C.R. BARD INC. $96 (New York symbol BCR; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 85.0 million; Market cap: $8.2 billion; Price-to-sales ratio: 3.1; Dividend yield: 0.8%; TSINetwork Rating: Above Average; www.crbard.com) makes medical devices in four main areas: vascular products, such as stents and catheters (28% of 2010 sales); oncology products that detect and treat various types of cancer (27%); urology products, such as drainage and incontinence devices (26%); and surgical tools (16%). Other medical products supply the remaining 3%.
The company has several plans to spur its growth. For example, it aims to increase its international sales, which now account for 30% of its total sales.
As well, Bard wants to launch more new products. It spent 6.8% of its sales on research in 2010. It aims to raise that to 7.5% in 2011.
The company also plans to add to its product lineup by continuing to buy other medical-device makers. In 2010, it spent over $300 million on acquisitions. The biggest was its $213.5-million purchase of California-based SenoRx Inc., which makes devices that help diagnose and treat breast cancer.
These new businesses are part of the reason why Bard’s earnings rose 10.7% in 2010, to $509.2 million from $460.1 million in 2009. Bard spent $1.1 billion on share buybacks in 2010. Because of fewer shares outstanding, earnings per share rose 15.7%, to $5.32 from $4.60.
Even with these purchases, Bard’s goodwill of $607.4 million is a low 7% of its market cap. As well, its long-term debt of $896.9 million is just 1.3 times its 2010 cash flow. The company holds cash of $641.4 million, or $7.55 a share.
The stock has gained 25% in the past six months. Even so, it trades at a reasonable 15.0 times the $6.39 a share that Bard will probably earn in 2011.
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