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Dec 31, 2021
Baxter Q4 2021 Earnings Report
Reported fourth-quarter and full-year results, reflecting growth in sales and earnings per share driven by sustained demand and the acquisition of Hillrom.
Key Takeaways
Baxter International Inc. reported a 10% increase in fourth-quarter sales, reaching $3.5 billion, and a 42% increase in U.S. GAAP earnings per share to $0.47. The results include 19 days of contribution from Hillrom following its acquisition in December 2021. The company's performance reflects strong demand for its medically essential products and the impact of its ongoing transformation.
Fourth-quarter sales increased 10% on a reported basis, 12% on a constant currency basis, and 4% on an operational basis.
U.S. GAAP earnings per share (EPS) were $0.47, and adjusted EPS was $1.04 for the fourth quarter.
Full-year revenue increased 10% on a reported basis, 7% on a constant currency basis, and 5% on an operational basis.
The acquisition of Hillrom is expected to accelerate top- and bottom-line performance and drive innovation in connected care solutions.
Revenue by Geographic Location
Forward Guidance
Baxter expects full-year 2022 sales growth of 24% to 25% on a reported basis and adjusted earnings of $4.25 to $4.35 per diluted share. For the first quarter of 2022, the company anticipates sales growth of 24% to 25% on a reported basis and adjusted earnings of $0.79 to $0.82 per diluted share.
Positive Outlook
- Sales growth of 24% to 25% on a reported basis for full-year 2022.
- Adjusted earnings of $4.25 to $4.35 per diluted share for full-year 2022.
- Sales growth of 24% to 25% on a reported basis for first-quarter 2022.
- Adjusted earnings of $0.79 to $0.82 per diluted share for first-quarter 2022.
- Operational sales growth of approximately 4% for full-year 2022.
Challenges Ahead
- Hillrom is expected to negatively impact sales growth by (25)% - (26)% in Q1 2022
- Hillrom is expected to negatively impact sales growth by (22)% - (23)% in FY 2022
- Foreign exchange is expected to positively impact sales growth by 3% in Q1 2022
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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