C.R. Bard Inc BCR
Q3 2011 Earnings Call Transcript

Transcript Call Date 10/25/2011

Operator: Ladies and gentlemen, thank you for standing by, and welcome to the C. R. Bard, Inc. Third 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 and 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 risk and uncertainty. Please refer to the cautionary statement regarding forward-looking information in Bard’s June 30, 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 press release and on the Company’s website at All information that is not historical is given only as of October 25th, 2011, and the Company undertakes no responsibility to update any information. Unless otherwise noted, all comparisons are to the prior-year period.

At this time, I will turn the call over to 4Mr. Timothy Ring. Please go ahead, sir.

Timothy M. Ring - Chairman and CEO: Thanks, Cathy. I’d like to welcome everybody to Bard’s third quarter 2011 earnings call. Thank you all for taking the time to join us today. I’d expect the presentation portion of the call to last about 20 minutes. The agenda today will go as follows. I’ll begin with an overview of the results for the quarter. John Weiland, our President and COO will review third quarter product line revenue; Todd Schermerhorn, our Senior VP and CFO will review the income statement and balance sheet, as well as our expectations for the fourth quarter; John DeFord, our Senior Vice President, Science, Technology and Clinical Affairs will provide an update on our product development pipeline, and then we’ll close with a Q&A.

Third quarter 2011 net sales totaled $719.2 million, up 6% over Q3 of last year on an as reported basis and up 3% on a constant currency basis. The impact of currency for the quarter versus the same quarter last year was favorable by about 280 basis points.

Net income for the quarter was $130.1 million with diluted earnings per share of $1.46. Excluding items that affected the comparability of results between periods which Todd will cover later, third quarter 2011 net income and diluted EPS were $144.9 million and $1.62, up 7% and 13% respectively.

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