BDX Stock Plunges Despite Q3 Earnings Topping Estimates On Recovery In Elective Volumes; Raised FY21 Guidance - Becton Dickinson (NYSE:BDX)

Becton Dickinson and Co BDX reported Q3 revenues of $4.9 billion, +26.9% Y/Y, better than the consensus of $4.51 billion.
The increase is primarily driven by the strong base business performance as overall healthcare utilization levels recover from the initial impact of COVID-19. On a currency-neutral basis, revenues increased by 22% Y/Y.
Medical segment sales increased 11.9% Y/Y at $2.4 billion, reflecting the Medication Delivery Solutions and Pharmaceutical Systems units growth, offset by Medication Management Solutions.
Life Sciences segment sales jumped 50.7% Y/Y at $1.4 billion. Integrated Diagnostic Solutions revenue growth included $300 million in sales related to COVID-19 diagnostic testing.
Interventional segment revenues grew 38.4% Y/Y to $1.1 billion, led by surgery & peripheral intervention performance, reflecting a continued recovery in elective volumes.
Operating income increased 75.5%Y/Y at $628 million, and margin expanded from 9.3% to 12.8%.
Adjusted EPS of $2.74, compared with $2.20 a year ago, topping the consensus of $2.44.
Becton Dickinson has started to see some impact in recent weeks on elective procedures from the COVID-19 delta variant in some states in the U.S. and assumes some continuation of this in its outlook.
Guidance: Becton expects FY21 revenues to grow 16.5% - 17% (12% - 14% previlusly) on an as-reported basis and about 14% on a currency-neutral basis (10% to 12% earlier).
It also increased the FY21 adjusted EPS outlook to $12.85 - $12.95 ($12.83 consensus), against prior guidance of $12.75 - $12.85.
Price Action: BDX shares plunge 5.22% at $241.32 premarket on the last check Thursday.

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