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BD Announces Results for 2015 Third Fiscal Quarter and Raises EPS Guidance for Fiscal 2015
- Announces adjusted revenues of $3.133 billion, an increase of 45.2 percent, or 55.6 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 2.4 percent. As reported, revenues of $3.120 billion increased 44.6 percent.
- Adjusted diluted earnings per share of $2.05 increased 17.1 percent, or 34.3 percent on a currency-neutral basis. As reported, diluted earnings per share were $0.29.
- Expects fiscal 2015 currency-neutral adjusted revenues, including the accretion from the CareFusion acquisition, to grow 28.5 to 29.0 percent, which is the high end of its previously communicated guidance range. Including the impact of foreign currency, adjusted revenues are expected to grow 21.0 to 21.5 percent, compared to 21.0 to 22.0 percent previously communicated, due to an incrementally negative estimated impact from foreign currency. As reported, the Company expects fiscal 2015 revenues to grow 20.7 to 21.2 percent.
- Raises full-year fiscal 2015 adjusted diluted earnings per share guidance, including the accretion from the CareFusion acquisition, to $7.08 to $7.12. This represents growth of 20.0 to 21.0 percent on a currency-neutral basis. Including the incrementally negative estimated impact from foreign currency, the Company expects adjusted diluted earnings per share growth of 8.5 to 9.5 percent. As reported, the Company expects full fiscal year diluted earnings per share to be between $3.85 and $3.89.
- Reaffirms that the acquisition of CareFusion is expected to be accretive to adjusted diluted earnings per share on a high-teen percentage basis in fiscal year 2016.

FRANKLIN LAKES, N.J., Aug. 6, 2015 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly adjusted revenues of $3.133 billion for the third fiscal quarter ended June 30, 2015, an increase of 45.2 percent over the prior-year period as reported, or 55.6 percent on a currency-neutral basis.  On a comparable, currency-neutral basis, adjusted revenues grew 2.4 percent.  As reported, revenues were $3.120 billion.

"We are pleased with our performance this quarter, which includes the results of CareFusion, and marks a historic milestone for BD," said Vincent A. Forlenza, Chairman, CEO and President. "We are progressing well with the integration of CareFusion and are on track to achieve the accretion targets we communicated for fiscal 2015 and 2016. We have confidence in our increased earnings outlook for fiscal year 2015 and remain committed to serving our customers with superior healthcare products."

All "comparable" basis revenue growth rates presented throughout this release include the results of CareFusion in the current and prior-year periods.  For reconciliations of these revenue amounts and growth rates to the most directly comparable GAAP measures, please refer to the tables at the end of this release.

Third Quarter and Nine-Month Fiscal 2015 Operating Results
Adjusted diluted earnings per share were $2.05, compared with $1.75 in the prior-year period. This represents an increase of 17.1 percent, or 34.3 percent on a currency-neutral basis. Current and prior-year adjusted results exclude the impact of the non-cash amortization of intangible assets and other certain specified items. These specified items are detailed in the accompanying reconciliation of reported diluted earnings per share to adjusted diluted earnings per share. On a reported basis, diluted earnings per share for the third quarter were $0.29 compared with $1.65 in the prior-year period.

For the nine-month period ended June 30, 2015, adjusted diluted earnings per share were $5.22, compared with $4.77 in the prior-year period. This represents an increase of 9.4 percent, or 20.8 percent on a currency-neutral basis. On a reported basis, diluted earnings per share were $2.52, compared with $4.47 in the prior-year period.

Segment Results
In the BD Medical segment, worldwide adjusted revenues for the quarter were $2.212 billion, an increase of 84.2 percent over the prior-year period as reported, or 96.5 percent on a foreign currency-neutral basis.  On a comparable, currency-neutral basis, adjusted Medical revenues grew 1.6 percent, which reflects strong sales in the Medication and Procedural Solutions and Pharmaceutical Systems units, partially offset by an unfavorable comparison to the prior-year period in the Medication Management Solutions unit.   On a reported basis, Medical revenues were $2.199 billion.

For the nine-month period ended June 30, 2015, BD Medical adjusted revenues of $4.389 billion increased 29.8 percent over the prior-year period as reported, or 37.4 percent on a currency-neutral basis.  On a comparable, currency-neutral basis, adjusted revenues grew 5.6 percent.  On a reported basis, revenues were $4.377 billion.

In the BD Life Sciences segment, worldwide revenues for the quarter were $921 million, a decrease of 3.7 percent from the prior-year period, or an increase of 4.2 percent on a currency-neutral basis. The segment's results reflect solid growth in the Preanalytical Systems and Biosciences units.

For the nine-month period ended June 30, 2015, BD Life Sciences revenues of $2.845 billion decreased 0.6 percent from the prior-year period, and increased 5.1 percent on a currency-neutral basis.

Geographic Results
Third quarter adjusted revenues in the U.S. of $1.706 billion represent an increase of 95.9 percent over the prior-year period as reported. On a comparable basis, adjusted U.S. revenues decreased 1.5 percent which reflects a decline in the BD Medical segment partially offset by solid growth in the BD Life Sciences segment.  Within the BD Medical segment, the aforementioned unfavorable comparison to the prior-year period in the Medication Management Solutions unit was partially offset by solid growth in the Medication and Procedural Solutions unit. Growth in the BD Life Sciences segment was driven by strong performance in the Biosciences unit.  On a reported basis, U.S. revenues were $1.693 billion.

Revenues outside of the U.S. were $1.427 billion, representing an increase of 10.9 percent over the prior-year period, or an increase of 28.4 percent on a currency-neutral basis. On a comparable, currency-neutral basis, international revenues grew 6.6 percent which reflects strength in Western Europe and growth in emerging markets. The Company continues to expect growth of approximately 10 percent in emerging markets for the total fiscal year on a legacy BD basis.

For the nine-month period ended June 30, 2015, adjusted revenues in the U.S. were $3.450 billion, an increase of 35.5 percent over the prior-year period as reported, or 4.0 percent on a comparable basis. On a reported basis, U.S. revenues were $3.437 billion.  Revenues outside of the U.S. were $3.785 billion, an increase of 2.4 percent over the prior-year period as reported, or an increase of 13.7 percent on a currency-neutral basis. On a comparable, currency-neutral basis, revenues outside the U.S. grew 7.0 percent.  

Fiscal 2015 Outlook for Full Year
The Company expects currency-neutral adjusted revenues for the full fiscal year 2015, including the accretion from the acquisition of CareFusion, to grow 28.5 to 29.0 percent, which is at the high end of its previously communicated guidance range.  Including the impact of foreign currency, adjusted revenues are expected to grow 21.0 to 21.5 percent, compared to 21.0 to 22.0 percent previously communicated due to an incrementally negative estimated impact from foreign currency. On a comparable, currency-neutral basis, the Company continues to estimate organic revenue growth to be approximately 4.5 percent. As reported, the Company expects full fiscal year revenues to grow 20.7 to 21.2 percent.

The Company is raising its full-year fiscal 2015 adjusted diluted earnings per share guidance to a range of $7.08 to $7.12. This represents growth of 20.0 to 21.0 percent on a currency-neutral basis. Including the incrementally negative estimated impact from foreign currency, the Company expects adjusted diluted earnings per share growth of 8.5 to 9.5 percent. Adjusted diluted earnings per share exclude, among other specified items, the non-cash amortization of intangible assets, and include the accretion from the CareFusion acquisition.  As reported, the Company expects full fiscal year diluted earnings per share to be between $3.85 and $3.89.

Conference Call Information
A conference call regarding BD's third quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Thursday, August 6, 2015.  The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Thursday, August 13, 2015, confirmation number 78953246.

Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures.  Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.  Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers.  Percentages and earnings per share amounts presented are calculated from the underlying amounts.

About BD
BD is a leading medical technology company that partners with customers and stakeholders to address many of the world's most pressing and evolving health needs. Our innovative solutions are focused on improving medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology and respiratory care; advancing cellular research and applications; enhancing the diagnosis of infectious diseases and cancers; and supporting the management of diabetes. We are more than 45,000 associates in 50 countries who strive to fulfill our purpose of "Helping all people live healthy lives" by advancing the quality, accessibility, safety and affordability of healthcare around the world. In 2015, BD welcomed CareFusion and its products into the BD family of solutions. For more information on BD, please visit www.bd.com.

***

This press release, including the section entitled "Fiscal 2015 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share.  All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties.  Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement.  With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially.  These factors include, but are not limited to: risks relating to the integration of CareFusion's operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; potential cuts in governmental healthcare spending, which could result in reduced demand for our product or downward pricing pressure; measures to contain healthcare costs; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems; competitive factors including technological advances and new products introduced by competitors; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; increases in energy costs and their effect on, among other things, the cost of producing BD's products; efficacy or safety concerns relating to product recalls; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws and regulations impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission.  We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

 

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)













Three Months Ended June 30,




2015



2014



% Change











REVENUES


$

3,120


$

2,157



44.6










Cost of products sold



1,932



1,046



84.7

Selling and administrative expense



764



528



44.8

Research and development expense



178



137



29.9

Acquisition-related costs



108



-



        NM 

TOTAL OPERATING COSTS










     AND EXPENSES



2,983



1,712



74.3











OPERATING INCOME



137



445



(69.2)











Interest expense



(105)



(33)



        NM 

Interest income



2



12



(84.7)

Other income (expense), net



5



(2)



        NM 











INCOME BEFORE INCOME TAXES



39



423



(90.8)











Income tax (benefit) provision



(23)



97



        NM 











NET INCOME


$

62


$

326



(80.9)











EARNINGS PER SHARE




















Basic Earnings per Share


$

0.30


$

1.69



(82.2)

Diluted Earnings per Share


$

0.29


$

1.65



(82.4)











AVERAGE SHARES OUTSTANDING (in thousands)




















     Basic



210,175



193,054




     Diluted



214,928



197,005














NM - Not Meaningful










 

 

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)













Nine Months Ended June 30,




2015



2014



% Change











REVENUES


$

7,222


$

6,244



15.7









Cost of products sold



3,943



3,045



29.5

Selling and administrative expense



1,820



1,584



14.9

Research and development expense



437



410



6.5

Acquisition-related costs



244



-



        NM 

TOTAL OPERATING COSTS










     AND EXPENSES



6,444



5,039



27.9











OPERATING INCOME



779



1,204



(35.4)











Interest expense



(272)



(99)



        NM 

Interest income



20



36



(43.3)

Other income, net 



23



4



        NM 











INCOME BEFORE INCOME TAXES



549



1,145



(52.0)











Income tax provision



35



261



(86.6)











NET INCOME


$

514


$

884



(41.8)











EARNINGS PER SHARE




















Basic Earnings per Share


$

2.58


$

4.57



(43.5)

Diluted Earnings per Share


$

2.52


$

4.47



(43.6)











AVERAGE SHARES OUTSTANDING (in thousands)




















     Basic



199,690



193,624




     Diluted



204,236



197,813
























NM - Not Meaningful










 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Three Months Ended June 30,

(Unaudited; Amounts in millions)



























As Reported


Adjusted



 % Change 



2015


2014


2015



 Reported 



Adjusted

BD MEDICAL
















   Medication and Procedural Solutions


$

479


$

256


$

479



86.7



86.7

   Medication Management Solutions



442



-



442



        NM 



        NM 

   Diabetes Care



118



118



118



0.3



0.3

   Pharmaceutical Systems



88



94



88



(5.8)



(5.8)

   Respiratory Solutions



164



-



164



        NM 



        NM 

   Deferred Revenue Adjustment *



(13)



-



-



        NM 



-

TOTAL


$

1,279


$

468


$

1,291



173.1



175.8

















BD LIFE SCIENCES
















   Preanalytical Systems


$

175


$

172


$

175



1.3



1.3

   Diagnostic Systems



138



137



138



0.4



0.4

   Biosciences



102



93



102



9.6



9.6

TOTAL


$

414


$

403


$

414



2.9



2.9

































TOTAL UNITED STATES


$

1,693


$

871


$

1,706



94.4



95.9

































































* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)



































As Reported


FX



 % Change 



2015


2014


Impact



 Reported 



 FXN 

BD MEDICAL
















   Medication and Procedural Solutions


$

369


$

333


$

(49)



10.9



25.6

   Medication Management Solutions



112



-



(20)



        NM 



        NM 

   Diabetes Care



126



140



(22)



(9.9)



6.1

   Pharmaceutical Systems



245



259



(48)



(5.4)



13.0

   Respiratory Solutions



67



-



(8)



        NM 



        NM 

TOTAL


$

920


$

733


$

(148)



25.6



45.9

















BD LIFE SCIENCES
















   Preanalytical Systems


$

175


$

192


$

(29)



(8.8)



6.6

   Diagnostic Systems



164



178



(25)



(7.7)



6.2

   Biosciences



167



184



(22)



(8.9)



2.8

TOTAL


$

506


$

553


$

(76)



(8.5)



5.2

































TOTAL INTERNATIONAL


$

1,427


$

1,286


$

(224)



10.9



28.4

 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)









































 % Change 



As Reported


Adjusted


FX












Adjusted



2015


2014


2015


Impact



 Reported 



 FXN 



 Adjusted 



 FXN 

BD MEDICAL

























   Medication and Procedural Solutions


$

848


$

590


$

848


$

(49)



43.8



52.2



43.8



52.2

   Medication Management Solutions



554



-



554



(20)



        NM 



        NM 



        NM 



        NM 

   Diabetes Care



245



258



245



(22)



(5.2)



3.4



(5.2)



3.4

   Pharmaceutical Systems



333



353



333



(48)



(5.5)



8.0



(5.5)



8.0

   Respiratory Solutions



232



-



232



(8)



        NM 



        NM 



        NM 



        NM 

   Deferred Revenue Adjustment *



(13)



-



-



-



        NM 



        NM 



-



-

TOTAL


$

2,199


$

1,201


$

2,212


$

(148)



83.1



95.5



84.2



96.5

























BD LIFE SCIENCES

























   Preanalytical Systems


$

349


$

364


$

349


$

(29)



(4.0)



4.1



(4.0)



4.1

   Diagnostic Systems



302



315



302



(25)



(4.2)



3.7



(4.2)



3.7

   Biosciences



269



277



269



(22)



(2.7)



5.1



(2.7)



5.1

TOTAL


$

921


$

956


$

921


$

(76)



(3.7)



4.2



(3.7)



4.2


















































TOTAL REVENUES


$

3,120


$

2,157


$

3,133


$

(224)



44.6



55.0



45.2



55.6




































































































* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Nine Months Ended June 30,

(Unaudited; Amounts in millions)



























As Reported


Adjusted



 % Change 



2015


2014


2015



 Reported 



Adjusted

BD MEDICAL
















   Medication and Procedural Solutions


$

1,003


$

759


$

1,003



32.1



32.1

   Medication Management Solutions



442



-



442



        NM 



        NM 

   Diabetes Care



361



358



361



1.0



1.0

   Pharmaceutical Systems



226



227



226



(0.4)



(0.4)

   Respiratory Solutions



164



-



164



        NM 



        NM 

   Deferred Revenue Adjustment *



(13)



-



-



        NM 



-

TOTAL


$

2,183


$

1,344


$

2,196



62.5



63.4

















BD LIFE SCIENCES
















   Preanalytical Systems


$

516


$

507


$

516



1.8



1.8

   Diagnostic Systems



446



425



446



4.9



4.9

   Biosciences



292



270



292



8.0



8.0

TOTAL


$

1,254


$

1,202


$

1,254



4.3



4.3

































TOTAL UNITED STATES


$

3,437


$

2,546


$

3,450



35.0



35.5

































































* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Nine Months Ended June 30, (continued)

(Unaudited; Amounts in millions)



































As Reported


FX



 % Change 



2015


2014


Impact



 Reported 



 FXN 

BD MEDICAL
















   Medication and Procedural Solutions


$

1,011


$

961


$

(95)



5.2



15.1

   Medication Management Solutions



112



-



(20)



        NM 



        NM 

   Diabetes Care



394



415



(47)



(5.2)



6.0

   Pharmaceutical Systems



609



661



(85)



(7.9)



5.0

   Respiratory Solutions



67



-



(8)



        NM 



        NM 

TOTAL


$

2,193


$

2,037


$

(255)



7.7



20.2

















BD LIFE SCIENCES
















   Preanalytical Systems


$

526


$

547


$

(60)



(3.9)



7.1

   Diagnostic Systems



512



526



(55)



(2.7)



7.7

   Biosciences



555



588



(47)



(5.7)



2.4

TOTAL


$

1,592


$

1,661


$

(162)



(4.2)



5.6

































TOTAL INTERNATIONAL


$

3,785


$

3,698


$

(417)



2.4



13.7

 

 

BECTON DICKINSON AND COMPANY










SUPPLEMENTAL REVENUE INFORMATION










REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL










Nine Months Ended June 30, (continued)










(Unaudited; Amounts in millions)












































 % Change 



As Reported


Adjusted


FX












Adjusted



2015


2014


2015


Impact



 Reported 



 FXN 



 Adjusted 



 FXN 

BD MEDICAL

























   Medication and Procedural Solutions


$

2,014


$

1,720


$

2,014


$

(95)



17.1



22.6



17.1



22.6

   Medication Management Solutions



554



-



554



(20)



        NM 



        NM 



        NM 



        NM 

   Diabetes Care



755



773



755



(47)



(2.3)



3.7



(2.3)



3.7

   Pharmaceutical Systems



835



888



835



(85)



(6.0)



3.6



(6.0)



3.6

   Respiratory Solutions



232



-



232



(8)



        NM 



        NM 



        NM 



        NM 

   Deferred Revenue Adjustment *



(13)



-



-



-



        NM 



        NM 



-



-

TOTAL


$

4,377


$

3,381


$

4,389


$

(255)



29.5



37.0



29.8



37.4

























BD LIFE SCIENCES

























   Preanalytical Systems


$

1,042


$

1,054


$

1,042


$

(60)



(1.1)



4.6



(1.1)



4.6

   Diagnostic Systems



957



951



957



(55)



0.7



6.4



0.7



6.4

   Biosciences



846



858



846



(47)



(1.4)



4.1



(1.4)



4.1

TOTAL


$

2,845


$

2,863


$

2,845


$

(162)



(0.6)



5.1



(0.6)



5.1


















































TOTAL REVENUES


$

7,222


$

6,244


$

7,235


$

(417)



15.7



22.4



15.9



22.6




































































































* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES

Three Months Ended June 30,

(Unaudited; Amounts in millions)

























A


B


C=A+B



D



E



F=D+E



G=(C-F)/F






Deferred 






BD


CFN


Comparable



Comparable



Reported


Revenue


Adjusted



Reported


Reported


Historical



Adjusted



2015


Adjustment


2015



2014


2014


2014



% Change

BD MEDICAL 






















   Medication and Procedural Solutions


$

479


$

-


$

479


$

256


$

203


$

459



4.2

   Medication Management Solutions



442



-



442



-



488



488



(9.5)

   Diabetes Care



118



-



118



118



-



118



0.3

   Pharmaceutical Systems



88



-



88



94



-



94



(5.8)

   Respiratory Solutions



164



-



164



-



169



169



(2.9)

   Deferred Revenue Adjustment *



(13)



13



-



-



-



-



-

TOTAL


$

1,279


$

13


$

1,291


$

468


$

860


$

1,328



(2.8)






















BD LIFE SCIENCES






















   Preanalytical Systems


$

175


$

-


$

175


$

172


$

-


$

172



1.3

   Diagnostic Systems



138



-



138



137



-



137



0.4

   Biosciences



102



-



102



93



-



93



9.6

TOTAL


$

414


$

-


$

414


$

403


$

-


$

403



2.9












































TOTAL UNITED STATES


$

1,693


$

13


$

1,706


$

871


$

860


$

1,731



(1.5)
























































































* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)

















A


B


C



D=B+C


E



F=(A-D-E)/D






BD


CFN



Comparable


Comparable



Comparable



Reported


Reported


Reported



Historical


FX



FXN



2015


2014


2014



2014


Impact



% Change

BD MEDICAL 



















   Medication and Procedural Solutions


$

369


$

333


$

62


$

396


$

(49)



5.8

   Medication Management Solutions



112



-



124



124



(20)



7.0

   Diabetes Care



126



140