Baxter (NYSE:BAX) today posted fourth-quarter results that beat the overall consensus on Wall Street.
The Deerfield, Illinois-based company reported profits of $242 million, or 47¢ per share, on sales of $3.5 billion for the three months ended Dec. 31, 2021, for a bottom-line gain of 41.5% on sales growth of 10.5% compared with Q4 2020.
Adjusted to exclude one-time items, earnings per share were $1.04, a penny ahead of The Street, where analysts were looking for sales of $3.35 billion.
“Amid a historic pandemic and global supply chain challenges, Baxter achieved solid top- and bottom-line growth for the fourth quarter and full year. Performance reflects sustained demand for our portfolio of medically essential products coupled with the impact of our ongoing transformation,” CEO José (Joe) Almeida said in a news release.
“Our December 2021 acquisition of Hillrom creates new potential for our team to advance connected care solutions, expand portfolio access and capture efficiencies to drive enhanced value for patients, clinicians, employees, investors and other stakeholders.”
For full-year 2022, Baxter expects sales growth of 24% to 25% on a reported basis. It expects GAAP earnings of $2.91 to $3.01 per diluted share and adjusted earnings of $4.25 to $4.35 per diluted share.
Shares in BAX were down 2.8% $82.75 apiece by mid-day trading today. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down 1.4%.