Baxter International Inc. (NYSE:BAX) Files An 8-K Results of Operations and Financial Condition
Item2.02 Results of Operations and Financial Condition.
On April26, 2017, Baxter International Inc. (the Company) issued
an earnings press release for the quarterly period ended March31,
2017. The press release, including attachments, is furnished as
Exhibit 99.1 to this report.
The press release furnished as Exhibit 99.1 contains financial
measures that are not calculated in accordance with generally
accepted accounting principles (GAAP). The non-GAAP financial
measures include adjusted income from continuing operations,
adjusted diluted earnings per share from continuing operations,
constant currency sales, operational sales and free cash flow.
Adjusted income from continuing operations and adjusted diluted
earnings per share exclude special items. Special items are
excluded because they are highly variable, difficult to predict
or unusual and of a size that may substantially impact the
Companys reported operations for a period. Additionally,
intangible asset amortization is excluded as a special item to
facilitate an evaluation of current and past operating
performance and is similar to how management internally assesses
performance. Net sales amounts are presented on a constant
currency basis. This measure provides information on the change
in net sales assuming that foreign currency exchange rates have
not changed between the prior and current periods. Net sales are
also presented on an operational basis, which excludes the impact
of foreign exchange, generic competition for U.S.
cyclophosphamide and select strategic product exits, which the
Company has begun to undertake. Net sales measures are used to
enhance comparability between periods and better identify
operating trends. Free cash flow represents operating cash flow
less capital expenditures. This measure provides an indication of
cash flow that may be available to fund investments in future
growth initiatives. Non-GAAP financial measures may provide a
more complete understanding of the Companys operations and can
facilitate a fuller analysis of the Companys results of
operations, particularly in evaluating performance from one
period to another.
Management believes that non-GAAP earnings
measures, when used in conjunction with the results presented in
accordance with GAAP and the reconciliations to corresponding
GAAP financial measures, may enhance an investors overall
understanding of the Companys past financial performance and
prospects for the future. Accordingly, management uses these
non-GAAP measures internally in financial planning, to monitor
business unit performance, and in some cases for purposes of
determining incentive compensation. This information should be
considered in addition to, and not as substitutes for,
information prepared in accordance with GAAP.
The Company strongly encourages investors to
review its consolidated financial statements and publicly filed
reports in their entirety and cautions investors that the
non-GAAP measures used by the Company may differ from similar
measures used by other companies, even when similar terms are
used to identify such measures.
Item9.01 Financial Statements and
|99.1||Press release dated April26, 2017.|
About Baxter International Inc. (NYSE:BAX)
Baxter International Inc., through its subsidiaries, provides a portfolio of essential renal and hospital products, including home, acute and in-center dialysis; sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition; biosurgery products and anesthetics, and pharmacy automation, software and services. The Company operates through two segments: Hospital Products and Renal. Its Hospital Products business manufactures IV solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, infusion pumps, inhalation anesthetics, and biosurgery products. The business also provides products and services related to pharmacy compounding, and drug formulation. The Renal business provides products and services to treat end-stage renal disease, or irreversible kidney failure and acute kidney injuries. Baxter International Inc. (NYSE:BAX) Recent Trading Information
Baxter International Inc. (NYSE:BAX) closed its last trading session down -0.24 at 53.21 with 4,410,491 shares trading hands.