Baxter is a medical products company that makes and sells essential healthcare products used primarily in hospitals and clinical settings. Baxter's core products include IV solutions and infusion systems, Advanced Surgery products (hemostats, sealants), specialty injectable pharmaceuticals and inhaled anesthetics, and hospital beds with integrated monitoring and connected care systems. Baxter operates three segments: Medical Products & Therapies (IV fluids, infusion pumps, parenteral nutrition, and Advanced Surgery), Healthcare Systems & Technologies (smart hospital beds, nurse call, and point-of-care diagnostic devices), and Pharmaceuticals (injectable drugs, anesthetics, and drug compounding). Baxter sells primarily to hospitals, surgery centers, and alternate-site providers, largely through GPOs and distributors like Cardinal Health and Medline. The business model mixes recurring consumable revenue (IV fluids, surgical products, injectable drugs) with capital equipment sales (infusion pumps, hospital beds) that create long-term pull-through of consumables and services. Baxter is currently in financial repair mode following the divestitures of its BioPharma Solutions and Kidney Care businesses, using proceeds to pay down debt toward a ~3x net debt/EBITDA target. Near-term challenges include a voluntary hold on its Novum IQ infusion pump due to flow rate issues, persistently lower IV fluid demand following hurricane-related supply disruptions, headwinds in injectables from shifting clinical protocols, and an estimated $130M–$140M tariff impact in 2026.