Becton, Dickinson And Company · NYSE:BDX
Becton, Dickinson And — Q4 2024 Earnings Presentation
33 slides from Becton, Dickinson And's earnings presentation, Nov 7, 2024
Slide 1: Q4 FY24 Earnings Presentation
Q4 FY24 Earnings Presentation November 7, 2024 Advancing the TM world of health
Slide 2: Caution Concerning Forward-Looking Statements and Non-GAAP Financial Measures
Caution Concerning Forward-Looking Statements This presentation and accompanying audio webcast contain certain estimates and other forward-looking statements (as defined under federal securities laws) regarding BD’s future prospects and performance, including, but not limited to, future revenues, ma
Slide 3: Basis of Presentation and Guidance Considerations
Basis of Presentation All dollar amounts presented are USD ($) in millions, unless otherwise indicated, except per share figures. FXN denotes currency-neutral basis. Revenue and adjusted revenue year-over-year change comparisons are on an FXN basis unless otherwise noted. Adjusted Revenues excludes
Slide 4: FY24 reflects solid performance and progress advancing BD2025 strategy
FY24 reflects solid performance and meaningful progress advancing BD2025 strategy Made important advancements to drive sustained growth through high- impact innovation and commercial excellence “Our growth strategy remains Completed Advanced Patient Monitoring acquisition and launched 20+ key fo
Slide 5: Our innovation pipeline
Our innovation pipeline - Over 100 new product launches expected by FY25(1) Recent innovation driving growth Near and mid-term catalysts Select pipeline products Next-Gen Swan IQ and BD Medical HemoSphere Alta Blister Smart Recovery ForeSight IQ Smart BD Libertas 5mL Inspection BD Alaris Site-Rite 9
Slide 6: Strong innovation pipeline progressing in support of BD2025 strategy
Strong innovation pipeline progressing in support of our BD2025 strategy Advancing our cloud connectivity Increasing lab productivity and Expanding care through increased and secure storage leadership resolving complex biology user mobility options Next-Gen Pyxis Medstation FACSDiscover A8 Cell Anal
Slide 7: Revolutionizing hemodynamic monitoring with smarter insights and algorithms
Revolutionizing hemodynamic monitoring with smarter insights and algorithms Launching Next-Gen HemoSphere Alta Monitor “Smartify”-ing Swan-Ganz and ForeSight Sensors Swan IQ Smart Algorithms ForeSight IQ Smart Algorithms Right Ventricular Pressure Cerebral Adaptive Index Global Hypoperfusion Index H
Slide 8: Corporate Sustainability: Together We Advance
Corporate Sustainability: Together We Advance Received Named to Business Group on Health “Best Employers: Fortune’s 2024 list of Excellence in Health & America’s Most Well-being Award” Innovative Companies One of the first companies to Named a achieve the U.S. Health Care Climate Council’s “Best Pla
Slide 9: Q4 FY24 Consolidated Performance Summary
Q4 FY24 Consolidated Performance Summary Revenue Adj. Operating Margin Adj. Diluted EPS Operating Cash Flow $5.4B 26.6% $3.81 $3.8B +7.4% FXN +120 bps YoY +11.4% YoY YTD +6.2% Organic Revenue by segment Revenue by geography BD Life Sciences United States $1,340M 57% BD Medical +1.4% FXN $2,837M (all
Slide 10: Q4 FY24 Segment Revenue and Key Highlights
Q4 FY24 Segment Revenue and Key Highlights BD Medical BD Life Sciences BD Interventional MDS MMS SURG IDS $368M PI $1,147M $939M $943M +1.1% FXN +5.2% FXN $2,837M +18.0% FXN +2.6% FXN $1,340M incl. ~(390) bps $1,260M $502M +4.9% FXN +11.5% FXN +1.4% FXN divestiture impact +5.4% FXN +8.6% Organic (al
Slide 11: FY24 Segment Revenue
FY24 Segment Revenue BD Medical BD Life Sciences BD Interventional Surgery IDS $1,492M MMS $3,679M (0.2%) FXN PI MDS $3,297M +1.6% FXN incl. ~(1,030) bps $1,933M $4,429M +10.5% FXN divestiture impact +4.1% FXN +3.3% FXN $10,074M $5,191M $4,980M +1.1% FXN +6.0% FXN +5.5% FXN (all organic) +5.2% Organ
Slide 12: Q4 and Full-Year Adjusted Income Statement
Q4 and Full-Year Adjusted Income Statement (As adjusted) $ in millions, except per share data Q4 FY24 Q4 FY23 Y/Y ∆ FY24 FY23 Y/Y ∆ Revenues $5,437 $5,087 6.9%* $20,245 $19,372 4.5%* Organic revenue growth 6.2% 5.0% Gross Profit $2,969 $2,676 11.0% $10,791 $10,365 4.1% Gross margin 54.6% 52.6% 200 b
Slide 13: FY24 Free Cash Flow
FY24 Free Cash Flow • BD Excellence operating system yielding strong +47% results including improved inventory and capital expenditure efficiency • 82% free cash flow conversion • Returned $1.6B of capital to shareholders $3,119 M through dividends and share repurchases $2,116 M • Balance sheet in a
Slide 14: FY25 Guidance
FY25 Guidance November 7, 2024 Commentary Estimated Total Company Revenue ~$21.9B to $22.1B Adjusted Revenue Growth (FXN) 8.8% to 9.3% • Segment growth expectations relative to BDX organic growth range: Medical in-line, Life Sciences below and Interventional above Organic Revenue Growth (FXN) 4.0% t
Slide 15: Appendix
Appendix Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 15
Slide 16: Glossary
Glossary Adj. Adjusted HPV Human Papillomavirus R&D Research and Development APM Advanced Patient Monitoring HT High Throughput RVP Respiratory Viral Panel Identification & Antibiotic Susceptibility B Billion ID/AST SSG&A Shipping, Selling, General and Administrative Testing BDB Biosciences IDS Inte
Slide 17: Revenues by Business Segments and Units, Three Months
Supplemental Reconciliation – Revenues by Business Segments and Units For the Three Months Ended September 30, (Unaudited; $ in millions) “NM” denotes that the percentage change is not meaningful. Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 17
Slide 18: Revenues by Business Segments and Units, Twelve Months
Supplemental Reconciliation – Revenues by Business Segments and Units For the Twelve Months Ended September 30, (Unaudited; $ in millions) “NM” denotes that the percentage change is not meaningful. (1) Represents the recognition of accruals resulting from recent developments relating to the Italian
Slide 19: Revenues by Geographic Regions and Reported to Adjusted Revenue
Supplemental Reconciliation – Revenues by Geographic Regions For the Three Months Ended September 30, (Unaudited; $ in millions) Supplemental Reconciliation – Reported Geographic Revenue to Adjusted Revenue For the Twelve Months Ended September 30, (Unaudited; $ in millions) “NM” denotes that the pe
Slide 20: Reported Revenue to Organic Revenue, Three Months
Supplemental Reconciliation – Reported Revenue to Organic Revenue For the Three Months Ended September 30, (Unaudited; $ in millions) “NM” denotes that the percentage change is not meaningful. (1) Inorganic revenue adjustment is defined as the amount of incremental revenue attributable to acquisitio
Slide 21: Reported Revenue to Organic Revenue, Twelve Months
Supplemental Reconciliation – Reported Revenue to Organic Revenue For the Twelve Months Ended September 30, (Unaudited; $ in millions) “NM” denotes that the percentage change is not meaningful. (1) Represents the recognition of accruals resulting from recent developments relating to the Italian gove
Slide 22: Reported Diluted EPS to Adjusted Diluted EPS, Three Months
Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Three Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring acti
Slide 23: Supplemental Reconciliation, Three Months Ended September 30, 2024
Supplemental Reconciliation For the Three Months ended September 30, 2024 (Unaudited; $ in millions, except per share data) Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 (1) Refers to footnotes on slide 22. 23
Slide 24: Supplemental Reconciliation, Three Months Ended September 30, 2023
Supplemental Reconciliation For the Three Months ended September 30, 2023 (Unaudited; $ in millions, except per share data) Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 (1) Refers to footnotes on slide 22. 24
Slide 25: Supplemental Reconciliation, Change in Three Months
Supplemental Reconciliation Change in Three Months Ended September 30, 2024 Compared With Three Months Ended September 30, 2023 (Unaudited; $ in millions, except per share data) Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 25
Slide 26: Reported Diluted EPS to Adjusted Diluted EPS, Twelve Months
Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Twelve Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring act
Slide 27: Supplemental Reconciliation, Twelve Months Ended September 30, 2024
Supplemental Reconciliation For the Twelve Months ended September 30, 2024 (Unaudited; $ in millions, except per share data) Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 (1) Refers to footnotes on slide 26. 27
Slide 28: Supplemental Reconciliation, Twelve Months Ended September 30, 2023
Supplemental Reconciliation For the Twelve Months ended September 30, 2023 (Unaudited; $ in millions, except per share data) Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 (1) Refers to footnotes on slide 26. 28
Slide 29: Supplemental Reconciliation, Change in Twelve Months
Supplemental Reconciliation Change in Twelve Months Ended September 30, 2024 Compared With Twelve Months Ended September 30, 2023 (Unaudited; $ in millions, except per share data) Q4 FY24 EARNINGS PRESENTATION NOVEMBER 7, 2024 29
Slide 30: Supplemental Reconciliation – Net Leverage
Supplemental Reconciliation – Net Leverage Last Twelve Months Ended September 30, 2024 (Unaudited; Amounts in millions) Note: Amounts may not add due to rounding. (1) Represents costs associated with integration and restructuring activities, as well as costs associated with simplification and cost s
Slide 31: Free Cash Flow and Free Cash Flow Conversion
Supplemental Reconciliation – Free Cash Flow and Free Cash Flow Conversion For the Twelve Months Ended September 30, 2024 (Unaudited; Amounts in millions) Note: Amounts may not add due to rounding. (1) Refers to the adjusted figures for the twelve-month periods ended September 30, 2024 and September
Slide 32: FY2025 Outlook Reconciliation
FY2025 Outlook Reconciliation Notes: - Revenue Adjustment Impact reflects the recognition of accruals resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to the curre
Slide 33: FY2025 Outlook Reconciliation
FY2025 Outlook Reconciliation (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. (3) Represents transaction costs and financing impacts associated with the acquisition of
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