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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robbie Marcus | JPMorgan | 13 (23%) |
| Larry Biegelsen | Wells Fargo | 13 (15%) |
| Vijay Kumar | Evercore ISI | 13 (23%) |
| David Roman | Goldman Sachs | 12 (8%) |
| Travis Steed | Bank of America | 11 (18%) |
| Joanne Wuensch | Citigroup | 8 (13%) |
| Matt Miksic | Barclays | 7 (0%) |
| Matt Taylor | Jefferies | 5 (20%) |
| Pito Chickering | Deutsche Bank | 4 (50%) |
| Danielle Antalffy | UBS | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 1 | 13 (23%) |
| Wells Fargo | 1 | 13 (15%) |
| JPMorgan | 1 | 13 (23%) |
| Goldman Sachs | 1 |
| 12 (8%) |
| Bank of America | 1 | 11 (18%) |
| Citigroup | 1 | 8 (13%) |
| Barclays | 1 | 7 (0%) |
| Jefferies | 1 | 5 (20%) |
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 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.75B | +1.0% | $-1.00 | -308.3% | 34.8% | -15.8% | -18.6% | $351M |
| FY2025 Q1 | $2.63B | +5.4% | $0.25 | +244.4% | 32.8% | 2.2% | 4.8% | $-315M |
| FY2025 Q2 | $2.81B | +4.3% | $0.18 |
| +129.5% |
| 35.3% |
| 6.8% |
| 3.2% |
| $68M |
| FY2025 Q3 | $2.83B | +5.0% | $-0.09 | -133.1% | 33.5% | 6.1% | -1.6% | $126M |
| FY2025 Q4 | $2.97B | +8.0% | $-2.16 | -116.0% | 19.4% | -24.5% | -37.9% | $444M |
| FY2026 Q1 | $2.70B | +2.9% | $-0.03 | -112.0% | 33.0% | 2.4% | -0.6% | $76M |
| FY2026 Q2 | $2.96B | +5.3% | $0.24 | +33.3% | 34.9% | 7.3% | 4.3% | $-329M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| 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 | · | n/a | |
| ISRG Intuitive Surgical | 9 | +23.0% | |
| RMD ResMed | 8 | +10.8% | |
| WST West Pharmaceutical Services | 9 | +21.0% |