Net income grew 14 percent to nearly $300 million at Becton, Dickinson & Co. (NYSE:BDX) during the company's fiscal second quarter that ended March 31.
The $1.24-a-share profit topped consensus analyst opinion by a penny, although revenues fell just short of the $1.85 billion Wall Street estimate for the quarter. BD officials said they now anticipate revenues for the fiscal year ending in September to rise 6 percent to around $7.59 billion — or about $70 million below the company's previous forecast due to currency fluctuations.
The BD executives also estimated that changes in Medicare Part D reimbursements enacted under federal legislation could trim reported earnings over the second half of fiscal 2010 by roughly $9.5 million, or about 4 cents per share.
Overall, the Franklin Lakes, N.J.-based medical device manufacturer said it generated $297.7 million in net income on $1.88 billion in revenues during the January-to-March fiscal period. That compares with a $261.2 million profit during the year-ago quarter on sales of $1.73 billion.
The company enjoyed strong performance within its BD Medical segment by diabetes care and pharmaceutical system products. It also saw gains with diagnostic kits used to detect cancer and sexually transmitted diseases, as well as growth in selected markets with labware used in cell analysis and discovery.
On the downside, a relatively mild flu season this past winter — including limited outbreaks of the Swine Flu virus — undercut sales of test kits, the company said.
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