Baxter is closing Massachusetts facility

Baxter (NYSE: BAX) + will shutter its manufacturing facility in Acton, Massachusetts.

In a statement shared with MassDevice, the company said: “We made the difficult decision to close manufacturing operations at our Acton location. We are moving these operations to another facility within Baxter’s integrated supply chain network. We appreciate our Acton-based colleagues’ dedication and service and are providing transition benefits to impacted employees.”

Baxter is letting go of 59 workers as a result of the facility closure, according to a WARN notice filed with the state of Massachusetts. The layoffs are effective May 3 to Jun 30.

According to local media reports, Baxter acquired the Acton facility through its $12.5 billion purchase of Hillrom in 2021.

More than a year ago, the company announced a cost reduction program. The Deerfield, Illinois-based company — maker of renal care produc…

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Baxter in talks over Kidney Care sale, expects separation later this year

Baxter (NYSE: BAX) + today shared an update on the planned separation of its Kidney Care business as it looks at a potential sale instead of a spinoff.

In January 2023, Baxter announced plans to spin its renal care and acute therapies units into an independent, publicly traded company. It said at the time that it expected the company to stand alone in the next 12 to 18 months. In July, Baxter picked “Vantive” as the name of the proposed business.

At the time, Baxter expected Vantive to launch as an independent, publicly traded company by July 2024 or earlier. It maintains the expectation for a completed separation in the second half of 2024. However, the method of separation may be different than initially suggested.

In an SEC filing, the company wrote: “Consistent with Baxter’s commitment to evaluate strategic options in the interest of maximizing stockholder value, Baxter disclosed that it has been in re…

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Baxter beats The Street in Q4, kidney care spin progresses

Baxter (NYSE: BAX) + shares ticked up today on fourth-quarter results that came in ahead of the consensus forecast.

Shares of BAX rose 1.2% at $39.87 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — dipped 0.2%.

The Deerfield, Illinois-based company posted profits of $245 million. That equals 48¢ per share on sales of $3.885 billion for the three months ended Dec. 31, 2023. Baxter reported a 35.4% bottom-line gain on sales growth of 3.7%.

Adjusted to exclude one-time items, earnings per share came in at 88¢. That landed 2¢ ahead of Wall Street’s expectations. Sales also came in just ahead of the forecasts as analysts projected $3.8 billion in revenue.

Baxter’s sales performance topped both external and internal expectations, with the company highlighting better-than-expected sales in the Me…

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Baxter has a Novum IQ infusion pump warning

The Novum IQ syringe pump. [Image courtesy of Baxter]Correction: the original version of this article identified this as another recall for Novum IQ. Baxter issued a notification related to a Nov. 15 recall, not a notification for a separate recall. This story has been updated.

Baxter (NYSE:BAX) issued an urgent medical device correction notice regarding its Novum IQ syringe infusion pump.

A few weeks ago, the FDA deemed a Novum IQ recall Class I because the pump may incorrectly indicate the completion of an infusion.

Deerfield, Illinois-based Baxter notified customers of the latest issue in October. This correction comes as a result of the potential for an incomplete infusion following one or more downstream occlusion alarms. The company has work underway on a software upgrade and has not received reports of serious injury related to the issue.

Get the full story at our sister site, Drug Delivery Business News.

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Baxter has a Novum IQ infusion pump warning

The Novum IQ syringe pump. [Image courtesy of Baxter]Correction: the original version of this article identified this as another recall for Novum IQ. Baxter issued a notification related to a Nov. 15 recall, not a notification for a separate recall. This story has been updated.

Baxter (NYSE:BAX) issued an urgent medical device correction notice regarding its Novum IQ syringe infusion pump.

A few weeks ago, the FDA deemed a Novum IQ recall Class I because the pump may incorrectly indicate the completion of an infusion.

Deerfield, Illinois-based Baxter notified customers of the latest issue in October. This correction comes as a result of the potential for an incomplete infusion following one or more downstream occlusion alarms. The company has work underway on a software upgrade and has not received reports of serious injury related to the issue.

Get the full story at our sister site, Drug Delivery Business News.

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Baxter recalls some syringe pumps due to underdosing risk

[Image from Baxter website]The FDA determined that the recall of the Baxter (NYSE: BAX) + Novum IQ syringe pump is Class 1, the most serious kind.

Baxter designed its Novum IQ syringe pump as an infusion pump to deliver fluids into a patient’s body in a controlled manner. The device is suitable for patient care in hospitals and outpatient facilities for adults, pediatrics and neonates. The FDA cleared the Novum IQ infusion pump with Dose IQ safety software in August 2022.

Deerfield, Illinois-based Baxter recalled the pump because it may incorrectly indicate the completion of an infusion. The company traced the issue to a software error that may miscalculate volume after the pump detects an occlusion. Use of the pump could lead to serious adverse health consequences and death. It could lead to the failure to receive the amount of fluids they need or the delay of time-sensitive treatment.

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Baxter completes biopharma divestiture, Q3 results fall in line with Wall Street expectations

Baxter (NYSE: BAX) + shares ticked up today on third-quarter results that came in even with the consensus forecast.

Shares of BAX were up 1.6% at $33.30 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.

The Deerfield, Illinois-based company posted profits of $2.51 billion. That amounts to 9¢ per share on sales of $3.71 billion for the three months ended Sept. 30, 2023.

Baxter recorded a more than $4 billion bottom-line gain out of the red on sales growth of 2.7%.

Adjusted to exclude one-time items, earnings per share came in at 68¢, equaling expectations on Wall Street. Sales narrowly topped projections of $3.69 billion.

Baxter now expects adjusted EPS to range between $2.57 and $2.60. It previously projected between $2.92 and $3 if the BPS sale failed to go through. The company…

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Baxter picks a foodservice industry veteran as its new CFO

New Baxter CFO Joel Grade. [Image from Joel Grade on LinkedIn]Baxter (NYSE: BAX) + announced today that it appointed Joel Grade as EVP and chief financial officer (CFO).

Grade joins after more than two decades in financial roles in the food services industry. He succeeds Jay Saccaro, who departed for the same role at GE HealthCare in May. Saccaro spent 21 years at Baxter, with the last eight coming in the CFO capacity.

Reporting to Chair, President and CEO José (Joe) E. Almeida, Grade’s appointment goes into effect on Oct. 18, 2023. Brian Stevens, who served as interim CFO after Saccaro’s departure, will transition to his previous role as SVP, chief accounting officer and controller.

“Joel is a seasoned global financial executive with decades of deep operational and broad business experience as well as a proven record of results-driven impact,” said Almeida. “I am confident we will benefit from Joel’s …

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What are the largest medical device companies?

Medtronic, Johnson & Johnson MedTech and Siemens Healthineers again lead the Medtech Big 100 list of largest medical device companies.

However, there is so much more to Medical Design & Outsourcing and MassDevice‘s 2023 edition of the Medtech Big 100 report. We pulled thousands of data points to provide information on annual revenue, R&D spending, headcount, CEOs and key leaders, headquarters locations and descriptions of each of the 100 largest medical device companies.

Senior Editor Danielle Kirsh’s analysis shows that even as the largest medtech companies engaged in layoffs over the past year, they also made a bet on innovation to boost future growth: R&D spending increased nearly 13% to $26.4 billion. (Read the full story on MDO.)

In addition, the full Medtech Big 100 list includes already completed medtech company spinoffs such as Embecta , GE HealthCare and ZimVie.

Read the full Medtech Big 100 report to find out …

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Baxter warns on some infusion pumps due to potential false alarms

The Spectrum IQ infusion system. [Image from Baxter]Baxter (NYSE:BAX) issued an urgent medical device correction for some Spectrum V8 and Spectrum IV infusion pumps in the U.S.

Affected pumps in the U.S. and Puerto Rico received upgrades to software versions v8.01.01 and v9.02.01. Baxter issued the correction due to an increase in reported false upstream occlusion alarms following the software upgrades. The Deerfield, Illinois-based company plans to revert the software to the previous version on all affected pumps.

Baxter’s notice said that the upgraded software may cause an alarm for upstream occlusion when one isn’t present. That can lead to an interruption or delay of therapy, potentially causing serious adverse health consequences for users.

Get the full story at our sister site, Drug Delivery Business News.

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Baxter stock dips on mixed Q2 results, BPS divestiture uncertainty

Baxter (NYSE: BAX) + shares fell this morning on second-quarter results that came in mixed compared to the consensus forecast.

Shares of BAX fell 4.1% to $46.92 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.

The Deerfield, Illinois-based company recorded losses of $141 million. That amounts to 28¢ per share on sales of $3.7 billion for the three months ended June 30, 2023.

Baxter posted a bottom-line slide into the red on sales growth of 0.4%.

Adjusted to exclude one-time items, earnings per share came in at 66¢, landing 5¢ ahead of expectations on Wall Street. However, sales missed the analysts’ forecast for $3.8 billion.

Baxter attributed its sales performance, which topped its own guidance, to overall positive demand for its products. The company also cited ongoing reco…

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Baxter names proposed kidney care spinoff ‘Vantive’

Baxter (NYSE: BAX) + announced today that it picked “Vantive” as the name of its proposed kidney care spinoff.

In January, Baxter announced plans to spin its renal care and acute therapies units into an independent, publicly traded company. It said at the time that it expected the company to stand alone in the next 12 to 18 months. Baxter said today that it expects Vantive to launch as an independent, publicly traded company by July 2024 or earlier.

The company picked Chris Toth, EVP and group president, kidney care, to serve as CEO of the new company upon the spinoff’s completion.

“Announcing the Vantive name is a critical milestone in our journey to becoming an independent company focused solely on therapies for kidney disease and other vital organ support,” said Toth “The Vantive name reflects our dedicated employees’ steadfast commitment to patients and our passion for helping them lead ful…

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