- Baxter International Inc (NYSE: BAX) posted Q3 revenue of $3.77 billion, which missed the consensus of $3.94 billion, up 17% on a reported basis, 23% on a constant currency basis, and rising slightly on an operational basis.
- Adjusted EPS of $0.82 came in line with the consensus and the management guidance of $0.79- $0.83.
- Renal Care, Clinical Nutrition, and Advanced Surgery delivered mid-single-digit growth.
- Medication Delivery performance was comparable to the same period in 2021. Growth was partially offset by a low single-digit decline in Pharmaceuticals, primarily due to generic competition.
- Acute Therapies and BioPharma Solutions declined, reflecting challenging comparisons due to a return to normal sales following increased COVID-19-related sales in Q3 FY21.
- Outlook: Baxter expects FY22 adjusted EPS of $3.53-3.60, lower than prior guidance of $3.60 – $3.70 versus the consensus of $3.62.
- The company forecasts sales growth of 17%-18% on a reported basis, approximately 23% on a constant currency basis, and low single digits on an operational basis.
- For Q4 FY22, Baxter sees sales growth of mid-to-high single digits on a reported basis, mid-teens on a constant currency basis, and approximately flat on an operational basis.
- It sees FY22 Adj. EPS of $0.92-$0.99 vs. the consensus estimate of $1.00.
- Price Action: BAX shares are down 6.35% at $53.97 on the last check Thursday.
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