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Bard Announces First Quarter Results

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, an 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.

C. R. Bard, Inc. ( 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 management’s 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.

C. R. Bard, Inc.
Consolidated Statements of Income
(dollars and shares in thousands except per share amounts, unaudited)
Quarter Ended
March 31,
2016 2015
Net sales $ 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 11,300
Other (income) expense, net 60,000 16,300
Total costs and expenses ...

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