Abbott’s underlying base business maintained its upward trajectory during the third quarter, with double-digit organic growth1, excluding COVID-19 testing-related sales, in each of the four major business areas.
The company has now reported three consecutive quarters of double-digit organic growth in the underlying base business2, driven by investments made during the pandemic.
Global sales for the third quarter were $10.1 billion, reflecting organic sales growth for the underlying base business of 13.8%. Reported sales decreased 2.6% primarily due to an anticipated decline in COVID-19 testing revenue versus the previous year.
Adjusted diluted EPS was $1.14, which excludes specified items. GAAP diluted EPS was $0.82.
Based on the company’s strong performance so far this year, Abbott now projects full-year adjusted diluted EPS of $4.42 to $4.46 and full-year 2023 diluted EPS under GAAP of $3.14 to $3.18, which in each case reflects a 4-cent increase at the midpoint.
Organic sales growth for the underlying base business of each of the four major businesses was in the double-digits, led by Nutrition (up 18.1%, 15.5% reported) and Medical Devices (up 14.7%; 16.6% reported), followed by Established Pharmaceuticals (up 11.1%, 3.2% reported), and Diagnostics (up 10.1%, decreased 32.7% reported).
Highlights from the third quarter include:
For full financial data and reconciliation of non-GAAP measures, you can read Abbott’s full press release.
For more information, view a summary of Abbott’s earnings highlights and download it here.
References
1Organic sales growth excludes the impact of foreign exchange, the impact of exiting the pediatric nutrition business in China and the impact of acquiring Cardiovascular Systems Inc.
2Excludes impact of COVID-19 testing-related sales.
Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
IMPORTANT SAFETY INFORMATION
Aveir™ Leadless Pacemaker System
FREESTYLE LIBRE 14 DAY, FREESTYLE LIBRE 2 AND FREESTYLE LIBRE 3 SYSTEMS
Failure to use FreeStyle Libre 14 day, FreeStyle Libre 2 or FreeStyle Libre 3 systems as instructed in labeling may result in missing a severe low or high glucose event and/or making a treatment decision, resulting in injury. If glucose alarms and readings do not match symptoms or expectations, use a fingerstick value from a blood glucose meter for treatment decisions. Seek medical attention when appropriate or contact Abbott at 855-632-8658 or FreeStyleLibre.us for safety info.
Aveir™ Leadless Pacemaker System
Rx Only
Brief Summary: Prior to using these devices, please review the Instructions for Use for a complete listing of indications, contraindications, warnings, precautions, potential adverse events and directions for use
Indications: The Aveir™ Leadless Pacemaker system is indicated for patients with significant bradycardia and:
▪ Normal sinus rhythm with rare episodes of A-V block or sinus arrest
▪ Chronic atrial fibrillation
▪ Severe physical disability
Rate-Modulated Pacing is indicated for patients with chronotropic incompetence, and for those who would benefit from increased stimulation rates concurrent with physical activity.
Intended Use: The Aveir™ Leadless Pacemaker (LP) is designed to provide bradycardia pacing as a pulse generator with built-in battery and electrodes for implantation in the right ventricle. The LP is intended to provide sensing of intrinsic cardiac signals and delivery of cardiac pacing therapy to the target patient population.
The Aveir™ Delivery Catheter system is intended to be used in the peripheral vasculature and the cardiovascular system to deliver and manipulate an LP. Delivery and manipulation includes implanting an LP within the target chamber of the heart.
Contraindications: Use of the Aveir™ Leadless Pacemaker is contraindicated in these cases:
Use of any pacemaker is contraindicated in patients with a co-implanted ICD because high-voltage shocks could damage the pacemaker and the pacemaker could reduce shock effectiveness.
Single-chamber ventricular demand pacing is relatively contraindicated in patients who have demonstrated pacemaker syndrome, have retrograde VA conduction, or suffer a drop in arterial blood pressure with the onset of ventricular pacing.
Programming of rate-responsive pacing is contraindicated in patients with intolerance of high sensor-driven rates.
Use is contraindicated in patients with an implanted vena cava filter or mechanical tricuspid valve because of interference between these devices and the delivery system during implantation.
Persons with known history of allergies to any of the components of this device may suffer an allergic reaction to this device. Prior to use on the patient, the patient should be counseled on the materials (listed in Product Materials section in IFU) contained in the device and a thorough history of allergies must be discussed.
Adverse Events: Potential complications associated with the use of the Aveir™ Leadless Pacemaker system are the same as with the use of single chamber pacemakers with active fixation pacing leads including, but not limited to: Cardiac perforation, Cardiac tamponade, Pericardial effusion, Pericarditis, Valve damage and/or regurgitation, Heart failure, Pneumothorax/hemothorax, Cardiac arrhythmias, Diaphragmatic/phrenic nerve stimulation / extra-cardiac stimulation, Palpitations, Hypotension, Syncope, Cerebrovascular accident, Infection, Hypersensitivity reaction to device materials, medications, or direct toxic effect of contrast media on kidney function, Pacemaker syndrome, Inability to interrogate or program the LP due to programmer or LP malfunction, Intermittent or complete loss of pacing and/or sensing due to dislodgement or mechanical malfunction of the LP (non-battery related), Loss of capture or sensing due to embolization or fibrotic tissue response at the electrode, Increased capture threshold, Inappropriate sensor response, Interruption of desired LP function due to electrical interference, either electromyogenic or electromagnetic, Battery malfunction/ premature battery depletion, Device-related complications (Premature deployment, Device dislodgement/embolization of foreign material, Helix distortion), Death.
As with any percutaneous catheterization procedure, potential complications include, but are not limited to: Vascular access complications (such as perforation, dissection, puncture, groin pain), Bleeding or hematoma, Thrombus formation, Thromboembolism, Air embolism, Local and systemic infection, Peripheral nerve damage, General surgery risks and complications from comorbidities (such as hypotension, dyspnea, respiratory failure, syncope, pneumonia, hypertension, cardiac failure, reaction to sedation, renal failure, anemia, and death)
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