Why Baxter International Stock Sank by 12% This Week
Healthcare tech company Baxter International's (NYSE: BAX) stock lost over 12% of its value this week, according to data from S&P Global Market Intelligence. That wasn't particularly a surprise, as it reported a set of earnings and proffered guidance that didn't meet expectations.
Before market hours on Thursday, Baxter published its fourth-quarter and full-year 2022 figures. These showed that quarterly sales were $3.9 billion, 11% higher on a year-over-year basis. Going in completely the opposite direction was the bottom line, which declined to $444 million ($0.88 per share), according to non-GAAP (adjusted) standards from the year-ago income of $521 million.
This represented a mixed quarter for Baxter, as it topped the average analyst estimate for sales (of just under $3.8 billion) but was under that for adjusted, per-share net profit ($0.94).
Source Fool.com
