Hillrom posts Street-beating Q4 as Baxter merger remains on track
Friday, November 5, 2021
Hillrom (NYSE:HRC) shares were relatively unmoved on fourth-quarter results that finished well ahead of the consensus forecast.
The Chicago-based connected care technology developer posted profits of $53.4 million, or 80¢ per share, on sales of $797.9 million for the three months ended Sept. 30, 2021, for a 25.9% bottom-line gain on sales growth of 13.1%.
Adjusted to exclude one-time items, earnings per share were $1.67, 20¢ ahead of Wall Street, where analysts were looking for sales of $752.9 million.
The company remains on track to complete its $12.4 billion merger with Baxter, which is expected to close in 2022. Hillrom President and CEO John Groetelaars said in a news release that he and the company “remain enthusiastic” about the pending combination as the companies continue to make progress with integration planning and regulatory approvals.
“We delivered yet another strong quarter to conclude a very successful year for Hillrom, resulting in record financial performance for fiscal 2021,” Groetelaars said. “I am very proud of the global Hillrom team for their unwavering commitment and resiliency, and the tremendous value they have created for patients, caregivers, and our shareholders as we continue to advance our vision of connected care.”
Hillrom did not provide 2022 guidance as a result of the pending merger with Baxter.
HRC shares were up 0.03% at $155.14 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.1%.