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Becton, Dickinson And Management Discusses Q3 2012 Results - Earnings Call Transcript

Stocks in this article: BDX

Overall, we believe that our results this quarter continue to highlight the benefits of our diversified portfolio, with softness in 1 segment being offset by strength in our other 2 segments. We also continue to see a positive impact from our new product launches in addition to growth from the Accuri, Carmel and KIESTRA acquisitions.

We recently announced our plans to acquire Safety Syringes, Inc., SSI, a privately held company that specializes in the development of passive anti-needlestick devices for prefillable syringes. This transaction is subject to regulatory review and is expected to close by the end of the fiscal year. This acquisition will nicely complement our Pharmaceutical Systems unit and our safety-engineered products, and it is well aligned with BD's strategy of applying technology in clinical knowledge to make health care more effective, efficient and safe. We believe that BD's expertise, in conjunction with Safety Syringes' portfolio, will enable innovative safety technology development and will bring forth the next generation of safety-engineered prefillable syringes.

SSI's latest annual sales were about $30 million, with a compound annual growth rate of about 10% over the past 3 years. Once the acquisition is complete, revenues will be accounted for under our Pharmaceutical Systems unit.

Based on our results year-to-date, we are now guiding currency-neutral revenue growth to be about 4%, the higher end of our previously communicated range. We are reaffirming our currency-neutral EPS growth of 4% to 5% even as we continue to invest in new products and absorb costs from our recent acquisitions.

On Slide 5, we've outlined our third quarter revenue and EPS results, which I will speak to on a currency-neutral basis. The results of our Discovery Labware business, excluding Advanced Bioprocessing, have been reclassified to discontinued operations. David will go through this later in his remarks.

Total company revenues were solid, increasing by 4.9%. Fully diluted EPS came in at $1.52, [indiscernible] and get 9.7% over the [indiscernible]. For the 9 months year-to-date results, revenue growth was 4.1%; EPS of $3.95 increased by 1%.

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