BD Announces Chief Financial Officer Transition Reaffirms 2012 Full Year Guidance
FRANKLIN LAKES, N.J., Oct. 10, 2012 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that David V. Elkins, 44, Executive Vice President and Chief Financial Officer, has informed the Company of his plans to pursue an entrepreneurial opportunity at Round Rock Research, LLC, a technology licensing company, serving as its CFO. He will leave BD in November following the Company's release of full fiscal year 2012 results on November 7, 2012. BD's Board of Directors intends to commence a search for a successor to Mr. Elkins.
Suketu Upadhyay, currently Senior Vice President and Controller, has been named as interim Chief Financial Officer, effective November 9, 2012. Prior to his current role, Mr. Upadhyay served as the chief financial officer for BD's international operations. Before joining BD in 2010, he held senior-level finance positions with Johnson & Johnson and AstraZeneca.
Vincent A. Forlenza, Chairman, Chief Executive Officer and President, said, "I am genuinely disappointed that we are losing David. He has been an outstanding chief financial officer and terrific partner since he joined BD in 2008, but we respect his decision to pursue the next chapter of his career elsewhere. The Board and I are grateful for his contributions to BD and for his commitment to helping achieve a smooth transition. We wish him the best for the future."
Forlenza continued, "We are pleased that Suky has agreed to become interim CFO. He has worked closely with David and me since joining the Company in 2010, and I am confident that BD will have a smooth transition. I am optimistic about the year ahead and look forward to updating investors and providing 2013 guidance on our November earnings call."
David Elkins said, "BD is a tremendous company with outstanding people, products and prospects. While my decision to leave was difficult, this new entrepreneurial opportunity is something that makes sense for me and my family. This will give me an opportunity to work with a long-time friend at Round Rock as its CFO and help the company execute its growth strategy. I have greatly appreciated the opportunities afforded me by Vince and the Board and am very proud to have been part of a very talented BD team. BD has a great future and I know it is well positioned to succeed. I have worked with Suky for a long time, and I am confident that he has the capabilities to ensure a seamless transition. I will be working closely with him over the next several weeks, and we will both be on the November 7 earnings call."
Company Reaffirms Fiscal 2012 Guidance
BD will report fourth fiscal quarter and full fiscal year 2012 results in a press release and on a previously announced conference call scheduled for Wednesday, November 7, 2012, at 8:00 a.m. (ET). The Company reaffirms the guidance it provided on August 2, 2012 and continues to expect reported diluted earnings per share from continuing operations for the full fiscal year 2012 to be between $5.33 and $5.38. The Company will provide 2013 guidance when it reports on November 7.
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.
This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially from any forward-looking statement. These factors include, but are not limited to: adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic conditions on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; the unknown consequences of healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for our products and increase downward pricing pressure; changes in interest or foreign currency exchange rates; competitive factors; pricing and other market pressures; our ability to successfully integrate any businesses we acquire; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
Monique N. Dolecki, Investor Relations – 201-847-5378;
Colleen T. White, Corporate Communications – 201-847-5369;
SOURCE BD (Becton, Dickinson and Company)