Medical Device Link.

COVER STORY

This past spring, BD (NYSE: BDX) reported record quarterly revenues of $1.747 billion for the second fiscal quarter ended March 31, 2008. The figure, representing an 11% increase over the prior-year period, reflected a favorable impact on all segments from foreign currency translation, which overall is estimated to account for 5% of the increase in quarterly revenues.

(click to enlarge) Figure 1. Share price for BD from January 2005 through June 2008, compared with the S&P 500.

Such impressive quarterly results build on an equally impressive financial performance in 2007. For the full fiscal year ended September 30, 2007, BD reported record revenues of $6.360 billion, representing an increase of 11% over the prior year. The growth rate reflected an overall estimated 3% favorable impact from foreign currency translation across all segments.

For fiscal 2007, the BD Medical segment reported 10% revenue growth to $3.421 billion. For the same year, the BD Diagnostics segment reported revenue growth of 11% to $1.905 billion, which included $88 million in revenues from recently acquired TriPath. Meanwhile, the BD Biosciences segment reported 13% revenue growth to $1.034 billion, resulting from continued strong sales of flow cytometry and bioimaging instruments, flow cytometry reagents, and advanced bioprocessing products.

For fiscal 2007, BD revenues in the United States were $3.033 billion, representing an increase of 11% over the prior year. Revenues outside of the United States were $3.327 billion, representing an increase of 11% over the prior year. An estimated 5% of the international growth reflected a favorable impact of foreign currency translation.