C.R. BARD INC. $76 (New York symbol BCR; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 96.5 million; Market cap: $7.3 billion; Price-to-sales ratio: 2.9; WSSF Rating: Above Average) makes medical devices in four main areas: urology products, such as drainage and incontinence devices (29% of 2008 sales); vascular products, such as stents and catheters (26%); oncology products that detect and treat various types of cancer (26%); and surgical tools (15%). Other medical products supply the remaining 4%. Bard is looking to add to the number of products it offers over the next few years. This should help it hang onto more of its customers, which mainly consist of hospitals and clinics.
The company spends 8% of its revenue on research, and is increasing this spending to develop more new products. Bard also plans to buy other medical-device makers. The company’s strong balance sheet will help support both its research and its acquisition efforts. It holds cash of $632.1 million, or $6.55 a share, and its total debt is just $149.8 million.
Bard earned $129.5 million in the three months ended September 30, 2009. That’s up 15.2% from $112.4 million a year earlier. Earnings per share climbed 20.2%, to $1.31 from $1.09, on fewer shares outstanding. Sales rose 3.3%, to $637.0 million from $616.8 million. Bard gets 30% of its sales from outside the U.S., so the higher U.S. dollar hurt the value of its overseas sales. If you disregard currency rates, Bard’s sales would have risen by 6%.
The stock peaked at $101.60 in September 2008, but fell to $69 in March 2009. It now trades at 15.1 times Bard’s likely 2009 earnings of $5.04 a share. That’s cheap in light of the company’s diverse revenue sources, strong balance sheet and high research spending. The $0.68 dividend yields 0.9%.
C.R. Bard is a buy.
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