BD's Q1 Earnings Call: Our Top 5 Analyst Questions
Is now the time to buy BDX? Find out in our full research report (it's free).
Revenue: $5.27 billion vs analyst estimates of $5.35 billion (4.5% year-on-year growth, 1.5% miss)
Adjusted EPS: $3.35 vs analyst estimates of $3.28 (2.1% beat)
Adjusted EBITDA: $1.52 billion vs analyst estimates of $1.54 billion (28.9% margin, 1.1% miss)
Adjusted EPS guidance for the full year is $14.20 at the midpoint, missing analyst estimates by 1.2%
Operating Margin: 10.4%, down from 14.5% in the same quarter last year
Constant Currency Revenue rose 6% year on year (4.7% in the same quarter last year)
Market Capitalization: $48.98 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Larry Biegelsen (Wells Fargo) asked for clarity on the magnitude and mitigation of tariff expenses, with CFO Chris DelOrefice explaining that the $0.25 per share impact is net of mitigation efforts and would need to be partially annualized for next year.
Robbie Marcus (JPMorgan) pressed on specific drivers behind the downward revision in organic growth, with DelOrefice breaking down the headwinds as primarily stemming from China, research spending cuts, and slow diagnostic recovery.
Matt Taylor (Jefferies) explored the company's levers for managing tariffs, prompting CEO Tom Polen to detail inventory repositioning, supplier shifts, and the use of alternate global manufacturing sites to reduce exposure.
Travis Steed (Bank of America) questioned the credibility of the accelerated growth outlook for the second half, with management conceding that macro volatility has made guidance more difficult but expressing confidence in the pipeline of launches and operational execution.
Patrick Wood (Morgan Stanley) asked about sustaining internal efficiency programs, to which Polen and President Mike Feld highlighted that the BD Excellence initiatives are still expanding and viewed as energizing for employees, freeing up time for value-added work.
In the coming quarters, the StockStory team will be monitoring (1) the pace of recovery in diagnostics and research funding environments, (2) successful ramp-up and market uptake of new product launches such as FACSDiscover A8 and CentroVena One, and (3) the effectiveness of tariff mitigation strategies as the external landscape evolves. Execution on the planned business separation and further margin improvements through BD Excellence will also be key signposts.
BD currently trades at $170.90, down from $206.90 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it's free).
Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs.
While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).
Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.
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