Baxter International has reported a net income of $140m, or $0.12 per diluted share, for the third quarter ended 30 September 2024, a 94% decline compared to $2.5bn, or $0.07 per diluted share, for the respective period in 2023.
The medical technology company reported a net loss of $314m for the second quarter of 2024 (Q2 2024).
The US-based company reported net sales of $2.69bn for the third quarter of 2024 (Q3 2024) Q3 2024, a 4% increase compared to $2.59bn for the same quarter in 2023, and a 29% decline compared to $3.81bn for Q2 2024.
Baxter reported an operating income of $155m for Q3 2024, a 13% decline compared to $179m for the same quarter in the previous year.
The company reported an income before tax of $69m for Q3 2024, an 8% increase compared to $64m for the respective quarter in 2023.
Baxter chair, president, and CEO José Almeida said: “Baxter delivered positive performance in the third quarter of 2024, as the company continues to execute against its strategic transformation.
“We are also making substantial progress advancing hurricane recovery efforts at our North Cove, North Carolina, facility, thanks to the inspirational commitment and resilience of our Baxter team, in coordination with government agencies.
“While the hurricane’s aftermath is expected to have an impact on our near-term financial outlook, we remain confident in Baxter’s outlook and growth trajectory following completion of the pending Kidney Care sale.”
Baxter reported a net loss of $137m for the first nine months (9M) of 2024, compared to a net income of $2.41bn for the same period in 2023.
The company reported net sales of $7.88bn for 9M 2024, a 3% increase compared to $7.63bn for the same period in 2023.
Baxter reported an operating income of $449m for 9M 2024, an 11% rise compared to $403m for the respective period in the previous year.
The medical technology company reported an income before tax of $232m for 9M 2024, compared to $21m for the same period in 2024.
Almeida added: “I want to recognise the tireless efforts of our North Cove team as well as the countless other Baxter colleagues globally who have committed themselves to site restoration and helping address supply continuity amid this crisis.
“I also offer Baxter’s gratitude to ASPR, FDA, the State of North Carolina and HHS, all of whom continue to provide their steadfast support as we work to bring North Cove back to full production.
“And, of course, we are deeply appreciative of our customers’ patience and partnership as our progress continues at the site.”
Earlier this year, Baxter agreed to sell its kidney-care segment, to be renamed Vantive, to private equity firm Carlyle Group in a deal worth $3.8bn.
