Business Context and Reporting Period
Company: Becton, Dickinson and Company (BD)
Filing Type: Form 8-K (Current Report)
Report Date: November 2, 2011
Reporting Period: Fourth fiscal quarter and full fiscal year ended September 30, 2011.
Key Financial Metrics
This filing serves as a notification of the issuance of a press release (Exhibit 99.1) containing the financial results. The text of this 8-K does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It details the methodology for presenting non-GAAP measures used in the accompanying press release:
- Revenue Growth: Presented after eliminating the effect of foreign currency translation and hedging gains/losses to show underlying operating results.
- Earnings Per Share (EPS):
- Adjusted for a non-cash charge related to the discontinuance of a research program within the Diagnostic Systems unit (Q4 and Full Year 2011).
- Adjusted for foreign currency translation effects.
- Full Year 2010 EPS is adjusted to exclude a non-cash charge related to health care reform impacting Medicare Part D reimbursements.
Material Changes and Unusual Items
The filing highlights specific items excluded from non-GAAP calculations to facilitate period-to-period comparisons:
- Research Program Discontinuance: A non-cash charge in the Diagnostic Systems unit affecting Q4 and full-year 2011 EPS.
- Health Care Reform: A non-cash charge related to Medicare Part D reimbursements affecting fiscal year 2010 EPS.
- Foreign Currency: Translation effects and hedging activities are excluded from revenue growth and EPS growth metrics.
Guidance, Outlook, and Management Commentary
Management utilizes these non-GAAP measures for internal performance evaluation, budget planning, and to provide investors with insight into underlying operational performance. The filing explicitly states that non-GAAP results should not be considered in isolation or as a substitute for GAAP results, as excluded items may materially impact net income and cash flows. No specific forward-looking guidance or numerical outlook is provided within the text of this 8-K.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated November 2, 2011) for specific revenue, profit, and cash flow figures, as they are not included in this 8-K text.
- Verify the reconciliation between GAAP and non-GAAP EPS regarding the Diagnostic Systems research program charge.
- Confirm the impact of foreign currency translation on reported revenue growth rates.
- Examine the Medicare Part D reimbursement charge details for the 2010 fiscal year comparison.