Q1 2024 Baxter International Inc Earnings Call Transcript
Key Points
- Baxter International Inc (BAX) exceeded its first quarter guidance with a reported sales growth of 2% and 3% at constant currency rates.
- Adjusted earnings per share for continuing operations were $0.65, surpassing the guidance range of $0.59 to $0.62.
- The Medical Products and Therapies segment showed robust growth of 6% at both reported and constant currency rates, driven by pricing and volume gains.
- The Pharmaceuticals segment grew by 11% in the first quarter at both reported and constant currency rates, benefiting from new product launches in the U.S.
- The Kidney Care segment reported growth driven by pricing benefits and strong demand for Acute Therapies portfolio.
- The Healthcare Systems & Technologies segment declined by 9% at both reported and constant currency rates due to order timing and operational factors.
- Operational challenges in integrating enterprise accounts affected the performance in the Healthcare Systems & Technologies segment.
- Reduced volumes in China due to government-based procurement initiatives and a lower patient census impacted the Kidney Care segment.
- Certain product and market exits tempered growth in the Kidney Care business.
- Lower rental revenues negatively impacted sales by approximately $5 million in the Healthcare Systems & Technologies segment.
Good morning, ladies and gentlemen, and welcome to Baxter International's First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time.
I would now like to turn the call over to Ms. Clare Trachtman, Senior Vice President, Chief Investor Relations Officer at Baxter International. Ms. Trachtman, you may begin.
Good morning, and welcome to our first quarter 2024 earnings conference call. Joining me today are Joe Almeida, Baxter's Chairman and Chief Executive Officer; and Joel Grade, Baxter's Executive Vice President and Chief Financial Officer.
On the call this morning, we will be discussing Baxter's first quarter 2024 results along with our financial outlook for the second quarter and full year 2024. With that, let me start our prepared remarks by reminding everyone that this
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