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Bard Provides Financial Guidance For 2002

Murray Hill, NJ -- February 08, 2002 -- C. R. Bard, Inc. (NYSE-BCR) today communicated its estimates for full year 2002 and first quarter 2002 financial performance. The Company has targeted revenue growth for the full year 2002 at 8 percent in constant currency. Also, for the full year 2002, the Company estimates that earnings per share will be between $3.27 and $3.31 including a 24 cent impact from the elimination of goodwill amortization in accordance with Statement of Financial Accounting Standards No. 142 (SFAS 142), "Goodwill and Other Intangible Assets". First quarter 2002 revenue is expected to grow between 6 and 8 percent, in constant currency, with earnings per share of 78 to 79 cents including a 6 cent impact from the elimination of goodwill amortization.

This guidance excludes the impact of a charge associated with the termination of Bard's merger agreement with Tyco International Ltd., to be recorded in the first quarter. This charge is not expected to exceed $10 million on a pre-tax basis.

The Company provided further guidance on revenues and ratios for the full year 2002 along with its year end 2001 balance sheet and cash flow statements, and supplemental information on 2001 results following the text of this release.

Bard expects to reinitiate its quarterly earnings conference call following the first quarter of 2002. Earnings for the first quarter are tentatively scheduled to be released on April 16, 2002.

C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey, is a leading multinational developer, manufacturer and marketer of health care products in the fields of vascular, urology, oncology and surgical specialty products.

This press release contains forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our September 30, 2001 Form 10-Q for a statement with regard to forward-looking statements, including disclosure of the factors that could cause actual results to differ materially from those expressed or implied.

Revenue Growth

(in constant currency)

Disease State   % Range

 
Vascular   6 - 8%
Urology   5 - 7%
Oncology   8 - 10%
Surgery   10 - 12%

 

Income Statement

Selected Ratios

(% to sales)

    % Range
   
Gross Profit   53.2 - 53.6%
SG&A   28.5 - 29.0%
R&D   4.5 - 5.5%
Income Taxes (% IBT)   28.2 - 28.7%

C. R. Bard, Inc.

Condensed Consolidated Balance Sheets

For the Periods Ended

(in thousands)

  December 31, 2001 December 31, 2000


ASSETS
Cash and short-term investments $271,000 $119,700
Accounts receivable, net $176,800 $195,800
Inventories $182,000 $193,500
Other current assets $17,600 $17,600


    Total current assets $647,400 $526,600


     
Property, plant and equipment, net $157,900 $155,500
     
Intangible assets, net of amortization $372,900 $356,200
     
Other assets $52,900 $50,900


     
Total assets $1,231,100 $1,089,200


     
LIABILITIES AND SHAREHOLDERS' INVESTMENT
Short-term debt $800 $800
Accounts payable $43,600 $56,000
Accrued liabilities $190,100 $167,700


    Total current liabilities $234,500 $224,500


Long-term debt $156,400 $204,300
Other long-term liabilities $51,500 $46,500


     
Shareholders' Investment $788,700 $613,900


Total liabilities and shareholders' investment $1,231,100 $1,089,200


 

C.R. Bard, Inc.

Condensed Consolidated Statements of Cash Flows

For the Periods Ending

(in thousands)

 

Twelve Months Ended

December 31

 

2001

2000



Cash flows from operating activities:    
    Net income $143,200 $106,900
    Non-cash items and other $104,900 $99,800



    $248,100 $206,700



     
Cash flows from investing activities:    
    Capital expenditures ($27,400) ($19,400)
    Other long-term investments, net ($44,700) ($36,600)



  ($72,100) ($56,000)



     
Cash flows from financing activities:    
    Purchase of common stock ($17,500) ($17,800)
    Dividends paid ($43,100) ($41,800)
    Other financing activities $35,400 ($63,300)



  ($25,200) ($122,900)



     
Translation adjustment ($2,600) ($6,400)
       
Cash and cash equivalents:    
    Increase during the period $148,200 $21,400
    Balance at January 1, $114,100 $92,700



    Balance at December 31, $262,300 $114,100



 

C. R. Bard, Inc.

Revenue Growth Rates by Product Group

For the Quarter and Twelve Month Period Ending December 31,2001

 

 

Quarter Ending 12/31/01

Twelve Months Ending 12/31/01

  % Growth As Reported % Growth Constant Currency % Growth As Reported % Growth Constant Currency




VASCULAR DIAGNOSIS & INTERVENTION        
    Electrophysiology 13% 12% 10% 12%
    Radiology 6% 5% 4% 6%
    Grafts 7% 6% 0% 1%




      TOTAL VASCULAR

8% 7% 4% 6%




         
UROLOGICAL DIAGNOSIS & INTERVENTION        
    Basic Drainage -1% -1% 1% 2%
    Urological Specialties 23% 23% 21% 22%




      TOTAL UROLOGICAL

7% 7% 8% 9%




         
ONCOLOGICAL DIAGNOSIS & INTERVENTION        
    Specialty Access 5% 5% 7% 8%
    Interventional (G.I.) 11% 11% 12% 13%




      TOTAL ONCOLOGICAL

7% 7% 9% 9%




         
SURGICAL SPECIALTIES        
    Soft Tissue Products 21% 20% 21% 22%
    Performance Irrigation -1% -1% -2% -2%
    Hemostasis 13% 13% 18% 18%




TOTAL SURGICAL SPECIALTIES

13% 13% 12% 13%




       

TOTAL OTHER PRODUCTS

1% 1% 0% 0%




         

TOTAL NET SALES

8% 8% 8% 9%





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Primary Media Relations Contact

Scott Lowry
Vice President and Treasurer
C. R. Bard, Inc.
730 Central Avenue
Murray Hill, NJ 07974

Tel: 908-277-8365