Hospital Product Maker Baxter Stock Plunges On Trimmed Annual Outlook

Baxter International Inc. (NYSE:BAX) is down 19.4% at $22.66 at the last check on Thursday. At around 11 a.m. EST, shares of the medical device company traded at $21.68—just shy of its 52-week low.

Baxter reported a second-quarter adjusted EPS of 59 cents. That’s inline with the management guidance of 59-63 cents and the Wall Street estimate of 61 cents.

Baxter reported sales of $2.81 billion, up 4% year over year on a reported basis and 1% on an operational basis. That’s almost in line with the consensus of $2.82 billion.

Management expected second quarter sales growth of 4%-5% on a reported basis and 1%-2% on an operational basis.

Medical Products & Therapies sales were flat year-over-year (+1% on a constant currency basis) at $1.32 billion.

Performance in the quarter ...