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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Dave Roman | Goldman Sachs | 12 | 8% |
| Robbie Marcus | JPMorgan | 12 | 17% |
| Vijay Kumar | Evercore ISI | 11 | 27% |
| Larry Biegelsen | Wells Fargo | 11 | 18% |
| Travis Steed | Bank of America | 9 | 22% |
| Matt Miksic | Barclays | 7 | 0% |
| Joanne Wuensch | Citigroup | 6 | 17% |
| Matt Taylor | Jefferies | 3 | 0% |
| Danielle Antalffy | UBS | 3 | 0% |
| Pito Chickering | Deutsche Bank | 2 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Goldman Sachs | 1 | 12 | 8% |
| JPMorgan | 1 | 12 | 17% |
| Wells Fargo | 1 | 11 | 18% |
| Evercore ISI | 1 |
| 11 |
| 27% |
| Bank of America | 1 | 9 | 22% |
| Barclays | 1 | 7 | 0% |
| Citigroup | 1 | 6 | 17% |
| Jefferies | 1 | 3 | 0% |
Baxter's FY2026-Q1 was the expected trough quarter, with organic sales declining 1% and adjusted EPS dropping 35% to $0.36, though results met management expectations and guidance was reiterated. The most notable positive was that Novum LVP returns were not material, though the risk remains in guidance with the ship hold assumed for all of 2026. CFO Joel Grade departed with Anita Zielinski stepping in as interim, while Advanced Surgery continued its bright spot trajectory at 10% growth. HST was pressured by FLC timing and CCS flat, though the U.S. capital order book remains strong. The second half ramp depends on 500bp of operating margin expansion from volume seasonality, cost structure actions, and higher-cost inventory rolling through — making H2 execution critical to the full-year guidance.
Revenue Growth | Competitive Dynamics | Margin | Guidance Reliability | Product Launch | Demand | Cost Pressure | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 2 | 2 | 3 | 2 | 1 | 3 |
| 2025Q1 | 3 | 3 | 4 | 1 | 4 | 3 | 1 | |
| 2025Q2 | 5 | 1 | 4 | 3 | 3 | 4 | 1 | |
| 2025Q3 | 4 | 6 | 2 | 2 | 2 | 2 | 3 | |
| 2025Q4 | 3 | 4 | 6 | 5 | 2 | 1 | 2 | |
| 2026Q1 | 4 | 3 | 2 | 4 | 4 | 1 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 3 | 3 | 5 | 4 | 3 | 4 |
| Competitive Dynamics | 4 | 3 | 1 | 6 | 4 | 3 |
| Margin | 2 | 4 | 4 | 2 | 6 | 2 |
| Guidance Reliability | 2 | 3 | 2 | 5 | 4 | |
| Product Launch | 3 | 1 | 3 | 2 | 2 | 4 |
| Demand | 2 | 4 | 4 | 2 | 1 | |
| Cost Pressure | 1 | 3 | 1 | 1 | 3 | |
| Capital Allocation | 3 | 1 | 3 | 2 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BAX Baxter International | 3 | +2.9% | |
| BDX Becton Dickinson | 6 | -10.6% | |
| COO Cooper Companies (The) | 8 | +6.2% | |
| HOLX Hologic | 5 | +2.5% | |
| ISRG Intuitive Surgical | 9 | +23.0% | |
| RMD ResMed | 8 | +10.8% | |
| WST West Pharmaceutical Services | 9 | +21.0% |