The company is still planning to separate its Kidney Care business, but now considering a potential sale in lieu of a spinoff. The separation is expected to be completed in the second half of 2024, subject to customary conditions. The Kidney Care segment generated $1.10 billion of net sales, representing approximately 31% of consolidated net sales.

The company completed the implementation of a new operating model in the third quarter of 2023, intended to simplify and streamline operations and better align manufacturing and supply chain activities. This new model has resulted in changes to the company's reportable segments.

In April 2024, the company received FDA 510(k) clearance for its Novum IQ large volume infusion pump (LVP). This clearance is expected to favorably impact net sales generated by the Infusion Therapies and Technologies business during the second half of 2024.

The company recorded business optimization charges of $57 million for the three months ended March 31, 2024, reflecting costs related to restructuring and implementation of the new operating model. These efforts are intended to transform the cost structure and enhance operational efficiency.

The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2024. There were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting.

The company incurred $5 million in integration costs related to the Hillrom acquisition for the three months ended March 31, 2024. This indicates ongoing efforts to fully integrate Hillrom into Baxter's operations.

The company states that there have been no material changes to the risk factors previously disclosed in the 2023 Annual Report. This suggests a relatively stable risk environment, although the existing risks remain relevant.

The company acknowledges ongoing challenges to its global supply chain, including production delays, increased costs, and shortages of raw materials. Global economic conditions, including the war in Ukraine and tensions amongst China, Taiwan, and the U.S., also contribute to increased uncertainty.

As a medical products company, the company's operations and products are subject to extensive regulation by government agencies. Failure to comply with these regulations may result in various actions, including warning letters, product recalls, monetary sanctions, and restrictions on operations.

Medical Product and Therapies segment net sales increased 6% in the first quarter of 2024, as compared to the prior year period. This indicates a strong competitive position in this segment.

Healthcare Systems and Technologies segment net sales decreased 9% in the first quarter of 2024, as compared to the prior year period. This indicates a weakening competitive position in this segment.

Pharmaceuticals segment net sales increased 11% in the first quarter of 2024 compared to the prior year period. This indicates a strong competitive position in this segment.

The company recorded business optimization charges of $57 million for the three months ended March 31, 2024, indicating ongoing efforts to improve operational efficiency. These charges primarily relate to employee termination costs, implementation costs, contract termination costs, and asset impairments.

Excluding the impact of special items, the gross margin ratio increased 1.7 percentage points in the first quarter of 2024 compared to the prior year period, primarily due to pricing and initiatives to reduce manufacturing and supply chain costs.

Excluding the impact of special items, the SG&A expenses ratio remained flat in the first quarter of 2024 compared to the prior year period. This indicates that the company is controlling SG&A costs effectively.

R&D expenses increased to $176 million in the first quarter of 2024, compared to $164 million in the same period of 2023. This indicates a continued investment in innovation and technology.

The company received FDA 510(k) clearance for its Novum IQ large volume infusion pump (LVP), indicating progress in bringing innovative products to market.

The company did not repurchase any shares during the first quarter of 2024, despite having $1.30 billion remaining available under the authorization. This may indicate a shift in capital allocation priorities.

The company used cash to repay $15 million of debt during the first quarter of 2024, indicating a continued focus on deleveraging the balance sheet.

The company intends to use substantially all of the after-tax proceeds from the BPS divestiture to repay indebtedness through the first half of 2024. This demonstrates a commitment to strengthening the capital structure.

The company is involved in ongoing environmental remediations associated with historic operations at certain of its facilities, with environmental reserves of $14 million as of March 31, 2024. This highlights the company's commitment to addressing environmental liabilities.

Foreign currency adversely impacted net sales by 1 percentage point during the first quarter of 2024, indicating the influence of macroeconomic factors on the company's financial performance.

The company acknowledges that global economic conditions, including the war in Ukraine and tensions amongst China, Taiwan, and the U.S., and regulatory matters may have an adverse impact on expenses, operations, supply chains, and distribution systems.

The company's products are subject to extensive regulation by numerous government agencies, which requires specific approval before marketing and selling products.