Bard Provides Financial Guidance for 2003; Company Reaffirms Fourth Quarter 2002 Guidance.Business Editors/Health/Medical Writers MURRAY HILL Murray Hill may refer to one of the following places:
C. R. Bard C. R. Bard, Inc. (NYSE: BCR) is one of the large S&P 500 companies of the United States, a surgical specialties and hospital medical device manufacturer in Murray Hill, New Jersey. It is named after its founder, who sold the company within only a few years of its founding. , Inc. (NYSE-BCR) today communicated its estimates for 2003 financial performance. The company expects revenue growth in the range of 7 to 8 percent in constant currency for the full year 2003. Earnings per share are expected to grow by 12 percent over this year's forecasted results, excluding 2002 non-recurring items. William H. Longfield, chairman and chief executive officer, commented, "Our momentum continues to build. We expect to extend our record of steady revenue and earnings growth in 2003, while significantly increasing our spending on strategic initiatives. Of particular note is our expectation to increase next year's research and development funding by more than 30 percent from our third quarter run-rate. This additional investment will bolster an already strong product pipeline, further ensuring the consistency of our financial results." In addition, Bard bard, in Wales, term originally used to refer to the order of minstrel-poets who composed and recited the poems that celebrated the feats of Celtic chieftains and warriors. reiterated its comfort with previously announced fourth quarter 2002 earnings guidance of $.88 per share. The company provided further guidance on revenues, ratios, and capital expenditures for the full year 2003, following the text of this release. C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey
Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. , oncology and surgical specialty surgical specialty A specialty of health care in which interventions constitute a significant component of Pt management Examples OB/GYN, ophthalmology, ENT, surgery–cardiothoracic, colorectal, general, neurologic, orthopedic, plastic, urology. products. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , the accuracy of which is necessarily subject to risks and uncertainties. It is not possible to predict or identify all such risks and uncertainties, but such risks include that we may not achieve manufacturing or administrative efficiencies as a result of our realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. efforts. In addition, please refer to our September 30, 2002 Form 10-Q Form 10-Q See 10-Q. for a statement with regard to forward-looking statements, including disclosure of additional factors that could cause actual results to differ materially from those expressed or implied.
C. R. BARD, INC.
2003 FINANCIAL OBJECTIVES
Revenue Growth
(in Constant Currency)
Disease State % Range
-------------- -----------
Vascular 6 - 8%
Urology 5 - 7%
Oncology 7 - 9%
Surgery 10 - 12%
Total Growth 7 - 8%
Income Statement
Selected Ratios
(% to Sales)
% Range
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Gross Profit 54.9 - 55.3
SG&A 29.0 - 29.4
R&D 5.6 - 6.0
Income Taxes (% IBT) 27.3 - 27.7
Capital Expenditures
$70 - $80 million
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