Zinger Key Points
- The Deerfield, Illinois-based company is executing 'a cost reduction program.'
- This initiative is expected to deliver more than $300 million in savings during 2023.
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- Baxter International Inc (NYSE: BAX) posted Q4 revenue of $3.89 billion, which beat the consensus of $3.77 billion, up 11% Y/Y on a reported basis, 17% on a constant currency, and 2% on an operational basis.
- Adjusted EPS of $0.88 came in below the consensus of $0.94.
- Advanced Surgery and Clinical Nutrition delivered mid-to-high single-digit growth at constant currency rates, reflecting solid demand across both product categories.
- Renal Care delivered low single-digit growth at constant rates, driven by mid-single-digit growth of peritoneal dialysis therapies offset by low single-digit declines in in-center hemodialysis therapies.
- Double-digit growth at constant rates in BioPharma Solutions (BPS) reflected strong demand for non-COVID-related services, which more than offset lower COVID-19 vaccine manufacturing revenues.
- The Deerfield, Illinois-based company is executing a cost reduction program in parallel with its operating model redesign that is expected to be finalized later this quarter.
- This initiative is expected to deliver more than $300 million in savings during 2023 and expect to result in a global workforce reduction of less than 5%.
- Related: Baxter Plans Divesting Renal Care Business Into Separate Public Company, Shares Fall.
- Outlook: Baxter expects FY23 adjusted EPS of $2.75-$2.95 vs. consensus of $3.56. For Q1 FY23, the company forecasts $0.46-$0.50 Vs. $0.76 estimate.
- Price Action: BAX shares are down 8.17% at $41.95 during the premarket session on the last check Thursday.
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