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Actionable news in BCR: C.R BARD Inc,

C.R.: Vice President, Investor Relations

The following excerpt is from the company's SEC filing.

(908) 277-8065

Media Relations:

Scott T. Lowry

Vice President and Treasurer

(908) 277-8365

BARD ANNOUNCES FIRST QUARTER RESULTS

MURRAY HILL, NJ

(April 27, 2016) C. R. Bard, Inc. (NYSE: BCR) today reported 2016 first quarter financial results. First quarter 2016 net sales were $873.5 million, an increase of 7 percent over the prior-year period on an as-reported basis. Excluding the impact of foreign exchange, first quarter 2016 net sales increased 8 percent over the prior-year period.

For the first quarter 2016, net sales in the U.S. were $625.4 million, a n increase of 9 percent over the prior-year period. Net sales outside the U.S. were $248.1 million, an increase of 1 percent over the prior-year period on an as-reported basis. Excluding the impact of foreign exchange, first quarter 2016 net sales outside the U.S. increased 7 percent over the prior-year period.

For the first quarter 2016, net income was $116.2 million and diluted earnings per share were $1.54, a decrease of 17 percent and 15 percent, respectively, as compared to first quarter 2015 results. Adjusting for amortization of intangibles and certain items that affect comparability between periods, as detailed in the tables below, first quarter 2016 net income was $177.0 million and diluted earnings per share were $2.34, an increase of 10 percent and 11 percent, respectively, as compared to first quarter 2015 results.

Timothy M. Ring, chairman and chief executive officer, commented, Our strong results in the first quarter reflect continued momentum from the returns we have seen from our strategic investment plan. We continue to be in investment mode as we focus on shifting the mix of the portfolio to faster growth areas, including product and technology platforms, delivery platforms and increasing our presence in emerging markets.

In conjunction with the first quarter results, the company is also increasing 2016 financial guidance. For the full year 2016, net sales are forecasted to increase between 6 percent and 8 percent on an as-reported basis. Excluding the impact of foreign exchange, full year 2016 net sales are forecasted to increase between 7 percent and 8.5 percent over 2015. Full year 2016 diluted earnings per share, after adjusting for amortization of intangibles and certain items that affect comparability between periods are projected to be between $10.05 and $10.18, representing growth between 11 percent and 12 percent compared to full year 2015 results.

www.crbard.com

), headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of innovative, life-enhancing medical technologies in the fields of vascular, urology, oncology and surgical specialty products.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on managements current expectations, the accuracy of which is necessarily subject to risks and uncertainties. These statements are not historical in nature and use

words such as anticipate, estimate, expect, project, intend, forecast, plan, believe, objective and other words of similar meaning in connection with any discussion of future operating or financial performance. Many factors may cause actual results to differ materially from anticipated results including product developments, sales efforts, income tax matters, the outcomes of contingencies such as legal proceedings, and other economic, business, competitive and regulatory factors. The company undertakes no obligation to update its forward-looking statements. Please refer to the Cautionary Statement Regarding Forward-Looking Information in our December 31, 2015 Form 10-K for more detailed information about these and other factors that may cause actual results to differ materially from those expressed or implied.

Consolidated Statements of Income

(dollars and shares in thousands except per share amounts, unaudited)

Quarter Ended

March 31,

873,500

819,700

Costs and expenses

Cost of goods sold

320,400

311,200

Marketing, selling and administrative expense

270,600

235,700

Research and development expense

68,300

60,600

Interest expense

11,300

Other (income) expense, net

60,000

16,300

Total costs and expenses

730,600

635,100

Income from operations before income taxes

142,900

184,600

Income tax provision

26,700

44,800

Net income

116,200

139,800

Basic earnings per share available to common shareholders

Diluted earnings per share available to common shareholders

Wt. avg. common shares outstanding - basic

74,000

74,400

Wt. avg. common and common equivalent shares outstanding - diluted

75,200

75,800

Product Group Summary of Net Sales

(dollars in thousands, unaudited)

Quarter Ended March 31,

Change

Constant

Currency

Vascular

239,500

231,900

Urology

216,700

205,600

Oncology

241,900

224,600

Surgical Specialties

151,400

135,900

24,000

21,700

Foreign exchange impact

(14,300

Constant Currency

805,400

Non-GAAP Reconciliation of Earnings

(dollars in millions except per share amounts, unaudited)

Quarter Ended March 31, 2016

Cost of

Selling and

Administrative

Expense

Research &

Development

(Income)

Expense, Net

per Share

Available

to Common

Shareholders

GAAP Basis

Items that affect comparability of results between periods:

Amortization of intangible assets

Acquisition-related items

Litigation charges

Restructuring and productivity initiative costs

Adjusted Basis

Total per share amounts do not add due to rounding.

Notes to Non-GAAP Reconciliation of Earnings

For the three months ended March 31, 2016, the following items affected the comparability of results between periods: (i) amortization of intangible assets of $32.4 million pre-tax; (ii) net charges of $4.5 million pre-tax from acquisition-related items including transaction costs, purchase accounting adjustments and integration costs; (iii) a charge of $48.9 million pre-tax related to estimated costs for product liability matters; and (iv) charges of $9.8 million pre-tax for restructuring and productivity initiatives. The net effect of these items decreased net income by $60.8 million, or $0.81 diluted earnings per share available to common shareholders.

For the three months ended March 31, 2015, the following items affected the comparability of results between periods: (i) amortization of intangible assets of $28.9 million pre-tax; (ii) a net benefit of $9.2 million pre-tax from acquisition-related items including transaction costs, purchase accounting adjustments and integration costs; (iii) litigation charges of $10.3 million pre-tax for litigation-related defense costs in connection with the District Courts pre-trial orders that the company prepare 500 individual cases for trial (the WHP Pre-Trial Orders) and other litigation-related matters; and (iv) charges of $3.9 million pre-tax for restructuring and productivity initiatives. The net effect of these items decreased net income by $21.8 million, or $0.28 diluted earnings per share available to common shareholders.

This press release contains financial measures that are not calculated in accordance with United States generally accepted accounting principles (GAAP). These non-GAAP measures are reconciled to their most directly comparable GAAP measures in the above tables.

This press release includes net sales excluding the impact of foreign exchange. The company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, the company believes that evaluating growth in net sales on a constant currency basis provides an additional and meaningful assessment of net sales to both management and the companys investors.

In addition, this press release includes the following non-GAAP measures: (1) cost of goods sold excluding the amortization of intangible assets and the impact of acquisition-related items; (2) marketing, selling and administrative expense excluding charges for acquisition-related items; (3) research and development expense excluding charges for acquisition-related items; (4) other (income) expense, net, excluding acquisition-related items, litigation charges (which includes litigation-related defense costs in connection with the WHP Pre-Trial Orders) and other litigation-related matters, and restructuring and productivity initiative costs; (5) income tax provision excluding the tax effect of the items set forth in (1) through (4) above; and (6) net income excluding the items set forth in (1) through (5) above.

The company excluded the items described above because they may cause certain statements of operations categories not to be indicative of ongoing operating results, and therefore affect the comparability of results between periods. The company therefore believes that these non-GAAP measures provide an additional and meaningful assessment of the companys ongoing operating performance. Because the company has historically reported non-GAAP results to the investment community, management also believes that the inclusion of these non-GAAP measures provides consistency in its financial reporting and facilitates investors understanding of the companys historic operating trends by providing an additional basis for comparisons to prior periods. Management uses these non-GAAP measures: (1) to establish financial and operational goals; (2) to monitor the companys actual performance in relation to its business plan and operating budgets; (3) to evaluate the companys core operating performance and understand key trends within the business; and (4) as part of several components it considers in determining incentive compensation.

Management recognizes that the use of these non-GAAP measures has limitations, including the fact that they may not be comparable with similar non-GAAP measures used by other companies and that management must exercise judgment in determining which types of charges or other items should be excluded from the non-GAAP information. Management compensates for these limitations by providing full disclosure of each non-GAAP measure and a reconciliation to the most directly comparable GAAP measure. All non-GAAP measures are intended to supplement the applicable GAAP disclosures and should not be considered in isolation from, or as a replacement for, financial information prepared in accordance with GAAP. For a reconciliation of these non-GAAP measures to the most comparable GAAP measures, please see the above tables.

Notes to Earnings per Share

(dollars and shares in thousands, except per share amounts, unaudited)

Earnings per Share Numerator: GAAP Basis - basic and diluted

Less: Income allocated to participating securities (1)

Net income available to common shareholders

115,600

137,700

Earnings per Share Numerator: Adjusted Basis

177,000

161,600

176,200

159,200

Earnings per Share Denominator:

Earnings per Share: GAAP Basis

Earnings per Share: Adjusted Basis

Basic and diluted earnings per share available to common shareholders is calculated using a numerator, which represents the total of net income less income allocated to participating securities.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Submission of Matters to a Vote of Security - April 22, 2016
C.R. Bard's Senior Vice President and CFO just disposed of 1,650 shares - March 30, 2016