Bard’s Conference Call

Here are some highlights of Bard‘s ($BCR) conference call:

Diluted shares for the period were 82.5 million, as we purchased 1.5 million shares during Q1. The net result is adjusted EPS of $1.44 at the top end of our guidance range for the quarter.

The balance sheet, as of March 31, reflects cash, restricted cash and short-term investments of $905.3 million versus $921.3 million at December 31. For the quarter, accounts receivable days were down 2.3 days, and inventory days were down 0.2 days. Capital expenditures totaled $13.2 million for the quarter.

On the liability side, total debt was $1.4 billion as of March 31, no change from December 31. Debt to total cap at the end of the quarter was about 43%, and total shareholder investment was $1.9 billion at March 31, 2013.

In looking at Q2, we’re expecting to see similar constant currency sales growth to what we saw in Q1. Given the previously discussed first half headwinds, we told you that our revenue growth expectations for the start of the year was flattish, and we don’t see any reason to change that.

From an EPS standpoint, excluding items affecting comparability, we see the second quarter in the range of $1.35 to $1.39, as we continue to aggressively ramp our investment spending in both SG&A and R&D, consistent with our strategic plan.

Wall Street had been expecting $1.46 per share.

Posted by on April 23rd, 2013 at 10:29 pm


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