合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 2025年3月15日上午，2025中国医学装备大会在重庆悦来国际会议中心成功召开。相关政府部门领导、知名院士、医疗机构专家，研发生产企业、高校、科 研院所、投融资机构负责人等嘉宾出席大会。 中国医学装备协会理事长 侯岩介绍， 2024年中国医学装备市场规模达到 1.35万亿 元，同比增长 6％ 左右 。据了解，目前我国已形成22个大类1100多个 品类的产品体系，是世界上产品类别和品种最齐全的国家之一，产品广泛服务于临床应用，覆盖卫生健康各个领域。 目前大会已圆满落幕。本届展会中，哪些企业凭借创新亮相引起了行业关注？又有哪些前沿产品和技术成为焦点？思宇将全面回顾展会精彩亮点，供各位读 者参考。 # 美敦力 美敦力在本届大会上展出 近80款 全球创新产品， 包括 全球首发的PulseSelect一次性心脏脉冲场消融导管 ，以及多款前沿技术产品， 其中不乏首次展出及近 期获批的产品和技术。 其中包括中国首款获批的 PulseSelect一次性心脏 ...

Core Insights - Abbott Laboratories (ABT) has experienced a share price increase of 12.7% over the past year, outperforming the industry growth of 9% and the S&P 500's increase of 10% [1] - The company is recognized for its strong fundamentals and growth opportunities, currently holding a Zacks Rank 3 (Hold) [1] Business Segments - Abbott operates in four reportable segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices [2] - The Established Pharmaceuticals Division includes branded generics in emerging markets, while the Medical Devices segment covers diabetes care, vision care, and vascular businesses [2] - The Diagnostics segment manufactures and markets diagnostic systems and tests across core laboratory, molecular, point of care, and rapid diagnostics [2] - The Nutrition business offers a wide range of pediatric and adult nutritional products [2] Growth Drivers - Abbott's share price growth is driven by strong prospects in the Core Diagnostics business, with increased global demand for routine diagnostics, particularly respiratory disease tests [3] - Rapid diagnostics sales (excluding COVID-19 testing) rose by 16% year over year, while Core Laboratory Diagnostics grew by 4% due to strong demand for various testing panels [4] - The FreeStyle Libre continuous glucose monitoring system has achieved global leadership, contributing to investor optimism as the company leverages consistent upgrades [5] - The Nutrition business reported 7.1% organic growth in Q4 2024, with adult nutrition products like Ensure and Glucerna showing strong demand and an 11.4% growth rate [6] Challenges - In Q4, Abbott faced an 8.5% increase in product costs, leading to a 55 basis point contraction in gross margin to 55% [7] - Selling, general, and administrative expenses rose by 6.7% year over year, resulting in a 43 basis point contraction in adjusted operating margin due to geopolitical issues and a challenging economic environment [7] - Abbott is also exposed to currency fluctuations, with a 1.4% unfavorable impact on sales year over year in Q4 2024 [8] Financial Estimates - The Zacks Consensus Estimate for Abbott's 2025 EPS remains at $5.15, with an earnings yield of 4.1%, significantly higher than the industry's 0.4% [9]

Core Insights - Abbott Laboratories (NYSE: ABT) is currently undervalued by the market despite its long-term strengths in the healthcare sector [1] - The stock has experienced a decline of 9.6% over the past 9 days, indicating short-term volatility [1] Company Analysis - Abbott Laboratories has been a consistent player in the healthcare industry, suggesting a stable operational history [1] - The recent market reaction does not reflect the company's potential for long-term growth and stability [1] Market Trends - The article highlights the importance of understanding market trends and data analysis to uncover investment opportunities [1] - Motti Sapir, the analyst, emphasizes the need for clear communication of financial data to aid investor decision-making [1]

Core Insights - High dividend yields can be attractive, but companies must have a reliable business model to avoid payout cuts [1] - Medtronic and Abbott Laboratories are highlighted as strong dividend stocks in the healthcare sector [2] Medtronic - Medtronic operates in various therapeutic areas, including diabetes care, neuroscience, cardiovascular health, and medical-surgical, with around 120 product approvals in the last year [3][4] - The company has a strong position in healthcare and innovative capabilities, contributing to consistent financial performance [4][6] - Medtronic has raised its dividends for 47 consecutive years, with a forward yield of 3%, significantly higher than the S&P 500 average of 1.3% [8] Abbott Laboratories - Abbott Laboratories has increased its dividends for 52 consecutive years, indicating strong financial health and operational diversity [9] - The company has a diversified business model, including pharmaceuticals, diagnostics, and nutrition, which helps mitigate risks in its medical device segment [9][10] - Abbott's FreeStyle Libre is a leading continuous glucose monitoring system, with significant growth potential as only 1% of adults globally have access to CGM technology [10][11] - The forward yield for Abbott is 1.7%, supported by a strong underlying business and growth prospects [14]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, personal analysis, and third-party content intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as recommendations or advice for any financial actions [1]. - The content is not tailored to individual financial situations or needs, highlighting the necessity for users to apply their own discretion [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - Users are encouraged to perform their own research and understand the risks involved before investing in any financial instruments [1].

Sales and Revenue - Abbott's sales outside of the U.S. accounted for approximately 61% of its net sales in 2024[95] - Abbott's international sales accounted for approximately 61% of its net sales in 2024[101] - Abbott's ability to manage a global supply chain is critical to its revenue and profitability[101] Regulatory and Compliance Risks - Changes in healthcare regulations may adversely impact the demand for Abbott's products, affecting pricing and reimbursement[86] - Abbott is subject to various international laws and regulations that could impose new obligations and restrict operations, potentially affecting revenues and profitability[84] - Adverse changes in tax laws and regulations could materially affect Abbott's effective tax rate and financial condition[97] Economic and Market Conditions - Abbott's profitability is affected by fluctuations in foreign currency exchange rates, with significant portions of revenues and costs realized in currencies other than U.S. dollars[95] - Economic deterioration in certain countries may increase collection risks for Abbott's trade receivables[98] - Changes in inflation rates and interest rates can impact Abbott's cost structure and financial performance[102] Public Health and Safety Concerns - The company faced a voluntary recall of certain powder infant formula products in February 2022, which temporarily halted manufacturing at its Sturgis, Michigan facility[83] - The company is exposed to risks related to public health crises, which can disrupt operations and reduce demand for certain products[99] - Public health crises, such as infectious disease outbreaks, can significantly reduce demand for Abbott's products and disrupt operations[99] - Significant safety concerns regarding Abbott's products could lead to reduced market acceptance and sales[89] Geopolitical Risks - Abbott's business may be adversely affected by geopolitical risks, including the ongoing situation in Ukraine, which has led to economic volatility and operational disruptions[104] - Abbott faces risks from geopolitical instability, including the impact of Russia's invasion of Ukraine on its operations and financial condition[104] - The company has not experienced material impacts from recent geopolitical disruptions but future implications remain uncertain[104] Business Risks - The company is subject to cost containment efforts that may reduce future revenues and operating income[91] - Abbott's future revenues may be impacted by the expiration or loss of intellectual property protections[88] - The company is subject to various business risks, including trade protection measures and differing local product preferences[102] - Abbott does not guarantee that forward-looking statements will be achieved due to various risk factors[105]

Dividend Declaration - Abbott's board of directors declared a quarterly common dividend of 59 cents per share, marking the 405th consecutive quarterly dividend since 1924 [1] - The cash dividend is payable on May 15, 2025, to shareholders of record at the close of business on April 15, 2025 [1] Dividend Growth - Abbott has increased its dividend payout for 53 consecutive years, qualifying it as a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have raised dividends annually for at least 25 consecutive years [2] Company Overview - Abbott is a global healthcare leader with a portfolio that includes diagnostics, medical devices, nutritionals, and branded generic medicines, serving people in over 160 countries with 114,000 employees [3]

Core Insights - Abbott's diversified business portfolio is positioned for continued momentum in 2025 despite challenges in the international business environment [1] Group 1: Business Performance - Abbott is strategically advancing in biosimilars within its Established Pharmaceuticals Division, with commercialization expected in 2025, targeting emerging markets [2] - The Diagnostics business accounted for 23% of total revenues in Q4 2024, with a 16% year-over-year increase in rapid diagnostics sales, excluding COVID-19 testing [3] - Sales of the FreeStyle Libre continuous glucose monitoring system in the Diabetes Care segment exceeded $1.8 billion in Q4 2024, growing 23% year-over-year, and approximately $6.5 billion for the full year, reflecting a 22% increase from 2023 [4][5] Group 2: Market Trends - Over the past three months, Abbott's shares increased by 11.8%, outperforming the industry growth of 6.2%, driven by expansion in high-growth areas and new product launches [6] - The company faces foreign exchange challenges, with a 1.4% unfavorable impact on sales in Q4 2024 due to a significant portion of revenues coming from international markets [7] Group 3: Cost and Margin Analysis - Abbott experienced an 8.5% increase in the cost of products sold in Q4 2024, leading to a contraction of 55 basis points in gross margin to 55% [9] - Selling, general, and administrative expenses rose by 6.7% year-over-year, resulting in a 43-basis point contraction in adjusted operating margin [9] Group 4: Industry Context - The ongoing complex geopolitical situation is leading to increased raw material and freight costs, impacting Abbott's business and the MedTech industry overall [8]

Core Insights - Abbott Laboratories faced industry-wide challenges in 2024, including rising inflation, labor shortages, and supply chain disruptions, which pressured profit margins [1] - Despite these challenges, Abbott's strong pipeline and innovation-driven growth strategy have supported its stock performance, with a robust growth outlook for 2025 [1] Stock Performance - Abbott's shares increased by 11.6% since its fourth-quarter earnings release, outperforming the broader industry (3.3%) and the Medical sector (2.5%), while the S&P 500 declined by 0.4% during the same period [2] - Compared to direct peers, Abbott outperformed Boston Scientific (5.7% increase) and Medtronic (3.8% increase), while Becton Dickinson declined by 3.5% [2] Q4 Earnings Highlights - Abbott reported a 12.6% rise in fourth-quarter earnings, with worldwide sales improving 8.8% organically, although they missed the Zacks Consensus Estimate [5] - The Medical Device business achieved 14% organic growth, with notable increases in Diabetes Care (23% growth in continuous glucose monitors) and Structural Heart (23% growth) [6][7] Growth Areas - Core Laboratory Diagnostics grew by 4%, driven by strong demand for various testing panels [7] - Established Pharmaceuticals and Nutrition also showed growth, with adult nutrition brands like Ensure and Glucerna leading double-digit growth [8] 2025 Outlook - Abbott projected organic sales growth between 7.5% and 8.5% for 2025, with adjusted earnings per share expected to range from $5.05 to $5.25, indicating double-digit growth at the midpoint [10] - The company anticipates an adjusted gross margin of 57% for 2025, reflecting an improvement of around 80 basis points compared to 2024 [11] Long-Term Growth Potential - Abbott's Medical Device business is expected to continue its growth trajectory, particularly with the FreeStyle Libre continuous glucose monitoring system, which has gained FDA approvals for new over-the-counter products [13] - The company is also advancing in biosimilars within its Established Pharmaceuticals Division, with commercialization expected to begin in 2025 [15] Challenges - Abbott faced a complex geopolitical situation leading to increased expenses, with an 8.5% rise in the cost of products sold in Q4 2024 [16] - The decline in COVID-19 testing demand has negatively impacted overall sales growth, with a 1% decrease in Rapid Diagnostics sales and a 10.2% drop in Molecular Diagnostics sales [17][18] Valuation - Abbott's forward 12-month price-to-earnings (P/E) ratio is 25.91X, which is a premium compared to the industry average of 22.66X and significantly higher than peers like Medtronic (15.80X) and Becton Dickinson (15.42X) [19]

Core Viewpoint - Healthcare stocks present diverse investment opportunities, catering to high-growth, cautious, and recovery-focused investors [1] Group 1: Pfizer - Pfizer is positioned as a recovery story, with annual revenue reaching a record $100 billion during the pandemic, driven by COVID-19 products, but has faced revenue declines recently due to loss of exclusivity on older products [3][4] - The company has implemented cost-cutting measures, acquired oncology company Seagen, and invested in its pipeline, resulting in double-digit quarterly revenue growth and a projected $4.5 billion in cost savings by year-end [4][5] - Pfizer has secured over a dozen product approvals and significant phase 3 trial readouts in the past year, indicating potential revenue growth, and is currently trading at 8 times forward earnings estimates, making it an attractive addition to healthcare portfolios [5] Group 2: Abbott Laboratories - Abbott Laboratories offers a diversified business model across diagnostics, medical devices, nutrition, and established pharmaceuticals, providing stability and mitigating risks from sector-specific downturns [6][7] - The company reported a 10% increase in fourth-quarter sales to $11 billion, excluding the impact of coronavirus testing, and has a strong history of dividend growth, having increased its annual payment for over 50 consecutive years [7][8] - Abbott generates over $6 billion in free cash flow, reinforcing its commitment to rewarding shareholders and making it a solid investment for both stock performance and passive income [8] Group 3: Viking Therapeutics - Viking Therapeutics is focused on developing treatments for metabolic and endocrine disorders, with significant attention on its weight-loss drug VK2735, which is in various trial phases [9][10] - The drug is a dual GIP/GLP-1 receptor agonist, similar to top-selling weight-loss drugs from competitors, indicating strong market interest and potential demand [10] - Positive trial results and potential commercialization could serve as catalysts for Viking's stock performance, making it an opportune time for investment [11]