FRANKLIN LAKES, N.J., Aug. 4, 2016 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced quarterly revenues of $3.198 billion, as reported, for the third fiscal quarter ended June 30, 2016, an increase of 2.5 percent over the prior-year period revenues as reported. On a comparable, currency-neutral basis, third quarter organic adjusted revenues grew 4.0 percent.
"We are pleased with our results this quarter with both segments contributing to growth," said Vincent A. Forlenza, Chairman, CEO and President. "The combination of solid revenue growth and continued margin improvement is allowing us to increase our investment in innovation while delivering double-digit increases in earnings. At the same time, we continue to drive significant accretion from the integration of BD and CareFusion and create meaningful value for shareholders."
Third Quarter and Nine-Month Fiscal 2016 Operating Results
As reported, diluted earnings per share for the third quarter were $1.80, compared with $0.29 as reported in the prior-year period. Adjusted diluted earnings per share were $2.35, compared with $2.05 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 14.6 percent, or 19.5 percent on a currency-neutral basis.
For the nine-month period ended June 30, 2016, as reported, diluted earnings per share were $4.41, compared with $2.52 as reported in the prior-year period. Adjusted diluted earnings per share were $6.48, compared with $5.22 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 24.1 percent, or 33.9 percent on a currency-neutral basis.
Segment Results
In the BD Medical segment, as reported, worldwide revenues for the quarter were $2.235 billion, an increase of 1.6 percent over the prior-year period revenues as reported. As adjusted, BD Medical revenues of $2.237 billion grew 3.0 percent on a comparable, currency-neutral basis. The segment's revenue growth reflects strong performance in the Medication Management Solutions and Diabetes Care units, and solid growth in the Medication and Procedural Solutions unit. Performance in the Pharmaceutical Systems and Respiratory Solutions units was negatively impacted, in part, by customer ordering patterns and the timing of capital placements, respectively, which occurred in the second fiscal quarter, earlier than initially anticipated.
For the nine-month period ended June 30, 2016, BD Medical revenues were $6.420 billion as reported, an increase of 46.7 percent over the prior-year period revenues as reported. As adjusted, BD Medical revenues of $6.431 billion grew 3.7 percent on a comparable, currency-neutral basis.
In the BD Life Sciences segment, as reported, worldwide revenues for the quarter were $963 million, an increase of 4.6 percent from the prior-year period revenues as reported, or an increase of 6.0 percent on a currency-neutral basis. The segment's revenue growth reflects strong performance in the Diagnostic Systems and Preanalytical Systems units, and modest growth in the Biosciences unit. Growth in the Diagnostic Systems unit was driven by strong core microbiology sales including BD Kiestra installations during the quarter. Within the Biosciences unit, strong growth in research instruments and research reagents in the U.S. was partially offset by declines in Africa, as expected.
For the nine-month period ended June 30, 2016, BD Life Sciences revenues were $2.832 billion as reported, a decrease of 0.5 percent over the prior-year period revenues as reported, and an increase of 3.7 percent on a currency-neutral basis.
Geographic Results
As reported, third quarter revenues in the U.S. were $1.735 billion, an increase of 2.5 percent over the prior-year period revenues as reported. As adjusted, revenues in the U.S. of $1.737 billion increased 3.4 percent on a comparable basis. Within the BD Medical segment, growth was driven by strong performance in the Medication Management Solutions and Pharmaceutical Systems units. The segment's growth was negatively impacted by a decline in Medication and Procedural Solutions revenues, due in part to the divestiture of the spine business. Growth was also negatively impacted by the aforementioned timing of capital placements in the Respiratory Solutions unit. Growth in the BD Life Sciences segment was driven by solid growth in the Preanalytical Systems and Diagnostics Systems units, and strong research instrument and reagent sales in the Biosciences unit.
As reported, revenues outside of the U.S. were $1.463 billion, representing an increase of 2.5 percent over the prior-year period revenues as reported, or an increase of 4.6 percent on a currency-neutral basis. International revenue growth reflects modest growth in the BD Medical segment and strong performance in the BD Life Sciences segment. Within the BD Medical segment, growth was driven by strength in China and sales of safety-engineered products. Growth in the BD Medical segment was negatively impacted, in part, by the aforementioned timing of customer orders and capital placements in the Pharmaceutical Systems and Respiratory Solutions units, respectively. Growth in the BD Life Sciences segment reflects strong performance in Western Europe in the Diagnostic Systems unit driven by core microbiology sales, and strong growth in the Preanalytical Systems unit across all regions.
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