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Thursday, Baxter International Inc (NYSE: BAX) posted a fourth-quarter 2023 revenue of $3.89 billion, which beat the consensus of $3.80 billion, up 4% Y/Y on a reported basis and 3% on a constant currency.
Baxter guided fourth-quarter sales growth of 1%-2% on a reported basis and approximately 1% on a constant currency basis.
Fourth-quarter sales performance exceeded guidance, driven by better-than-expected sales in the company’s Medical Products and Therapies, Kidney Care, and Pharmaceuticals segments.
Sales growth in the quarter was driven by strong performance in the Healthcare Systems and Technologies segment, reflecting strength in Care and Connectivity Solutions, and increased demand for Medical Products and Therapies and Pharmaceuticals products, partially offset by a decline in Kidney Care sales.
Medical Products and Therapies segment sales increased 6% to $1.32 billion, Healthcare Systems and Technologies sales reached $795 million, up 8%, Pharmaceuticals sales increased 8% to $596 million, and Kidney Care sales fell 1% to $1.16 billion.
Adjusted EPS of $0.88 surpassed the consensus of $0.86 and the management guidance of $0.85-$0.88.
Baxter reported a gross margin of 37.9% in the fourth quarter compared to 37.1% a year ago. The company’s operating margin improved from 7.7% to 8.5%.
Net income attributable to Baxter stockholders increased 35% Y/Y to $245 million.
Guidance: Baxter forecasts first quarter 2024 adjusted EPS of $0.59-$0.62 versus consensus of $0.63, with sales growth of approximately 1% on a reported basis and 1%-2% on a constant currency basis.
The company expects fiscal year 2024 adjusted EPS of $2.85-$2.95 versus consensus of $2.94, with sales growth of approximately 2% on both a reported and constant currency basis.
Price Action: BAX shares are up 1.88% at $40.12 on the last check Thursday.
Photo via Wikimedia Commons
Posted In: BAX
