C.R. Bard Inc. (BCR, Financial) filed Quarterly Report for the period ended 2009-09-30.
C.R. Bard Inc. is one of the worldwide leaders in developing manufacturing and supplying healthcare products that focus on Vascular Urology and Oncology Disease States. In addition Bard offers a complete line of advanced Surgical Specialty products and services that address needs in hernia repair performance irrigation hemostasis and other areas. C.r. Bard Inc. has a market cap of $7.4 billion; its shares were traded at around $75.78 with a P/E ratio of 15.5 and P/S ratio of 3. The dividend yield of C.r. Bard Inc. stocks is 0.9%. C.r. Bard Inc. had an annual average earning growth of 14.5% over the past 10 years. GuruFocus rated C.r. Bard Inc. the business predictability rank of 3-star.
Bards United States net sales for the quarter ended September 30, 2009 of $442.6 million increased 6% compared to $419.5 million in the prior year quarter. International net sales for the quarter ended September 30, 2009 of $194.4 million decreased 1% on a reported basis (increased 7% on a constant currency basis) compared to $197.3 million in the prior year quarter. Bards United States net sales for the nine months ended September 30, 2009 of $1,298.7 million increased 6% compared to $1,225.0 million in the prior year period. International net sales for the nine months ended September 30, 2009 of $559.3 million decreased 6% on a reported basis (increased 6% on a constant currency basis) compared to $592.9 million in the prior year period.
Research and development expense - Research and development expense consists principally of costs related to internal research and development activities, milestone payments for third-party research and development activities and purchased R&D costs arising from the companys business development activities. Purchased R&D payments may impact the comparability of the companys results of operations between periods. All internal research and development costs are expensed as incurred. For the quarter ended September 30, 2009, the company spent $43.0 million on research and development activities compared to $35.1 million in the prior year quarter. For the nine months ended September 30, 2009, the company spent $121.1 million on research and development activities compared to $159.1 million in the prior year period. A purchased R&D charge of $2.7 million was included for the nine months ended September 30, 2009. A purchased R&D charge of $49.3 million, primarily associated with the acquisition of the LifeStent® family of stents from Edwards Lifesciences, was included for the nine months ended September 30, 2008.
Interest expense - Interest expense was $3.0 million and $3.1 million for the quarters ended September 30, 2009 and 2008, respectively. Interest expense was $9.0 million and $9.1 million for the nine month periods ended September 30, 2009 and 2008, respectively.
Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the quarter ended September 30, 2009 were $129.5 million and $1.31, respectively. Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the prior year third quarter were $111.2 million and $1.08, respectively. Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the nine months ended September 30, 2009 were $354.2 million and $3.52, respectively. Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the nine months ended September 30, 2008 were $267.1 million and $2.59, respectively. The current year-to-date period reflects restructuring charges of $10.2 million, or $0.10 per diluted share. In addition, the current year-to-date period reflects a non-cash charge related to an asset write-off of $5.2 million or $0.05 per diluted share, and acquisition related adjustments of $3.1 million or $0.03 per diluted share, primarily consisting of purchased R&D charges. The prior year-to-date period includes a
non-cash charge for the write-off of assets related to the Salute II hernia fixation device of $34.9 million, or $0.34 per diluted share. The prior year-to-date period also reflects purchased R&D charges of $31.1 million, or $0.30 per diluted share, primarily associa
Read the The complete ReportBCR is in the portfolios of Richard Aster Jr of Meridian Fund, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP.
C.R. Bard Inc. is one of the worldwide leaders in developing manufacturing and supplying healthcare products that focus on Vascular Urology and Oncology Disease States. In addition Bard offers a complete line of advanced Surgical Specialty products and services that address needs in hernia repair performance irrigation hemostasis and other areas. C.r. Bard Inc. has a market cap of $7.4 billion; its shares were traded at around $75.78 with a P/E ratio of 15.5 and P/S ratio of 3. The dividend yield of C.r. Bard Inc. stocks is 0.9%. C.r. Bard Inc. had an annual average earning growth of 14.5% over the past 10 years. GuruFocus rated C.r. Bard Inc. the business predictability rank of 3-star.
Highlight of Business Operations:
Bards consolidated net sales for the quarter ended September 30, 2009 were $637.0 million, an increase of 3% on a reported basis (6% on a constant currency basis) over the quarter ended September 30, 2008 consolidated net sales of $616.8 million. Bards consolidated net sales for the nine months ended September 30, 2009 were $1,858.0 million, an increase of 2% on a reported basis (6% on a constant currency basis) over consolidated net sales of $1,817.9 million for the nine months ended September 30, 2008. Net sales on a constant currency basis is a non-GAAP financial measure and should not be viewed as a replacement of GAAP results. See Managements Use of Non-GAAP Measures below. Exchange rate fluctuations had the effect of decreasing consolidated net sales for the quarter ended September 30, 2009 by approximately 3% as compared to the same period in the prior year. Exchange rate fluctuations had the effect of decreasing consolidated net sales for the nine months ended September 30, 2009 by 4% as compared to the same period in the prior year. The primary exchange rate movement that impacts net sales is the movement of the Euro compared to the U.S. dollar. The impact of exchange rate movements on net sales is not indicative of the impact on net earnings due to the offsetting impact of exchange rate movements on operating costs and expenses, costs incurred in other currencies and the companys hedging activities.Bards United States net sales for the quarter ended September 30, 2009 of $442.6 million increased 6% compared to $419.5 million in the prior year quarter. International net sales for the quarter ended September 30, 2009 of $194.4 million decreased 1% on a reported basis (increased 7% on a constant currency basis) compared to $197.3 million in the prior year quarter. Bards United States net sales for the nine months ended September 30, 2009 of $1,298.7 million increased 6% compared to $1,225.0 million in the prior year period. International net sales for the nine months ended September 30, 2009 of $559.3 million decreased 6% on a reported basis (increased 6% on a constant currency basis) compared to $592.9 million in the prior year period.
Research and development expense - Research and development expense consists principally of costs related to internal research and development activities, milestone payments for third-party research and development activities and purchased R&D costs arising from the companys business development activities. Purchased R&D payments may impact the comparability of the companys results of operations between periods. All internal research and development costs are expensed as incurred. For the quarter ended September 30, 2009, the company spent $43.0 million on research and development activities compared to $35.1 million in the prior year quarter. For the nine months ended September 30, 2009, the company spent $121.1 million on research and development activities compared to $159.1 million in the prior year period. A purchased R&D charge of $2.7 million was included for the nine months ended September 30, 2009. A purchased R&D charge of $49.3 million, primarily associated with the acquisition of the LifeStent® family of stents from Edwards Lifesciences, was included for the nine months ended September 30, 2008.
Interest expense - Interest expense was $3.0 million and $3.1 million for the quarters ended September 30, 2009 and 2008, respectively. Interest expense was $9.0 million and $9.1 million for the nine month periods ended September 30, 2009 and 2008, respectively.
Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the quarter ended September 30, 2009 were $129.5 million and $1.31, respectively. Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the prior year third quarter were $111.2 million and $1.08, respectively. Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the nine months ended September 30, 2009 were $354.2 million and $3.52, respectively. Net income attributable to common shareholders and diluted earnings per share available to common shareholders for the nine months ended September 30, 2008 were $267.1 million and $2.59, respectively. The current year-to-date period reflects restructuring charges of $10.2 million, or $0.10 per diluted share. In addition, the current year-to-date period reflects a non-cash charge related to an asset write-off of $5.2 million or $0.05 per diluted share, and acquisition related adjustments of $3.1 million or $0.03 per diluted share, primarily consisting of purchased R&D charges. The prior year-to-date period includes a
non-cash charge for the write-off of assets related to the Salute II hernia fixation device of $34.9 million, or $0.34 per diluted share. The prior year-to-date period also reflects purchased R&D charges of $31.1 million, or $0.30 per diluted share, primarily associa
Read the The complete ReportBCR is in the portfolios of Richard Aster Jr of Meridian Fund, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP.
