DEERFIELD, Ill. - Baxter International Inc. (NYSE:BAX), a global medical technology company, announced today the appointment of Jeffrey A. Craig to its board of directors, effective immediately. Craig, who has extensive experience in executive leadership roles, will also join the company's Audit Committee, augmenting the board with his financial and operational expertise.
Craig's most recent tenure was as the executive chair and CEO of Meritor (NYSE:MTOR) Corporation, a supplier of commercial vehicle components. His career spans various leadership positions including controller, chief financial officer, and president and chief operating officer. Before his time at Meritor, Craig served as president of GMAC Commercial, a finance provider to multiple industries, and began his career at Deloitte, where he eventually became an audit partner.
In welcoming Craig, Baxter's chair, president and CEO, José E. Almeida, highlighted Craig's comprehensive business leadership experience as a valuable addition to the current board's capabilities. Craig's background is expected to complement the diverse skill set of the 12-member board.
Baxter, with a history extending over 90 years, is known for its portfolio that includes diagnostic, critical care, kidney care, nutrition, hospital, and surgical products. The company operates globally, providing medical solutions in over 100 countries, and is focused on innovating healthcare through its products and digital health solutions.
This board appointment comes as Baxter continues to build on its legacy of medical breakthroughs, aiming to advance the next generation of healthcare innovations. The information regarding Craig's appointment and background is based on a press release statement from Baxter International Inc.
In other recent news, Baxter International Inc. has undergone significant executive changes with the resignation of Brian Stevens from his role as Senior Vice President, Chief Accounting Officer, and Controller. Joel Grade, currently the Executive Vice President and Chief Financial Officer, has been appointed as the interim Chief Accounting Officer. Concurrently, Baxter has made a notable move in the healthcare sector, selling its kidney-care business, Vantive, to Carlyle Group (NASDAQ:CG) for $3.8 billion, a decision aimed at managing the company's financial liabilities.
Vantive, a key player in the global kidney care market, reported revenues of $4.5 billion last year and employs over 23,000 staff. Additionally, Baxter has reported strong second-quarter results for 2024, with sales growth in multiple sectors and an increased full-year sales growth forecast to around 3%. The company's sales from continuing operations grew 3% on a reported basis and 4% at constant currency rates.
Analysts have positively received these strategic moves by Baxter, although no specific upgrades or downgrades were mentioned in the past articles. These developments are part of Baxter's ongoing efforts to streamline operations, focus on growth opportunities, and reduce debt.
InvestingPro Insights
As Baxter International Inc. (NYSE:BAX) welcomes Jeffrey A. Craig to its board, the company's financial and operational prospects remain a focal point for investors. With a market capitalization of approximately $19.88 billion, Baxter's presence as a prominent player in the Healthcare Equipment & Supplies industry is reinforced by its consistent performance and strategic leadership decisions.
InvestingPro data indicates that Baxter has demonstrated a steady revenue growth of 2.9% over the last twelve months as of Q2 2024, with a gross profit margin of 38.77%, reflecting the company's ability to maintain profitability in its operations. Additionally, the company's return on assets stands at 9.17%, showcasing efficient asset utilization.
InvestingPro Tips highlight Baxter's commitment to shareholder returns, with a notable high shareholder yield and a dividend that has been raised for 7 consecutive years. Moreover, Baxter has maintained dividend payments for an impressive 54 consecutive years, signaling a strong track record of financial stability and investor confidence. Analysts have also revised their earnings upwards for the upcoming period, suggesting a positive outlook for the company's financial performance.
For investors seeking further insights, InvestingPro offers additional tips on Baxter International Inc., accessible at https://www.investing.com/pro/BAX. These tips provide in-depth analysis and forecasts that can help investors make informed decisions.
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