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CR Bard Inc BCR
Q2 2011 Earnings Call Transcript

Transcript Call Date 07/21/2011

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the C. R. Bard, Inc. Second Quarter 2011 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer-session. Instructions will be given at that time. As a reminder, this conference call is being recorded and will be available for future on-demand replay through the Bard website.

Today's presentation will be hosted by Timothy M. Ring, Chairman and Chief Executive Officer; along with John H. Weiland, President and Chief Operating Officer; Todd C. Schermerhorn, Senior Vice President and Chief Financial Officer; and John A. DeFord, Senior Vice President, Science, Technology and Clinical Affairs. Also in attendance today is Todd W. Garner, Vice President, Investor Relations.

Today, Bard's management will discuss some forward-looking statements, the accuracy of which are necessarily subject to risks and uncertainties. Please refer to the cautionary statement regarding forward-looking information in Bard's March 31, 2011 Form 10-Q and the information under the caption, ‘Risk Factors,’ in Bard's 2010 10-K, including disclosure of the factors that could cause actual results to differ materially from those expressed or implied.

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 performance of the Company and its individual product franchises. Reconciliations of non-GAAP measures to the most comparable GAAP measures are provided in Bard's earnings release and on the Company's website at www.crbard.com.

All information that is not historical is given only as of July 21, 2011, and the Company undertakes no responsibility to update any information. Unless otherwise noted, all comparisons are to the prior-year periods.

At this time, I will turn the call over to Mr. Timothy Ring. Please go ahead, sir.

Timothy M. Ring - Chairman and CEO: Thanks, Cathy. I'd like to welcome everybody to Bard's second quarter 2011 earnings call and thank you for taking the time to join us today. We expect the presentation portion of the call to last about 30 minutes.

Discussions today will go as follows; I’ll begin with an overview of the results for the second quarter. John Weiland, our President and COO, will review second quarter product line revenue; Todd Schermerhorn, our Senior VP and CFO, will review the income statement, balance sheet, as well as our expectations for Q3; John DeFord will review an update on our product development pipeline, and I’ll close with Q&A.

Second quarter 2011 net sales totaled $725 million. That's up 8% over Q2 of last year on an as reported basis and 5% on a constant currency basis. The currency impact for the quarter versus the second quarter of last year was favorable by 220 basis points.

As we previously reported, we took a charge this quarter related to the proposed settlements of the hernia product claims, which drove us to a net loss position on an as reported basis for the second quarter of $47.8 million, with a diluted loss per share of $0.55. Excluding all items that affected the comparability of results between periods, which Todd will cover later, second quarter 2011 net income and diluted EPS were $141.7 million and $1.57, up 6% and 13% respectively.

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