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Abbott
🇺🇸 NYSE:ABT
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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 AVEIRâ„¢ pacemaker, acquiring Bigfoot Biomedical, and expanding collaboration with mAbxience Holdings S.L.

Total Revenue
$10.1B
Previous year: $10.4B
-2.6%
EPS
$1.14
Previous year: $1.15
-0.9%
Organic Sales Growth
13.8%
Previous year: 1.3%
+961.5%
Gross Profit
$5.54B
Previous year: $5.78B
-4.2%
Cash and Equivalents
$6.71B
Previous year: $9.59B
-30.1%
Free Cash Flow
$1.32B
Previous year: $2.31B
-43.1%
Total Assets
$72.1B
Previous year: $72.8B
-1.0%

Abbott

Abbott

Abbott Revenue by Segment

Abbott 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.
  • AVEIRâ„¢ 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.
  • Governmental factors may affect Abbott's operations.
  • Technological factors may affect Abbott's operations.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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