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DewDiligence

ABT reports 1Q24 results—raises 2024 guidance slightly—stock sells

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DewDiligence PremiumMember

04/17/24 12:35 PM

Post #803

Re: #796: @DewDiligence - ABT reports 4Q23 results—issues 2024 guidance:

ABT reports 1Q24 results—raises 2024 guidance slightly—stock sells off because ABT didn’t raise 2024 guidance to a larger degree:

https://abbott.mediaroom.com/2024-04-17-Abbott-Reports-First-Quarter-2024-Results-and-Raises-Midpoint-of-Full-Year-Guidance-Ranges

2024 guidance for organic sales growth excluding COVID diagnostics is now 8.5-10%, up from the prior guidance of 8-10%.

2024 guidance for non-GAAP EPS (which excludes FX and restructuring costs) is now $4.55-$4.70, up from the prior guidance of $4.50-4.70.

1Q24 non-GAAP and GAAP EPS were $0.98 and $0.70, respectively, versus $1.03 and $0.59 in 1Q23. The YoY decline in non-GAAP EPS was due to lower sales of COVID diagnostics, which were $204M in 1Q24 vs $730M in 1Q23.

4Q23 FreeStyle Libre sales were $1.5B, +23% YoY in constant currency. FreeStyle Libre is the largest-selling medical device, ever, from any company.

Please see #msg-174255202 for a breakdown of ABT’s 1Q24 sales by business segment.

DewDiligence PremiumMember

04/02/24 10:45 AM

Post #802

FDA approves ABT’s TriClip device for repair tricuspid heart valve:

https://finance.yahoo.com/news/abbott-receives-fda-approval-triclip-130000245.html

EW is the only other company with a similar device.

DewDiligence PremiumMember

04/01/24 10:20 AM

Post #801

FDA clears ABT’s 15-minute test for TBI/concussion:

https://finance.yahoo.com/news/abbott-receives-fda-clearance-whole-130000849.html

Note: This is not the hand-held diagnostic ABT is developing to give TBI results from a simple finger prick (#msg-172397644).

Monksdream PremiumMember

02/25/24 12:34 PM

Post #800

Re: #799: @DewDiligence - ABT launches adult-nutrition product_to_maintain muscle mass_for_people_on_weight-loss_drugs:

ABT new 52 week high

DewDiligence PremiumMember

01/31/24 10:13 AM

Post #799

ABT launches adult-nutrition product_to_maintain muscle mass_for_people_on_weight-loss_drugs:

https://finance.yahoo.com/news/abbott-launches-protality-brand-support-140000191.html

Abbott, a global leader in science-based nutrition, announced today the launch of its new PROTALITY brand. The high-protein nutrition shake is the first product in this line to support the growing number of adults interested in pursuing weight loss while maintaining muscle mass and good nutrition.

…To preserve muscle mass during weight loss, research shows adults may need at least 50 percent more protein than the Recommended Dietary Allowance (RDA). High protein consumption can also support weight loss maintenance.

Citations for the claims in the above paragraph are in the footnotes of ABT’s press release.

Nutrition products (adult + infant) comprised 20% of ABT’s overall 4Q23 sales (#msg-173691054).

DewDiligence PremiumMember

01/24/24 6:23 PM

Post #798

Re: #796: @DewDiligence - ABT reports 4Q23 results—issues 2024 guidance:

ABT 4Q23 CC transcript:

https://finance.yahoo.com/news/abbott-laboratories-abt-q4-2023-181515865.html

DewDiligence PremiumMember

01/24/24 9:39 AM

Post #797

Re: #796: @DewDiligence - ABT reports 4Q23 results—issues 2024 guidance:

ABT 4Q23 Results by Business Segment

  
                  %Corp      YoY Growth    
 Segment          Sales   (const currency) 
 Medical devices*  43%       +17% 
 Nutrition         20%       +13% 
 Diagnostics       25%       -22%† 
 Pharmaceuticals‡  12%        +9%

61% of overall corporate sales were ex-US.

*Includes diabetes care.
‡Branded generics and biosimilars in emerging markets.

†4Q23 COVID-diagnostics sales were $288M (11% of total 4Q23 diagnostic sales) vs $1.07B in 3Q22; excluding COVID diagnostics, 4Q23 diagnostics sales were +2% YoY.

DewDiligence PremiumMember

01/24/24 9:38 AM

Post #796

Re: #790: @DewDiligence - ABT reports 3Q23 results—increases_midpoint_of_ 2023_EPS_ guidance:

ABT reports 4Q23 results—issues 2024 guidance:

https://abbott.mediaroom.com/2024-01-24-Abbott-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Issues-2024-Financial-Outlook

2024 guidance for organic sales growth excluding COVID diagnostics is 8-10%.

2024 guidance for non-GAAP EPS (which excludes FX and restructuring costs) is $4.50-4.70, -12-16% vs $5.34 in 2023. 2024 guidance for GAAP EPS is $3.20-3.40, -13-18% vs $3.91 in 2023. The expected YoY declines in non-GAAP and GAAP EPS are due to lower expected sales of COVID diagnostics, which were $1.59B in 2023.

4Q23 non-GAAP and GAAP EPS were $1.19 and $0.91, respectively, versus $1.03 and $0.59 in 4Q22. The YoY growth in EPS came despite sharply lower sales of COVID diagnostics, which were $288M in 4Q23 vs $1.07B in 4Q22.

4Q23 FreeStyle Libre sales were $1.4B, +26% YoY. FreeStyle Libre is the largest-selling medical device, ever, from any company.

Please see #msg-173691063 for a breakdown of ABT’s 4Q23 sales by business segment.

TommyBoyTrader9460 Free

12/23/23 10:13 AM

Post #795

Re: #794: @DewDiligence - ABT increases dividend for 52nd(!) consecutive year:

$ABT
https://x.com/hannahadad8890/status/1738578204703514799?s=61

DewDiligence PremiumMember

12/15/23 5:56 PM

Post #794

Re: #768: @DewDiligence - ABT increases dividend for 51st(!) consecutive year:

ABT increases dividend for 52nd(!) consecutive year:

https://finance.yahoo.com/news/abbott-increases-quarterly-dividend-52nd-162500327.html

The new annualized payout is $2.20, +7.8% from $2.04 in 2023, and +17% from $1.88 in 2022. At the current share price ($107.29), the new annualized payout is a yield of 2.1%.

DewDiligence PremiumMember

11/25/23 6:14 PM

Post #792

Re: #780: @DewDiligence - Medical-device stocks (including ABT) are strong today, while

GLP-1 effect on medical-device companies:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173203785

DewDiligence PremiumMember

10/18/23 7:17 PM

Post #791

Re: #790: @DewDiligence - ABT reports 3Q23 results—increases_midpoint_of_ 2023_EPS_ guidance:

ABT 3Q23 CC transcript:

https://www.fool.com/earnings/call-transcripts/2023/10/18/abbott-laboratories-abt-q3-2023-earnings-call-tran/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article

DewDiligence PremiumMember

10/18/23 9:43 AM

Post #790

Re: #781: @DewDiligence - ABT reports 2Q23 results—increases 2023 guidance_for_organic_sales_growth:

ABT reports 3Q23 results—increases_midpoint_of_ 2023_EPS_ guidance:

https://abbott.mediaroom.com/2023-10-18-Abbott-Reports-Third-Quarter-2023-Results-and-Raises-Midpoint-of-Full-Year-EPS-Guidance-Range

ABT continues to expect 2023 organic sales growth (excluding COVID-diagnostic sales) in the low double digits. 3Q23 organic sales growth was 13.5%.

3Q23 GAAP and non-GAAP EPS were $0.82 and $1.14, respectively, flat versus $0.81 and $1.15 in 3Q22. The YoY flatness was due to sharply lower COVID-diagnostics revenue: $305M in 3Q23 vs $1.67B in 3Q22. (ABT now expects 2023 COVID-diagnostics sales of $1.5B, which implies ~$200M for 4Q23.)

ABT raised the midpoint and tightened the ranges for 2023 EPS guidance. The new guidance is: GAAP $3.14-3.18 (from the prior range of $3.02-3.22); and non-GAAP $4.42-4.46 (from the prior range of $4.30-4.50).

3Q23 FreeStyle Libre sales were $1.4B, +29% YoY. FreeStyle Libre is already the largest-selling medical device, ever, from any company.

Please see #msg-173045466 for a breakdown of ABT’s 3Q23 sales by business segment.

DewDiligence PremiumMember

09/20/23 10:48 AM

Post #789

Re: #782: @DewDiligence - ABT 2Q23 Results by Business Segment [pre]

ABT inks deal to sell biosimilars in emerging markets:

https://www.prnewswire.com/news-releases/abbott-broadens-access-to-cutting-edge-biosimilars-in-key-emerging-markets-301932956.html

This is a good fit for ABT’s “branded generics” business, which sells off-patent small-molecule drugs in emerging markets and comprises 13% of ABT’s overall sales (#msg-172393746).

DewDiligence PremiumMember

09/05/23 5:16 PM

Post #788

Re: #781: @DewDiligence - ABT reports 2Q23 results—increases 2023 guidance_for_organic_sales_growth:

ABT acquires—(private)—Bigfoot Biomedical for undisclosed price:

https://finance.yahoo.com/news/abbott-acquire-bigfoot-biomedical-furthering-203000744.html

Abbott and Bigfoot Biomedical today announced a definitive agreement for Abbott to acquire Bigfoot, a leader in developing smart insulin management systems for people with diabetes.

…Bigfoot developed Bigfoot Unity, a smart insulin management system that features the first and only FDA-cleared connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data along with healthcare provider instructions to provide insulin dosing recommendations. The dosing recommendations are displayed on the pen cap's digital screen to help people know how much insulin to take.

The Bigfoot Unity system exclusively works with Abbott's world-leading FreeStyle Libre technology and includes a customer smartphone app connected to a cloud-based online portal used by healthcare providers to support their patients, including through remote care. The system works with FreeStyle Libre 2 sensors and all major brands of both long-acting (basal) and rapid-acting (bolus) disposable insulin pens offered in the United States.

ABT’s FreeStyle Libre has annualized sales of more than $5B and is the largest-selling medical device, ever (#msg-172393724).

wiwineguy

07/21/23 2:59 AM

Post #787

Re: #784: @wiwineguy - Good report

Great report!!

wiwineguy

07/21/23 2:59 AM

Post #786

Re: #785: @DewDiligence - That's quite an understatement!

True

DewDiligence PremiumMember

07/20/23 10:08 PM

Post #785

Re: #784: @wiwineguy - Good report

That's quite an understatement!

Check out #msg-172397644.

wiwineguy

07/20/23 5:09 PM

Post #784

Re: #783: @DewDiligence - ABT 2Q23 CC transcript:

Good report

DewDiligence PremiumMember

07/20/23 4:12 PM

Post #783

Re: #781: @DewDiligence - ABT reports 2Q23 results—increases 2023 guidance_for_organic_sales_growth:

ABT 2Q23 CC transcript:

https://www.fool.com/earnings/call-transcripts/2023/07/20/abbott-laboratories-abt-q2-2023-earnings-call-tran/

DewDiligence PremiumMember

07/20/23 12:33 PM

Post #782

Re: #781: @DewDiligence - ABT reports 2Q23 results—increases 2023 guidance_for_organic_sales_growth:

ABT 2Q23 Results by Business Segment

  
                  %Corp      YoY Growth    
 Segment          Sales   (const currency) 
 Medical devices*  43%       +14% 
 Diagnostics       23%       -46%† 
 Nutrition         21%       +10% 
 Branded generics  13%       +13%

62% of overall corporate sales were ex-US.

*Includes diabetes care.

†2Q23 COVID-diagnostics sales were $263M (11% of total 2Q23 diagnostic sales) vs $2.3B in 2Q22; excluding COVID diagnostics, 2Q23 diagnostics sales were +7% YoY.

DewDiligence PremiumMember

07/20/23 12:32 PM

Post #781

Re: #776: @DewDiligence - ABT reports 1Q23 results—slightly increases 2023 guidance:

ABT reports 2Q23 results—increases 2023 guidance_for_organic_sales_growth:

https://abbott.mediaroom.com/2023-07-20-Abbott-Reports-Second-Quarter-2023-Results-Increases-Outlook-For-Underlying-Base-Business

2Q23 GAAP and non-GAAP EPS were $0.78 and $1.08, respectively, down from $1.14 and $1.43 in 2Q22. The YoY declines were due to sharply lower COVID-diagnostics revenue: $263M in 1Q23 vs $2.3B in 2Q22. (ABT now expects 2023 COVID-diagnostics sales of $1.3B, which implies ~$300M for 2H23.)

2Q23 FreeStyle Libre sales were $1.3B, +25% YoY. FreeStyle Libre is already the largest-selling medical device, ever, from any company.

ABT’s full-year 2023 guidance is essentially unchanged from three months ago: GAAP EPS of $3.02-3.22; and non-GAAP EPS (which excludes restructuring costs and FX) of $4.30-4.50. ABT was able to retain the pre-existing guidance despite the reduced forecast for 2H23 COVID diagnostics because the 2H23 outlook for ABT’s organic (non-COVID) business has improved.

Specifically, ABT now expects 2023 organic sales growth in the low double digits, an upgrade from the guidance three months ago of “at least high dingle digits.” 2Q23 organic sales growth was 11.5%, up from 10% in 1Q23.

Please see #msg-172393746 for a breakdown of ABT’s 2Q23 sales by business segment.

DewDiligence PremiumMember

06/14/23 12:54 PM

Post #780

Medical-device stocks (including ABT) are strong today, while health-insurance stocks (e.g. HUM) are weak. Somebody apparently just realized that elective-procedure volumes are back to pre-pandemic levels and growing.

DewDiligence PremiumMember

05/15/23 6:15 PM

Post #779

ABT—This looks like a meritless lawsuit:

https://finance.yahoo.com/news/1-abbott-labs-sued-over-213744088.html

Nevertheless, crazier lawsuits have succeeded, so an investor can’t take anything for granted when it comes to tort exposure.

DewDiligence PremiumMember

04/20/23 11:39 AM

Post #778

Re: #776: @DewDiligence - ABT reports 1Q23 results—slightly increases 2023 guidance:

ABT 1Q23 CC transcript:

https://finance.yahoo.com/news/q1-2023-abbott-laboratories-earnings-043458274.html

DewDiligence PremiumMember

04/19/23 11:45 AM

Post #777

Re: #776: @DewDiligence - ABT reports 1Q23 results—slightly increases 2023 guidance:

ABT 1Q23 Results by Business Segment

  
                  %Corp      YoY Growth    
 Segment          Sales   (const currency) 
 Medical devices*  40%       +12% 
 Diagnostics       28%       -47%† 
 Nutrition         20%       +10%‡ 
 Branded generics  12%       +11%

60% of overall corporate sales were ex-US.

*Includes diabetes care.

†1Q23 COVID-diagnostics sales were $730M (27% of total 1Q23 diagnostic sales); excluding COVID diagnostics, diagnostics sales were +4% YoY.

‡Excluding effect of small divestiture; including the divestiture, nutrition sales were +6% YoY.

DewDiligence PremiumMember

04/19/23 11:44 AM

Post #776

Re: #770: @DewDiligence - ABT reports 4Q22 results—issues 2023 guidance:

ABT reports 1Q23 results—slightly increases 2023 guidance:

https://abbott.mediaroom.com/2023-04-19-Abbott-Reports-First-Quarter-2023-Results-Increases-Outlook-For-Underlying-Base-Business

1Q23 GAAP and non-GAAP EPS were $0.75 and $1.03, respectively, down from $1.37 and $1.73 in 1Q22. The reason for the decline is, of course, falling COVID-diagnostics revenue, which was $730M in 1Q23 vs $3.3B in 1Q22.

1Q23 FreeStyle Libre sales were $1.2B, +9% QoQ and +20% YoY (+50% YoY in the US).

ABT reiterated full-year 2023 guidance from three months ago: GAAP EPS of $3.05-3.25; and non-GAAP EPS (which excludes restructuring costs and FX) of $4.30-4.50.

ABT now expects 2023 COVID-diagnostics sales of $1.5B (i.e. $770M for the remaining nine months of the year, only slightly above the $730M logged in 1Q23).

Excluding COVID diagnostics, ABT expect 2023 organic sales growth of “at least high dingle digits,” which is a subtle word change from three months ago when the phrase “at least” was not in the guidance language. In 1Q23, organic sales growth excluding COVID diagnostics was 10.0%.

The stock is +7% as I’m typing. Investors are evidently impressed with ABT’s ability to maintain—and subtly increase (see above)—2023 guidance despite the steep falloff in COVID sales.

DewDiligence PremiumMember

04/17/23 12:17 PM

Post #775

Re: #774: @DewDiligence - FDA clears ABT's standalone glucose reader from FreestyleLibre:

FreeStyle Libre gets expanded Medicare coverage:

https://www.prnewswire.com/news-releases/abbotts-freestyle-libre-continuous-glucose-monitoring-systems-obtain-significantly-expanded-coverage-for-medicare-beneficiaries-301798550.html

DewDiligence PremiumMember

04/14/23 10:06 AM

Post #774

Re: #773: @DewDiligence - FDA enables_integration_of FreeStyle Libre with automated insulin delivery syste

FDA clears ABT's standalone glucose reader from FreestyleLibre:

https://finance.yahoo.com/news/fda-clears-reader-abbotts-freestyle-130000671.html

Abbott today announced that the U.S. Food and Drug Administration (FDA) has cleared a reader for its FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system, which features the world's smallest, thinnest and most discreet glucose sensor. With the FDA's clearance of a standalone reader, Abbott is working to get the FreeStyle Libre 3 system added to Medicare's list of covered systems as soon as possible.

DewDiligence PremiumMember

03/06/23 12:20 PM

Post #773

Re: #769: @DewDiligence - ABT CEO at JPM: “Libre will become a

FDA enables_integration_of FreeStyle Libre with automated insulin delivery systems:

https://finance.yahoo.com/news/u-fda-clears-abbotts-freestyle-120000948.html

Abbott today announced that the U.S. Food and Drug Administration (FDA) has cleared its FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system sensors for integration with automated insulin delivery (AID) systems.

…AID systems help people manage daily diabetes care by automatically adjusting and administering the insulin delivered by an insulin pump based on real-time glucose data from their FreeStyle Libre 2 or FreeStyle Libre 3 sensors.

Abbott is working with leading insulin pump manufacturers to integrate their systems with the FreeStyle Libre 2 and FreeStyle Libre 3 sensors as soon as possible. The company is partnering with Insulet and Tandem for future integrations in multiple countries, including the U.S. Outside the U.S., Abbott's FreeStyle Libre 3 sensor is already authorized to work with the mylife Loop solution from Ypsomed and CamDiab in Germany, with additional launches in the UK, Switzerland and the Netherlands planned for the first half of this year.

FreeStyle Libre, already the biggest-selling medical device from any company, is projected to reach $10B(!) in annual sales during the next five yeaqrs, according to ABT’s statement at the JPM conference in January 2023 (#msg-170908089). Current annual sales are more than $4B.

DewDiligence PremiumMember

03/05/23 8:15 PM

Post #772

ABT TriClip (tricuspid-value clip) highlighted_at ACC…

NYT story (Gina Kolata):
https://www.nytimes.com/2023/03/04/health/tricuspid-valve-clip-leakage.html

ABT’s own PR:
https://finance.yahoo.com/news/data-show-superiority-abbotts-triclip-154100517.html

DewDiligence PremiumMember

02/08/23 6:23 PM

Post #771

Re: #770: @DewDiligence - ABT reports 4Q22 results—issues 2023 guidance:

ABT acquires CSII for $20/sh cash—a 50% premium to today’s closing price:

• Abbott will gain an innovative, complementary solution in treating vascular disease through CSI's leading atherectomy system, which prepares vessels for angioplasty or stenting to restore blood flow

• CSI's offering will support Abbott's ability to provide better care for patients with peripheral and coronary artery disease

The nominal deal value is $890M. Closing requires approval of CSII’s shareholders, but that’s a fait accompli.

The Medical Devices business segment is ABT’s largest, accounting for 37% of corporate sales in 4Q22 (#msg-171028943).

ABT’s 2023 financial guidance remains unchanged—see #msg-171028771 for details.

DewDiligence PremiumMember

01/25/23 8:58 AM

Post #770

Re: #762: @DewDiligence - ABT reports 3Q22 results—raises 2022 EPS guidance:

ABT reports 4Q22 results—issues 2023 guidance:

https://abbott.mediaroom.com/2023-01-25-Abbott-Reports-Fourth-Quarter-and-Full-Year-2022-Results-Issues-2023-Financial-Outlook

2023 GAAP EPS guidance is $3.05-3.25, -19% YoY at the midpoint of the range. 2023 non-GAAP EPS guidance (which excludes restructuring costs and FX) is $4.30-4.50, -18% YoY at the midpoint of the range.

The reason 2023 guidance is below 2022 results for both GAAP and non-GAAP EPS is, of course, declining COVID-diagnostics revenue. In 2022, ABT sold $8.4B of COVID diagnostics, but 2023 guidance is only $2.0B as testing volume has fallen off rapidly from the peak of the pandemic.

On a positive note, 4Q22 Freestyle Libre sales were $1.1B, including a 40% YoY increase in the US market.

Excluding COVID diagnostics, ABT expects 2023 organic sales growth in the high dingle digits.

DewDiligence PremiumMember

01/10/23 12:23 PM

Post #769

ABT CEO at JPM: “Libre will become a $10B product in the next 5 years.”

I.e., Libre is almost certain to be the biggest-selling medical device, ever.

DewDiligence PremiumMember

12/09/22 1:34 PM

Post #768

Re: #735: @DewDiligence - ABT boosts dividend for 50th(!) consecutive year—new annualized

ABT increases dividend for 51st(!) consecutive year:

https://finance.yahoo.com/news/abbott-increases-quarterly-dividend-marking-154800419.html

The new annualized payout is $2.04, up from $1.88 (an 8.5% bump). At the current share price ($107.84), the new payout is a yield of 1.9%.

DewDiligence PremiumMember

10/19/22 7:34 PM

Post #767

Re: #762: @DewDiligence - ABT reports 3Q22 results—raises 2022 EPS guidance:

ABT 3Q22 CC transcript:

https://www.fool.com/earnings/call-transcripts/2022/10/19/abbott-laboratories-abt-q3-2022-earnings-call-tran/

wiwineguy

10/19/22 9:57 AM

Post #766

Re: #765: @DewDiligence - From my post earlier today: The stock is

Yes sir Dew, I was nit taking a shot at you Thought everyone already knew this and was already priced in. Then consider guidance. Should not be down like this.

DewDiligence PremiumMember

10/19/22 9:52 AM

Post #765

Re: #764: @wiwineguy - And yet its selling off like crazy

From my post earlier today:

The stock is trading down this morning because 3Q22 sales were hit by three factors: 1) The recall of infant formula produced at the Sturgis, MI plant; 2) declining COVID diagnostics ($1.7B in 3Q22 vs $2.3B in 2Q22); and 3) the strong US dollar.

wiwineguy

10/19/22 9:47 AM

Post #764

Re: #763: @DewDiligence - ABT 3Q22 Results by Business Segment [pre]

And yet its selling off like crazy

DewDiligence PremiumMember

10/19/22 9:31 AM

Post #763

Re: #762: @DewDiligence - ABT reports 3Q22 results—raises 2022 EPS guidance:

ABT 3Q22 Results by Business Segment

  
                  %Corp      YoY Growth    
 Segment          Sales   (const currency)   
 Medical devices*  35%        +6%     
 Diagnostics       35%        -1%     
 Nutrition         17%       -10%     
 Drugs†            13%       +12%

3Q22 COVID-diagnostics sales were $1.7B, 46% of 3Q22 diagnostics sales.

61% of overall corporate sales were ex-US.

*Includes diabetes care.
†Branded generics in emerging markets.

DewDiligence PremiumMember

10/19/22 9:30 AM

Post #762

Re: #758: @DewDiligence - ABT reports 2Q22 results–raises 2022 EPS guidance:

ABT reports 3Q22 results—raises 2022 EPS guidance:

https://abbott.mediaroom.com/2022-10-19-Abbott-Reports-Third-Quarter-2022-Results-and-Raises-Full-Year-EPS-Guidance

The stock is trading down this morning because 3Q22 sales were hit by three factors: 1) The recall of infant formula produced at the Sturgis, MI plant; 2) declining COVID diagnostics ($1.7B in 3Q22 vs $2.3B in 2Q22); and 3) the strong US dollar. Despite all this ABT now expects full-year 2022 non-GAAP EPS of $5.17-5.23 (up from the [lowball] prior guidance of $4.90B+).

4Q22 COVID-diagnostics sales are expected to be $500M, assuming no new spike in the pandemic.

3Q22 Freestyle Libre sales were $1.0B, +40% YoY in the US, but down YoY ex-US due to timing considerations (i.e. a changeover from Libre 2 to Libre 3 in major EU markets).

DewDiligence PremiumMember

09/18/22 8:12 PM

Post #761

ABT’s TCT presentations:

https://finance.yahoo.com/news/breaking-data-show-breadth-abbotts-184500590.html

DewDiligence PremiumMember

07/20/22 12:54 PM

Post #760

Re: #758: @DewDiligence - ABT reports 2Q22 results–raises 2022 EPS guidance:

ABT 2Q22 CC transcript:

https://www.fool.com/earnings/call-transcripts/2022/07/20/abbott-laboratories-abt-q2-2022-earnings-call-tran/

DewDiligence PremiumMember

07/20/22 12:49 PM

Post #759

Re: #745: @DewDiligence - ABT 1Q22 Results by Business Segment [pre]

ABT 2Q22 Results by Business Segment

  
                  %Corp      YoY Growth    
 Segment          Sales   (const currency)   
 Medical devices*  33%        +8%     
 Diagnostics       38%       +37%     
 Nutrition         17%        -5%     
 Drugs†            11%        +9%

2Q22 COVID-diagnostics sales were $2.3B, 53% of 2Q22 diagnostics sales.

57% of overall corporate sales were ex-US.

*Includes diabetes care.
†Branded generics in emerging markets.

DewDiligence PremiumMember

07/20/22 7:58 AM

Post #758

Re: #744: @DewDiligence - ABT sold $3.3B of COVID diagnostics in 1Q22:

ABT reports 2Q22 results–raises 2022 EPS guidance:

https://abbott.mediaroom.com/2022-07-20-Abbott-Reports-Second-Quarter-2022-Results-and-Raises-Full-Year-EPS-Guidance

The new 2022 non-GAAP EPS guidance is $4.90+ (up from the prior guidance of $4.70+).

The main reason for the raise in EPS guidance: in 2Q22, ABT sold $2.3B of COVID diagnostics, down from $3.3B in 1Q22 but crushing the prior guidance of $1.2B for 2Q22/3Q22/4Q22 combined. Full-year 2022 guidance for COVID diagnostics is now $6.1B (up from $4.5B), which implies $500K combined in 3Q22/4Q22.

2Q22 Freestyle Libre sales were $1.1B, +10% QoQ and +26% YoY in constant currency.

wiwineguy

07/15/22 8:41 PM

Post #757

Re: #754: @NOLA1961 - should be $140

Should be $150+

DewDiligence PremiumMember

05/31/22 12:09 PM

Post #756

Re: #748: @DewDiligence - 1Q22 FreeStyle Libre sales were $1.0B (yes, a

FDA approves ABT’s Freestyle Libre 3—the most advanced version of the product, which has been approved internationally for several years:

https://finance.yahoo.com/news/abbotts-freestyle-libre-3-receives-120000002.html

• The FreeStyle Libre 3 system is the most accurate 14-day continuous glucose monitor1, with readings sent directly to a smartphone every minute.

• Designed for access and affordability, the FreeStyle Libre 3 system will be available at the same price as previous versions, which is one-third the cost of other competing continuous glucose monitoring systems available today.

ABT’s Freestyle Libre franchise had annualized sales of $4B in 1Q22 (#msg-168608801), making it the largest-selling medical device from any company.