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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 AVEIR™ pacemaker, acquiring Bigfoot Biomedical, and expanding collaboration with mAbxience Holdings S.L.
Abbott
Abbott
Abbott Revenue by Segment
Abbott Revenue by Geographic Location
Revenue by Segment
Diagnostics Revenue
CapyFin.comMedical Devices Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com 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.
- 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