CR Bard Inc. (NYSE:BCR) Q4 2014 Earnings Conference Call - Final Transcript
Jan 29, 2015 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the CR Bard Inc. fourth quarter 2014 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded and will be available for future on demand replay through the Bard website.
Today's presentation will be hosted by Timothy M. Ring, Chairman and Chief Executive Officer; along with John H. Weiland, President and Chief Operating Officer; Christopher S. Holland, Senior Vice President and Chief Financial Officer; and John A. DeFord, Senior Vice President, Science, Technology and Clinical Affairs. Also in attendance today is Todd W. Garner, Vice President, Investor Relations.
(Forward-Looking Cautionary Statement)
All information that is not historical is given only as of January 29, 2015, and the company undertakes no responsibility to update any information, unless otherwise noted. All comparisons are to prior -- are to the prior year period. At this time, I will turn the conference over to Mr. Timothy Ring. Please go ahead.
Timothy M. Ring
Thank you. That's a lot of work there, I appreciate it. I'd like to welcome, everybody, to Bard's Fourth Quarter 2014 Earnings Call, and thank all of you for taking the time to join us today. I would expect the presentation portion of the call that last about 35 minutes or so.
The agenda today will go as follows. I'll begin with an overview of the results for the fourth quarter. John Weiland, our President and COO, will review fourth quarter product line revenue. John DeFord, our Senior VP of Science, Technology and Clinical Affairs, will give you an update on our product development pipeline. And then Chris Holland, our Senior VP and CFO, will review the fourth quarter income statement balance sheet and also provide our financial guidance for 2015. And then finally, we'll wrap it up with Q&A.
Fourth quarter 2014 net sales totaled $867.2 million, that's up 10% over Q4 last year on an as-reported basis and up 11% on a constant currency basis. The currency impact for the quarter versus the same quarter of 2013 was unfavorable by about 140 basis points.
The Gore royalty revenue in the quarter was approximately $38.6 million. The impact of the divestiture of our EP business, which occurred in Q4 2013, net of the impact of the Rochester Medical acquisition in the same quarter, was unfavorable by about 20 basis points to growth for the quarter. That all puts our organic growth rate for Q4 2014 at approximately 6.3%, with a little over 200 basis points from the early approval and launch of the Lutonix drug-coated PTA balloon in the U.S.
Net sales for the full year 2014 were $3.3 billion, that's up 9% as reported and on a constant currency basis, which exceeded our original guidance for the year. Net income for the fourth quarter was $134.2 million and diluted earnings per share were $1.72. I'll remind you that we recognized the onetime gain from the Gore litigation in the prior year quarter.
Excluding this and other items that