Baxter International Inc. turned a profit for the fourth quarter, thanks to higher advanced-surgery sales that benefited from the acquisition of Seprafilm.
The medical-products company on Thursday posted net income attributable to stockholders of $168 million for the quarter, compared with a loss of $23 million in the year-ago period. Earnings were 33 cents a share, compared with a loss of 5 cents a share.
Adjusted earnings were 80 cents a share. Analysts polled by FactSet were looking for 76 cents a share.
Sales rose to $3.18 billion from $3.04 billion a year earlier, ahead of the $3.12 billion analysts had expected.
Sales in the renal care and clinical nutrition global business units both increased along with advanced surgery, the company said. Those gains helped offset declines in its medication delivery and pharmaceuticals segment, which continued to be hurt by lower rates of hospital admissions due to the Covid-19 pandemic. The company said U.S. hospital admissions fell by low double digits, and that surgical procedures were flat compared with pre-pandemic levels.
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