Becton Dickinson raises 2023 profit forecast as demand rebounds

Becton Dickinson and Co

04/05/2023 13:03

May 4 (Reuters) - Becton Dickinson and Co  BDX.N  on
Thursday raised its full-year profit forecast and beat estimates
for the second-quarter results on strong demand for its drug
delivery devices and surgical equipment.
    The medical device maker joins peers Stryker Corp  SYK.N 
and Abbott Laboratories  ABT.N , which have raised their
full-year forecasts on the easing of staffing shortages and
recovery in medical procedures volumes.
    The company's largest unit that sells devices to administer
drugs and automate pharmacy system has reported sales of $2.36
billion, beating analysts' average estimate of $2.23 billion.
    Interventional unit that offers surgical and critical care
devices recorded sales of $1.19 billion, beating estimates of
$1.12 billion. 
    Revenue in the life sciences segment, which sells diagnostic
devices, fell 14.2% to $1.28 billion from a year earlier, as
demand for its COVID-19 test kits slumped due to lower levels of
infections.   
    Looking ahead, the New Jersey-based company expects nominal
sales of its COVID-19 test kits, reducing its full-year forecast
to $50 million from its prior forecast of about $50 million to
$100 million.  
    Becton, Dickinson and Co, however, has raised its annual
profit forecast for the second time. 
    On an adjusted basis, the company now expects to earn a
profit of $12.10 to $12.32 per share this year, compared with
its prior forecast of $12.07 to $12.32 per share.
    Excluding special items, it reported a profit of $2.86 per
share, topping  analysts' average estimate of $2.74 per share,
according to Refinitiv IBES data.

 (Reporting by Khushi Mandowara in Bengaluru; Editing by Shweta
Agarwal)
 ((Khushi.Mandowara@thomsonreuters.com;))