Baxter International

Track record is mixed. Hillrom was strategic but expensive and led to sizable goodwill impairments in 2022 and again in 4Q24 (Front Line Care). On the positive side, management executed the BPS divestiture (2023) and Kidney Care sale (2025), simplifying the portfolio and reducing debt. Dividends remain modest ($0.17 per quarter).

We view current priorities (debt paydown, focused reinvestment) as sound, but past acquisition discipline and product‑quality execution temper our score. Future allocation should emphasize reliability in quality systems and targeted R&D in Advanced Surgery and connectivity rather than large M&A.