Group 1 - The presentation features Baxter's executive team, including Joel Grade, EVP and CFO, and Kevin Moran from Investor Relations [1] - The discussion reflects on the past 18 months, highlighting initial optimism and subsequent challenges faced by the company [3] - Management changes, particularly the arrival of Andrew, are noted as significant factors impacting the company's trajectory [4] Group 2 - Forward-looking statements will be made during the presentation, which are subject to risks and uncertainties [2] - The company encourages stakeholders to refer to their Investor Relations website or SEC filings for more detailed information [2]

Core Insights - Baxter International Inc. is a global healthcare company providing essential medical products, operating in a competitive landscape with peers like Medtronic and Becton Dickinson [1] - Morgan Stanley set a new price target for Baxter at $15, indicating a potential downside of approximately -21.38% from the current trading price of $19.08 [1][5] - Faruqi & Faruqi, LLP is investigating potential claims against Baxter for investors who purchased securities between February 23, 2022, and July 30, 2025 [2][4][5] Company Performance - Baxter's current stock price is $19.08, reflecting an increase of 1.81% or $0.34, with a trading volume of 8,389,032 shares [3][5] - The stock has fluctuated between a low of $18.55 and a high of $19.20 on the current trading day [3] - Over the past year, Baxter's stock reached a high of $37.74 and a low of $17.40 [3] - The company has a market capitalization of approximately $9.81 billion [3][5]

Summary of Baxter International FY Conference Call (December 02, 2025) Company Overview - **Company**: Baxter International (NYSE:BAX) - **Industry**: Healthcare, specifically in medical devices and pharmaceuticals Key Points and Arguments Leadership Changes - Andrew, the new CEO, brings a strong operational background from companies like GE and Danaher, focusing on continuous improvement and stability in operations [4][5] - The company aims to enhance execution consistency to improve margins and cash flows [6][7] Business Performance and Challenges - The past 18 months have been tumultuous, with initial optimism followed by challenges including management changes and external factors like hurricanes [3][9] - Key areas affecting guidance include: - **Pump Sales**: Initially strong but faced unexpected challenges, leading to a downward revision in expectations [9][10] - **Fluid Conservation**: Post-hurricane production ramp-up has led to a new normal in customer behavior, with a 10%-15% reduction in usage compared to pre-hurricane levels [10][11] - **Pharmaceutical Business**: Market softness in injectables, particularly in the U.S., has impacted overall guidance [11][12] Customer Behavior and Product Demand - Customer behavior regarding pump usage has been mixed, with some opting to switch to Spectrum pumps or return Novum products [16][19] - Demand for Spectrum pumps remains solid, with production ramped up to meet needs [17][18] - The company has not quantified the total revenue headwind from Novum for fiscal 2025 but indicated that pump sales are less than 2% of total sales [20][21] Market Share and Competitive Landscape - Baxter's pump market share is in the high 20s in the U.S., with some share loss attributed to Novum issues [22][23] - Historical data shows that Spectrum pumps have been gaining market share prior to Novum's introduction [25][26] Financial Guidance and Margins - The company anticipates continued challenges in margins due to volume impacts, tariffs, and MSA margin dilution [63][64] - Pricing improvements from renegotiated GPO contracts are expected to contribute positively to margins [63] Future Outlook - The company is optimistic about new product launches, including the Connex 360 next-generation monitor, which is expected to contribute to growth in 2026 [60][61] - There is a focus on improving free cash flow conversion, with expectations for improvement in 2026 [67][68] Conclusion - Baxter is navigating a complex landscape with leadership changes, market challenges, and a focus on operational improvements. The company is committed to enhancing execution and addressing customer needs while preparing for future growth through innovation and strategic planning [5][60][67]

Key Takeaways BAX is permanently removing the Life2000 ventilation system after identifying a serious cybersecurity issue.The flaw in BAX's Life2000 could let unauthorized users alter data or therapy settings, risking failure.BAX reports no serious injuries but urges patients and facilities to stop using Life2000 units immediately.Baxter (BAX) has issued a recall for its Life2000 Ventilation System due to a cybersecurity issue discovered through internal testing, per this FDA notice. The recall has been ide ...

Core Viewpoint - A class action securities lawsuit has been filed against Baxter International, Inc. due to alleged securities fraud affecting investors between February 23, 2022, and July 30, 2025 [2][3]. Group 1: Lawsuit Details - The lawsuit claims that Baxter's product, the Novum LVP, had systemic defects leading to malfunctions such as underinfusion, overinfusion, and non-delivery of fluids, posing serious risks to patients [3]. - It is alleged that Baxter was aware of multiple malfunctions, injuries, and deaths related to these defects but failed to take adequate remedial measures [3]. - The complaint states that Baxter's public statements regarding the safety, efficacy, and sales prospects of the Novum LVP were materially false and misleading [3]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until December 15, 2025, to request appointment as lead plaintiff, although participation does not require serving in this role [4]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [4]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a history of securing significant settlements for shareholders and is recognized as one of the top securities litigation firms in the United States [5].

Core Viewpoint - A class action securities lawsuit has been filed against Baxter International, Inc. due to alleged securities fraud related to the company's product, Novum LVP, which reportedly has systemic defects leading to serious patient risks [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Baxter's Novum LVP product has systemic defects causing malfunctions such as underinfusion, overinfusion, and non-delivery of fluids, posing risks of serious injury or death to patients [2]. - Baxter was allegedly aware of multiple device malfunctions, injuries, and deaths linked to these defects but failed to implement adequate remedial measures [2]. - The complaint suggests that Baxter's statements regarding the safety, efficacy, and sales prospects of the Novum LVP were materially false and misleading [2]. Group 2: Investor Information - Investors who suffered losses during the specified period (February 23, 2022, to July 30, 2025) have until December 15, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require this [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [3]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a history of securing significant recoveries for shareholders and is recognized as one of the top securities litigation firms in the United States [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Baxter International Inc. common stock during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who bought Baxter common stock between February 23, 2022, and July 30, 2025, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - To participate in the class action, investors can submit their information through the provided link or contact the law firm directly [3][6]. - The deadline to move the Court to serve as lead plaintiff is December 15, 2025 [3]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4]. - The firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time, and has consistently ranked highly in securities class action settlements [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering funds for clients [4]. Group 3: Case Allegations - The lawsuit alleges that Baxter misled investors by failing to disclose systemic defects in the Novum IQ Large Volume Pump, which led to serious malfunctions and risks to patient safety [5]. - Baxter was reportedly aware of multiple device malfunctions and injuries but did not take adequate remedial measures, leading to a heightened risk of product recalls and sales halts [5]. - The firm claims that Baxter's statements regarding the safety and efficacy of the Novum LVPs were materially false and misleading, resulting in investor damages when the truth was revealed [5].

Core Viewpoint - The Life2000 ventilator by Baxter, initially seen as a promising product, has been permanently withdrawn from the market due to cumulative vulnerabilities and a significant digital security flaw, highlighting the risks associated with the digitalization of medical devices [1][17][24]. Group 1: Product Background and Initial Expectations - Baxter acquired Hillrom for $12.5 billion in 2021, with Life2000 symbolizing a key entry point into the home respiratory support market post-pandemic [3][5]. - The product was designed to meet a growing market need for portable home ventilators, aiming to be a new growth driver for Baxter [5][6]. Group 2: Series of Recalls and Issues - Life2000 faced three recalls: in 2023 for oxygen saturation issues, in 2024 for battery charging failures, and in 2025 for cybersecurity vulnerabilities [7][8][13]. - The initial oxygen saturation problem was perceived as a compatibility issue, but it indicated deeper systemic vulnerabilities [10]. - The battery failure posed a direct risk to patients relying on ventilation, leading to growing doubts about the device's reliability [12]. Group 3: Cybersecurity and Final Withdrawal - In 2025, serious cybersecurity vulnerabilities were discovered, including open debugging ports and lack of firmware integrity checks, which could allow unauthorized modifications [13][14]. - The device was classified as Class I (highest risk level) by the FDA, leading Baxter to choose market withdrawal over repairs due to the fundamental nature of the vulnerabilities [16][24]. Group 4: Industry Implications and Shifts - The failure of Life2000 reflects a broader industry shift where risks are no longer just mechanical or electrical but also involve software integrity and cybersecurity [17][21]. - The case emphasizes that in the digital healthcare era, the safety of life-support devices must consider whether parameters can be altered and if the software is trustworthy [22][24]. Group 5: Regulatory Changes and Future Considerations - The withdrawal coincided with the FDA's new cybersecurity regulations, which now require comprehensive security measures for medical devices throughout their lifecycle [28][29]. - The case serves as a warning for the industry, particularly for companies in China, about the importance of robust security systems as they expand into international markets [30][31][33]. Group 6: Conclusion and Future Outlook - The Life2000 incident encapsulates a new industry narrative: as medical devices become software-defined, their associated risks must be redefined [35][36]. - The future of medical technology will hinge on the ability to ensure software integrity, code verification, and overall system security [34][37].

Core Insights - Class actions have been initiated for stockholders of James Hardie Industries plc and Baxter International, Inc. with specific deadlines for lead plaintiff petitions [1] James Hardie Industries plc (NYSE:JHX) - The class period for the James Hardie lawsuit is from May 20, 2025, to August 18, 2025 [6] - Allegations include that James Hardie's North America Fiber Cement segment faced weakening demand due to distributor inventory destocking, which the company was aware of by April and early May 2025 [6] - The company falsely represented that demand remained strong and inventory levels were "normal" [6] - On August 19, 2025, a 12% sales decline in the segment was revealed, attributed to "normalization of channel inventories," leading to a share price drop of over 34% [6] Baxter International, Inc. (NYSE:BAX) - The class period for the Baxter lawsuit is from February 23, 2022, to July 30, 2025 [6] - Allegations state that the Novum LVP suffered systemic defects causing malfunctions, which exposed patients to serious risks [6] - Baxter was reportedly notified of multiple device malfunctions, injuries, and deaths related to these defects [6] - The company's attempts to address these issues through customer alerts were deemed inadequate, as design flaws persisted [6] - There was a heightened risk that existing Novum LVPs would be taken out of service, and new sales would be paused, contradicting Baxter's statements about the product's safety and efficacy [6]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Baxter International Inc. common stock between February 23, 2022, and July 30, 2025, of the December 15, 2025, deadline to become a lead plaintiff in a class action lawsuit [1] Group 1: Class Action Details - Investors who bought Baxter common stock during the specified period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - To join the class action, interested parties can visit the provided link or contact the law firm for more information [3][6] - A lead plaintiff is required to file a motion with the Court by December 15, 2025, to represent other class members in the litigation [3] Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4] - The firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time, and has consistently ranked highly in securities class action settlements [4] - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering funds for clients [4] Group 3: Case Allegations - The lawsuit alleges that Baxter misled investors by failing to disclose systemic defects in the Novum IQ Large Volume Pump, which led to serious risks for patients [5] - Specific issues included malfunctions such as underinfusion, overinfusion, and complete non-delivery of fluids, which resulted in injuries and deaths [5] - Baxter's inadequate responses to these defects and the potential halting of new sales of the pumps contributed to misleading statements regarding the product's safety and sales prospects [5]