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Becton Dickinson lifts profit view on strong surgical equipment demand
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Becton Dickinson lifts profit view on strong surgical equipment demand
May 2, 2024 4:49 AM

May 2 (Reuters) - Becton Dickinson ( BDX ) raised its

annual profit forecast and beat second-quarter profit estimates

on Thursday, as the group banks on strong demand for its

surgical equipment and syringes.

Medical technology firms like Becton, Boston Scientific ( BSX )

and Abbott Laboratories ( ABT ) are benefiting from a

boost in demand as more people, especially older patients,

undergo surgeries that were put on hold during the pandemic.

The company's biggest unit, which makes devices to

administer drugs, reported quarterly sales of $2.45 billion, in

line with analysts' expectations, according to LSEG data.

Becton - one of the world's largest syringe suppliers - said

in March it was increasing the production of medical syringes in

the U.S. after the country's drug regulator recommended not

using some China-made syringes as part of its quality probe.

The interventional unit that offers surgical and critical

care devices recorded sales of $1.29 billion in the quarter,

beating estimates of $1.19 billion.

The group's total revenue grew 4.6% from a year earlier to

$5.05 billion, slightly above expectations of $5.04 billion.

On an adjusted basis, the New Jersey-based company expects

to earn $12.95 to $13.15 per share in the 2024 fiscal year, up

from its previous forecast of $12.82 to $13.06 per share.

Becton earned an adjusted profit of $3.17 per share in the

second quarter through March 31, above analysts' estimates of

$2.97 per share.

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