Management remarks
Call period: 2026 Q3 · 2026-08-06
Guidance: Vitor Roque: Given our Q3 performance and continued productivity through BD Excellence, we are increasing the midpoint of our adjusted EPS guidance and updating our range to $12.62 to $12.72.Demand and orders: Vitor Roque: In specimen management, we delivered high single-digit growth, driven by share gains across the BD Vacutainer portfolio, improved supply and incremental demand as customers work through competitor back orders.Margins: Vitor Roque: Adjusted gross margin was 54.3% and adjusted operating margin was 24.9%, down 100 and 130 basis points, respectively, versus the prior year.Analyst Q&A
Analyst Matthew Taylor asked: I had kind of two, I'll just come upfront. So number one, if I take your guidance for top line quite literally, then the squeeze math would imply Q4 goes back to about 2.5% growth versus the 4.4% you just did. So I was wondering if you could comment on that and if that was any conservatism or other trends we should think about? Management Thomas Polen answered: I'll take the kind of the macro dynamics for '27 first and then turn it over to Vitor for Q4. So in terms of '27 on the macro, right, we want to take a conservative posture there. I think as you said on -- obviously, oil has been bouncing all over the place. There's certainly -- even this past week has been a good example of that. We had shared before that if oil were to stay above $100, which is not there right now. But if it were back when it was, it would be about a $60 million to $70 million impact on COGS.管理层陈述
电话会期间：2026 Q3 · 2026-08-06
指引：维托尔·罗克：鉴于我们第三季度的业绩以及通过BD卓越计划实现的持续生产力提升，我们上调了调整后每股收益指引的中点，并将指引区间更新为12.62美元至12.72美元。需求与订单：维托尔·罗克：在样本管理业务中，我们实现了高个位数增长，这得益于BD Vacutainer产品组合的市场份额提升、供应改善以及客户清理竞争对手订单积压带来的增量需求。利润率：维托尔·罗克：调整后毛利率为54.3%，调整后营业利润率为24.9%，同比分别下降100个基点和130个基点。分析师问答
分析师马修·泰勒提问：若严格遵循你们的营收指引推算，第四季度营收增速将从此前的4.4%回落至约2.5%，想请你们就此发表看法，是否存在保守预估或是其他值得关注的趋势？托马斯·波伦回应：先谈谈2027年的宏观环境，我们倾向采取保守姿态。正如你所说，油价波动剧烈，若油价维持在100美元以上（当前未达该水平），将对我们的销货成本造成6000万至7000万美元的影响，后续将由维托尔介绍第四季度相关情况。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
