Financial Data and Key Metrics Changes - Baxter reported second quarter 2022 sales of $3.7 billion, a 21% increase on a reported basis and a 26% increase at constant currency rates. Adjusted earnings per share were $0.87, up 9% year-over-year [12][20][28] - The company adjusted its full-year 2022 guidance, now expecting global sales growth of high teens on a reported basis and mid-20s at constant currency, with operational growth of 2% to 3% [30][31] Business Line Data and Key Metrics Changes - Renal care sales were $931 million, increasing 2% at constant currency, driven by growth in peritoneal dialysis (PD) [22] - Medication delivery sales reached $710 million, up 4% at constant currency, reflecting strong global demand despite lower sales in APAC due to COVID-related lockdowns [22] - Pharmaceutical sales grew 3% to $528 million, with international sales for inhaled anesthetics offsetting competition in the US [23] - Advanced surgery sales increased 8% to $263 million, supported by a recovery in elective procedures [24] - Acute therapies and biopharma solutions saw declines of 4% and 5% respectively, reflecting challenging comparisons to the previous year [24] Market Data and Key Metrics Changes - Sales in the Americas increased 2%, while Europe, the Middle East, and Africa grew 6%, and the APAC region saw a 1% increase, impacted by COVID resurgence in China [21] - The company faced significant back orders and backlogs due to supply chain challenges, particularly for electromechanical components [9][25] Company Strategy and Development Direction - The acquisition of Hillrom is seen as a key driver for Baxter's transformation, enhancing connected care innovation and expanding the global reach of its portfolio [8][18] - The company is committed to optimizing its cost structure and is preparing to pass through some of the increased costs to customers in the second half of 2022 [12][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply chain challenges, inflationary pressures, and increased freight costs impacting operations [10][19] - Despite these challenges, management expressed confidence in long-term growth prospects, citing a resilient portfolio and strong demand for products [17][19] Other Important Information - Baxter's adjusted gross margin decreased to 42.5%, and adjusted operating margin was 16.2%, reflecting increased expenses [26][27] - The company is preparing for a second wave of price increases to offset rising costs from suppliers [59][60] Q&A Session Summary Question: What are the biggest changes impacting guidance since January? - The company cited constraints related to electromechanical components and raw materials, impacting sales by over $100 million, along with challenges in pharmaceutical pricing [33][34] Question: Is the capital spending slowdown due to demand issues? - Management clarified that the slowdown is primarily due to staffing shortages affecting installations, not a decrease in demand [46][50] Question: Can you quantify the backlog? - The backlog has reached unprecedented levels, particularly in frontline care, with back orders at an all-time high, approximately sevenfold what is considered normal [67][68]

Baxter International Inc. (NYSE:BAX) Q1 2022 Results Conference Call April 28, 2022 8:30 AM ET Company Participants Clare Trachtman - VP, IR Joe Almeida - Chairman, CEO Giuseppe Accogli - COO Jay Saccaro - CFO Conference Call Participants Drew Ranieri - Morgan Stanley Danielle Antalffy - SVB Leerink Joanne Wuensch - Citi Larry Biegelsen - Wells Fargo Matt Miksic - Credit Suisse Pito Chickering - Deutsche Bank Robbie Marcus - JP Morgan Travis Steed - Bank of America Vijay Kumar - Evercore ISI Operator Good m ...

| --- | --- | |--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------| | UNITED STATES SECURITIES AND EXCHANGE Washington, D.C. 20549 | COMMISSION _____________________________________________________________________________________________ | | FORM 10-K | | (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended De ...

Baxter International Inc. (NYSE:BAX) Q4 2021 Earnings Conference Call February 17, 2022 8:30 AM ET Company Participants Clare Trachtman – Vice President, Investor Relations Joe Almeida – Chairman and Chief Executive Officer Jay Saccaro – Chief Financial Officer Giuseppe Accogli – Chief Operating Officer Conference Call Participants Robbie Marcus – JPMorgan Vijay Kumar – Evercore ISI Pito Chickering – Deutsche Bank Larry Biegelsen – Wells Fargo Joshua Jennings – Cowen Matt Miksic – Credit Suisse Joanne Wuens ...