Updated from 12:52 p.m.
outpaced estimates for its fiscal second quarter, reporting revenue growth across all segments.
The Franklin Lakes, N.J., medical device company company reported earnings of $188 million, or 72 cents a share, on sales of $1.37 billion for its second fiscal quarter ended March 31. This compares to $165 million, or 62 cents a share, on sales of $1.25 billion a year earlier.
Excluding items, earnings were 75 cents a share. The company exceeded its previous guidance of 70 cents to 72 cents a share as well as consensus estimates of 68 cents a share on sales of $1.36 billion.
In its medical segment, Becton Dickinson's worldwide sales were $732 million, a 7% increase from the prior year. Driving growth was a rise in sales of blood glucose monitoring products, thanks to the Paradigm monitoring system developed with
and direct-to-consumer marketing to clinics and retail pharmacies, BD Medical President Gary Cohen said during a Wednesday earnings call. Within the segment, sales of safety devices saw a benefit from increased government safety regulations worldwide.
The medical surgical unit could have grown an additional 2% to 3% if not for destocking by its biggest distributor, the company said. Two other distributors plan to reduce their inventories as well, BD said.
The diagnostics segment brought in $430 million worldwide, up 12%, thanks to strong sales of flu diagnostic tests in Japan. While the flu season during the company's fiscal first quarter was weak and was generally softer than normal in the U.S., BD Diagnostics President William Kozy said the flu season bounced back in Japan during the second quarter. It was the third most serious flu season in Japan in the last 10 years, Kozy said. Of all of BD's flu product revenue, more than 80% came from Japan.
The biosciences segment brought in $204 million, an increase of 8% thanks to instrument growth, increased sales in the Discovery Labware unit and improved operating efficiency.
In the pipeline are new blades from the ophthalmic unit, advanced drug-delivery technologies, prefilled syringes and upgrades for existing safety devices to reduce the incidence of hospital acquired infections.
The company issued earnings guidance for its fiscal third quarter ending June 30 of 73 to 75 cents a share and the raised its full-year guidance to between $2.93 and $2.97 from a range of $2.89 to $2.94.
Shares were recently up $2.03, or 3.6%, to $58.58.