Quarterlies round-up: Becton Dickinson and Conmed feel effects of litigation while Guidant regroups as DES sales bite
This article was originally published in Clinica
Executive Summary
While Baxter recorded a healthy 10% increase in second quarter revenues compared with the same period last year, its overall performance was offset by special charges related to the company's restructuring initiatives announced in January 2004. These initiatives include eliminating 8% of its current global workforce, or approximately 4,000 positions. Around 50% of these job cuts will be made in the US. The company also reduced its plasma production by a further 400,000 litres, or 13%, on an annual basis and additional plasma collection centres have been closed as part of the company's streamlining process. The implementation of these restructuring plans has led to a total after-tax charge of $394m in the second quarter, resulting in a $170m net loss for that period.