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On April 28, 2009,
Becton, Dickinson and Company
reported that its Q2 FY09 earnings dropped, reflecting an antitrust settlement. Net income for the quarter declined 5.4% to $261.27 million or $1.06 per share from $276.19 million or $1.09 per share in the prior year's quarter. Excluding a pre-tax charge of $45.00 million or $0.11 per share, earnings from continuing operations were $289.23 million or $1.18 per share, which beat the most recent consensus estimate of $1.16 per share.
Revenue inched down to $1.74 billion from $1.75 billion, due to unfavorable impact from foreign currency translation. BD Medical revenue declined 2.7% to $897.32 million from $922.25 million, due to unfavorable impact from foreign currency translation by 5 basis points. Higher sales of insulin delivery products were offset by a decline in sales of Medical Surgical Systems products. BD Diagnostics revenue increased 1.7% to $539.64 million from $530.57 million, driven by growth in safety-engineered devices, cancer diagnostics products, and infectious disease testing systems. Revenue from the BD Biosciences segment went up 3.3% to $303.84 million from $294.10 million, driven by demand for clinical and research instruments. Geographically, revenue from the U.S. inched down 0.7% to $778.12 million, while International revenue remained flat at $962.69 million.
BD Diagnostics received 510(k) clearance from FDA for the BD ProbeTec Chlamydia trachomatis (CT) Qx Amplified DNA Assay and the BD ProbeTec Neisseria gonorrhoeae (GC) Qx Amplified DNA Assay on the next-generation BD ViperSystem with XTR Technology. Ophthalmic Systems unit launched BD OcuSeal Liquid Ocular Bandage in Europe.
BDX estimates FY09 earnings per share from continuing operations to increase approximately 9.0% to 11.0% over earnings per share from continuing operations of $4.46 for 2008.