CR Bard Inc. (NYSE:BCR) Q3 2016 Earnings Conference Call - Final Transcript

Oct 25, 2016 • 05:00 pm ET

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CR Bard Inc. (NYSE:BCR) Q3 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Ladies and gentlemen, thank you for standing by. Welcome to the C R Bard Inc. third-quarter 2016 earnings results conference call. (Operator Instructions) As a reminder, this conference call is being recorded, and will be available for future on-demand replay through the Bard website. Today's presentation 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; 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).

During the call, references will be made to certain non-GAAP measures, which management believes provide an additional and meaningful assessment of the core operating performance of the company and its individual product franchises. Reconciliations of historical non-GAAP measures to the most comparable GAAP measures are provided in Bard's earnings press release and on the company's website at www.crbard.com. All information that is not historical, is given only as of October 25, 2016, and the company undertakes no responsibility to update any information. Unless otherwise noted, all comparisons are to the prior-year period.

At this time I'll turn the call over to Mr. Timothy Ring. Please go ahead.

Executive
Timothy Ring

Thank you, Laurie. Good afternoon everybody and welcome to Bard's third-quarter 2016 earnings call. I would expect the presentation portion of the call to last about 25 minutes. We're going to try to keep the total call to an hour. I will also direct your attention to the slide deck available on the investor relations page of our website, which is intended to help explain some of the moving pieces in our results and guidance.

The agenda today will go as follows. I'll begin with an overview of the results for the third quarter, John Weiland, our President and COO will review third quarter product line revenue. John DeFord our Senior VP, Science, Technology, and Clinical Affairs will give you an update on our product pipeline, and then Chris Holland, our Senior VP and CFO will give you the third quarter income statement, balance sheet, as well as our expectations for Q4 and obviously the full year. And then we will close with Q&A.

Third-quarter 2016 net sales totaled $941.9 million, that is up 9% over the third quarter of last year on an as reported basis, and up 10% on a constant currency basis. The currency impact for the quarter versus Q3 of last year was unfavorable, by about 90 basis points.

Our organic revenue growth was 6% for the quarter, excluding the prior-year stocking of Lutonix by Boston Scientific, we estimate that our organic sales growth was 6.4%. While our recent acquisitions performed above the guidance we provided, our targeted temperature management business, which can be a little lumpy, given timing issues, had a soft quarter. John Weiland will take you through the product lines in Chris will provide guidance. We will believe you will see continued strength and