Replies to post #28370 on The Rising Influence of Rising Affluence

[DewDiligence]

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]

ABT is_working_on_a 15-minute, hand-held diagnostic_for TBI*, using_blood_from_a finger_prick. (Source: today’s 2Q23 CC.)

Existing concussion protocols leave a lot to be desired. Managers of sports teams from professional to grade school are going to want this device.

*Traumatic Brain Injury.

[DewDiligence]

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).

[DewDiligence]

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.