Baxter (NYSE: BAX) this week posted second-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.
The Deerfield, Ill.-based company reported profits of $301 million, or 59¢ per share, on sales of $3.098 billion for the three months ended June 30, for a bottom-line gain of 21.9% on sales growth of 13.98% compared with Q2 2020.
Adjusted to exclude one-time items, earnings per share were 80¢, 5¢ ahead of The Street, where analysts were looking for sales of $3.11 billion.
“As markets worldwide continue to cope with the effects from the COVID-19 pandemic, Baxter’s second-quarter performance reflects the diversity and durability of our lifesaving portfolio combined with the breadth of our geographic reach,” president and CEO José Almeida said in a news release.
“Our drive to innovate, the essential nature of our product lines and the momentum of our transformation are all critical factors in our effort to improve performance and extend our impact. I am looking forward to our upcoming investor conference in September, where we will showcase our strategies to help drive incremental value for patients, clinicians, investors and the many other stakeholders we serve.”
Baxter updated its full-year guidance and now expects $3.49 to $3.55 adjusted earnings per share.
Baxter also announced today that it has completed the $60.8 million acquisition of certain assets related to CryoLife’s PerClot polysaccharide hemostatic system. The deal includes $25 million paid upfront and the remainder will be paid out upon achievement of certain select milestones.
“The addition of PerClot further enhances our ability to optimize patient care by addressing a broad range of intraoperative bleeding with both active and passive hemostatic solutions, helping surgeons to use the right product for the right bleed,” Wil Boren, president of Baxter’s advanced surgery business, said in a news release.
Shares in BAX were down nearly –4.5% to $78.26 apiece in morning trading. MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.
