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Dec 31, 2022
Abbott Q4 2022 Earnings Report
Abbott's Q4 2022 performance was influenced by a decline in COVID-19 testing-related sales, while new product approvals strengthened the portfolio.
Key Takeaways
Abbott's Q4 2022 sales reached $10.1 billion, but were negatively impacted by a decline in COVID-19 testing-related sales. The company's GAAP diluted EPS was $0.59, and adjusted diluted EPS was $1.03. Abbott issued full-year 2023 guidance for diluted EPS from continuing operations on a GAAP basis of $3.05 to $3.25 and full-year adjusted EPS from continuing operations of $4.30 to $4.50.
Fourth-quarter sales reached $10.1 billion, impacted by a decline in COVID-19 testing sales, decreasing 12.0% reported and 6.1% organically.
Excluding COVID-19 testing sales, fourth-quarter sales decreased 1.4% reported and increased 5.4% organically.
GAAP diluted EPS was $0.59 in the fourth quarter, with adjusted diluted EPS at $1.03.
Abbott projects full-year 2023 organic sales growth, excluding COVID-19 testing sales, of high-single digits and COVID-19 testing sales of around $2.0 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Abbott projects full-year 2023 diluted earnings per share from continuing operations under GAAP of $3.05 to $3.25. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be $4.30 to $4.50 for the full-year 2023. Abbott projects full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, of high-single digits and COVID-19 testing-related sales of around $2.0 billion.
Positive Outlook
- Projected full-year 2023 diluted earnings per share from continuing operations under GAAP of $3.05 to $3.25.
- Projected adjusted diluted earnings per share from continuing operations of $4.30 to $4.50 for the full-year 2023, excluding specified items.
- Forecasted full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, of high-single digits.
- Expected COVID-19 testing-related sales of around $2.0 billion in 2023.
- New product launches position the company well going forward.
Challenges Ahead
- Unpredictability of future changes in foreign exchange rates could significantly impact reported sales growth.
- Economic factors may affect Abbott's operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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