Loading...
•
Sep 30, 2023
Abbott Q3 2023 Earnings Report
Reported sales decreased due to anticipated decline in COVID-19 testing-related sales, but strong underlying base business performance drove results.
Key Takeaways
Abbott's Q3 2023 earnings were driven by strong underlying base business performance, with sales of $10.1 billion. The company narrowed its full-year 2023 EPS guidance range and continues to project full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, to be in the low double-digits.
Third-quarter GAAP diluted EPS was $0.82 and adjusted diluted EPS was $1.14.
Abbott narrowed its full-year 2023 EPS guidance range, projecting diluted EPS on a GAAP basis of $3.14 to $3.18 and adjusted diluted EPS of $4.42 to $4.46.
Abbott continues to project full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, to be in the low double-digits.
Several strategic moves were made, including obtaining CE Mark for AVEIR™ pacemaker, acquiring Bigfoot Biomedical, and expanding collaboration with mAbxience Holdings S.L.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Abbott projects full-year 2023 diluted earnings per share under GAAP of $3.14 to $3.18. Excluding specified items, projected adjusted diluted earnings per share would be $4.42 to $4.46 for the full-year 2023.
Positive Outlook
- Full-year diluted EPS on a GAAP basis of $3.14 to $3.18 is projected.
- Adjusted diluted EPS of $4.42 to $4.46 is projected, representing an increase at the midpoint of the guidance range.
- Full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, is projected to be in the low double-digits.
- AVEIR™ single-chamber leadless pacemaker received CE Mark.
- Bigfoot Biomedical was acquired, furthering Abbott's efforts to develop connected solutions for diabetes management.
Challenges Ahead
- Unpredictability of future changes in foreign exchange rates could significantly impact reported sales growth.
- Economic factors may affect Abbott's operations.
- Competitive factors may affect Abbott's operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...