Abbott Laboratories (NYSE:ABT) Q2 2024 Earnings Conference Call July 18, 2024 9:00 AM ET Company Participants Robert Ford - Chief Executive Officer Phil Boudreau - Executive Vice President, Finance, Chief Financial Officer Mike Comilla - Vice President, Investor Relations Conference Call Participants Larry Biegelsen - Wells Fargo Travis Sneed - Bank of America Robbie Marcus - JP Morgan Josh Jennings - TD Cowen David Roman - Goldman Sachs Danielle Antalffy - UBS Vijay Kumar - Evercore ISI Operator Good morni ...

Earnings and Revenue Performance - Abbott Laboratories reported Q2 2024 adjusted EPS of $1.14, beating the Zacks Consensus Estimate by 3.6% and increasing 5.6% YoY [1] - GAAP EPS was 74 cents, down 5.1% YoY [1] - Worldwide sales reached $10.38 billion, up 4% YoY on a reported basis and exceeding the Zacks Consensus Estimate by 0.3% [1] - Organic sales grew 7.4% YoY, with a 9.3% increase excluding COVID-19 testing sales [1] Segment Performance - Established Pharmaceuticals sales increased 0.6% on a reported basis (8.1% organic) to $1.29 billion, with 8.8% organic growth in emerging markets [2] - Medical Devices sales rose 10.2% on a reported basis (12.1% organic) to $4.73 billion, driven by double-digit growth in Diabetes Care, Electrophysiology, and Structural Heart [2] - Diabetes Care organic sales grew 18.2% YoY, with FreeStyle Libre contributing $1.6 billion in revenue [3] - Structural Heart sales increased 15.6%, while Heart Failure sales grew 8.9% organically [3] - Nutrition sales rose 3.5% on a reported basis (7.5% organic) to $2.15 billion, with Adult Nutrition sales up 9.9% organically [5] - Diagnostics sales declined 5.3% on a reported basis (1.5% organic) to $2.20 billion, with Core Laboratory Diagnostics up 8.6% organically but Rapid Diagnostics down 19.8% [5] Margins and Expenses - Gross profit increased 5.1% YoY to $5.77 billion, with gross margin expanding 57 bps to 55.6% [6] - Selling, general, and administration expenses rose 7.2% YoY to $2.94 billion, while R&D expenses fell 2.4% to $698 million [6] - Adjusted operating profit grew 4.9% YoY to $2.14 billion, with the adjusted operating margin expanding 18 bps to 20.6% [6] 2024 Guidance - Full-year adjusted EPS guidance updated to $4.61-$4.71 (previously $4.55-$4.70), with the Zacks Consensus Estimate at $4.62 [7] - Full-year organic sales growth, excluding COVID-19 testing, expected at 9.5%-10% (previously 8.5%-10%), with the Zacks Consensus Estimate for sales at $41.66 billion [7] R&D and Product Developments - Abbott announced 10 new growth opportunities from its R&D pipeline in H1 2024, including new product approvals and treatment indications [8] - Notable developments include CE Mark approval for the AVEIR dual chamber leadless pacemaker system, FDA clearance for two new over-the-counter continuous glucose monitoring systems, and FDA approval of the Esprit below-the-knee system [8] Industry Comparison - Globus Medical reported Q1 2024 EPS of 72 cents, beating estimates by 30.9%, with revenues of $606.7 million topping estimates by 3.4% [10] - Insulet reported Q1 2024 earnings of 73 cents, surpassing estimates by 87.2%, with revenues of $441.7 million exceeding estimates by 4.3% [11] - Haemonetics reported fiscal 2024 Q4 adjusted EPS of 90 cents, beating estimates by 2.3%, with revenues of $343.3 million exceeding estimates by 5% [11]

Abbott (ABT) came out with quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $1.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.64%. A quarter ago, it was expected that this maker of infant formula, medical devices and drugs would post earnings of $0.96 per share when it actually produced earnings of $0.98, delivering a surprise of 2.08%.Over the l ...

The stock market is a place where investors buy and sell shares of publicly traded companies. It offers opportunities for individuals and institutions to invest in various sectors of the economy. The market’s performance is influenced by economic conditions, company earnings, and global events. Investing in stocks can provide potential for capital growth and income through dividends. However, it also carries risks, including market volatility and potential loss of investment.The healthcare sector is a signi ...

Abbott  Laboratories NYSE: ABT is a premier buy-and-hold stock because of its foresightful management, quality operation, portfolio, pipeline, cash flow, and capital return. It’s not always a good buy; all healthcare stocks have ups and downs in their cycles, but Abbott is a buy today, no matter how it moves. Abbott Laboratories TodayABTAbbott Laboratories$104.68 +1.96 (+1.91%) 52-Week Range$89.67▼$121.64Dividend Yield2.10%P/E Ratio32.61Price Target$120.18Add to WatchlistAbbott’s stock price trades in a ran ...

Exhibit 99.1 9.1 News Release Abbott Reports Second-Quarter 2024 Results and Raises Full-Year Guidance – Sales of $10.4 billion driven by strong underlying base business performance – Reported sales growth of 4.0 percent; organic sales growth for underlying base business of 9.3 percent , led by double-digit growth in Medical Devices – Continues to strengthen portfolio with new product approvals 1 ABBOTT PARK, Ill., July 18, 2024 — Abbott today announced financial results for the second quarter ended June 30 ...

Sales of $10.4 billion driven by strong underlying base business performance Reported sales growth of 4.0 percent; organic sales growth for underlying base business of 9.3 percent1, led by double-digit growth in Medical Devices Continues to strengthen portfolio with new product approvals ABBOTT PARK, Ill., July 18, 2024 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the second quarter ended June 30, 2024. Second-quarter GAAP diluted EPS of $0.74 and adjusted diluted EPS of $1.1 ...

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Loading...Loading...Abbott Laboratories ABT is scheduled to release its financial results for the second quarter, before the opening bell on Thursday, July 18.Analysts expect the North Chicago, Illinois-based company to report quarterly earnings at $1.10 per share, up from $1.08 per share in the year-ago period. Abbott expects to post revenue of $10.37 billion. It posted $9.7 billion a year earlier, according to data from Benzinga Pro.On June 14, Abbott declared a quarterly common dividend of 55 cents per s ...

LAS VEGAS, NEVADA - JANUARY 10: An Abbott logo is displayed at the company's booth during CES 2024 ... [+] at the Las Vegas Convention Center on January 10, 2024 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)Getty ImagesAbbott (NYSE: ABT) will report its Q2 2024 results on Thursday, July 18. We expect the company to post revenue of $10.3 billion and earnings of $1.10 on a per share and adjusted basis, broadly aligning with the street expectations. We expect a low single-digit uptick in sales for ...