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Becton, Dickinson & Co. (NYSE:BDX)

This company has been moved to the archive! The financial data has not been updated since May 5, 2022.

Common-Size Income Statement
Quarterly Data

Becton, Dickinson & Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of products sold -54.00 -51.49 -55.45 -55.81 -54.23 -48.60 -53.89 -56.94 -59.25 -53.18 -50.56 -52.32 -52.94 -52.57 -52.51 -52.85 -62.01 -49.68 -50.93 -50.44 -51.77 -50.31 -51.95 -51.63 -51.65 -52.85
Gross profit 46.00% 48.51% 44.55% 44.19% 45.77% 51.40% 46.11% 43.06% 40.75% 46.82% 49.44% 47.68% 47.06% 47.43% 47.49% 47.15% 37.99% 50.32% 49.07% 49.56% 48.23% 49.69% 48.05% 48.37% 48.35% 47.15%
Selling and administrative expense -24.59 -24.48 -25.95 -25.30 -23.40 -21.62 -25.06 -25.42 -24.10 -26.53 -23.86 -24.74 -25.96 -25.79 -25.05 -25.27 -25.04 -25.13 -24.41 -23.69 -24.39 -24.26 -24.66 -22.76 -23.87 -25.05
Research and development expense -6.84 -6.59 -7.54 -7.03 -6.46 -5.48 -6.27 -6.80 -6.21 -6.39 -5.89 -6.48 -6.01 -6.20 -6.29 -6.47 -6.16 -6.23 -6.92 -6.13 -6.30 -6.23 -7.80 -6.47 -5.93 -6.26
Acquisition-related integration and restructuring expense -0.56 -0.68 -1.15 -0.49 -1.06 -0.94 -1.55 -1.92 -1.76 -2.04 -4.32 -2.07 -2.41 -2.19 -3.18 -3.41 -2.46 -11.49 -3.47 -2.67 -2.56 -2.98 -12.59 -3.00 -3.39 -4.05
Other operating income (expense), net -1.00 -0.44 -0.25 1.47 -6.01 -0.02 -7.90 0.36 0.02 0.00 -12.98 0.00 -9.44 8.10 0.00 0.00 0.00 0.00 -0.25 -24.42 0.03 11.53 -0.03 0.00 0.03 0.00
Operating income (loss) 13.01% 16.32% 9.66% 12.84% 8.84% 23.35% 5.33% 9.29% 8.70% 11.86% 2.40% 14.39% 3.24% 21.35% 12.97% 11.99% 4.33% 7.47% 14.02% -7.35% 15.02% 27.75% 2.97% 16.14% 15.19% 11.79%
Interest expense -2.02 -1.96 -2.18 -2.35 -2.53 -2.22 -2.57 -3.50 -3.15 -3.22 -3.08 -3.59 -4.08 -4.11 -4.11 -4.25 -4.38 -5.13 -4.93 -6.06 -2.90 -3.25 -2.94 -3.03 -3.23 -3.25
Interest income 0.04 0.04 0.06 0.04 0.04 0.04 0.04 0.05 0.05 0.02 0.09 0.05 0.43 -0.29 0.20 0.19 0.09 1.43 1.42 0.63 0.24 0.17 0.22 0.16 0.10 0.20
Other income (expense), net -0.56 0.08 -2.36 -0.02 -0.14 0.60 0.19 0.60 -0.89 0.66 0.57 -0.28 0.48 0.22 0.36 7.20 0.09 -0.36 -0.22 -0.53 -0.17 -0.99 0.06 -0.06 0.20 0.17
Income (loss) before income taxes 10.48% 14.47% 5.18% 10.51% 6.22% 21.77% 2.99% 6.43% 4.70% 9.33% -0.02% 10.57% 0.07% 17.16% 9.43% 15.12% 0.14% 3.41% 10.29% -13.31% 12.19% 23.68% 0.31% 13.20% 12.26% 8.91%
Income tax (provision) benefit -1.42 -0.92 -0.02 0.22 -0.12 -2.90 -0.33 0.99 -0.40 -2.75 3.58 -0.21 0.41 -2.76 -12.49 -1.24 -0.43 -7.82 0.00 8.96 -0.61 -4.45 0.28 -1.00 -1.24 -1.24
Net income (loss) 9.06% 13.55% 5.16% 10.74% 6.09% 18.87% 2.65% 7.42% 4.30% 6.58% 3.56% 10.37% 0.48% 14.40% -3.07% 13.88% -0.28% -4.42% 10.29% -4.35% 11.59% 19.23% 0.59% 12.20% 11.02% 7.67%
Preferred stock dividends -0.46 -0.44 -0.45 -0.47 -0.45 -0.41 -0.46 -0.23 -0.89 -0.90 -0.83 -0.87 -0.91 -0.89 -0.86 -0.89 -0.90 -1.23 -1.17 -1.09 0.00 0.00 0.00 0.00 0.00 0.00
Net income (loss) applicable to common shareholders 8.60% 13.11% 4.71% 10.27% 5.64% 18.46% 2.19% 7.19% 3.41% 5.68% 2.73% 9.49% -0.43% 13.51% -3.93% 13.00% -1.18% -5.65% 9.13% -5.44% 11.59% 19.23% 0.59% 12.20% 11.02% 7.67%

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

The financial performance over the analyzed period is characterized by relatively stable core operational expenses contrasted with significant volatility in net profitability, driven largely by non-recurring items and fluctuations in other operating income.

Gross Profitability Trends
Gross profit margins generally fluctuated between 46% and 51% for much of the period. However, notable contractions occurred in March 2018, where gross profit fell to 37.99%, and March 2020, where it dropped to 40.75%. These dips correspond with spikes in the cost of products sold, which reached peaks of 62.01% and 59.25% respectively, suggesting periodic pressures on production costs or shifts in product mix.
Operating Expense Management
Selling and administrative expenses remained remarkably consistent, typically ranging between 23% and 26% of revenues. Research and development spending also exhibited stability, generally hovering between 5.8% and 7.8% of revenues, indicating a disciplined approach to operational overhead and continuous investment in innovation.
Impact of Non-Recurring and Other Items
Acquisition-related integration and restructuring expenses were prominent in the earlier years, with significant spikes in September 2016 (12.59%) and December 2017 (11.49%). A clear downward trend is observable in these costs over time, falling to 0.56% by March 2022. Operating income volatility was further exacerbated by "Other operating income (expense), net," which saw extreme swings, including a negative 24.42% in June 2017 and a positive 11.53% in December 2016.
Net Income and Financial Costs
Net income applicable to common shareholders showed high variability, ranging from a low of -5.65% in December 2017 to a high of 19.23% in December 2016. This volatility is not mirrored in the revenue baseline, implying that bottom-line results were heavily influenced by tax provisions and non-operating items. Meanwhile, interest expense as a percentage of revenue showed a gradual improvement, declining from approximately 3.25% in 2015 to 2.02% by March 2022, suggesting a reduction in the relative cost of debt servicing.

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