Baxter International Inc. (BAX) Q1 2023 Earnings Call Transcript

Baxter International Inc. (NYSE:BAX) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET

Company Participants

Clare Trachtman - VP, IR

Jose Almeida - Chairman, President & CEO

James Saccaro - EVP & CFO

Conference Call Participants

Vijay Kumar - Evercore ISI

Pito Chickering - Deutsche Bank

Travis Steed - Bank of America Securities

Robert Marcus - JPMorgan

Rick Wise - Stifel

Mattew Miksic - Barclays

Joanne Wuensch - Citi

Matthew Taylor - Jefferies

Operator

Good morning, ladies and gentlemen, and welcome to Baxter International's First Quarter 2023 Earnings Conference Call. Your lines will remain in a listen-only mode until the question-and-answer segment of today’s call. [Operator Instructions] As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time.

I would now like to turn the call over to Ms. Clare Trachtman, Vice President, Investor Relations at Baxter International. Ms. Trachtman, you may begin.

Clare Trachtman

Good morning, and welcome to our first quarter 2023 earnings conference call. Joining me today are Joe Almeida, Baxter's Chairman and Chief Executive Officer; and Jay Saccaro, Baxter's Chief Financial Officer. On the call this morning, we will be discussing Baxter's first quarter 2023 financial results, along with our financial outlook for the second quarter and full year 2023.

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the second quarter and full year 2023, new product development, the potential impact of our in-flight proposed strategic and pricing action, business development, regulatory matters and the macroeconomic environment including commentary on anticipated customer capital spending contains forward-looking statements, that involve risks and uncertainties and of course, our actual results could differ materially from our current expectations. Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially.

In addition, on today's call, non-GAAP financial measures will be used to help investors understand Baxter's ongoing business performance. A reconciliation of the non-GAAP financial measures being discussed today to the comparable GAAP financial measures is included in our earnings release issued this morning and available on our website.

Now I'd like to turn the call over to Joe. Joe?

Jose Almeida