The Deerfield, Ill.-based company posted profits of $343 million, or 63¢ per share, on sales of $2.8 billion for the three months ended June 30, seeing profits grow 29.4% while sales grew 9.1% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 77¢, just ahead of the 71¢ expectations on Wall Street where analysts expected too see sales of $2.8 million, which the company met.
“Our solid second quarter performance supports the strategic priorities we laid out at our May investor conference to deliver sustainable long-term growth across our diversified portfolio. We remain relentlessly focused on enhancing operational efficiency throughout the company, while also increasing investments in innovative therapies and products to benefit patients and healthcare providers and accelerate top-line growth,” chair & CEO José Almeida said in a press release.
The company also lifted its outlook for the remainder of 2018, expecting to post adjusted EPS of between $2.94 and $3 per diluted share, with sales growth of approximately 6%. For the third quarter, Baxter said it expects to post adjusted EPS of between 72¢ and 74¢, with sales growth of approximately 3%.
Shares in Baxter have dropped 3.7% so far today, at $73.73 as of 2:25 p.m. EDT.
In May, Baxter released new data from studies exploring expanded hemodialysis with its Theranova dialyzer, touting the device’s ability to clear large middle molecules at a higher rate than standard hemodialysis and equal or faster removal rates compared to high-volume hemodiafiltration.