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Becton Dickinson tops profit estimates on demand for drug-delivery devices
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Becton Dickinson tops profit estimates on demand for drug-delivery devices
Aug 1, 2024 5:48 AM

Aug 1 (Reuters) - Becton Dickinson ( BDX ) reported a

better-than-expected third-quarter profit on Thursday, helped by

strong demand for its drug-delivery devices.

Medical technology firms such as Becton,

Boston Scientific ( BSX ) and Abbott Laboratories ( ABT )

are benefiting from a boost in demand as more people, especially

older patients, catch up on surgeries that were put on hold

during the pandemic.

Becton manufactures and distributes medical and surgical

products such as needles, syringes and disposal units.

In June, Becton agreed to buy Edwards Lifesciences' ( EW )

critical care products unit in an all-cash deal valued at $4.2

billion to bulk up its portfolio of patient-monitoring devices.

The device maker had said the deal was expected to add

immediately to all its key financial measures.

Becton's medical unit, the company's largest segment that

makes devices to administer drugs, reported a 5.1% rise in

quarterly sales to $2.56 billion, above analysts' estimates of

$2.52 billion, according to LSEG data.

The New Jersey-based group raised the low end of its

full-year adjusted profit forecast range to $13.05 from $12.95,

keeping the top end unchanged at $13.15.

The company earned $3.50 per share on an adjusted basis in

the third quarter through June 30, beating analysts' estimates

of $3.31 per share.

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