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Becton Dickinson Gains From Covid-19 Testing as 2Q Revenue Grows

By Matt Grossman

 

Becton Dickinson & Co. on Thursday posted a larger fiscal second-quarter profit and higher sales across its division, with the sharpest growth coming in the form of a revenue contribution from its Covid-19 testing business.

The Franklin Lakes, N.J.-based medical-technology company logged diluted earnings per share of 94 cents, up from 53 cents a year earlier. Net income applicable to common shareholders was $277 million, up from $145 million.

Adjusting for one-time items, the company's profit was $3.19 a share. Analysts were expecting an adjusted profit of $3.04 a share, according to FactSet.

Becton Dickinson's revenue was $4.91 billion, a rise from $4.25 billion, the company said. Analysts had been forecasting revenue of $4.89 billion.

Medical-division sales grew by 7.4% to $2.3 billion, amid strong sales of products such as syringes and catheters. Revenue at the life-sciences segment, which includes Covid-19 testing, grew 43% to $1.6 billion. Covid-19 testing contributed $480 million to that amount, the company said.

The interventional business unit posted sales growth of 2.1%, with revenue of $1 billion, the company said.

Becton Dickinson reaffirmed its previously issued full-year guidance, estimating adjusted earnings per share of $12.75 to $12.85 and revenue growth of 12% to 14%.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

May 06, 2021 06:38 ET (10:38 GMT)

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