There are only so many times you can lament the malaise in the health care sector, but the fact is that it is a macro trend that is impacting almost every large company in the space. Becton Dickinson (NYSE: BDX) is built as a company with solid exposure to patient visit and procedure trends and that is working against the company now, as baseline procedure trends are weak and the company's pipeline is in a lull. While there is value here, investors could be looking at a stagnant stock for a little while.
A Mediocre End to the Year
BD delivered a mixed end to its fiscal year, slightly beating on the top line and missing slightly on the bottom. Reported revenue growth surpassed 9%, but constant-currency growth was a much more modest 4% and U.S. growth was just barely above 1%. What growth there was, was remarkably balanced across the three major units: BD Medical and BD Diagnostics both posted 3.8% constant currency revenue growth, while Bioscience grew 4.7%.
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