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BD Reports Q1 Fiscal 2009 Results

Becton, Dickinson And Company (BD) has reported the revenues of $1.73 billion for the first quarter of fiscal 2009, up 1.6%, compared with the revenues of $1.70 billion in the year-ago quarter. It has also reported net income of $312 million, or $1.26 per diluted share, for the first quarter of fiscal 2009, compared with the net income of $271 million, or $1.07 per diluted share, in the year-ago quarter.

This quarter’s growth rate reflects the unfavorable impact from foreign currency translation, which overall is estimated to account for nearly 3%age points.

“BD is off to a solid start to fiscal 2009. In particular, we continue to see strength in our Biosciences and Diagnostics segments and strong sales of insulin delivery products,” said Edward J. Ludwig, chairman and chief executive officer. “In addition, our strong earnings per share growth has given us the confidence to raise guidance for fiscal 2009.”

Diluted earnings per share from continuing operations of $1.26 for the first fiscal quarter of 2009 increased by 18% from diluted earnings per share from continuing operations of $1.07 for the first fiscal quarter of 2008. These earnings reflect underlying performance as well as the overall impact of foreign exchange fluctuations, including foreign exchange hedging gains.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $891 million, down 2% from the prior year period after taking into account an estimated 4 percentage points of unfavorable impact from foreign currency translation. Strong sales of insulin delivery products were more than offset by a decline in the sales of Medical Surgical Systems products and the expected decline in sales of prefillable devices in the US.

In the BD Diagnostics segment, worldwide revenues for the quarter were $540 million, up 3% from the prior year period after taking into account an estimated 3 percentage point of unfavorable impact from foreign currency translation. Sales of safety-engineered devices, cancer diagnostics products and infectious disease testing systems contributed to revenue growth.

In the BD Biosciences segment, worldwide revenues for the quarter were $303 million, up 11% from the prior year period after taking into account an estimated 1 percentage point of favorable impact from foreign currency translation. Demand for clinical and research instruments were the primary growth drivers.

Geographic Results

First quarter revenues in the US were $809 million, up 2% from the prior year period. Revenues outside the US were $925 million, up 1% from the prior year period, and reflect an estimated 5 percentage points of unfavorable impact from foreign currency translation.

Fiscal 2009 guidance for full year

The company projects that diluted earnings per share from continuing operations for the full fiscal year 2009 will increase about 9 to 11% over diluted earnings per share from continuing operations of $4.46 for the fiscal year 2008.