SHERIDAN, WYOMING – November 10, 2024 – Baxter International Inc. (NYSE:BAX), a global medtech leader, today announced strong third-quarter 2024 results, exceeding its previously issued earnings guidance. The company also provided an update on the ongoing recovery efforts at its North Cove, North Carolina manufacturing facility following the impact of Hurricane Helene.
Financial Performance
Baxter reported third-quarter 2024 sales of $3.85 billion, with sales from continuing operations increasing 4% on both a reported and constant currency basis. Adjusted diluted earnings per share (EPS) were $0.80, exceeding the company's guidance.
"Baxter delivered positive performance in the third quarter of 2024, as the company continues to execute against its strategic transformation," said José (Joe) E. Almeida, chair, president and chief executive officer.
Hurricane Recovery Update
Baxter continues to make significant progress in restoring production at its North Cove facility, which experienced unprecedented flooding due to Hurricane Helene. The company has now restarted its highest-throughput IV solutions manufacturing line, representing approximately 25% of the site's total production.
"I want to recognize the tireless efforts of our North Cove team as well as the countless other Baxter colleagues globally who have committed themselves to site restoration and helping address supply continuity amid this crisis," said Almeida.
Supply Continuity and Patient Focus
Baxter is actively working to ensure an ongoing supply of essential medical products to patients. The company has implemented various measures to mitigate the impact of the North Cove facility disruption, including activating other manufacturing plants, securing temporary importation authorization for certain products, and receiving FDA authorization to extend the use dates of over 50 IV and irrigation products.
Kidney Care Business Update
Baxter also provided an update on the pending sale of its Kidney Care business to Carlyle. The transaction is expected to close in late 2024 or early 2025, subject to regulatory approvals and other closing conditions.
Financial Outlook
Baxter adjusted its full-year 2024 financial outlook to reflect the estimated impact of Hurricane Helene on its fourth-quarter results. The company now expects total company sales growth of 1% to 2% on a reported basis and approximately 2% on a constant currency basis.
About Baxter
Baxter International Inc. is a global medtech leader, providing a broad portfolio of diagnostic, critical care, nutrition, kidney care, hospital, and surgical products used across patient homes, hospitals, physician offices, and other sites of care.
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