Shares of Baxter International (NYSE: BAX) were sinking 12.4% as of 12:18 p.m. ET on Thursday. The decline came after the company reported its 2022 full-year and fourth-quarter results.

Baxter announced fourth-quarter sales of $3.9 billion, up 11% year over year. This result topped the consensus Wall Street revenue estimate of $3.77 billion.

The medtech company posted Q4 earnings of $181 million, or $0.36 per diluted share, based on generally accepted accounting principles (GAAP). Baxter's adjusted non-GAAP earnings in the fourth quarter were $444 million, or $0.88 per diluted share. This fell short of the average adjusted earnings estimate of $0.94 per share.

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Source Fool.com