May 2 (Reuters) - Medical device maker Baxter

International ( BAX ) raised its annual profit forecast and beat

quarterly estimates on Thursday, banking on strong demand for

its infusion pumps and dialysis products.

Investor expectations around the performance of medical

device makers have been heightened since last November due to

higher demand for procedures, especially among older adults,

that were delayed during the COVID-19 pandemic.

Larger peers Stryker and Boston Scientific ( BSX )

also beat profit estimates during their quarterly results, as

industry bellwether Johnson & Johnson ( JNJ ) expects

medtech-related procedures to remain elevated in 2024.

Baxter said the separation of its kidney care segment, which

was proposed in January last year, is expected to take place in

the second half of 2024.

The company expects full-year adjusted profit between $2.88

and $2.98 per share, compared with its previous expectation

between $2.85 and $2.95 per share. Analysts estimated a profit

of $2.90 per share, according to LSEG data.

The first-quarter revenue rose 2% to $3.59 billion from the

previous year, beating estimates of $3.55 billion.

The medical products and therapies segment, which makes IV

solutions and infusion pumps, recorded quarterly sales of $1.23

billion, up 6%, compared to analysts' average estimates of $1.16

billion.

The kidney care segment, through which it sells dialysis

products, garnered quarterly sales of $1.1 billion, slightly

above analysts' estimates of $1.09 billion.

On an adjusted basis, the company earned 65 cents per share,

compared with estimates of 61 cents per share.