Baxter International's 1996 annual report outlines its vision to be recognized as a leader in innovative healthcare technologies that improve lives. It has leading market positions in four businesses: biotechnology, cardiovascular medicine, renal therapy, and intravenous systems/medical products. All of Baxter's businesses hold leading positions in high-growth global markets and are pursuing the vision through talented and dedicated people.
Baxter International's 1999 Annual Report summarizes the company's performance and goals. It discusses Baxter's three major businesses of I.V. Systems/Medical Products, Blood Therapies, and Renal. Baxter achieved 15% growth in net earnings in 1999 and aims to grow net earnings in the low double digits annually. Its goals for 2000 are to generate $500 million in operational cash flow and increase its shareholder return to 20%.
This document is Visteon Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending March 31, 2004. It includes Visteon's consolidated financial statements including statements of income, balance sheets, and cash flows. It also includes notes to the financial statements providing additional details. The report is broken into sections including financial information, other information, signatures, and exhibits.
The document discusses Baxter International's 2000 Annual Report. It highlights that the number of people suffering from life-threatening conditions is growing rapidly worldwide due to an aging population and expanding access to healthcare in developing countries. Baxter aims to meet this growing global demand for treatment by leveraging its expertise in areas like plasma fractionation, recombinant processing technologies, and global manufacturing capabilities. The company is pursuing growth opportunities in existing areas like hemophilia treatment as well as new areas like vaccines and anesthesia that build on its core strengths. Baxter expects strong financial performance in 2001 with low double-digit sales growth and mid-teens earnings growth.
Net sales for the fourth quarter of 2006 decreased 9% compared to the fourth quarter of 2005, primarily due to declines in volumes and unfavorable price/mix. Digital product sales decreased 5% and traditional product sales decreased 15%. Gross profit increased 4% due to reductions in manufacturing costs, favorable price/mix and foreign exchange, partially offset by volume declines. Earnings from continuing operations were $17 million compared to a loss of $137 million in the prior year, driven by gross profit increases and lower SG&A and R&D expenses.
This document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 26, 2008. It includes Danaher's consolidated condensed financial statements and notes. Some key details include:
- Net earnings for the quarter were $371.9 million compared to $483.7 million in the prior year.
- Total current assets increased to $4.1 billion from $4 billion at the end of 2007.
- Sales for the quarter increased to $3.2 billion from $2.7 billion in the prior year.
- Cash flows from operating activities for the nine months ended was $1.3 billion.
This document is from a presentation by Michael D. Fraizer, Chairman and CEO of Genworth Financial, at the UBS Global Financial Services Conference on May 14, 2008. The presentation discusses Genworth's strategy of providing financial security products across different life stages. It acknowledges challenges in the US mortgage insurance market in 2008 due to the difficult environment, but expresses confidence in Genworth's positioning for improved future performance. The presentation outlines priorities for 2008, including navigating challenges in US mortgage insurance, expanding wealth management and retirement offerings, growing internationally, and transitioning life and long term care business lines.
Entergy Corporation's 2007 annual report summarizes the company's financial results and strategic initiatives for the year. The report discusses Entergy's plans to spin off its non-utility nuclear business and form a nuclear services joint venture in order to unlock greater value for shareholders. It also highlights Entergy's focus on operational excellence, portfolio transformation strategies in its utility business, and regulatory recovery from hurricanes Katrina and Rita in 2005.
- Danaher Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended June 27, 2008.
- The filing includes Danaher's consolidated condensed financial statements and notes, and management's discussion and analysis of financial condition and results of operations.
- Highlights include total sales of $3.3 billion for the quarter and $6.3 billion for the six months ended June 27, 2008, with net earnings of $363 million and $640 million respectively.
Baxter International's 1999 Annual Report summarizes the company's performance and goals. It discusses Baxter's three major businesses of I.V. Systems/Medical Products, Blood Therapies, and Renal. Baxter achieved 15% growth in net earnings in 1999 and aims to grow net earnings in the low double digits annually. Its goals for 2000 are to generate $500 million in operational cash flow and increase its shareholder return to 20%.
This document is Visteon Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending March 31, 2004. It includes Visteon's consolidated financial statements including statements of income, balance sheets, and cash flows. It also includes notes to the financial statements providing additional details. The report is broken into sections including financial information, other information, signatures, and exhibits.
The document discusses Baxter International's 2000 Annual Report. It highlights that the number of people suffering from life-threatening conditions is growing rapidly worldwide due to an aging population and expanding access to healthcare in developing countries. Baxter aims to meet this growing global demand for treatment by leveraging its expertise in areas like plasma fractionation, recombinant processing technologies, and global manufacturing capabilities. The company is pursuing growth opportunities in existing areas like hemophilia treatment as well as new areas like vaccines and anesthesia that build on its core strengths. Baxter expects strong financial performance in 2001 with low double-digit sales growth and mid-teens earnings growth.
Net sales for the fourth quarter of 2006 decreased 9% compared to the fourth quarter of 2005, primarily due to declines in volumes and unfavorable price/mix. Digital product sales decreased 5% and traditional product sales decreased 15%. Gross profit increased 4% due to reductions in manufacturing costs, favorable price/mix and foreign exchange, partially offset by volume declines. Earnings from continuing operations were $17 million compared to a loss of $137 million in the prior year, driven by gross profit increases and lower SG&A and R&D expenses.
This document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 26, 2008. It includes Danaher's consolidated condensed financial statements and notes. Some key details include:
- Net earnings for the quarter were $371.9 million compared to $483.7 million in the prior year.
- Total current assets increased to $4.1 billion from $4 billion at the end of 2007.
- Sales for the quarter increased to $3.2 billion from $2.7 billion in the prior year.
- Cash flows from operating activities for the nine months ended was $1.3 billion.
This document is from a presentation by Michael D. Fraizer, Chairman and CEO of Genworth Financial, at the UBS Global Financial Services Conference on May 14, 2008. The presentation discusses Genworth's strategy of providing financial security products across different life stages. It acknowledges challenges in the US mortgage insurance market in 2008 due to the difficult environment, but expresses confidence in Genworth's positioning for improved future performance. The presentation outlines priorities for 2008, including navigating challenges in US mortgage insurance, expanding wealth management and retirement offerings, growing internationally, and transitioning life and long term care business lines.
Entergy Corporation's 2007 annual report summarizes the company's financial results and strategic initiatives for the year. The report discusses Entergy's plans to spin off its non-utility nuclear business and form a nuclear services joint venture in order to unlock greater value for shareholders. It also highlights Entergy's focus on operational excellence, portfolio transformation strategies in its utility business, and regulatory recovery from hurricanes Katrina and Rita in 2005.
- Danaher Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended June 27, 2008.
- The filing includes Danaher's consolidated condensed financial statements and notes, and management's discussion and analysis of financial condition and results of operations.
- Highlights include total sales of $3.3 billion for the quarter and $6.3 billion for the six months ended June 27, 2008, with net earnings of $363 million and $640 million respectively.
This document is an SEC Form 10-K annual report filed by Entergy Corporation and several of its subsidiaries. It provides information on the companies' businesses and operations, including financial information and a management discussion and analysis. The filing includes information on the companies' securities, stock prices, directors and executives. It incorporates portions of Entergy Corporation's proxy statement for its annual shareholder meeting to be held in May 2007.
Sempra Energy reported revenues of over $11 billion in 2007. Net income was $1.1 billion, down from $1.4 billion in 2006. Key assets included $11.3 billion in current assets and $30.1 billion in total assets as of the end of 2007. Sempra operates utilities in California serving over 6.5 million customers.
This document is Visteon Corporation's Form 10-Q/A for the quarter ended March 31, 2004, which includes restated financial statements. The restatements are primarily due to errors in accounting for retiree health benefits, tooling costs, volume rebates, pension expenses, and taxes. The corrections resulted in a decrease to net income of $5 million for Q1 2004 and an increase to net loss of $4 million for Q1 2003. The form amends and restates items in the original filing and provides updated certifications while describing conditions as of the original filing date.
The document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 28, 2008. It includes Danaher's consolidated condensed financial statements and management's discussion and analysis. The financial statements show that for Q1 2008, Danaher's sales increased 20% to $3.028 billion compared to $2.521 billion in Q1 2007. Net earnings increased 9% to $276.5 million compared to $254.8 million. Earnings per share from continuing operations increased 7% to $0.87 basic and $0.83 diluted.
This document is Visteon Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes Visteon's consolidated financial statements, such as statements of operations and balance sheets, as well as notes to the financial statements. An independent accounting firm reviewed the financial statements and found them to be in accordance with accounting principles generally accepted in the US. The report provides Visteon's financial results for the second quarter and first half of 2006, including net sales of $3 billion and $6 billion respectively, and discusses legal proceedings, risks factors, and exhibits related to the filing.
The document is Sempra Energy's 1999 annual report. It summarizes the company's strong financial performance in 1999, exceeding earnings growth targets. However, total shareholder return did not increase. As a result, Sempra Energy is undertaking a strategic realignment to become a leading global energy services company focused on meeting changing customer needs. Key steps include investments in growing domestic and international businesses and a reduced dividend to increase financial flexibility for growth.
This document is a proxy statement and notice of annual meeting from Baxter International Inc. to its stockholders. It informs stockholders that the 2003 Annual Meeting of Stockholders will be held on May 6, 2003 at the Drury Lane Theatre in Oakbrook Terrace, Illinois. The purpose of the meeting is to elect three directors, ratify the appointment of the independent accountants, approve the 2003 Incentive Compensation Program, and consider a stockholder proposal regarding cumulative voting. Stockholders are encouraged to vote by proxy in advance of the meeting.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2000 filed with the Securities and Exchange Commission. It summarizes EchoStar's business operations, including its DISH Network direct broadcast satellite television service, technologies division, and satellite services business unit. It provides an overview of the components and technology behind EchoStar's DISH Network service, including its programming offerings, equipment requirements, and conditional access system for encryption/security. Financial data and other required disclosures are also included as required by the SEC.
- DISH Network added 1.48 million subscribers in 2004, surpassing 10 million subscribers in June 2004 and finishing the year with 10.9 million subscribers.
- DISH Network generated $7.15 billion in revenue in 2004, with earnings of $215 million and $21 million in free cash flow.
- DISH Network continues to focus on growing its subscriber base and developing additional services, and expects to launch its 10th satellite in early 2006 to increase channel offerings and capacity.
Baxter International's 1997 Annual Report summarizes the company's key businesses and products across several divisions. The document outlines Baxter's leadership in blood therapies including products for transfusion medicine, intravenous systems and medical products, renal care including dialysis, and cardiovascular products such as heart valves. It provides details on flagship products, growth strategies, and clinical trials across these business segments.
Novartis is a large pharmaceutical company headquartered in Switzerland that was formed in 1996 through the merger of Ciba-Geigy and Sandoz. Over the years, Novartis has expanded through acquisitions of companies like Alcon, Hexal, and Fougera to become a leader in pharmaceuticals, eye care, generics, and vaccines. The document provides details on Novartis' products, history, acquisitions, organizational structure, marketing issues, financial performance, and strategy for further growth.
This document is Boston Scientific's 2004 annual report. It summarizes the company's successful launch of its TAXUS drug-eluting coronary stent, which achieved over 60% market share in the US. It discusses the company's continued commitment to innovation and improving patient care. It also outlines the company's strategic plan to build on its leadership in drug-eluting stents and expand into new areas such as carotid stenting, abdominal aortic aneurysm repair, and new medical specialties.
This document is Boston Scientific's 2004 annual report. It summarizes the company's successful launch of its TAXUS drug-eluting coronary stent, which achieved over 60% market share in the US. It discusses the company's continued commitment to innovation and improving patient care. It also outlines the company's strategic plan to build on its leadership in drug-eluting stents and expand into new areas such as carotid stenting, abdominal aortic aneurysm repair, and new medical specialties.
This 2005 annual report discusses Baxter's financial performance and innovations. It highlights Baxter's leadership in developing therapies like kidney dialysis and blood component therapy over its 75-year history. In 2005, Baxter introduced many new products, saw strong sales of products like ADVATE for hemophilia, and expanded its contract manufacturing facilities. The report discusses Baxter's strategies for continued growth, including expanding in developing markets and pursuing acquisitions and alliances.
This annual report summarizes Boston Scientific's performance in 2006. It discusses how the acquisition of Guidant transformed Boston Scientific, providing diversification and a growth engine. It highlights progress on quality initiatives and resolving FDA warning letters. It also outlines priorities for the coming year, including continuous quality improvement, regaining market position in cardiac rhythm management, maintaining drug-eluting stent leadership, and simplifying operations through lean principles.
This document is Baxter International's 2004 Annual Report. It discusses Baxter's progress in 2004 including rebuilding investor credibility through improved financial performance, implementing a restructuring program to reduce costs, and prioritizing research and development initiatives. It also covers Baxter's leadership in areas like biologics, drug delivery systems, and medical plastics, as well as its dedication to developing next-generation treatments and therapies.
1) Baxter International has a long history of innovation in healthcare, being responsible for many medical firsts dating back to the 1930s including the first IV solutions and artificial kidney.
2) In 2006, Baxter celebrated its 75th anniversary and continued its focus on innovation through increased R&D spending and new product development while also meeting financial targets for the year.
3) Baxter is now entering a new phase with strengthened finances to allow for more aggressive R&D investment and business development to accelerate growth, with a focus on reinvigorating science and technology through areas such as stem cell therapies, regenerative medicine, and new vaccines.
CR Bard manufactures and markets medical devices for surgical and diagnostic use in vascular, urology, and oncology care. It offers a complete line of specialty surgical equipment including stents, catheters, guide-wires, vascular grafts, and cancer screening tests. The company generates over $2 billion in annual revenues, with its largest segments being urology, vascular products, and oncology. It has a strong position in several medical device markets and sees continued growth opportunities through international expansion and demand driven by an aging population.
5 companies in the wound healing market to watch for in 2019Avi Surana
The global wound healing market is projected to reach USD 42,069 million by 2024 growing at a CAGR of 6.2%, according to ResearchAndMarkets.com. North America is the largest market for wound care, with U.S alone taking a lion’s share of 38.5% in 2017 while Asia-Pacific is the fastest growing market.
We take a look at some of the companies that are developing novel technologies to address the unmet and growing needs of the wound care market.
Biosceptre is developing targeted cancer therapies directed at the nfP2X7 receptor, which is found in many cancer types but not healthy tissue. They have three drug candidates in clinical trials: BIL03s, a systemic antibody; BIL06v, a peptide vaccine; and BIL010t, a topical antibody for skin cancer. Biosceptre seeks to raise £25M for further development and has an experienced leadership team and intellectual property protecting its platform until the early 2030s.
ICU Medical is a public medical device company founded in 1984 that produces infusion therapy connectors and systems, critical care monitoring products, and oncology drug delivery systems. The company was founded by Dr. George "Doc" Lopez who developed a product to better secure IV lines after losing a patient due to disconnection. ICU Medical acquired Abbott Laboratories' critical care business in 2009 and seeks to continue customizing products, launching new offerings, and pursuing acquisitions to capitalize on growth opportunities in infusion therapy, oncology, and critical care.
This document is an SEC Form 10-K annual report filed by Entergy Corporation and several of its subsidiaries. It provides information on the companies' businesses and operations, including financial information and a management discussion and analysis. The filing includes information on the companies' securities, stock prices, directors and executives. It incorporates portions of Entergy Corporation's proxy statement for its annual shareholder meeting to be held in May 2007.
Sempra Energy reported revenues of over $11 billion in 2007. Net income was $1.1 billion, down from $1.4 billion in 2006. Key assets included $11.3 billion in current assets and $30.1 billion in total assets as of the end of 2007. Sempra operates utilities in California serving over 6.5 million customers.
This document is Visteon Corporation's Form 10-Q/A for the quarter ended March 31, 2004, which includes restated financial statements. The restatements are primarily due to errors in accounting for retiree health benefits, tooling costs, volume rebates, pension expenses, and taxes. The corrections resulted in a decrease to net income of $5 million for Q1 2004 and an increase to net loss of $4 million for Q1 2003. The form amends and restates items in the original filing and provides updated certifications while describing conditions as of the original filing date.
The document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 28, 2008. It includes Danaher's consolidated condensed financial statements and management's discussion and analysis. The financial statements show that for Q1 2008, Danaher's sales increased 20% to $3.028 billion compared to $2.521 billion in Q1 2007. Net earnings increased 9% to $276.5 million compared to $254.8 million. Earnings per share from continuing operations increased 7% to $0.87 basic and $0.83 diluted.
This document is Visteon Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes Visteon's consolidated financial statements, such as statements of operations and balance sheets, as well as notes to the financial statements. An independent accounting firm reviewed the financial statements and found them to be in accordance with accounting principles generally accepted in the US. The report provides Visteon's financial results for the second quarter and first half of 2006, including net sales of $3 billion and $6 billion respectively, and discusses legal proceedings, risks factors, and exhibits related to the filing.
The document is Sempra Energy's 1999 annual report. It summarizes the company's strong financial performance in 1999, exceeding earnings growth targets. However, total shareholder return did not increase. As a result, Sempra Energy is undertaking a strategic realignment to become a leading global energy services company focused on meeting changing customer needs. Key steps include investments in growing domestic and international businesses and a reduced dividend to increase financial flexibility for growth.
This document is a proxy statement and notice of annual meeting from Baxter International Inc. to its stockholders. It informs stockholders that the 2003 Annual Meeting of Stockholders will be held on May 6, 2003 at the Drury Lane Theatre in Oakbrook Terrace, Illinois. The purpose of the meeting is to elect three directors, ratify the appointment of the independent accountants, approve the 2003 Incentive Compensation Program, and consider a stockholder proposal regarding cumulative voting. Stockholders are encouraged to vote by proxy in advance of the meeting.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2000 filed with the Securities and Exchange Commission. It summarizes EchoStar's business operations, including its DISH Network direct broadcast satellite television service, technologies division, and satellite services business unit. It provides an overview of the components and technology behind EchoStar's DISH Network service, including its programming offerings, equipment requirements, and conditional access system for encryption/security. Financial data and other required disclosures are also included as required by the SEC.
- DISH Network added 1.48 million subscribers in 2004, surpassing 10 million subscribers in June 2004 and finishing the year with 10.9 million subscribers.
- DISH Network generated $7.15 billion in revenue in 2004, with earnings of $215 million and $21 million in free cash flow.
- DISH Network continues to focus on growing its subscriber base and developing additional services, and expects to launch its 10th satellite in early 2006 to increase channel offerings and capacity.
Baxter International's 1997 Annual Report summarizes the company's key businesses and products across several divisions. The document outlines Baxter's leadership in blood therapies including products for transfusion medicine, intravenous systems and medical products, renal care including dialysis, and cardiovascular products such as heart valves. It provides details on flagship products, growth strategies, and clinical trials across these business segments.
Novartis is a large pharmaceutical company headquartered in Switzerland that was formed in 1996 through the merger of Ciba-Geigy and Sandoz. Over the years, Novartis has expanded through acquisitions of companies like Alcon, Hexal, and Fougera to become a leader in pharmaceuticals, eye care, generics, and vaccines. The document provides details on Novartis' products, history, acquisitions, organizational structure, marketing issues, financial performance, and strategy for further growth.
This document is Boston Scientific's 2004 annual report. It summarizes the company's successful launch of its TAXUS drug-eluting coronary stent, which achieved over 60% market share in the US. It discusses the company's continued commitment to innovation and improving patient care. It also outlines the company's strategic plan to build on its leadership in drug-eluting stents and expand into new areas such as carotid stenting, abdominal aortic aneurysm repair, and new medical specialties.
This document is Boston Scientific's 2004 annual report. It summarizes the company's successful launch of its TAXUS drug-eluting coronary stent, which achieved over 60% market share in the US. It discusses the company's continued commitment to innovation and improving patient care. It also outlines the company's strategic plan to build on its leadership in drug-eluting stents and expand into new areas such as carotid stenting, abdominal aortic aneurysm repair, and new medical specialties.
This 2005 annual report discusses Baxter's financial performance and innovations. It highlights Baxter's leadership in developing therapies like kidney dialysis and blood component therapy over its 75-year history. In 2005, Baxter introduced many new products, saw strong sales of products like ADVATE for hemophilia, and expanded its contract manufacturing facilities. The report discusses Baxter's strategies for continued growth, including expanding in developing markets and pursuing acquisitions and alliances.
This annual report summarizes Boston Scientific's performance in 2006. It discusses how the acquisition of Guidant transformed Boston Scientific, providing diversification and a growth engine. It highlights progress on quality initiatives and resolving FDA warning letters. It also outlines priorities for the coming year, including continuous quality improvement, regaining market position in cardiac rhythm management, maintaining drug-eluting stent leadership, and simplifying operations through lean principles.
This document is Baxter International's 2004 Annual Report. It discusses Baxter's progress in 2004 including rebuilding investor credibility through improved financial performance, implementing a restructuring program to reduce costs, and prioritizing research and development initiatives. It also covers Baxter's leadership in areas like biologics, drug delivery systems, and medical plastics, as well as its dedication to developing next-generation treatments and therapies.
1) Baxter International has a long history of innovation in healthcare, being responsible for many medical firsts dating back to the 1930s including the first IV solutions and artificial kidney.
2) In 2006, Baxter celebrated its 75th anniversary and continued its focus on innovation through increased R&D spending and new product development while also meeting financial targets for the year.
3) Baxter is now entering a new phase with strengthened finances to allow for more aggressive R&D investment and business development to accelerate growth, with a focus on reinvigorating science and technology through areas such as stem cell therapies, regenerative medicine, and new vaccines.
CR Bard manufactures and markets medical devices for surgical and diagnostic use in vascular, urology, and oncology care. It offers a complete line of specialty surgical equipment including stents, catheters, guide-wires, vascular grafts, and cancer screening tests. The company generates over $2 billion in annual revenues, with its largest segments being urology, vascular products, and oncology. It has a strong position in several medical device markets and sees continued growth opportunities through international expansion and demand driven by an aging population.
5 companies in the wound healing market to watch for in 2019Avi Surana
The global wound healing market is projected to reach USD 42,069 million by 2024 growing at a CAGR of 6.2%, according to ResearchAndMarkets.com. North America is the largest market for wound care, with U.S alone taking a lion’s share of 38.5% in 2017 while Asia-Pacific is the fastest growing market.
We take a look at some of the companies that are developing novel technologies to address the unmet and growing needs of the wound care market.
Biosceptre is developing targeted cancer therapies directed at the nfP2X7 receptor, which is found in many cancer types but not healthy tissue. They have three drug candidates in clinical trials: BIL03s, a systemic antibody; BIL06v, a peptide vaccine; and BIL010t, a topical antibody for skin cancer. Biosceptre seeks to raise £25M for further development and has an experienced leadership team and intellectual property protecting its platform until the early 2030s.
ICU Medical is a public medical device company founded in 1984 that produces infusion therapy connectors and systems, critical care monitoring products, and oncology drug delivery systems. The company was founded by Dr. George "Doc" Lopez who developed a product to better secure IV lines after losing a patient due to disconnection. ICU Medical acquired Abbott Laboratories' critical care business in 2009 and seeks to continue customizing products, launching new offerings, and pursuing acquisitions to capitalize on growth opportunities in infusion therapy, oncology, and critical care.
Becton Dickinson & Company: VACUTAINER Systems DivisionZach Evans
Becton Dickinson & Company (BD) was formed in 1897 by Maxwell Becton and Fairleigh Dickinson as a medical device import company. In 1980, BD formed its VACUTAINER Systems Division (BDVS) to focus on blood collection products. By the mid-1980s, BDVS had an estimated 80% market share in the US but faced pressures from declining hospital testing and group purchasing organizations seeking single suppliers and private label products. BDVS needed to determine the best price and distribution strategy to address these market changes.
This document is Boston Scientific's 2002 annual report. It discusses the company's focus on developing innovative medical technologies, including its Taxus paclitaxel-eluting stent system which was launching in Europe and planned for launch in the US. The report summarizes positive clinical trial results for Taxus and notes submissions were made to the FDA for approval. It also highlights successes in other areas such as cardiovascular devices and notes a focus on technologies improving quality of life. The annual report emphasizes Boston Scientific is positioned for leadership and growth with its portfolio and pipeline of technologies.
This document is Boston Scientific's 2002 annual report. It discusses the company's focus on developing innovative medical technologies, including its Taxus paclitaxel-eluting coronary stent system. The report notes the successful launch of Taxus in Europe and other markets, and plans for US launch later in 2002. It also summarizes positive clinical trial results for Taxus and highlights other cardiovascular and endosurgery innovations in development or recently launched by Boston Scientific. The annual report expresses confidence that these new technologies will drive continued leadership and growth for the company.
The document provides business summaries for three medical device companies: Hansen Medical, which develops robotic catheter systems; ViroPharma, which focuses on drugs for infectious diseases; and Stereotaxis, which designs magnetic navigation systems for cardiac catheters.
Fact sheet presenting the life sciences industry in the Quebec City region. Produced by Quebec International. http://quebecinternational.ca/key-industries/
The document discusses an investment thesis for Becton, Dickinson & Co. (BD) following their acquisition of CareFusion Corporation. It is argued that the acquisition will increase BD's position in the medication management industry and boost revenues through CareFusion's products and the growth of emerging markets and healthcare spending in the US driven by healthcare reform and an aging population. The recommendation is to hold BD stock with a price target of $165.97.
The document discusses Becton, Dickinson & Co.'s (BD) acquisition of CareFusion Corporation and how it will increase BD's position in the medication management industry. The acquisition will boost BD's revenues through increased presence in emerging markets and the US healthcare sector. The implementation of the Affordable Care Act and an aging population will increase demand for healthcare products. BD focuses on developing current products and new products planned through 2017 to ensure growth across all business segments.
2014 Medical Design Excellence Awards Winning Product PostersJames Costigan
The document provides information on various medical products, including:
1) The ARKON anesthesia delivery system and Hemolung RAS extracorporeal carbon dioxide removal system which aid anesthesiologists and treat acute respiratory failure.
2) Isolibrium critical-care air support surface, RP-VITA remote presence telemedicine robot, and TrueCPR coaching device which help nurses care for patients, provide telemedicine consults, and improve CPR performance.
3) Additional devices, systems, products and tools that address a range of medical needs from dental care and drug delivery to diagnostics, implants, hospital equipment and more.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 1999. It provides information on EchoStar's business operations, legal proceedings, risks to its business, financial statements and other required disclosures. EchoStar operates a direct broadcast satellite subscription television service in the United States called DISH Network, which had approximately 3.4 million subscribers as of December 31, 1999. It also provides digital set-top boxes and other equipment to international direct-to-home service providers.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2001 filed with the SEC. It provides an overview of EchoStar's businesses, including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment sales. It summarizes EchoStar's proposed merger with Hughes Electronics Corporation, which is subject to various regulatory approvals and conditions, including IRS and shareholder approval. If completed, the merger would create a new public company providing satellite TV services and technologies globally.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the SEC. It provides an overview of EchoStar's business including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment manufacturing business. It discusses EchoStar's programming packages, sales and marketing strategies, satellite fleet, technology, competition, regulation, legal proceedings, and financial results.
EchoStar Communications Corporation experienced significant growth in 2003, crossing the 9 million subscriber milestone for its DISH Network satellite television service. The company launched its ninth satellite and released several new receiver products, including those supporting high-definition television and digital video recording. Financially, EchoStar achieved $5.7 billion in revenue and $225 million in earnings, while reducing debt through bond issuances and retirements. Going forward, the company plans to continue expanding its offerings in areas like international programming and high-definition television.
- DISH Network celebrated its 10th anniversary in 2005 and reported over $8.4 billion in revenue for the year, serving over 12 million customers.
- The company increased its net subscriber base by over 1.1 million customers in 2005 and remains the clear leader in international programming.
- Looking forward, the company plans to leverage its position as an HD leader by offering local HD channels in up to 30 markets by the end of the year using its new EchoStar X satellite.
dish network 2007 Notice and Proxy Statementfinance24
- The document is a letter from the Chairman and CEO of EchoStar Communications Corporation inviting shareholders to attend EchoStar's 2007 Annual Meeting of Shareholders on May 8, 2007.
- It provides details on the location, time, and agenda items to be voted on at the meeting, including the election of 10 directors and the ratification of the appointment of KPMG LLP as the independent auditor.
- Shareholders are encouraged to vote by proxy whether attending the meeting or not to ensure their votes are counted, and they are thanked for their support and interest in EchoStar.
Danaher Corporation reported quarterly and annual sales and operating margin data for its Tools and Controls segments for an unaudited period. The Tools segment saw annual sales of $1.16 billion while the Controls segment generated $2.62 billion in annual sales. On an annual basis before restructuring, operating margins were 13.49% for Tools and 16.54% for Controls. After restructuring, the annual operating margin fell to 11.31% for Tools and 14.85% for Controls.
Danaher Corporation reported its fourth quarter and full year 2001 results. For the fourth quarter, net earnings excluding restructuring charges were $76.6 million compared to $87.8 million in 2000. Full year 2001 net earnings excluding restructuring charges were $341.2 million, a 5% increase over 2000. However, Danaher recorded a $69.7 million restructuring charge in the fourth quarter related to manufacturing facility consolidations. For the full year, net earnings including restructuring charges were $297.7 million. Despite difficult economic conditions, Danaher was able to grow earnings in 2001 through aggressive cost reductions and restructuring actions.
Danaher Corporation announced its third quarter 2001 results, reporting a 5% increase in net income to $87.7 million compared to $83.6 million in third quarter 2000. Third quarter sales were down 8.6% to $901.6 million due to weakness in the industrial economy. For the first nine months of 2001, net earnings increased 12% to $264.6 million on 4% higher sales of $2.86 billion compared to the same period in 2000. The CEO stated that aggressive cost control allowed for earnings growth despite softness in the economy and that Danaher will maintain a strict cost focus while economic conditions remain uncertain.
Danaher Corporation announced its second quarter 2001 results, with record net earnings of $94.2 million, up 16% from the previous year. Revenue was also up 7% to $956.6 million. For the six month period, net earnings reached a record $176.8 million, up 16% and revenue was up 11.5% to $1.962 billion. While sales growth was strong, a slowing domestic economy negatively impacted some product lines, leading to a 4.5% decline in core sales volume. However, aggressive cost cutting measures helped boost earnings per share by 12.5% for the quarter.
Danaher Corporation announced record results for the first quarter of 2001 with net earnings of $82.6 million, a 15% increase over the same period in 2000. Diluted earnings per share were $0.56, up 14% from 2000. Sales increased 16% to $1,005.3 million due to acquisitions. While core volume declined in the tools and components segment due to a weak domestic economy, cost containment measures helped drive record operating profit. The company expects continued outperformance in 2001 despite economic uncertainty.
- Danaher Corporation reported record results for the fourth quarter and full year 2002, with net earnings of $161.7 million and $290.4 million respectively.
- Fourth quarter sales increased 39% to $1.275 billion compared to $918.9 million in 2001. Full year sales grew 21% to $4.577 billion.
- The strong results were driven by acquisitions and 3.5% core volume growth, although the tools and components segment declined slightly.
Danaher Corporation announced its third quarter 2002 results, reporting a 32% increase in net earnings to $116.0 million compared to third quarter 2001. Diluted earnings per share increased 25% year-over-year to $0.74. Total sales for the quarter grew 28% to $1,151.7 million, driven primarily by acquisitions completed in the first quarter of 2002. For the first nine months of 2002, net earnings were $128.7 million which included a $173.8 million one-time non-cash charge related to goodwill impairment. Excluding this charge, nine month net earnings were up 14% to $302.4 million compared to the same period in 2001.
Danaher Corporation announced its second quarter 2002 results, with net earnings of $103.7 million, a 10% increase over the second quarter of 2001. Earnings per share increased 5% to $0.66. Sales for the quarter increased 20% to $1.146 billion due primarily to recent acquisitions. For the first six months of 2002, net earnings were $12.7 million after a one-time $173.8 million goodwill impairment charge, but were up 5% excluding this charge at $186.4 million, with sales up 10% to $2.15 billion. The CEO stated they were pleased with the results and optimistic about continued improvement for the rest of the year.
Danaher Corporation announced its first quarter 2022 results. Net earnings were $82.7 million, comparable to the previous year's results. However, after adopting a new accounting standard that eliminated goodwill amortization, earnings per share fell 14% compared to the previous year. The company also recorded a $173.8 million charge related to goodwill impairment in some business units. Total sales were relatively flat at $1,004.2 million. The CEO commented that while core volumes declined 15% due to economic challenges, the company has seen signs of stability in revenues and gives a more positive outlook for the rest of the year.
Danaher Corporation provided a document summarizing its selling, general and administrative costs, operating profit, and free cash flow for the quarter and year ended December 31, 2003. Some key highlights include:
- Total company revenue for the quarter increased 16.7% to $1.49 billion compared to the same quarter last year.
- Operating profit before special credits for the total company was $239.6 million for the quarter, up 20.1% from the prior year.
- Free cash flow for the year was $781.2 million, up 21.1% from 2002.
Danaher Corporation reported record results for the fourth quarter and full year 2003. Net earnings for Q4 2003 were $169.9 million, or $1.06 per share, compared to $161.7 million, or $1.03 per share for Q4 2002. For the full year, net earnings were $536.8 million or $3.37 per share compared to $290.4 million or $1.88 per share for 2002. Sales increased 17% in Q4 2003 to $1.49 billion and grew 16% for the full year to $5.29 billion. The company experienced strong growth in both its process/environmental controls and tools/components segments.
This document from Danaher Corporation provides supplemental financial information including free cash flow and debt ratios for quarters ending in March, June, and September 2003 as well as year-to-date figures. Free cash flow is defined as operating cash flow minus capital expenditures and is a measure of available cash. Debt ratios including debt-to-total capital and net debt-to-total capital are also provided to show Danaher's leverage over time. Management believes these metrics provide useful information to investors and help determine borrowing capacity.
Danaher Corporation announced record third quarter results for 2003, with net earnings of $138.6 million, a 19% increase over the previous year. Diluted earnings per share were $0.87, an increase of 18% from 2002. Sales increased 14% to $1.309 billion. For the first nine months of 2003, net earnings were $366.9 million, a 21% increase over the previous year. The company's CEO stated that they achieved strong earnings growth despite a challenging economy, and that organic growth remains a priority along with cost reductions to fund growth opportunities.
This document from Danaher Corporation provides supplemental financial information including free cash flows, debt to total capital ratios, and net debt to total capital ratios for quarters ending in March and June of 2002 and 2003. Free cash flow increased from the prior year periods, while debt to total capital and net debt to total capital ratios decreased from the end of 2002 to the end of June 2003 due to an increase in cash and equity and a decrease in total debt. Management uses these metrics to evaluate the company's ability to generate cash, leverage over time, and access additional borrowing.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
South Dakota State University degree offer diploma Transcriptynfqplhm
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Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
2. OUR VISION
A ll of Baxter’s businesses hold leading positions
in high-growth global markets. Driving this
leadership are talented, dedicated people, all pursuing
the same vision—to be recognized worldwide as
a leader in providing select, innovative health-care
technologies, products and services to improve lives.
3. PROFILE OF THE CORPORATION the businesses of Baxter International
Baxter International Inc., through its subsidiaries, is a global medical-products and
services company that is a leader in technologies related to the blood and circulatory
system. The company has market-leading positions in four global businesses:
biotechnology, cardiovascular medicine, renal therapy and intravenous systems/
medical products. The company has achieved global leadership by continuously
improving its scientific, marketing and manufacturing capabilities while bringing
innovative technologies to the medical field.
BIOTECH CARDIOVASCULAR
Baxter is a leading developer and manufacturer of products and Baxter provides products and services to treat late-stage heart and
therapies used in transfusion medicine. The company provides systems vascular disease. The company is a leading manufacturer of tissue
for collecting, storing and separating blood and its components, and heart valves, valve-repair products and cardiac-monitoring products.
is a pioneer in the development of such lifesaving therapies as Baxter also produces embolectomy catheters and other instruments
clotting factors for people with hemophilia, and immune globulins and equipment used in vascular surgery. The company is a leading
for patients with immune deficiencies. On its own, and through provider of blood-filtration devices used during bypass surgery, and
partnerships, it is developing cellular therapies to treat blood contract perfusion services. Baxter’s perfusionists operate heart-lung
diseases, cancer and other disorders. Baxter invests approximately bypass machines and other mechanical devices used during surgery.
$150 million annually in biotechnology research.
Key Events: During 1996, Baxter completed its acquisition of
Key Events: Baxter’s Biotech business achieved several milestones PSICOR, Inc., the nation’s leading provider of contract perfusion
in 1996, including becoming the first company to initiate U.S. Phase III services, and several other perfusion-service providers. The company
clinical trials for HemAssist ™ (Diaspirin Cross-linked Hemoglobin or strengthened its position in minimally invasive surgery with two
moves: an agreement with two preeminent vascular researchers to
DCLHb), its “blood substitute,” and conducting U.S. Phase II and III
clinical trials for Sealagen™ fibrin sealant, a plasma-derived develop an innovative, endovascular graft system that has the
potential to change the therapy for repairing abdominal aortic
surgical “glue” being studied for its ability to stop bleeding in
aneurysms, and an agreement to acquire Research Medical, Inc.,
surgical wounds and promote healing. The company also acquired
a provider of specialized cannula and cardioplegia products used
more than 50 percent of Immuno International AG, an international
in open-heart surgery. Baxter’s Novacor ® left-ventricular assist
leader in infectious-disease research and the development of blood
products, related biologics and vaccines. This acquisition will allow system achieved an important milestone in July 1996: a German
the two companies to leverage their research-and-development patient celebrated his two-year anniversary on the system, believed
efforts, complementary product lines and global presence. to be the longest duration any patient has spent on such a system.
CardioVascular Net Sales
Biotech Net Sales
(in billions of dollars)
(in billions of dollars)
2.0
2.0
1.0
1.0
0
0
94 95 96
94 95 96
4. PROFILE OF THE CORPORATION the businesses of Baxter International
Baxter International Inc., through its subsidiaries, is a global medical-products and
services company that is a leader in technologies related to the blood and circulatory
system. The company has market-leading positions in four global businesses:
biotechnology, cardiovascular medicine, renal therapy and intravenous systems/
medical products. The company has achieved global leadership by continuously
improving its scientific, marketing and manufacturing capabilities while bringing
innovative technologies to the medical field.
RENAL I.V. SYSTEMS / MEDICAL PRODUCTS
Baxter is a leading provider of lifesaving products and services for Baxter is well-known for its intravenous (IV) products used in hospitals
patients who suffer from chronic kidney failure. The two primary and other health-care settings such as home care and nursing
treatments for kidney failure are dialysis and transplantation, and homes, but the company’s I.V. Systems/Medical Products business
Baxter continues to innovate in both areas. Baxter provides products also manufactures a range of products for pain management,
for both hemodialysis, which is administered within a hospital or ambulatory infusion and automated prescription-filling systems.
clinic, and for peritoneal dialysis (PD), which can be administered It also distributes other medical products outside the United States.
anywhere. Because patients can resume their normal activities while
undergoing PD, and because it generally is a lower-cost therapy than Key Events: The I.V. Systems/Medical Products business has
hemodialysis, PD is the fastest-growing form of dialysis therapy, experienced strong growth in Asia and South America, and has estab-
particularly outside the United States. lished joint ventures and alliances to market, or to manufacture and
market IV products and services in such countries as Argentina,
Key Events: Baxter’s Renal business has expanded in recent years Chile, Hungary, Indonesia, the Philippines, Taiwan, Thailand and
with the opening of several manufacturing facilities and Renal Turkey. Last year, Baxter began to establish alliances through
Therapy Service centers in Asia, Latin America and Europe. Closer to which it will construct two new manufacturing facilities in China that
home, Baxter unveiled Renal Management Strategies Inc., a renal- will produce IV solutions and other Baxter products. Baxter’s I.V.
disease management organization dedicated to creating renal-care Systems business is the cornerstone of a seven-year, multi-billion-
networks across the United States that focus on improving the quality dollar purchasing agreement with Premier, the largest alliance
and reducing the cost of long-term renal care. Meanwhile, Baxter’s of hospital and health systems in the United States. During the
Nextran unit continues its research-and-development efforts in year, Baxter reintegrated its parenteral-nutrition business into
xenotransplantation—animal-to-human transplants—to offer a I.V. Systems. That business had been part of Clintec Nutrition
potential solution to thousands of patients who die each year Company, the company’s former joint venture with Nestlé S.A.
awaiting donor organs. that was dissolved in 1996.
Renal Net Sales I.V. Systems/Medical Products Net Sales
(in billions of dollars) (in billions of dollars)
2.0
2.0
1.0
1.0
0
0
94 95 96
94 95 96
5. FINANCIAL HIGHLIGHTS
1996 1995
(Dollars in millions, except per share data)
Net sales $ 5,438 $ 5,048
OPERATING RESULTS
Income from continuing operations
before income taxes $ 793 $ 524
Income from continuing operations $ 575 $ 371
Net income $ 669 $ 649
Earnings per common share
Continuing operations $ 2.11 $ 1.34
Net income $ 2.46 $ 2.35
“Operational cash flow” $ 682 $ 587
Capital expenditures $ 398 $ 399
INVESTMENTS
Research-and-development expenses $ 340 $ 345
Return on common equity 1
24.3% 18.5%
RETURNS
Dividends per common share $ 1.17 $ 1.11
Total assets 1
$ 7,596 $ 6,818
OTHER
Net-debt-to-net-capital ratio 33.8% 36.3%
Stockholders’ equity $ 2,504 $ 3,704
Common stockholders of record at year-end 65,400 74,400
See financial section for more information.
1. Excludes discontinued operations.
Net Sales Operational Cash Flow
CONTENTS
(in billions of dollars) (in billions of dollars)
6.0 1.0
Letter to Shareholders 2
4.0
0.5
One Baxter 4
2.0
0 0 Biotech 6
94 95 96 94 95 96
CardioVascular 8
Renal 10
Baxter Stock Price
Earnings Per Share
(in dollars)
from Continuing Operations
I.V. Systems/Medical Products 12
(in dollars)
45
3.0
Community Leadership 14
30
2.0
Financial Information Index 16
15
1.0
0
0
94 95 96
94 95 96
1
B A X T E R I N T E R N A T I O N A L 1996 annual repor t
6. LETTER TO SHAREHOLDERS a message from the Chairman and Chief Executive Officer
Nineteen ninety-six was a year of tremendous accomplishment.
We continued to create significant shareholder value. We enhanced
our leading-edge technologies. We built on our preeminent positions
in high-growth medical markets worldwide. And, we spun off our
health-care cost management and distribution operations as a
separate, publicly traded company called Allegiance Corporation.
As a result, Baxter is focused on executing its strategies of global
expansion and technological innovation, which we believe will
Chairman and Chief Executive Officer,
continue to drive significant shareholder value in 1997 and beyond.
Vernon R. Loucks Jr.
B axter today is a reinvigorated company, backed by a legacy of leadership more than six decades in the making. While the historic spin-off
of Allegiance may have been the “headline,” there were many important achievements in 1996. These include Baxter’s clear leadership in
the drive to market a successful hemoglobin therapeutic, or “blood substitute;” our acquisition of Immuno International AG, a top European
provider of products and services for transfusion medicine; and ongoing growth in attractive markets from Argentina to China.
OUR FINANCIAL COMMITMENTS Most important of all, in 1996 Baxter kept its commitment to shareholders by meeting or exceeding our aggressive
financial targets. For several years we have set and delivered to specific, and ambitious, targets designed to generate growth and improve return
and cash flow to increase consistently the value of your investment. For 1996, our financial targets were to:
s Generate $500 million in “operational cash flow,” defined as total cash flow less working capital and capital
expenditures. We generated more than $680 million in operational cash flow.
s Grow net earnings in the high single digits, which we accomplished.
s Target a net-debt-to-capital ratio between 35 percent and 40 percent. This ratio, which was 50 percent at
year-end 1993, was reduced to 34 percent by year-end 1996.
s Continue to leverage marketing-and-administrative expenses. These costs have fallen from 21.5 percent
of sales in 1995 to 21 percent of sales in 1996.
s Double inventory turns by 1998, using 1993 as a base. While we made significant progress toward this
goal in 1996, we still have substantial work to do.
s Continue to repurchase an additional $500 million in common stock during the next few years.
We are on track to meet this commitment, having repurchased $267 million of shares in 1996.
Of course, the financial measure that matters most is total shareholder return (stock price plus dividend), which rose 14 percent during 1996. It was
your company’s 40th consecutive annual dividend increase. Over the last three years, total shareholder return has increased at a compound annual
growth rate of 28 percent—higher than the Dow Jones Industrial Average and the S&P 500. This performance was, however, slightly below the
S&P Medical Products and Supplies Index. Therefore, management’s bonuses, which are tied directly to the performance of Baxter’s total return
in relation to this index, were not paid out in full.
2 B A X T E R I N T E R N A T I O N A L 1996 annual repor t