Becton, Dickinson and Company (BD) has reported a 2.8% decline in revenue to $4.58bn in the first quarter (Q1) of the fiscal year 2023, from $4.71bn in the same quarter of the previous year.

The base business revenue grew by 0.4%, or 5.2% on a currency-neutral basis, for the quarter, reaching $4.55bn compared to $4.53bn in the prior-year quarter.

The company’s GAAP stood at $1.70, while the adjusted diluted EPS was at $2.98.

For the quarter, the BD Medical segment reported $2.15bn in revenues, a 1.6% growth from $2.12bn in the same quarter of the previous year.

This growth is attributed to strong performance in the Medication Delivery Solutions (MDS) and Pharmaceutical Systems (PS) business units.

The BD Life Sciences segment generated $1.3bn revenue, showing a 12.2% decrease from $1.48bn in the prior year’s quarter.

In the BD Interventional segment, $1.129bn revenue was generated, representing a 1.3% increase from the year-ago quarter.

This growth is mainly driven by strong performance in the Peripheral Intervention (PI) business unit.

BD chairman, CEO and president Tom Polen said: “Our strong performance in Q1 reflects the momentum of our BD 2025 strategy, driven by a combination of innovation and continued strong execution.

“Consistent, durable performance in our base business reflects our team’s relentless focus on delivering category-leading products and transformative solutions that are helping our customers deliver quality and more cost-effective care to patients around the world.”

The company concluded the spin-off of its Diabetes Care business into a separate company, dubbed Embecta, on 1 April 2022.

Last month, BD introduced the new third-generation BD Kiestra Total Lab Automation System for microbiology laboratories.