Baxter’s stock was down slightly on the news this morning, trading at about $70 a share.
Baxter, which makes dialysis machines and other equipment for operating rooms and intensive care units, attributed revenue growth to its acquisition of Hillrom, which contributed about $755 million to Baxter’s first-quarter performance. Additionally, Baxter’s medications delivery and biopharma verticals both saw double-digit growth in the first quarter.
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“Our positive momentum in the first quarter of 2022 was fueled by the diversity and durability of our medically essential product portfolio—dynamics that have further strengthened with our recent acquisition of Hillrom,” José E. Almeida, the chairman, president and CEO of Baxter, said in a statement.
Baxter acquired Hillrom, which sells hospital beds, patient monitors and other medical equipment, last year in a deal worth $10.5 billion.
This story first appeared in our sister publication, Crain's Chicago Business.