Becton Dickinson, a leading medical-device maker, has announced a slight increase in its fiscal 2024 guidance following higher revenue in the first quarter. The company experienced growth primarily in its medical and interventional businesses.
In the quarter ended December 31, Becton Dickinson recorded a profit of $281 million, or 96 cents per share, compared to $509 million, or $1.70 per share, in the same period the previous year. Adjusted earnings, which account for integration costs, restructuring costs, and other one-time items, were $2.68 per share. This exceeded analysts' expectations of $2.40 per share.
While quarterly revenue rose to $4.71 billion from $4.59 billion the previous year, it fell slightly short of analyst projections for $4.73 billion.
Within the United States, sales saw a minimal increase of less than 1%, amounting to $2.75 billion. In contrast, international sales witnessed a significant jump of 5.5% to $1.96 billion.
Examining specific business segments, Becton Dickinson's medical unit saw a 3.5% increase in revenue, reaching $2.23 billion. However, sales in its life-sciences segment decreased by 1% to $1.29 billion. On the other hand, the interventional business logged a 2.6% higher revenue at $1.19 billion.
Looking ahead to fiscal 2024, Becton Dickinson anticipates organic revenue growth of 5.5% to 6.25% and currency-neutral revenue growth of 4.75% to 5.5%. This is an upward adjustment from its previous guidance, with an additional quarter of a percentage point on the low-end.
Furthermore, the company expects annual adjusted earnings to range from $12.82 to $13.06 per share, as opposed to the previous outlook of $12.70 to $13 per share.
- Dean Seal, Wall Street Journal
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