Seeking Alpha

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)
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