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Baxter International Inc BAX Stock Quote

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Baxter Trims 2022 Outlook Again Due to Ongoing Economic and Supply Chain Challenges; Shares Cheap

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat Baxter roughly met expectations for the third quarter, but it trimmed its 2022 outlook for the third time in as many quarters to slightly below our expectations on an adjusted basis. Although this mild change has not materially affected our $85 fair value estimate, investors appear to be discounting Baxter shares below fair value because of the company's position on the front lines of any economic slowdown that affects global hospitals. While Baxter's near-term financial prospects are murkier than usual, we suspect its long-term prospects have not changed much. We think long-term investors should consider recent share weakness as an opportunity to invest in a high-quality medical supplier at a cheap price.

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Key Statistics BAX

Company Profile BAX

Business Description

Baxter offers a variety of medical instruments and supplies to caregivers. It enhanced its portfolio of hospital-focused offerings by acquiring Hillrom in late 2021. Legacy Baxter offers tools to help patients with acute and chronic kidney failure. It also sells a variety of injectable therapies for use in care settings, such as IV pumps, administrative sets, and solutions; nutritional products; and surgical sealants and hemostatic agents. The company offers contract manufacturing services to pharmaceutical companies. The Hillrom transaction has added basic equipment, including hospital beds, to the portfolio, although about half of Hillrom's 2021 revenue came from more digitally connected offerings like its smart beds and Voalte medical communications app.

One Baxter Parkway
Deerfield, IL, 60015
T +1 224 948-2000
Industry Medical Instruments & Supplies
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 60,000

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