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Baxter Probe Finds Accounting Errors Leading to $276M in Inflated Income

In a filing with the SEC, Baxter International disclosed that it may have overstated its income over multiple years, inflating it by about $276 million in total.

 

Following an internal audit and probe into its accounting measures, the medtech manufacturer said it found reporting discrepancies from 2016 through the first half of 2019—including by as much as $117 million in 2017, or 9.6% of the $1.217 billion in operational income before taxes the company reported that year.

Baxter estimated that other years saw misstatements totaling $40 million in 2016, $77 million in 2018 and $42 million for 2019’s first two quarters. The company said it plans to file revised and corrected annual and quarterly financial statements to the SEC no later than March 31.


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