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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Baxter's Theranova dialyzer has been in the market in the U.S. for several years.”
An analyst asks DaVita about its use of Baxter's Theranova middle-molecule dialyzer, an existing device technology already available for use in DaVita's U.S. clinics.
“last quarter, we highlighted the temporary closure of Baxter's North Cove facility to Hurricane Helene and the related impact on home dialysis.”
Baxter's North Cove peritoneal dialysis solution plant was shut down by Hurricane Helene, disrupting DaVita's home dialysis supply and contributing to lost patient admissions that persist into 2025.
“MSA revenue from Vantiv totaled $84,000,000.”
Baxter reports ongoing MSA revenue from Vantiv (the divested Kidney Care/Vantive business), a transitional relationship following the divestiture that Baxter excludes from operational growth.
“Notably, last week, Vizient announced the expansion of its reserve program to include Baxter IV fluids through a strategic partnership to help ensure reliable access to these critical products during times of supply disruption.”
Vizient, a major healthcare group purchasing organization, expanded its reserve program to include Baxter's IV fluids, reinforcing Baxter's supply-reliability positioning through a partnership with a key GPO.
“During the quarter, MSA revenue from Vantive totaled $63 million”
Vantive (the divested Kidney Care business, now Carlyle-owned) continues to pay Baxter for manufacturing and transition services, a revenue stream expected to phase out over the next couple of years.
“our Kidney Care business, which was acquired by Carlyle on January 31, 2025”
Carlyle acquired Baxter's Kidney Care business (now operating as Vantive), a completed divestiture that closed at the end of January 2025.
| Analyst | Firm | Questions (Challenge)Percentage 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%) |
| Danielle Antalffy | UBS | 3 (0%) |
| Matt Taylor | Jefferies | 3 (0%) |
| Jayson Bedford | Raymond James | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage 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 Q4 was a disappointment as adjusted EPS of $0.44 missed expectations despite top line beating at $3.0B (+8% reported, +3% operational), with margins crushed by unfavorable mix, ~$40M in nonrecurring inventory adjustments, and a 27.2% tax rate driving operating margin down 340bp to 11.8%. The Novum LVP hold was effectively extended for all of 2026 with customers in wait-and-see mode, and management made a significant narrative shift by characterizing IV Solutions demand as a new lower baseline rather than temporary conservation. Hider announced a new delayered operating model removing the segment management layer, postponed the Investor Day, and introduced a sobering FY2026 outlook of flat organic growth and $1.85-$2.05 EPS with $130-$140M in tariff headwinds. The bright spots were Advanced Surgery growing 11%, CCS orders up nearly 30%, and Connex 360 contributing to Front Line Care growth.
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) | 6 | +7.9% | |
| HOLX Hologic | 5 | +2.5% | |
| ISRG Intuitive Surgical | 9 | +23.0% | |
| RMD ResMed | 8 | +10.8% | |
| WST West Pharmaceutical Services | 9 | +21.0% |