BECTON DICKINSON & CO
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
BDX$211.88-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-02.
0000010795-24-000039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0000010795-24-000067
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 172 previous paragraphs and 178 current paragraphs.
90 unchanged; 60 reworded; 27 added; 21 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
Agreement to Acquire Critical Care Product Group
Current report
On June 3, 2024, we announced a definitive agreement under which BD will acquire Edward Lifesciences' Critical Care product group ("Critical Care") for $4.2 billion in cash. The acquisition will expand BD’s portfolio of smart connected care solutions with Critical Care’s growing set of leading monitoring technologies, advanced AI-enabled clinical decision tools and robust innovation pipeline that complement BD’s existing technologies serving operating rooms and intensive care units. Additional discussion regarding the acquisition agreement and debt we issued in the third quarter of fiscal year 2024 to fund the cash consideration payable upon the transaction’s close is provided in Notes 9 and 14 in the Notes to Condensed Consolidated Financial Statements. The transaction is subject to customary regulatory reviews and closing conditions, and is expected to close by the end of calendar year 2024.
Current report
We have experienced, and may continue to experience, temporary shortages in supply of certain materials or components that are used in our products. The stable flow of global transport is critical to our operations and as such, events affecting the flow of logistics around the globe may adversely impact our supply chain and distribution channels. In general, major disruptions in the sourcing, manufacturing and distribution of our products could adversely impact our results of operations.
Current report
(b)Represents the recognition of accruals resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to the current fiscal year.
Current report
The Medical segment’s revenue growth in the third quarter of 2024 primarily reflected the following:
Current report
Medical segment total revenues for the nine-month periods were as follows:
Current report
The Medical segment's operating income as a percentage of revenues in the third quarter of 2024 compared with the third quarter of 2023 reflected the following:
Current report
•Higher gross profit margin in the third quarter of 2024 compared with the third quarter of 2023, which primarily reflected:
Current report
◦A favorable comparison to prior-period gross margin, which was impacted by a $90 million charge to adjust the estimate of future product remediation costs, and lower manufacturing costs, which resulted from continuous improvement projects and other productivity initiatives, partially offset by
Current report
•Research and development expense as a percentage of revenues in the third quarter of 2024 was flat compared with the third quarter of 2023.
Current report
The Life Sciences segment’s revenue growth in the third quarter of 2024 primarily reflected the following:
Current report
Life Sciences segment total revenues for the nine-month periods were as follows:
Current report
The Life Sciences segment's operating income as a percentage of revenues in the third quarter of 2024 compared with the third quarter of 2023 primarily reflected the following:
Current report
•Selling and administrative expense as a percentage of revenues in the third quarter of 2024 was lower compared with the third quarter of 2023, which primarily reflected lower shipping costs.
Current report
•Lower research and development expense as a percentage of revenues in the third quarter of 2024 compared with the third quarter of 2023, which primarily reflected the timing of project spending.
Current report
The Interventional segment’s revenue growth in the third quarter of 2024 primarily reflected the following:
Current report
•Double-digit growth in sales of the Urology and Critical Care unit’s PureWick TMofferings.
Current report
Interventional segment total revenues for the nine-month periods were as follows:
Current report
The Interventional segment's operating income as a percentage of revenues in the third quarter of 2024 compared with the third quarter of 2023 reflected the following:
Current report
•Higher research and development expense as a percentage of revenues in the third quarter of 2024 compared with the third quarter of 2023, which primarily reflected increased project investments.
Current report
(b)Represents transaction costs, which are recorded in Integration, restructuring and transaction expense, and financing impacts, which are recorded in Interest income and Interest expense, associated with the agreement to acquire Critical Care.
Current report
The favorable impact on gross margin for the three and nine-month periods of 2024 from specified items reflected a favorable comparison to specified items recorded in the prior-year period, which included a $90 million charge recorded in the Medical segment to adjust the estimate of future product remediation costs.
Current report
Operating performance in the nine-month period of 2024 compared with the prior-year period primarily reflected higher raw material and labor costs, as well as the absorption impact of planned inventory reductions, partially offset by lower manufacturing costs resulting from our ongoing continuous improvement projects and other productivity initiatives, as well as a favorable impact from pricing.
Current report
Lower research and development expense as a percentage of revenues in the three and nine-month periods of 2024 primarily reflected the timing of project spending.
Current report
Integration, restructuring and transaction expense
Current report
Other operating expense (income), net
Current report
The amounts in the three and nine-month periods of 2024 largely represented charges relating to legal matters, including a $50 million charge to accrue an estimated liability for the SEC investigation relating to, among other things, certain reporting issues involving BD Alaris TM infusion pumps included in SEC disclosures prior to 2021, as further discussed in Note 5 in the Notes to Condensed Consolidated Financial Statements.
Removed paragraphs (21)
Previous report
•Although logistics capacity constraints did not materially impact our second quarter financial results, adequate supply of transportation capacity is critical to our operations and constrained capacity may unfavorably impact our results of operations.
Previous report
The Medical segment’s revenue growth in the second quarter of 2024 primarily reflected the following:
Previous report
Medical segment total revenues for the six-month periods were as follows:
Previous report
The Medical segment's operating income as a percentage of revenues in the second quarter of 2024 compared with the second quarter of 2023 reflected the following:
Previous report
•Lower gross profit margin in the second quarter of 2024 compared with the second quarter of 2023, which primarily reflected:
Previous report
◦Unfavorable impacts of higher raw material and labor costs, product mix, as well as unfavorable foreign currency translation.
Previous report
◦Favorable impacts due to pricing and lower manufacturing costs resulting from continuous improvement projects and other productivity initiatives, which enhanced the efficiency of our operations.
Previous report
•Lower research and development expense as a percentage of revenues in the second quarter of 2024 compared with the second quarter of 2023 due to the timing of project spending.
Previous report
The Life Sciences segment’s revenue growth in the second quarter of 2024 primarily reflected the following:
Previous report
Life Sciences segment total revenues for the six-month periods were as follows:
Previous report
The Life Sciences segment's operating income as a percentage of revenues in the second quarter of 2024 compared with the second quarter of 2023 primarily reflected the following:
Previous report
•Selling and administrative expense as a percentage of revenues in the second quarter of 2024 was higher compared with the second quarter of 2023, which primarily reflected higher administrative costs.
Previous report
•Lower research and development expense as a percentage of revenues in the second quarter of 2024 compared with the second quarter of 2023, which primarily reflected the timing of project spending.
Previous report
The Interventional segment’s revenue growth in the second quarter of 2024 primarily reflected the following:
Previous report
•Growth in the Urology and Critical Care unit reflected current-period licensing revenue and double-digit growth attributable to continued strong demand for PureWick TMofferings in the acute and alternative care settings.
Previous report
Interventional segment total revenues for the six-month periods were as follows:
Previous report
The Interventional segment's operating income as a percentage of revenues in the second quarter of 2024 compared with the second quarter of 2023 reflected the following:
Previous report
•Lower selling and administrative expense, as well as research and development expense, as percentages of revenues in the second quarter of 2024 compared with the second quarter of 2023, which primarily reflected revenue growth that outpaced spending.
Previous report
Emerging market revenues were as follows and reflected growth driven by sales in South Asia, EMA and Latin America, which was partially offset by the impacts of unfavorable market dynamics in China, as discussed above:
Previous report
Lower research and development expense as a percentage of revenues in the three and six-month periods of 2024 primarily reflected the timing of project spending.
Previous report
Integration and restructuring expense
Reworded paragraphs (60)
Previous wording
Our operations, supply chain, suppliers and customers are exposed to various global macroeconomic factors and we continually evaluate macroeconomic conditions to assess their potential impact to our operations and financial results. Macroeconomic factors which affected our operations and impacted results in the second quarter of fiscal year 2024 included the following:
Current wording
Our operations, supply chain, suppliers and customers are exposed to various global macroeconomic factors and we continually evaluate macroeconomic conditions to assess their potential impact to our operations and financial results. Macroeconomic factors which affected our operations and impacted results in the third quarter of fiscal year 2024 included the following:
Previous wording
•As anticipated, market dynamics in China, such as volume-based procurement programs (“VoBP”), had an adverse impact on our results of operations, particularly in our Medical segment and these dynamics could continue to unfavorably impact our results of operations.
Current wording
•As anticipated, market dynamics in China, such as volume-based procurement programs (“VoBP”) and the government’s focus to improve compliance of healthcare practitioners, had an adverse impact on our results of operations and these dynamics could continue to unfavorably impact our results of operations.
Previous wording
•As is further discussed below, our labor costs were generally higher in our second quarter compared with the prior-year period. The supply of labor continues to be limited in certain markets and as such, labor availability and costs could continue to unfavorably impact our results of operations.
Current wording
•As is further discussed below, our labor costs were generally higher in our third quarter compared with the prior-year period. The supply of labor continues to be limited in certain markets and as such, labor availability and costs could continue to unfavorably impact our results of operations.
Previous wording
In addition, current healthcare delivery has transitioned more care from acute to non-acute settings and has increased focus on chronic disease management; this transition has placed additional financial pressure on hospitals and the broader healthcare system. Healthcare institutions may take actions to mitigate any persistent pressures on their budgets and such actions could impact the future demand for our products and services. Additionally, a deterioration of staffing levels within healthcare systems may affect the prioritization of healthcare services, which could also impact the demand for certain of our products.
Current wording
In addition, current healthcare delivery has transitioned more care from acute to non-acute settings and has increased focus on chronic disease management; this transition has placed additional financial pressure on hospitals and the broader healthcare system. Healthcare institutions may take actions to mitigate any persistent pressures on their budgets and such actions could impact the future demand for our products and services. Additionally, a deterioration of staffing levels within healthcare systems may affect the prioritization of healthcare services, which could also impact the demand for certain of our products. Also, reductions or delays in governmental research funding and/or higher interest rates could cause customers for our instruments and reagents to delay or forego purchases of these products.
Previous wording
Certain geopolitical conditions, including the evolving situations in Ukraine, the Middle East and Asia, may impact global macroeconomic conditions, such as those discussed above. While these geopolitical conditions have not materially impacted our results of operations to date, the continuation and/or an escalation of these evolving situations may weaken the global economy and could result in additional inflationary pressures and supply chain constraints, including the unavailability and cost of energy.
Current wording
Certain geopolitical conditions, including the evolving situations in Ukraine, the Middle East and Asia, may impact global macroeconomic conditions, including those discussed above. While these geopolitical conditions have not materially impacted our results of operations to date, the continuation and/or an escalation of these evolving situations may weaken the global economy and could result in additional inflationary pressures and supply chain constraints, including the unavailability and cost of energy.
Previous wording
For the three months ended March 31, 2024, worldwide revenues of $5.045 billion increased 4.6% from the prior-year period. This increase reflected the following impacts:
Current wording
For the three months ended June 30, 2024, worldwide revenues of $4.990 billion increased 2.3% from the prior-year period. This increase reflected the following impacts:
Previous wording
Cash flows from continuing operating activities were $1.369 billion in the first six months of fiscal year 2024. At March 31, 2024, we had $3.222 billion in cash and equivalents and short-term investments, including restricted cash. We continued to return value to our shareholders in the form of dividends. During the first six months of fiscal year 2024, we paid cash dividends to common shareholders of $550 million.
Current wording
Cash flows from continuing operating activities were $2.666 billion in the first nine months of fiscal year 2024. At June 30, 2024, we had $5.338 billion in cash and equivalents and short-term investments, including restricted cash. This balance included net proceeds from debt issued in our third quarter of fiscal year 2024 to fund the cash consideration payable upon our acquisition of Critical Care, as further discussed above and in Note 9 in the Notes to Condensed Consolidated Financial Statements. We continued to return value to our shareholders in the form of dividends. During the first nine months of fiscal year 2024, we paid cash dividends to common shareholders of $825 million.
Previous wording
Each reporting period, we face currency exposure that arises from translating the results of our worldwide operations to the U.S. dollar at exchange rates that fluctuate from the beginning of such period. The second quarter fiscal year 2024 impact of foreign currency translation on our revenues is provided above and the impact on our earnings is provided further below. We evaluate our results of operations on both a reported and a foreign currency-neutral basis, which excludes the impact of fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods. Foreign currency-neutral ("FXN") information compares results between periods as if exchange rates had remained constant period-over-period. We use results on a foreign currency-neutral basis as one measure to evaluate our performance. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior-period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. These results should be considered in addition to, not as a substitute for, results reported in accordance with U.S. generally accepted accounting principles ("GAAP"). Results on a foreign currency-neutral basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with U.S. GAAP.
Current wording
Each reporting period, we face currency exposure that arises from translating the results of our worldwide operations to the U.S. dollar at exchange rates that fluctuate from the beginning of such period. The third quarter fiscal year 2024 impact of foreign currency translation on our revenues is provided above and the impact on our earnings is provided further below. We evaluate our results of operations on both a reported and a foreign currency-neutral basis, which excludes the impact of fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods. Foreign currency-neutral ("FXN") information compares results between periods as if exchange rates had remained constant period-over-period. We use results on a foreign currency-neutral basis as one measure to evaluate our performance. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior-period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. These results should be considered in addition to, not as a substitute for, results reported in accordance with U.S. generally accepted accounting principles ("GAAP"). Results on a foreign currency-neutral basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with U.S. GAAP.
Previous wording
The following summarizes second quarter Medical revenues by organizational unit:
Current wording
The following summarizes third quarter Medical revenues by organizational unit:
Previous wording
•Strong global demand for catheters within the Medication Delivery Solutions unit’s Vascular Access Management portfolio, partially offset by the impact of unfavorable market dynamics in China.
Current wording
•Strong global demand for the Medication Delivery Solutions unit’s Vascular Access Management portfolio, as well as strong U.S. demand for hypodermic products, partially offset by the impact of unfavorable market dynamics in China.
Previous wording
•Strength in infusion system sales within the Medication Management Solutions unit, partially offset by an unfavorable comparison to strong dispensing and pharmacy automation installations in the prior-year period.
Current wording
•Double-digit growth in sales of infusion systems, as well as higher utilization of infusion sets within the Medication Management Solutions unit, partially offset by an unfavorable comparison to placements of dispensing solutions in the prior-year period.
Previous wording
•Growth in sales of the Pharmaceutical Systems unit’s prefillable solutions in the biologic drug category, offset by customer order patterns relating to other drug categories.
Current wording
•Double-digit growth in sales of the Pharmaceutical Systems unit’s prefillable solutions in the biologic drug category, partially offset by customer order patterns relating to other drug categories.
Previous wording
Medical segment income for the three and six-month periods is provided below.
Current wording
Medical segment income for the three and nine-month periods is provided below.
Previous wording
•Unfavorable impacts due to higher raw material and labor costs, as well as the absorption impact of planned inventory reductions.
Current wording
◦Higher raw material and labor costs as well as unfavorable product mix.
Previous wording
•Lower selling and administrative expense as a percentage of revenues in the second quarter of 2024 compared with the second quarter of 2023 primarily reflected cost containment measures and lower shipping costs.
Current wording
•Lower selling and administrative expense as a percentage of revenues in the third quarter of 2024 compared with the third quarter of 2023 primarily reflected cost containment measures and lower shipping costs.
Previous wording
The following summarizes second quarter Life Sciences revenues by organizational unit:
Current wording
The following summarizes third quarter Life Sciences revenues by organizational unit:
Previous wording
•Growth in the Integrated Diagnostic Solutions unit due to strong demand for our microbiology platforms and specimen management portfolio.
Current wording
•Strong growth in sales of the Integrated Diagnostic Solutions unit’s specimen management portfolio.
Previous wording
•A decline in the Biosciences unit due to an unfavorable comparison to sales in the prior-year period, which benefited from stronger instrument installations and licensing revenue, was partially offset by strong demand for clinical reagents.
Current wording
•A decline in the Biosciences unit due to market dynamics which have reduced demand for our instruments, partially offset by strong demand for clinical reagents.
Previous wording
Life Sciences segment income for the three and six-months periods is provided below.
Current wording
Life Sciences segment income for the three and nine-months periods is provided below.
Previous wording
•Lower gross profit margin in the second quarter of 2024 compared with the second quarter of 2023 primarily reflected unfavorable foreign currency translation, higher raw material and labor costs, and an unfavorable comparison due to a prior-year benefit from licensing revenue. These unfavorable impacts were partially offset by lower manufacturing costs resulting from continuous improvement projects and other productivity initiatives.
Current wording
•Higher gross profit margin in the third quarter of 2024 compared with the third quarter of 2023 primarily reflected lower manufacturing costs resulting from continuous improvement projects and other productivity initiatives, as well as favorable product mix, partially offset by unfavorable foreign currency translation.
Previous wording
The following summarizes second quarter Interventional revenues by organizational unit:
Current wording
The following summarizes third quarter Interventional revenues by organizational unit:
Previous wording
•Strong demand for the Surgery unit’s advanced repair and reconstruction platforms, as well as its infection prevention products; this growth was offset by an unfavorable comparison to the prior-year period, which included revenues of $44 million attributable to the unit’s former Surgical Instrumentation platform which was sold in the fourth quarter of fiscal year 2023.
Current wording
•Double-digit growth in sales across the Surgery unit’s three major platforms; the prior-year period’s revenues included $43 million attributable to the unit’s former Surgical Instrumentation platform, which was sold in the fourth quarter of fiscal year 2023.
Previous wording
•Double-digit growth attributable to continued global market penetration of the Peripheral Intervention unit’s peripheral vascular disease platform.
Current wording
•Double-digit growth attributable to the Peripheral Intervention unit’s peripheral vascular disease platform, partially offset by a decline in sales of our oncology products in China.
Previous wording
Interventional segment income for the three and six-month periods is provided below.
Current wording
Interventional segment income for the three and nine-month periods is provided below.
Previous wording
•Higher gross profit margin in the second quarter of 2024 compared with the second quarter of 2023, which primarily reflected favorable impacts from licensing revenue, product mix and pricing, partially offset by the absorption impact of planned inventory reductions.
Current wording
•Higher gross profit margin in the third quarter of 2024 compared with the third quarter of 2023, which primarily reflected favorable impacts from product mix and pricing.
Previous wording
BD’s worldwide second quarter revenues by geography were as follows:
Current wording
BD’s worldwide third quarter revenues by geography were as follows:
Previous wording
U.S. revenue growth in the second quarter of 2024 was driven by strong sales in the Medical segment’s Medication Delivery Solutions and Medication Management Solutions units, as well as by strong growth in the Interventional segment’s Urology and Critical Care unit, as further discussed above.
Current wording
U.S. revenue growth in the third quarter of 2024 reflected strong sales in the Medical segment’s Medication Delivery Solutions and Medication Management Solutions units, as well as in the Interventional segment’s Urology and Critical Care unit. This growth was partially offset by a decline in the Medical segment’s Pharmaceutical Systems unit, as further discussed above.
Previous wording
International revenue growth in the second quarter of 2024 was driven by strong sales in the Medical segment’s Pharmaceutical Systems unit, as well as by strong sales in the Life Sciences segment’s Integrated Diagnostic Solutions unit and in the Interventional segment’s Peripheral Intervention unit.
Current wording
International revenue growth in the third quarter of 2024 was driven by the Medical segment’s Pharmaceutical Systems unit, as well as by strong sales in the Life Sciences segment’s Integrated Diagnostic Solutions unit. International revenue growth in the third quarter of 2024 also reflected the recognition of a $62 million accrual which resulted from recent developments relating to the Italian government medical device pay back legislation and substantially relates to years prior to the current fiscal year. Current-period revenues in emerging markets primarily reflected a decline in China driven by unfavorable market dynamics, as further discussed above, partially offset by strong sales in other countries within Greater Asia:
Previous wording
Reflected in the financial results for the three and six-month periods of fiscal years 2024 and 2023 were the following specified items:
Current wording
Reflected in the financial results for the three and nine-month periods of fiscal years 2024 and 2023 were the following specified items:
Previous wording
(a)Represents amounts associated with integration and restructuring activities which are recorded in Integration and restructuring expense and are further discussed below.
Current wording
(a)Represents amounts associated with restructuring and integration activities, which are recorded in Integration, restructuring and transaction expense and are further discussed below.
Previous wording
(b)Represents costs recorded to Other operating (income) expense, net and incurred in connection with the separation of BD's former Diabetes Care business.
Current wording
(c)Represents costs recorded to Other operating expense (income), net and incurred in connection with the separation of BD's former Diabetes Care business.
Previous wording
(c)Includes amortization and other adjustments related to the purchase accounting for acquisitions. BD’s amortization expense is recorded in Cost of products sold.
Current wording
(d)Includes amortization and other adjustments related to the purchase accounting for acquisitions. BD’s amortization expense is recorded in Cost of products sold.
Previous wording
(d)Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs.
Current wording
(e)Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs.
Previous wording
(e)Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain litigation-related items, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs.
Current wording
(f)Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amounts in the three and nine-month periods of 2024 were primarily recorded to Revenues and Other operating expense (income), net, and largely related to legislative and legal matters, as further discussed above in our geographic revenue discussion, as well as in Notes 5 and 7 in the Notes to Condensed Consolidated Financial Statements. The amounts in the three and nine-month periods of 2023 included a charge to Cost of products sold of $90 million to adjust the estimate of future product remediation costs.
Previous wording
The comparison of gross profit margin for the three and six-month periods of fiscal years 2024 and 2023 reflected the following impacts:
Current wording
The comparison of gross profit margin for the three and nine-month periods of fiscal years 2024 and 2023 reflected the following impacts:
Previous wording
Operating performance in the three and six-month periods of 2024 primarily reflected the following:
Current wording
Operating performance in the three-month period of 2024 compared with the prior-year period primarily reflected lower manufacturing costs resulting from our ongoing continuous improvement projects and other productivity initiatives, partially offset by higher raw material and labor costs.
Previous wording
A summary of operating expenses for the three and six-month periods of fiscal years 2024 and 2023 is as follows:
Current wording
A summary of operating expenses for the three and nine-month periods of fiscal years 2024 and 2023 is as follows:
Previous wording
Selling and administrative expense as a percentage of revenues in the three and six-month periods of 2024 was lower compared with the prior-year period, which primarily reflected higher revenues and lower shipping costs in the current-year periods.
Current wording
Selling and administrative expense as a percentage of revenues in the three and nine-month periods of 2024 was lower compared with the prior-year periods, which primarily reflected higher revenues and lower shipping costs in the current-year period, partially offset by higher administrative costs.
Previous wording
Integration and restructuring expense in the three and six-month periods of 2024 included restructuring costs related to simplification and other cost-saving initiatives. Expense in the three and six-month periods of 2023 also included system integration costs. For further disclosures regarding restructuring costs, refer to Note 9 in the Notes to Condensed Consolidated Financial Statements.
Current wording
Integration, restructuring and transaction expense in the three and nine-month periods of 2024 primarily included restructuring costs related to simplification and other cost-saving initiatives, as well as transaction costs, such as legal, advisory and other costs, relating to our agreement to acquire Critical Care. Expenses in the three and nine-month periods of 2023 also included system integration costs. For further disclosures regarding restructuring costs, refer to Note 10 in the Notes to Condensed Consolidated Financial Statements.
Previous wording
The components for the three and six-month periods of fiscal years 2024 and 2023 were as follows:
Current wording
The components for the three and nine-month periods of fiscal years 2024 and 2023 were as follows:
Showing the first 40 of 60 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•Lower selling and administrative expense as a percentage of revenues in the third quarter of 2024 compared with the third quarter of 2023, which primarily reflected cost containment measures.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Favorable impacts from pricing and lower manufacturing costs resulting from our ongoing continuous improvement projects and other productivity initiatives.