Becton Dickinson

BD’s revenue is predominantly recurring through disposables and service/consumable attachment to installed bases. Q3 FY25 showed margin and EPS growth, and FY25 guidance calls for mid-single-digit organic growth with improving profitability.

Life Sciences cyclicality (research funding, COVID testing normalization) introduces variability, but the planned separation with Waters should leave a more predictable medtech cash engine while BD shareholders retain exposure to the combined Waters platform.

The reinstated Alaris and the addition of APM increase visibility as remediation and installed-base refresh cycles progress. Geographic and product diversity further stabilize results.