During the call, references will be made to certain non-GAAP measures, which management believes provide an additional and meaningful assessment of the core operating performances of the company and its individual product franchises. Reconciliations of non-GAAP measures to most comparable GAAP measures are provided in Bard's earnings press release and on the company's website at www.crbard.com. All information that is not historical is given only as of April 24, 2012, and the company undertakes no responsibility to update any information. Unless otherwise noted, all comparisons are to the prior year period.
At this time, I will turn the call over to Mr. Timothy Ring. Please go ahead.
Timothy M. Ring
Thank you. Good afternoon, everybody. I'd like to welcome you to Bard's first quarter 2012 earnings call, and thank you all for taking the time to join us today. I'd expect the presentation portion of the call to last about 30 minutes.The agenda today will go as follows. I'll begin with an overview of the results for the first quarter of 2012. John Weiland, our President and COO, will review first quarter product line revenue. Todd Schermerhorn, our Senior VP and CFO, will review the first quarter income statement and balance sheet, as well as our expectations for the second quarter. John DeFord, our Senior VP Science Technology and Clinical Affairs, will then provide an update on our product development pipeline. And then finally, we'll close with a question-and-answer period. First quarter 2012 net sales totaled $730 million. That's up 4% over Q1 of last year on an as-reported basis and up 5% on a constant-currency basis. Currency impact for the quarter versus Q1 of last year was unfavorable by about 40 basis points. Net income for the first quarter of 2012 was $138.7 million and diluted earnings per share were $1.60. Excluding items that affected the comparability of results between periods, which Todd will cover later, first quarter 2012 net income and diluted EPS were $139.5 million and $1.61, up 4% and 7%, respectively. We're off to a good start this year, which Todd will put in perspective for you when he discusses this quarter's financial performance and our guidance for the second quarter.