Abbott(US:ABT)2024-04-17 11:36Financial Performance - Abbott reported first-quarter 2024 sales of $10.0 billion, reflecting a 2.2% increase year-over-year, with organic sales growth of 10.8% for the underlying base business[1]. - The company achieved a GAAP diluted EPS of $0.70 and an adjusted diluted EPS of $0.98, with full-year 2024 diluted EPS guidance narrowed to a range of $3.25 to $3.40[2]. - Abbott's full-year 2024 organic sales growth guidance, excluding COVID-19 testing-related sales, is now projected at 8.5% to 10.0%[2]. - Total worldwide sales for Q1 2024 were $9.964 billion, a 2.2% increase from $9.747 billion in Q1 2023[18]. - Net earnings for Q1 2024 were $1.225 billion, a decrease of 7.0% compared to $1.318 billion in Q1 2023[22]. - Diluted earnings per share for Q1 2024 were $0.70, down 6.7% from $0.75 in Q1 2023[22]. - Operating earnings for Q1 2024 were $1.386 billion, down 8.1% from $1.509 billion in Q1 2023[22]. - U.S. revenue decreased by 2.1% to $3,846 million in Q1 2024 from $3,928 million in Q1 2023[33]. - International revenue increased by 5.2% to $6,118 million in Q1 2024, up from $5,819 million in Q1 2023[33]. - Organic growth for the total company was reported at 4.7% for Q1 2024[33]. Sales Performance by Segment - Worldwide Nutrition sales increased 5.1% on a reported basis and 7.7% on an organic basis in Q1 2024, with Pediatric Nutrition sales growing 9.2% reported and 10.5% organic[5][6]. - Diagnostics sales were reported at $2.214 billion, a decline of 17.6% year-over-year, primarily due to a decrease in COVID-19 testing sales, which were $204 million compared to $730 million in the prior year[7][8]. - Established Pharmaceuticals sales increased 3.1% on a reported basis and 13.7% on an organic basis, driven by growth in key emerging markets[9][10]. - Medical Devices sales reached $4.453 billion, reflecting a 14.2% increase on a reported basis and 14.3% organic growth, with double-digit growth in both U.S. and international markets[11]. - FreeStyle Libre sales in Diabetes Care reached $1.5 billion, reflecting a 22.4% growth on a reported basis and 23.3% on an organic basis[12]. - In Electrophysiology, international sales grew 18.9% reported and 23.0% organic, with Europe seeing a 20.4% organic growth[12]. - Total Medical Devices revenue reached $4,453 million in Q1 2024, a 14.2% increase from $3,900 million in Q1 2023[33]. - Vascular segment revenue was $689 million in Q1 2024, reflecting an 11.7% increase compared to $617 million in Q1 2023[33]. - The international Medical Devices segment showed a strong organic growth of 16.1% in Q1 2024[33]. Research and Development - Research and development expenses increased by 4.5% to $684 million in Q1 2024 compared to $654 million in Q1 2023[22]. Corporate Actions - Abbott launched the Protality™ brand, a new high-protein nutrition shake, and received FDA approval for the TriClip™ treatment for tricuspid regurgitation in April 2024[2]. - The company completed enrollment in the Volt CE Mark clinical study for the Volt™ Pulsed Field Ablation System, aimed at treating heart rhythm disorders[2]. - The company declared a quarterly dividend of $0.55 per share, marking 401 consecutive quarterly dividends and 52 years of dividend increases[14]. Costs and Expenses - Abbott's total operating costs and expenses rose by 4.1% to $8.578 billion in Q1 2024 from $8.238 billion in Q1 2023[22]. - The company incurred $518 million in specified items, including $472 million for intangible amortization and $42 million for restructuring initiatives[35]. - Abbott's gross margin was impacted by acquisition-related expenses and restructuring costs totaling $518 million[35].