Baxter (NYSE:BAX) this week posted first-quarter results that beat the overall consensus on Wall Street.
The Deerfield, Illinois-based maker of products to kidney disease — and a host of other chronic and acute medical conditions — reported profits of $71 million, or 14¢ per share, on sales of $3.7 billion for the three months ended March 31. The Q1 2022 results represented a bottom-line loss of 76.2% on sales growth of 25.6% compared with Q1 2021.
Adjusted to exclude one-time items, earnings per share were 93¢, 13¢ ahead of The Street, where analysts were looking for sales of $3.68 billion.
“Our positive momentum in the first quarter of 2022 was fueled by the diversity and durability of our medically essential product portfolio – dynamics that have further strengthened with our recent acquisition of Hillrom,” CEO José Almeida said in a news release. “As we continue to navigate the impact of COVID-19, geopolitical unrest, inflationary pressures and supply chain challenges, we remain focused on advancing our lifesaving mission and enhancing shareholder value through innovation, increased global portfolio access and our steadfast focus on operational effectiveness. We look forward to sharing more information at our upcoming 2022 Investor Conference on how our strategy, long-range plan and trajectory will benefit our many stakeholder communities.”
Baxter said it expects full-year 2022 GAAP earnings to be in the range of $2.35 to $2.43 per diluted share and adjusted earnings, before special items, of $4.12 to $4.20 per diluted share.
Shares in BAX were down slightly to $70.43 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down 2%.