Abbott posts Q1 beat on MedTech even as diagnostics slump

seekingalpha04-17

Abbott Laboratories (NYSE:ABT) posted better-than-expected Q1 2024 results on Wednesday as sales from its Medical Devices division exceeded Wall Street forecasts while its Diagnostics business ...

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The North Chicago, Illinois-based healthcare giant reported $10.0B in revenue with ~2% YoY growth on a reported basis, while its organic sales, excluding the impact of COVID-19 testing, rose ~11% YoY. \"This was the fifth consecutive quarter that we delivered double-digit organic sales growth in our underlying base business,\" CEO Robert Ford remarked, adding that it \"included particularly strong results in Medical Devices and Established Pharmaceuticals.\" ABT's pharma division added ~$1.2B to the topline with ~3% YoY growth, while its Medical Devices division generated $4.5B in sales with ~14% YoY growth, topping $4.3B forecasted by analysts, according to Bloomberg data. Under MedTech, Diabetes Care sales also beat Wall Street forecasts, adding $1.6B with ~20% YoY growth, as the company's glucose monitoring device, FreeStyle Libre, generated $1.5B in sales with ~22% YoY growth during the quarter. Meanwhile, ABT's Nutrition segment bounced back, adding $2.1B in sales to the topline with ~5% YoY growth after ~4% YoY growth in the prior-year period. While its Diagnostics division added $2.2B in sales, its performance fell short of Wall Street forecasts with a ~18% YoY drop as the company's worldwide COVID-19 testing sales slumped ~18% YoY to $204M, still ahead of the consensus. However, Abbott (ABT) narrowed its full-year 2024 organic sales growth guidance to 8.5%–10.0%, excluding the impact from COVID-19 testing sales, and projected $4.55–$4.70 in diluted adjusted earnings per share, an increase in the midpoint from the prior forecast.  More on Abbott Laboratories  Abbott Laboratories: Organic Growth Will Be Key To Q1 Earnings Abbott Laboratories: Buy This World-Class Dividend Growth Stock Now Abbott Labs' Reversal Is Here - CGM Tailwinds In 2024 Abbott Laboratories Non-GAAP EPS of $0.98 beats by $0.03, raises midpoint of FY guidance ranges Abbott Q1 Earnings Preview: Return of core business strength could benefit top line","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428317150"}