DewDiligence
2 months ago
ABT reports 4Q23 results—issues 2024 guidance:
https://abbott.mediaroom.com/2024-01-24-Abbott-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Issues-2024-Financial-Outlook
2024 guidance for organic sales growth excluding COVID diagnostics is 8-10%.
2024 guidance for non-GAAP EPS (which excludes FX and restructuring costs) is $4.50-4.70, -12-16% vs $5.34 in 2023. 2024 guidance for GAAP EPS is $3.20-3.40, -13-18% vs $3.91 in 2023. The expected YoY declines in non-GAAP and GAAP EPS are due to lower expected sales of COVID diagnostics, which were $1.59B in 2023.
4Q23 non-GAAP and GAAP EPS were $1.19 and $0.91, respectively, versus $1.03 and $0.59 in 4Q22. The YoY growth in EPS came despite sharply lower sales of COVID diagnostics, which were $288M in 4Q23 vs $1.07B in 4Q22.
4Q23 FreeStyle Libre sales were $1.4B, +26% YoY. FreeStyle Libre is the largest-selling medical device, ever, from any company.
Please see #msg-173691063 for a breakdown of ABT’s 4Q23 sales by business segment.
DewDiligence
5 months ago
ABT reports 3Q23 results—increases_midpoint_of_ 2023_EPS_ guidance:
https://abbott.mediaroom.com/2023-10-18-Abbott-Reports-Third-Quarter-2023-Results-and-Raises-Midpoint-of-Full-Year-EPS-Guidance-Range
ABT continues to expect 2023 organic sales growth (excluding COVID-diagnostic sales) in the low double digits. 3Q23 organic sales growth was 13.5%.
3Q23 GAAP and non-GAAP EPS were $0.82 and $1.14, respectively, flat versus $0.81 and $1.15 in 3Q22. The YoY flatness was due to sharply lower COVID-diagnostics revenue: $305M in 3Q23 vs $1.67B in 3Q22. (ABT now expects 2023 COVID-diagnostics sales of $1.5B, which implies ~$200M for 4Q23.)
ABT raised the midpoint and tightened the ranges for 2023 EPS guidance. The new guidance is: GAAP $3.14-3.18 (from the prior range of $3.02-3.22); and non-GAAP $4.42-4.46 (from the prior range of $4.30-4.50).
3Q23 FreeStyle Libre sales were $1.4B, +29% YoY. FreeStyle Libre is already the largest-selling medical device, ever, from any company.
Please see #msg-173045466 for a breakdown of ABT’s 3Q23 sales by business segment.
DewDiligence
8 months ago
ABT reports 2Q23 results—increases 2023 guidance_for_organic_sales_growth:
https://abbott.mediaroom.com/2023-07-20-Abbott-Reports-Second-Quarter-2023-Results-Increases-Outlook-For-Underlying-Base-Business
2Q23 GAAP and non-GAAP EPS were $0.78 and $1.08, respectively, down from $1.14 and $1.43 in 2Q22. The YoY declines were due to sharply lower COVID-diagnostics revenue: $263M in 1Q23 vs $2.3B in 2Q22. (ABT now expects 2023 COVID-diagnostics sales of $1.3B, which implies ~$300M for 2H23.)
2Q23 FreeStyle Libre sales were $1.3B, +25% YoY. FreeStyle Libre is already the largest-selling medical device, ever, from any company.
ABT’s full-year 2023 guidance is essentially unchanged from three months ago: GAAP EPS of $3.02-3.22; and non-GAAP EPS (which excludes restructuring costs and FX) of $4.30-4.50. ABT was able to retain the pre-existing guidance despite the reduced forecast for 2H23 COVID diagnostics because the 2H23 outlook for ABT’s organic (non-COVID) business has improved.
Specifically, ABT now expects 2023 organic sales growth in the low double digits, an upgrade from the guidance three months ago of “at least high dingle digits.” 2Q23 organic sales growth was 11.5%, up from 10% in 1Q23.
Please see #msg-172393746 for a breakdown of ABT’s 2Q23 sales by business segment.
DewDiligence
11 months ago
ABT reports 1Q23 results—slightly increases 2023 guidance:
https://abbott.mediaroom.com/2023-04-19-Abbott-Reports-First-Quarter-2023-Results-Increases-Outlook-For-Underlying-Base-Business
1Q23 GAAP and non-GAAP EPS were $0.75 and $1.03, respectively, down from $1.37 and $1.73 in 1Q22. The reason for the decline is, of course, falling COVID-diagnostics revenue, which was $730M in 1Q23 vs $3.3B in 1Q22.
1Q23 FreeStyle Libre sales were $1.2B, +9% QoQ and +20% YoY (+50% YoY in the US).
ABT reiterated full-year 2023 guidance from three months ago: GAAP EPS of $3.05-3.25; and non-GAAP EPS (which excludes restructuring costs and FX) of $4.30-4.50.
ABT now expects 2023 COVID-diagnostics sales of $1.5B (i.e. $770M for the remaining nine months of the year, only slightly above the $730M logged in 1Q23).
Excluding COVID diagnostics, ABT expect 2023 organic sales growth of “at least high dingle digits,” which is a subtle word change from three months ago when the phrase “at least” was not in the guidance language. In 1Q23, organic sales growth excluding COVID diagnostics was 10.0%.
The stock is +7% as I’m typing. Investors are evidently impressed with ABT’s ability to maintain—and subtly increase (see above)—2023 guidance despite the steep falloff in COVID sales.
DewDiligence
1 year ago
FDA enables_integration_of FreeStyle Libre with automated insulin delivery systems:
https://finance.yahoo.com/news/u-fda-clears-abbotts-freestyle-120000948.html Abbott today announced that the U.S. Food and Drug Administration (FDA) has cleared its FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system sensors for integration with automated insulin delivery (AID) systems.
…AID systems help people manage daily diabetes care by automatically adjusting and administering the insulin delivered by an insulin pump based on real-time glucose data from their FreeStyle Libre 2 or FreeStyle Libre 3 sensors.
Abbott is working with leading insulin pump manufacturers to integrate their systems with the FreeStyle Libre 2 and FreeStyle Libre 3 sensors as soon as possible. The company is partnering with Insulet and Tandem for future integrations in multiple countries, including the U.S. Outside the U.S., Abbott's FreeStyle Libre 3 sensor is already authorized to work with the mylife Loop solution from Ypsomed and CamDiab in Germany, with additional launches in the UK, Switzerland and the Netherlands planned for the first half of this year. FreeStyle Libre, already the biggest-selling medical device from any company, is projected to reach $10B(!) in annual sales during the next five yeaqrs, according to ABT’s statement at the JPM conference in January 2023 (#msg-170908089). Current annual sales are more than $4B.
DewDiligence
1 year ago
ABT reports 4Q22 results—issues 2023 guidance:
https://abbott.mediaroom.com/2023-01-25-Abbott-Reports-Fourth-Quarter-and-Full-Year-2022-Results-Issues-2023-Financial-Outlook
2023 GAAP EPS guidance is $3.05-3.25, -19% YoY at the midpoint of the range. 2023 non-GAAP EPS guidance (which excludes restructuring costs and FX) is $4.30-4.50, -18% YoY at the midpoint of the range.
The reason 2023 guidance is below 2022 results for both GAAP and non-GAAP EPS is, of course, declining COVID-diagnostics revenue. In 2022, ABT sold $8.4B of COVID diagnostics, but 2023 guidance is only $2.0B as testing volume has fallen off rapidly from the peak of the pandemic.
On a positive note, 4Q22 Freestyle Libre sales were $1.1B, including a 40% YoY increase in the US market.
Excluding COVID diagnostics, ABT expects 2023 organic sales growth in the high dingle digits.
DewDiligence
2 years ago
FDA approves ABT’s Freestyle Libre 3—the most advanced version of the product, which has been approved internationally for several years:
https://finance.yahoo.com/news/abbotts-freestyle-libre-3-receives-120000002.html • The FreeStyle Libre 3 system is the most accurate 14-day continuous glucose monitor1, with readings sent directly to a smartphone every minute.
• Designed for access and affordability, the FreeStyle Libre 3 system will be available at the same price as previous versions, which is one-third the cost of other competing continuous glucose monitoring systems available today. ABT’s Freestyle Libre franchise had annualized sales of $4B in 1Q22 (#msg-168608801), making it the largest-selling medical device from any company.