Baxter ( NYSE: BAX ) stock fell 6.8% to $62.25 in Thursday premarket trading, after the health equipment and medical device maker reported a weak set of Q2 numbers and slashed its FY 2022 sales growth and adj. EPS guidance.
BAX earlier in the day posted Q2 non-GAAP EPS of $0.87 which was in-line with estimates. Its Q2 revenue of $3.75B missed expectations by $130M .
The company also said it now expects FY 2022 adj. EPS of $3.60 to $3.70, compared to a previous range of $4.12 to $4.20. The consensus EPS estimate for FY is $4.13.
Baxter ( BAX ) now expects FY 2022 sales growth to advance in the high teens on a reported basis, mid-20s on a constant currency basis and 2% to 3% on an operational basis. It had previously anticipated FY 2022 sales growth of 23% to 24% on a reported basis, 25% to 26% on a constant currency basis and about 3% on an operational basis.
The consensus revenue estimate for FY is 23.2% Y/Y growth to $15.75B.
"Baxter’s updated full-year financial outlook reflects ongoing supply chain challenges causing increased inflationary pressures as well as difficulty in accessing critical components along with the impact of increased prices of diesel fuel impacting freight expenses," the company said in its earnings report .
Baxter's ( BAX ) guidance for Q3 adj. EPS of $0.79 to $0.83 also came in below the consensus EPS estimate of $1.10.
Up to Wednesday's close, BAX stock -22.2% YTD.
For further details see:
Baxter shares slip ~7% premarket after mixed Q2 results, weak Q3 and FY 2022 guidance