||||||
Deferred Revenue Adjustment * |
(4 | ) | 4 | | | | | | | | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
TOTAL |
$ | 2,131 | $ | 4 | $ | 2,135 | $ | 1,106 | $ | 997 | $ | (23 | ) | $ | 2,079 | $ | (71 | ) | 6.1 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||||||||||||||||||
Preanalytical Systems |
$ | 340 | $ | | $ | 340 | $ | 339 | $ | | $ | | $ | 339 | $ | (18 | ) | 5.7 | ||||||||||||||||||||||
Diagnostic Systems |
319 | | 319 | 318 | | | 318 | (13 | ) | 4.6 | ||||||||||||||||||||||||||||||
Biosciences |
277 | | 277 | 289 | | | 289 | (10 | ) | (0.5 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
TOTAL |
$ | 936 | $ | | $ | 936 | $ | 945 | $ | | $ | | $ | 945 | $ | (42 | ) | 3.4 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
TOTAL REVENUES |
$ | 3,067 | $ | 4 | $ | 3,071 | $ | 2,051 | $ | 997 | $ | (23 | ) | $ | 3,025 | $ | (113 | ) | 5.3 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
** | To reflect the impact of a distribution agreement change in the Respiratory Solutions unit that occurred toward the end of fiscal 2015, as if it had occurred as of October 1, 2014. |
Page 11
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES
Six Months Ended March 31,
(Unaudited; Amounts in millions)
A | B | C=A+B | D | E | F | G=D+E+F | H=(C-G)/G | |||||||||||||||||||||||||||||
Reported 2016 |
Deferred Revenue Adjustment |
Adjusted 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Respiratory Adjustment ** 2015 |
Comparable Historical 2015 |
Comparable Adjusted % Change |
|||||||||||||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||||||||||||||||
Medication and Procedural Solutions |
$ | 975 | $ | | $ | 975 | $ | 524 | $ | 427 | $ | | $ | 951 | 2.5 | |||||||||||||||||||||
Medication Management Solutions |
886 | | 886 | | 843 | | 843 | 5.1 | ||||||||||||||||||||||||||||
Diabetes Care |
259 | | 259 | 243 | | | 243 | 6.8 | ||||||||||||||||||||||||||||
Pharmaceutical Systems |
144 | | 144 | 138 | | | 138 | 4.6 | ||||||||||||||||||||||||||||
Respiratory Solutions |
288 | | 288 | | 333 | (46 | ) | 287 | 0.6 | |||||||||||||||||||||||||||
Deferred Revenue Adjustment * |
(9 | ) | 9 | | | | | | | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
TOTAL |
$ | 2,544 | $ | 9 | $ | 2,553 | $ | 904 | $ | 1,603 | $ | (46 | ) | $ | 2,462 | 3.7 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||||||||||||||
Preanalytical Systems |
$ | 353 | $ | | $ | 353 | $ | 342 | $ | | $ | | $ | 342 | 3.2 | |||||||||||||||||||||
Diagnostic Systems |
305 | | 305 | 308 | | | 308 | (0.9 | ) | |||||||||||||||||||||||||||
Biosciences |
208 | | 208 | 190 | | | 190 | 9.7 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
TOTAL |
$ | 866 | $ | | $ | 866 | $ | 839 | $ | | $ | | $ | 839 | 3.2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
TOTAL UNITED STATES |
$ | 3,410 | $ | 9 | $ | 3,419 | $ | 1,744 | $ | 1,603 | $ | (46 | ) | $ | 3,301 | 3.6 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
** | To reflect the impact of a distribution agreement change in the Respiratory Solutions unit that occurred toward the end of fiscal 2015, as if it had occurred as of October 1, 2014. |
Page 12
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C | D=B+C | E | F=(A-D-E)/D | |||||||||||||||||||
Reported 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Comparable Historical 2015 |
Comparable FX Impact |
Comparable FXN % Change |
|||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||||
Medication and Procedural Solutions |
$ | 705 | $ | 642 | $ | 117 | $ | 758 | $ | (80 | ) | 3.5 | ||||||||||||
Medication Management Solutions |
200 | | 208 | 208 | (19 | ) | 5.2 | |||||||||||||||||
Diabetes Care |
240 | 267 | | 267 | (31 | ) | 1.1 | |||||||||||||||||
Pharmaceutical Systems |
363 | 364 | | 364 | (33 | ) | 8.6 | |||||||||||||||||
Respiratory Solutions |
134 | | 138 | 138 | (9 | ) | 2.8 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL |
$ | 1,641 | $ | 1,273 | $ | 463 | $ | 1,736 | $ | (171 | ) | 4.4 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||
Preanalytical Systems |
$ | 331 | $ | 351 | $ | | $ | 351 | $ | (43 | ) | 6.8 | ||||||||||||
Diagnostic Systems |
327 | 347 | | 347 | (35 | ) | 4.3 | |||||||||||||||||
Biosciences |
344 | 387 | | 387 | (26 | ) | (4.3 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL |
$ | 1,003 | $ | 1,085 | $ | | $ | 1,085 | $ | (105 | ) | 2.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL INTERNATIONAL |
$ | 2,644 | $ | 2,358 | $ | 463 | $ | 2,821 | $ | (275 | ) | 3.5 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Page 13
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
A | B | C=A+B | D | E | F | G=D+E+F | H | I=(C-G-H)/G | ||||||||||||||||||||||||||||
Reported 2016 |
Deferred Revenue Adjustment |
Adjusted 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Respiratory Adjustment ** 2015 |
Comparable Historical 2015 |
Comparable FX Impact |
Comparable Adjusted FXN % Change |
||||||||||||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||||||||||||||||
Medication and Procedural Solutions |
$ | 1,680 | $ | | $ | 1,680 | $ | 1,165 | $ | 544 | $ | | $ | 1,709 | $ | (80 | ) | 3.0 | ||||||||||||||||||
Medication Management Solutions |
1,087 | | 1,087 | | 1,051 | | 1,051 | (19 | ) | 5.1 | ||||||||||||||||||||||||||
Diabetes Care |
499 | | 499 | 510 | | | 510 | (31 | ) | 3.8 | ||||||||||||||||||||||||||
Pharmaceutical Systems |
507 | | 507 | 502 | | | 502 | (33 | ) | 7.5 | ||||||||||||||||||||||||||
Respiratory Solutions |
422 | | 422 | | 471 | (46 | ) | 425 | (9 | ) | 1.3 | |||||||||||||||||||||||||
Deferred Revenue Adjustment * |
(9 | ) | 9 | | | | | | | | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL |
$ | 4,185 | $ | 9 | $ | 4,194 | $ | 2,177 | $ | 2,066 | $ | (46 | ) | $ | 4,198 | $ | (171 | ) | 4.0 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||||||||||||||||
Preanalytical Systems |
$ | 684 | $ | | $ | 684 | $ | 692 | $ | | $ | | $ | 692 | $ | (43 | ) | 5.0 | ||||||||||||||||||
Diagnostic Systems |
632 | | 632 | 655 | | | 655 | (35 | ) | 1.8 | ||||||||||||||||||||||||||
Biosciences |
552 | | 552 | 577 | | | 577 | (26 | ) | 0.3 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL |
$ | 1,869 | $ | | $ | 1,869 | $ | 1,925 | $ | | $ | | $ | 1,925 | $ | (105 | ) | 2.5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL REVENUES |
$ | 6,054 | $ | 9 | $ | 6,063 | $ | 4,102 | $ | 2,066 | $ | (46 | ) | $ | 6,122 | $ | (275 | ) | 3.5 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts. |
** | To reflect the impact of a distribution agreement change in the Respiratory Solutions unit that occurred toward the end of fiscal 2015, as if it had occurred as of October 1, 2014. |
Page 14
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in millions)
Three Months Ended March 31, | ||||||||||||||||||||
A | B | C | D=(A-B)/B | E=(A-B-C)/B | ||||||||||||||||
As Reported | FX Impact |
% Change | ||||||||||||||||||
2016 | 2015 | Reported | FXN | |||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 443 | $ | 294 | $ | | 50.7 | 50.7 | ||||||||||||
International |
290 | 256 | (31 | ) | 13.1 | 25.1 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 733 | $ | 550 | $ | (31 | ) | 33.2 | 38.8 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BY SEGMENT |
||||||||||||||||||||
BD Medical |
$ | 465 | $ | 281 | $ | (17 | ) | 65.5 | 71.6 | |||||||||||
BD Life Sciences |
268 | 269 | (14 | ) | (0.5 | ) | 4.6 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 733 | $ | 550 | $ | (31 | ) | 33.2 | 38.8 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Six Months Ended March 31, | ||||||||||||||||||||
A | B | C | D=(A-B)/B | E=(A-B-C)/B | ||||||||||||||||
As Reported | FX Impact |
% Change | ||||||||||||||||||
2016 | 2015 | Reported | FXN | |||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 890 | $ | 602 | $ | | 47.7 | 47.7 | ||||||||||||
International |
580 | 521 | (69 | ) | 11.3 | 24.6 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,470 | $ | 1,123 | $ | (69 | ) | 30.8 | 37.0 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BY SEGMENT |
||||||||||||||||||||
BD Medical |
$ | 932 | $ | 577 | $ | (37 | ) | 61.6 | 68.0 | |||||||||||
BD Life Sciences |
538 | 547 | (33 | ) | (1.6 | ) | 4.3 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,470 | $ | 1,123 | $ | (69 | ) | 30.8 | 37.0 | |||||||||||
|
|
|
|
|
|
|
|
|
|
Page 15
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF SAFETY REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE
(Unaudited; Amounts in millions)
Three Months Ended March 31, | ||||||||||||||||||||||||
A | B | C | D=B+C | E | F=(A-D-E)/D | |||||||||||||||||||
BD Reported 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Comparable Historical 2015 |
Comparable FX Impact |
Comparable FXN % Change |
|||||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||||||
United States |
$ | 443 | $ | 294 | $ | 130 | $ | 424 | $ | | 4.5 | |||||||||||||
International |
290 | 256 | 36 | 292 | (31 | ) | 9.9 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL |
$ | 733 | $ | 550 | $ | 165 | $ | 715 | $ | (31 | ) | 6.7 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BY SEGMENT |
||||||||||||||||||||||||
BD Medical |
$ | 465 | $ | 281 | $ | 165 | $ | 446 | $ | (17 | ) | 8.0 | ||||||||||||
BD Life Sciences |
268 | 269 | | 269 | (14 | ) | 4.6 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL |
$ | 733 | $ | 550 | $ | 165 | $ | 715 | $ | (31 | ) | 6.7 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||||
A | B | C | D=B+C | E | F=(A-D-E)/D | |||||||||||||||||||
BD Reported 2016 |
BD Reported 2015 |
CFN Reported 2015 |
Comparable Historical 2015 |
Comparable FX Impact |
Comparable FXN % Change |
|||||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||||||
United States |
$ | 890 | $ | 602 | $ | 252 | $ | 854 | $ | | 4.2 | |||||||||||||
International |
580 | 521 | 79 | 600 | (69 | ) | 8.1 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL |
$ | 1,470 | $ | 1,123 | $ | 331 | $ | 1,454 | $ | (69 | ) | 5.8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BY SEGMENT |
||||||||||||||||||||||||
BD Medical |
$ | 932 | $ | 577 | $ | 331 | $ | 908 | $ | (37 | ) | 6.7 | ||||||||||||
BD Life Sciences |
538 | 547 | | 547 | (33 | ) | 4.3 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL |
$ | 1,470 | $ | 1,123 | $ | 331 | $ | 1,454 | $ | (69 | ) | 5.8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Page 16
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2016 | 2015 | Growth | Foreign Currency Translation |
Foreign Currency Neutral Growth |
Growth % | Foreign Currency Neutral Growth % |
||||||||||||||||||||||
Reported Diluted Earnings per Share |
$ | 1.56 | $ | 1.08 | $ | 0.48 | $ | (0.14 | ) | $ | 0.62 | 44.4 | % | 57.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Purchase Accounting Adjustments ($115 million or $73 million after-tax and $9 million or $3 million after-tax, respectively) |
0.34 | (1) | 0.01 | (2) | ||||||||||||||||||||||||
Restructuring Costs ($64 million or $35 million after-tax and $62 million or $36 million after-tax, respectively) (3) |
0.16 | 0.18 | ||||||||||||||||||||||||||
Integration Costs ($40 million or $25 million after-tax and $18 million or $10 million after-tax, respectively) (3) |
0.12 | 0.05 | ||||||||||||||||||||||||||
Transaction Costs ($33 million or $19 million after-tax) (3) |
| 0.10 | ||||||||||||||||||||||||||
Financing Costs ($58 million or $34 million after-tax) (3) |
| 0.17 | ||||||||||||||||||||||||||
Dilutive Share Impact (4) |
| 0.02 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Diluted Earnings per Share |
$ | 2.18 | $ | 1.61 | $ | 0.57 | $ | (0.15 | ) | $ | 0.72 | 35.4 | % | 44.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes non-cash amortization expense of $136 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $1 million pre-tax to reflect CareFusions fixed assets, debt and deferred revenue balances at fair value as of the acquisition date. Also includes $22 million of pre-tax income related to a net favorable change in the fair value of contingent consideration payments associated with certain acquisitions. |
(2) | Represents non-cash amortization expense associated with acquisition related identifiable intangible assets of $18 million pre-tax, partially offset by an acquisition-date accounting gain of $9 million pre-tax related to a previously held equity investment. |
(3) | Represents restructuring, integration, transaction and financing costs associated with the CareFusion acquisition and portfolio rationalization. |
(4) | Represents the dilutive impact of BD shares issued as part of purchase consideration for CareFusion acquisition prior to the consolidation of its operating results beginning on April 1, 2015. The quarter-to-date adjusted diluted average shares outstanding (in thousands) is 197,436. |
Page 17
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
Six Months Ended March 31, | ||||||||||||||||||||||||||||
2016 | 2015 | Growth | Foreign Currency Translation |
Foreign Currency Neutral Growth |
Growth % | Foreign Currency Neutral Growth % |
||||||||||||||||||||||
Reported Diluted Earnings per Share |
$ | 2.62 | $ | 2.28 | $ | 0.34 | $ | (0.40 | ) | $ | 0.74 | 14.9 | % | 32.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Purchase Accounting Adjustments ($268 million or $193 million after-tax and $27 million or $15 million after-tax, respectively) |
0.89 | (1) | 0.08 | (2) | ||||||||||||||||||||||||
Restructuring Costs ($149 million or $89 million after-tax and $62 million or $36 million after-tax, respectively) (3) |
0.41 | 0.18 | (0.01 | ) | ||||||||||||||||||||||||
Integration Costs ($75 million or $47 million after-tax and $31 million or $19 million after-tax, respectively) (3) |
0.22 | 0.10 | ||||||||||||||||||||||||||
Transaction Costs ($43 million or $29 million after-tax) (3) |
| 0.15 | ||||||||||||||||||||||||||
Financing Costs ($102 million or $62 million after-tax) (3) |
| 0.31 | ||||||||||||||||||||||||||
Litigation-related Charge ($12 million or $7 million after-tax) (4) |
| 0.04 | ||||||||||||||||||||||||||
Dilutive Share Impact (5) |
| 0.02 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Diluted Earnings per Share |
$ | 4.13 | $ | 3.14 | $ | 0.99 | $ | (0.42 | ) | $ | 1.41 | 31.5 | % | 44.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes non-cash amortization expense of $285 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $5 million pre-tax to reflect CareFusions fixed assets, debt and deferred revenue balances at fair value as of the acquisition date. Also includes $22 million of pre-tax income related to a net favorable change in the fair value of contingent consideration payments associated with certain acquisitions. |
(2) | Represents non-cash amortization expense associated with acquisition related identifiable intangible assets of $35 million pre-tax, partially offset by an acquisition-date accounting gain of $9 million pre-tax related to a previously held equity investment. |
(3) | Represents restructuring, integration, transaction and financing costs associated with the CareFusion acquisition and portfolio rationalization. |
(4) | Represents a charge for plaintiffs attorneys fees associated with the unfavorable verdict in the antitrust and false advertising lawsuit filed against BD by RTI. |
(5) | Represents the dilutive impact of BD shares issued as part of purchase consideration for CareFusion acquisition prior to the consolidation of its operating results beginning on April 1, 2015. The year-to-date adjusted diluted average shares outstanding (in thousands) is 197,390. |
Page 18
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2016 OUTLOOK RECONCILIATION
(Amounts in millions, except per share data)
FY2015 | FY2016 Outlook | |||||||||||||||
Revenues | % Increase | FX Impact | % Increase FXN | |||||||||||||
BDX As Reported Revenue |
$ | 10,282 | 21.5% - 22.0% | ~(3.0%) | 24.5% - 25.0% | |||||||||||
Deferred Revenue Adjustment |
20 | NM | NM | NM | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
BDX As Adjusted Revenue |
10,302 | 21.5% - 22.0% | ~(3.0%) | 24.5% - 25.0% | ||||||||||||
CareFusion First Half Revenue |
2,066 | |||||||||||||||
Respiratory Solution Adjustment (1) |
(78 | ) | ||||||||||||||
|
|
|||||||||||||||
% Increase FXN | ||||||||||||||||
|
|
|||||||||||||||
Comparable | ||||||||||||||||
|
|
|
|
|||||||||||||
BDX Comparable Revenue |
12,290 | 4.5% - 5.0% | ||||||||||||||
Inorganic Revenue (2) |
(27 | ) | |
Comparable Organic |
|
|||||||||||
|
|
|
|
|||||||||||||
BDX Comparable Organic Revenue |
$ | 12,263 | 4.5% - 5.0% | |||||||||||||
|
|
|||||||||||||||
BD Medical Revenue |
$ | 6,460 | ||||||||||||||
Deferred Revenue Adjustment |
20 | |||||||||||||||
|
|
|||||||||||||||
BD Medical As Adjusted Revenue |
6,480 | |||||||||||||||
CareFusion First Half Revenue |
2,066 | |||||||||||||||
Respiratory Solution Adjustment (1) |
(78 | ) | ||||||||||||||
|
|
|||||||||||||||
% Increase FXN | ||||||||||||||||
|
|
|||||||||||||||
Comparable | ||||||||||||||||
|
|
|
|
|||||||||||||
BD Medical Comparable Revenue |
$ | 8,469 | 4.5% - 5.0% | |||||||||||||
|
|
FY2016 Outlook | ||||||||||||
Full Year FY2016 |
Full Year FY2015 |
% Increase | ||||||||||
(estimated) | ||||||||||||
Reported Fully Diluted Earnings per Share |
$ | 6.14 - 6.21 | $ | 3.35 | NM | |||||||
Purchase Accounting Adjustments |
1.73 | 2.17 | ||||||||||
Restructuring Costs |
0.41 | (3) | 0.80 | |||||||||
Integration Costs |
0.22 | (3) | 0.29 | |||||||||
Transaction Costs |
| 0.19 | ||||||||||
Financing Costs |
| 0.31 | ||||||||||
Litigation-related Charge |
| 0.04 | ||||||||||
Employee Termination Cost-related Amounts |
| (0.01 | ) | |||||||||
Dilutive Share Impact |
| 0.02 | ||||||||||
|
|
|
|
|||||||||
Adjusted Fully Diluted Earnings per Share |
$ | 8.50 - 8.57 | $ | 7.16 | 19.0% - 20.0% | |||||||
|
|
|
|
|||||||||
FX Impact |
$ | (0.51 | ) | ~(7.0% | ) | |||||||
|
|
|
|
|||||||||
Adjusted FXN Growth |
$ | 9.01 - 9.08 | 26.0% - 27.0% | |||||||||
|
|
(1) | To reflect the impact of a distribution agreement change in the Respiratory Solutions unit that occurred toward the end of fiscal 2015, as if it had occurred as of October 1, 2014. |
(2) | Adjusts FY2015 revenues for the following closed divestitures: Simplist and Spine. |
(3) | FY2016 restructuring and integration cost reflect year-to-date realized costs. |
NM - Not Meaningful
FXN - Foreign Currency Neutral
Page 19
-_$#$;I[B=@99+&OJ?0 =J6&HSHR