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BD Announces Results For 2016 Second Fiscal Quarter
- Announces adjusted revenues of $3.071 billion, an increase of 49.7 percent, or 55.2 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 5.3 percent. As reported, revenues increased 49.6 percent to $3.067 billion.
- Adjusted diluted earnings per share of $2.18 increased 35.4 percent, or 44.7 percent on a currency-neutral basis. As reported, diluted earnings per share were $1.56.
- Raises fiscal year 2016 adjusted diluted earnings per share guidance to $8.50 to $8.57. On a currency-neutral basis, the Company continues to expect adjusted diluted earnings per share to be between $9.01 and $9.08. As reported, the Company expects full fiscal year diluted earnings per share to be between $6.14 and $6.21.

FRANKLIN LAKES, N.J., May 5, 2016 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly adjusted revenues of $3.071 billion for the second fiscal quarter ended March 31, 2016, an increase of 49.7 percent over the prior-year period reported revenues, or 55.2 percent on a currency-neutral basis.  On a comparable, currency-neutral basis, second quarter adjusted revenues grew 5.3 percent.  As reported, second quarter revenues were $3.067 billion, an increase of 49.6 percent over the prior-year period.

"We are pleased with our second quarter revenue growth and strong operating performance," said Vincent A. Forlenza, Chairman, CEO and President.  "Our results this quarter continue to demonstrate the breadth and diversity of the growth drivers within our portfolio.  This performance enables us to continue to create value for shareholders and provides us with the capacity to invest for the future."

Second Quarter and Six-Month Fiscal 2016 Operating Results
Adjusted diluted earnings per share were $2.18, compared with $1.61 in the prior-year period. This represents an increase of 35.4 percent, or 44.7 percent on a currency-neutral basis. On a reported basis, diluted earnings per share for the second quarter were $1.56 compared with $1.08 in the prior-year period.

For the six-month period ended March 31, 2016, adjusted diluted earnings per share were $4.13, compared with $3.14 in the prior-year period. This represents an increase of 31.5 percent, or 44.9 percent on a currency-neutral basis. On a reported basis, diluted earnings per share were $2.62 compared with $2.28 in the prior-year period.

Segment Results
In the BD Medical segment, worldwide adjusted revenues for the quarter were $2.135 billion, an increase of 93.1 percent over the prior-year period reported revenues, or 99.5 percent on a currency-neutral basis.  On a comparable, currency-neutral basis, adjusted Medical revenues grew 6.1 percent. The segment's revenue growth reflects solid performance across the Medication and Procedural Solutions, Medication Management Solutions, and Diabetes Care units.  Strong performance in the Pharmaceutical Systems and Respiratory Solutions units was aided, in part, by volume increases driven by customer ordering patterns and capital placements, respectively.  On a reported basis, Medical revenues were $2.131 billion, an increase of 92.8 percent over the prior-year period.

For the six-month period ended March 31, 2016, BD Medical adjusted revenues of $4.194 billion increased 92.6 percent over the prior-year period reported revenues, or 100.5 percent on a currency-neutral basis.  On a comparable, currency-neutral basis, adjusted revenues grew 4.0 percent.  On a reported basis, revenues were $4.185 billion, an increase of 92.2 percent over the prior-year period.

In the BD Life Sciences segment, reported worldwide revenues for the quarter were $936 million, a decrease of 1.0 percent from the prior-year period, or an increase of 3.4 percent on a currency-neutral basis. The segment's results reflect solid growth in the Preanalytical Systems and Diagnostic Systems units, and Biosciences unit revenues that were about flat when compared with the prior-year period revenues.  Growth in the Diagnostic Systems unit was driven by strong core microbiology sales, and was aided, in part, by a late flu season in comparison to the prior year which experienced a strong flu season in the first fiscal quarter.  Within the Biosciences unit, strong growth in research instruments and reagents in the U.S. was offset by tender delays in Africa and a difficult comparison to the prior year in Europe.  

For the six-month period ended March 31, 2016, BD Life Sciences revenues of $1.869 billion decreased 2.9 percent, and increased 2.5 percent on a currency-neutral basis.

Geographic Results
Second quarter adjusted revenues in the U.S. of $1.722 billion represent an increase of 99.6 percent over the prior-year period reported revenues. On a comparable basis, adjusted U.S. revenues increased 5.7 percent, with notable growth across both segments. Within the BD Medical segment, strong performance across the segment was aided, 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 was driven by strong reagent sales and instrument placements in the Biosciences unit and solid growth in the Diagnostic Systems and Preanalytical Systems units.  Growth in the Diagnostic Systems unit was aided by the late peak in the flu season. On a reported basis, U.S. revenues were $1.719 billion, an increase of 99.2 percent over the prior-year period.

Revenues outside of the U.S. were $1.349 billion, representing an increase of 13.5 percent over the prior-year period reported revenues, or an increase of 23.0 percent on a currency-neutral basis. On a comparable, currency-neutral basis, international revenues grew 4.8 percent.  Within the BD Medical segment, growth was driven by continued strength in Europe and sales of safety-engineered products, particularly in China.  Growth in the Medical Segment was aided, in part, by the aforementioned timing of customer orders and capital placements in the Pharmaceutical Systems and Respiratory Solutions units, respectively.  Growth in the Life Sciences segment was driven by Preanalytical Systems and strong microbiology sales, partially offset by the aforementioned tender delays in Africa.

For the six-month period ended March 31, 2016, adjusted revenues in the U.S. were $3.419 billion, representing an increase of 96.1 percent compared with the prior-year period reported revenues. On a comparable basis, adjusted U.S. revenues grew 3.6 percent. On a reported basis, U.S. revenues were $3.410 billion, an increase of 95.5 percent over the prior-year period.  Revenues outside of the U.S. were $2.644 billion, representing an increase of 12.1 percent over the prior-year period reported revenues, or an increase of 23.8 percent on a foreign currency-neutral basis.  On a comparable, currency-neutral basis, revenues outside the U.S. grew 3.5 percent.  

Fiscal 2016 Outlook for Full Year
The Company continues to estimate that currency-neutral adjusted revenues for the full fiscal year 2016, including the accretion from the acquisition of CareFusion, will increase 24.5 to 25.0 percent.  Including the impact of foreign currency, as adjusted and as reported revenues are now expected to increase 21.5 to 22.0 percent.  This is an increase from previously issued guidance of 20.0 to 20.5 percent growth.  On a comparable, currency-neutral basis, the Company continues to estimate organic adjusted revenues will increase 4.5 to 5.0 percent when adjusting for the impact of closed acquisitions and divestitures.

The Company has raised its fiscal 2016 adjusted diluted earnings per share guidance to be between $8.50 and $8.57 which represents growth of approximately 19.0 to 20.0 percent.  This is an increase from previously issued guidance of $8.37 to $8.44 which represented approximately 17.0 to 18.0 percent growth. On a currency-neutral basis, the Company continues to expect full-year fiscal 2016 adjusted diluted earnings per share to be between $9.01 and $9.08, which represents growth of approximately 26.0 to 27.0 percent over fiscal 2015 adjusted diluted earnings per share of $7.16.  Adjusted diluted earnings per share exclude, among other specified items, the non-cash amortization of intangible assets, and include approximately 22.0 percentage points of accretion from the CareFusion acquisition.  As reported, the Company expects full fiscal year diluted earnings per share to be between $6.14 and $6.21.

Conference Call Information
A conference call regarding BD's second 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, May 5, 2016.  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, May 12, 2016, confirmation number 83710101.

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.

All "comparable" basis revenue growth rates presented throughout this release include the results of CareFusion Corporation ("CareFusion") in the current and prior-year periods. Adjusted revenues for the current period for the Company and the Medical segment in the U.S. exclude the amortization of a write down of deferred revenue made in connection with our acquisition of CareFusion, which served to lower reported revenues for the period. Adjusted revenue growth rates presented on a comparable basis reflect the aforementioned adjustments and further exclude the impact of a distribution agreement change in the Respiratory Solutions unit. Current and prior-year adjusted diluted earnings per share results exclude the impact of purchase accounting adjustments, including the non-cash amortization of acquisition-related intangible assets; and integration and restructuring costs. Prior-year adjusted diluted earnings per share results also excludes the impact of financing and transaction costs; a litigation-related charge and the dilutive impact of shares issued in the CareFusion acquisition prior to the consolidation of its operating results beginning on April 1, 2015. We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. Reconciliations of these amounts to the most directly comparable GAAP measures are included in the tables at the end of this release.

About BD
BD is a global medical technology company that is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. BD leads in patient and health care worker safety and the technologies that enable medical research and clinical laboratories. The company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures, optimize respiratory care and support the management of diabetes. The company partners with organizations around the world to address some of the most challenging global health issues. BD has more than 45,000 associates across 50 countries who work in close collaboration with customers and partners to help enhance outcomes, lower health care delivery costs, increase efficiencies, improve health care safety and expand access to health. For more information on BD, please visit www.bd.com.

This press release, including the section entitled "Fiscal 2016 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 or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; 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.

Contact:
Monique N. Dolecki, Investor Relations – 201-847-5453
Kristen Cardillo, Corporate Communications – 201-847-5657

 

 

BECTON DICKINSON AND COMPANY












CONSOLIDATED INCOME STATEMENTS










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





















Three Months Ended March 31,




2016



2015



% Change















REVENUES


$

3,067


$

2,051



49.6














Cost of products sold



1,584



1,005



57.6



Selling and administrative expense



732



511



43.2



Research and development expense



182



129



40.4



Acquisitions and other restructurings



104



113



(7.9)



TOTAL OPERATING COSTS












     AND EXPENSES



2,601



1,758



47.9















OPERATING INCOME



466



293



59.3















Interest expense



(99)



(91)



8.5



Interest income



3



8



(63.8)



Other income, net 



6



15



(62.7)















INCOME BEFORE INCOME TAXES



376



225



67.1















Income tax provision



38



9



        NM 















NET INCOME


$

338


$

216



56.4















EARNINGS PER SHARE
























Basic Earnings per Share


$

1.59


$

1.10



44.5



Diluted Earnings per Share


$

1.56


$

1.08



44.4















AVERAGE SHARES OUTSTANDING (in thousands)
























     Basic



212,469



196,085






     Diluted



216,538



199,938


















NM - Not Meaningful












 

 

BECTON DICKINSON AND COMPANY












CONSOLIDATED INCOME STATEMENTS










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






















Six Months Ended March 31,




2016



2015



% Change















REVENUES


$

6,054


$

4,102



47.6













Cost of products sold



3,162



2,011



57.2



Selling and administrative expense



1,480



1,055



40.3



Research and development expense



369



258



42.8



Acquisitions and other restructurings



225



136



65.2



TOTAL OPERATING COSTS












     AND EXPENSES



5,236



3,460



51.3















OPERATING INCOME



818



642



27.5















Interest expense



(196)



(167)



17.1



Interest income



9



19



(51.5)



Other income, net 



11



17



(35.5)















INCOME BEFORE INCOME TAXES



642



510



25.8















Income tax provision



75



58



28.4















NET INCOME


$

567


$

452



25.5















EARNINGS PER SHARE
























Basic Earnings per Share


$

2.67


$

2.32



15.1



Diluted Earnings per Share


$

2.62


$

2.28



14.9















AVERAGE SHARES OUTSTANDING (in thousands)
























     Basic



212,077



194,447






     Diluted



216,695



198,493


















 

 

BECTON DICKINSON AND COMPANY




















SUPPLEMENTAL REVENUE INFORMATION


















REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES














Three Months Ended March 31,

















(Unaudited; Amounts in millions)



























































A


B


C



D=(A-B)/B



E=(C-B)/B













As Reported


Adjusted



 % Change 












2016


2015


2016



 Reported 



Adjusted










BD MEDICAL

























   Medication and Procedural Solutions


$

484


$

256


$

484



89.3



89.3










   Medication Management Solutions



442



-



442



        NM 



        NM 










   Diabetes Care



125



120



125



4.3



4.3










   Pharmaceutical Systems



81



72



81



13.5



13.5










   Respiratory Solutions



149



-



149



        NM 



        NM 










   Deferred Revenue Adjustment *



(4)



-



-



        NM 



-










TOTAL


$

1,278


$

447


$

1,281



185.8



186.6



































BD LIFE SCIENCES

























   Preanalytical Systems


$

175


$

170


$

175



3.0



3.0










   Diagnostic Systems



156



149



156



4.9



4.9










   Biosciences



110



97



110



13.2



13.2










TOTAL


$

441


$

416


$

441



6.1



6.1




























































TOTAL UNITED STATES


$

1,719


$

863


$

1,722



99.2



99.6














































































































* 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.


























NM - Not Meaningful

























 

 

BECTON DICKINSON AND COMPANY

















SUPPLEMENTAL REVENUE INFORMATION















REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL











Three Months Ended March 31, (continued)

















(Unaudited; Amounts in millions)




























A


B


C



D=(A-B)/B



E=(A-B-C)/B









As Reported


FX



 % Change 









2016


2015


Impact



 Reported 



 FXN 







BD MEDICAL






















   Medication and Procedural Solutions


$

348


$

309


$

(34)



12.5



23.4







   Medication Management Solutions



94



-



(6)



        NM 



        NM 







   Diabetes Care



118



127



(12)



(6.6)



3.0







   Pharmaceutical Systems



229



223



(16)



3.1



10.2







   Respiratory Solutions



64



-



(3)



        NM 



        NM 







TOTAL


$

853


$

658


$

(71)



29.6



40.4





























BD LIFE SCIENCES






















   Preanalytical Systems


$

165


$

169


$

(18)



(2.2)



8.4







   Diagnostic Systems



163



169



(13)



(3.6)



4.3







   Biosciences



167



192



(10)



(12.8)



(7.5)







TOTAL


$

495


$

530


$

(42)



(6.5)



1.4



















































TOTAL INTERNATIONAL


$

1,349


$

1,188


$

(113)



13.5



23.0









































































NM - Not Meaningful






















 

 

BECTON DICKINSON AND COMPANY




















SUPPLEMENTAL REVENUE INFORMATION



















REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL


















Three Months Ended March 31, (continued)




















(Unaudited; Amounts in millions)


































A


B


C


D



E=(A-B)/B



F=(A-B-D)/B



G=(C-B)/B



H=(C-B-D)/B
















 % Change 



As Reported


Adjusted


FX












Adjusted



2016


2015


2016


Impact



 Reported 



 FXN 



 Adjusted 



 FXN 

BD MEDICAL

























   Medication and Procedural Solutions


$

831


$

565


$

831


$

(34)



47.2



53.2



47.2



53.2

   Medication Management Solutions



536



-



536



(6)



        NM 



        NM 



        NM 



        NM 

   Diabetes Care



243



247



243



(12)



(1.3)



3.6



(1.3)



3.6

   Pharmaceutical Systems



311



294



311



(16)



5.6



11.0



5.6



11.0

   Respiratory Solutions



213



-



213



(3)



        NM 



        NM 



        NM 



        NM 

   Deferred Revenue Adjustment *



(4)



-



-



-



        NM 



        NM 



-



-

TOTAL


$

2,131


$

1,106


$

2,135


$

(71)



92.8



99.2



93.1



99.5

























BD LIFE SCIENCES

























   Preanalytical Systems


$

340


$

339


$

340


$

(18)



0.4



5.7



0.4



5.7

   Diagnostic Systems



319



318



319



(13)



0.4



4.6



0.4



4.6

   Biosciences



277



289



277



(10)



(4.1)



(0.5)



(4.1)



(0.5)

TOTAL


$

936


$

945


$

936


$

(42)



(1.0)



3.4



(1.0)



3.4


















































TOTAL REVENUES


$

3,067


$

2,051


$

3,071


$

(113)



49.6



55.1



49.7



55.2




































































































* 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.


























NM - Not Meaningful

























 

 

BECTON DICKINSON AND COMPANY

























SUPPLEMENTAL REVENUE INFORMATION























REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

















Six Months Ended March 31,
























(Unaudited; Amounts in millions)
































































A


B


C



D=(A-B)/B



E=(C-B)/B













As Reported


Adjusted



 % Change 












2016


2015


2016



 Reported 



Adjusted










BD MEDICAL

























   Medication and Procedural Solutions


$

975


$

524


$

975



86.1



86.1










   Medication Management Solutions



886



-



886



        NM 



        NM 










   Diabetes Care



259



243



259



6.8



6.8










   Pharmaceutical Systems



144



138



144



4.6



4.6










   Respiratory Solutions



288



-



288



        NM 



        NM 










   Deferred Revenue Adjustment *



(9)



-



-



        NM 



-










TOTAL


$

2,544


$

904


$

2,553



181.2



182.3



































BD LIFE SCIENCES

























   Preanalytical Systems


$

353


$

342


$

353



3.2



3.2










   Diagnostic Systems



305



308



305



(0.9)



(0.9)










   Biosciences



208



190



208



9.7



9.7










TOTAL


$

866


$

839


$

866



3.2



3.2




























































TOTAL UNITED STATES


$

3,410


$

1,744


$

3,419



95.5



96.1














































































































* 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.


























NM - Not Meaningful

























 

 

BECTON DICKINSON AND COMPANY





















SUPPLEMENTAL REVENUE INFORMATION



















REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
















Six Months Ended March 31, (continued)






















(Unaudited; Amounts in millions)



























A


B


C



D=(A-B)/B



E=(A-B-C)/B












As Reported


FX



 % Change 












2016


2015


Impact



 Reported 



 FXN 










BD MEDICAL

























   Medication and Procedural Solutions


$

705


$

642


$

(80)



9.9



22.3










   Medication Management Solutions



200



-



(19)



        NM 



        NM 










   Diabetes Care



240



267



(31)



(10.3)



1.1










   Pharmaceutical Systems



363



364



(33)



(0.3)



8.6










   Respiratory Solutions



134



-



(9)



        NM 



        NM 










TOTAL


$

1,641


$

1,273


$

(171)



28.9



42.3



































BD LIFE SCIENCES

























   Preanalytical Systems


$

331


$

351


$

(43)



(5.5)



6.8










   Diagnostic Systems



327



347



(35)



(5.8)



4.3










   Biosciences



344



387



(26)



(11.1)



(4.3)










TOTAL


$

1,003


$

1,085


$

(105)



(7.6)



2.0




























































TOTAL INTERNATIONAL


$

2,644


$

2,358


$

(275)



12.1



23.8





















































































NM - Not Meaningful

























 

 

BECTON DICKINSON AND COMPANY

























SUPPLEMENTAL REVENUE INFORMATION






















REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL


















Six Months Ended March 31, (continued)






















(Unaudited; Amounts in millions)





































A


B


C


D



E=(A-B)/B



F=(A-B-D)/B



G=(C-B)/B



H=(C-B-D)/B
















 % Change 



As Reported


Adjusted


FX












Adjusted



2016


2015


2016


Impact



 Reported 



 FXN 



 Adjusted 



 FXN 

BD MEDICAL

























   Medication and Procedural Solutions


$

1,680


$

1,165


$

1,680


$

(80)



44.1



51.0



44.1



51.0

   Medication Management Solutions



1,087



-



1,087



(19)



        NM 



    NM 



        NM 



        NM 

   Diabetes Care



499



510



499



(31)



(2.2)



3.8



(2.2)



3.8

   Pharmaceutical Systems



507



502



507



(33)



1.0



7.5



1.0



7.5

   Respiratory Solutions



422



-



422



(9)



        NM 



    NM 



        NM 



        NM 

   Deferred Revenue Adjustment *



(9)



-



-



-



        NM 



    NM 



-



-

TOTAL


$

4,185


$

2,177


$

4,194


$

(171)



92.2



100.0



92.6



100.5

























BD LIFE SCIENCES

























   Preanalytical Systems


$

684


$

692


$

684


$

(43)



(1.2)



5.0



(1.2)



5.0

   Diagnostic Systems



632



655



632



(35)



(3.5)



1.8



(3.5)



1.8

   Biosciences



552



577



552



(26)



(4.2)



0.3



(4.2)



0.3

TOTAL


$

1,869


$

1,925


$

1,869


$

(105)



(2.9)



2.5



(2.9)



2.5


















































TOTAL REVENUES


$

6,054


$

4,102


$

6,063


$

(275)



47.6



54.3



47.8



54.5




































































































* 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.


























NM - Not Meaningful

























 

 

BECTON DICKINSON AND COMPANY




























SUPPLEMENTAL INFORMATION




























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











Three Months Ended March 31,




























(Unaudited; Amounts in millions)


























































A


B


C=A+B


D



E


F


G=D+E+F



H=(C-G)/G









Deferred 





BD


CFN


Respiratory


Comparable



Comparable






Reported


Revenue


Adjusted


Reported


Reported


Adjustment **


Historical



Adjusted






2016


Adjustment


2016


2015


2015


2015


2015



% Change




BD MEDICAL 




























   Medication and Procedural Solutions


$

484


$

-


$

484


$

256


$

212


$

-


$

467



3.5




   Medication Management Solutions



442



-



442



-



418



-



418



5.9




   Diabetes Care



125



-



125



120



-



-



120



4.3




   Pharmaceutical Systems



81



-



81



72



-



-



72



13.5




   Respiratory Solutions



149



-



149



-



161



(23)



138



8.3




   Deferred Revenue Adjustment *



(4)



4