• Baxter average gross margin for 2023 was 35.88%, a 1.64% increase from 2022.
• Baxter average gross margin for 2022 was 36.48%, a 6.37% decline from 2021.
• Baxter average gross margin for 2021 was 38.96%, a 4.67% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.