real-time news and commentary for investors
Thursday, Oct 17
Baxter slides as quarter, guidance underwhelm
- Shares of Baxter (BAX) slip 3.8% in premarket trading as investors digest the company's quarter.
- Revenue of $3.8B is a 9% improvement from last year's quarter, although the top line fell slightly short of Street estimates (around 3% of the Y/Y growth is attributable to the Gambro acquisition).
- U.S. sales rose 9%, as did international sales.
- "Improved" demand for Advante and Feiba drove a 6% Y/Y increase in BioScience revenues
- Medical Products sales rose 10% (including Gambro).
- Outlook: Q4 sales growth of 14-15% (ex-currency impact) and EPS of $1.24-1.26 against consensus of $1.26/share on $4.31B in sales. FY13 sales growth of 7% (ex-currency impact and including Gambro) and EPS of $4.65-4.67 — the earnings outlook is consistent with previous guidance and is in line with consensus. (PR)