Abbott added another successful year to the books, beating analyst estimates as the company played a key role in supporting important health needs for customers and patients across the world throughout 2021.
Contributing to this success was excellent fourth-quarter performance — including strong organic sales — and growth across all four key business areas for the quarter and full year, reinforcing the strength and resilience of the company's diversified model.
Here are the key numbers.
For the quarter:
For the full year:
Abbott issued full-year guidance for 2022 adjusted diluted EPS from continuing operations of at least $4.70.2 This guidance includes an initial COVID-19 testing-related sales forecast of $2.5 billion, which Abbott expects to occur early in the year and will update on a quarterly basis.
These are the key fourth-quarter highlights:
New product approvals and launches across Abbott in 2021 continue to bolster the company's product pipeline. Significant gains were made in Structural Heart with Abbott receiving FDA approval of two key minimally invasive devices — Amplatzer Amulet Left Atrial Appendage Occluder and Portico with FlexNav transcatheter aortic valve implantation/replacement (TAVI/TAVR) system — and CE Mark for Navitor, its latest-generation TAVI/TAVR system. Abbott also received FDA approval of its Neurosphere Virtual Clinic — a first-of-its-kind remote neuromodulation patient-care tech in the U.S. — and expanded Medicare reimbursement for MitraClip.
For full financials and reconciliation of non-GAAP measures, you can read Abbott's press release. For further information, take a look at some additional materials below:
Abbott Chairman and CEO Robert Ford summarizes the company's performance and pipeline advancements in 2021.
Download a summary of Abbott's earnings highlights here.
*Organic sales growth excludes the impact of foreign exchange.
References
1 Full-year 2021 diluted EPS from continuing operations on a GAAP basis was $3.94, reflecting 58.2 percent growth versus the prior year.
2 Abbott projects 2022 diluted EPS from continuing operations on a GAAP basis of $3.43.
3 Worldwide Diagnostic sales were $4.47 billion in the fourth quarter of 2021 and $4.35 billion in the fourth quarter of 2020. COVID-19 testing-related sales were $2.318 billion in the fourth quarter of 2021 and $2.35 billion in the fourth quarter of 2020.
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 Dec. 31, 2020, 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
AMULET
PORTICO™
MITRACLIP DELIVERY SYSTEMS
FREESTYLE LIBRE 2 INDICATIONS AND IMPORTANT SAFETY INFORMATION
The FreeStyle Libre 2 Flash Glucose Monitoring System is a continuous glucose monitoring (CGM) device with real time alarms capability indicated for the management of diabetes in persons age 4 and older.*
WARNINGS/LIMITATIONS*:
The System must not be used with automated insulin dosing (AID) systems, including closed loop and insulin suspend systems. Remove the sensor before MRI, CT scan, X-ray, or diathermy treatment. Do not take high doses of vitamin C (more than 500 mg per day), as this may falsely raise your Sensor readings. Failure to use the System according to the instructions for use may result in missing a severe low blood glucose or high blood glucose event and/or making a treatment decision that may result in injury. If glucose alarms and readings from the System do not match symptoms or expectations, use a fingerstick blood glucose value to make diabetes treatment decisions. Seek medical attention when appropriate and contact Abbott Toll Free (855-632-8658) or visit * www.freestylelibre.us for detailed indications for use and safety information.
*Please refer to www.freestylelibre.us for the indications and important safety information.
AMULET
The Amplatzer™ Amulet™ Left Atrial Appendage Occluder is a percutaneous transcatheter device intended to reduce the risk of thrombus embolization from the left atrial appendage (LAA) in patients who have nonvalvular atrial fibrillation and who are at increased risk for stroke and systemic embolism based on CHADS2 or CHA2DS2-VASc scores, are suitable for short term anticoagulation therapy, and have appropriate rationale to seek a non-pharmacologic alternative to oral anticoagulation, taking into consideration the safety and effectiveness of the device.
CAUTION: This product is intended for use by or under the direction of a physician. Prior to use, reference the Instructions for Use, inside the product carton (when available) or at eifu.abbottvascular.com or at Medical.abbott/manuals for more detailed information on Indications, Contraindications, Warnings, Precautions and Adverse Events.
CONTRAINDICATIONS
The Amplatzer™ Amulet™ Left Atrial Appendage (LAA) Occluder is contraindicated for patients:
WARNINGS
IMPORTANT SAFETY INFORMATION
The Amplatzer™ Amulet™ device contains a nickeltitanium alloy, which is generally considered safe. However, in vitro testing has demonstrated that nickel is released from this device for a minimum of 120 days. Patients who are allergic to nickel may have an allergic reaction to this device, especially those with a history of metal allergies. Certain allergic reactions can be serious; patients should be instructed to seek medical assistance immediately if they suspect they are experiencing an allergic reaction. Symptoms may include difficulty in breathing or swelling of the face or throat. While data are currently limited, it is possible that some patients may develop an allergy to nickel if this device is implanted.
PRECAUTIONS
MRI SAFETY INFORMATION
Non-clinical testing has demonstrated that the Amplatzer™ Amulet™ Left Atrial Appendage Occluder device is MR Conditional. A patient with the Amplatzer™Amulet™ device can be safely scanned in an MR system under the following conditions:
Under the scan conditions defined above, the device is expected to produce a maximum temperature rise of less than or equal to 4°C after 15 minutes of continuous scanning.
In non-clinical testing, the image artifact caused by the device extends radially up to 20 mm from the device when imaged with a gradient echo pulse sequence in a 3.0T MR system.
POTENTIAL ADVERSE EVENTS
Potential adverse events associated with the device or implant procedure include, but are not limited to, the following:
CAUTION: This product is intended for use by or under the direction of a physician. Prior to use, reference the Instructions for Use, inside the product carton (when available) or at eifu.abbottvascular.com or at medical.abbott/manuals for more detailed information on Indications, Contraindications, Warnings, Precautions and Adverse Events.
PORTICO™
PORTICO™ TRANSCATHETER AORTIC VALVE IMPLANTATION SYSTEM INDICATIONS
The Portico™ Transcatheter Aortic Valve Implantation System is indicated for relief of aortic stenosis in patients with symptomatic heart disease due to severe native calcific aortic stenosis who are judged by a heart team, including a cardiac surgeon, to be high or greater risk for open surgical therapy (i.e., predicted risk of surgical mortality ≥ 8% at 30 days, based on the Society of Thoracic Surgeons (STS) risk score and other clinical comorbidities unmeasured by the STS risk calculator).
CONTRAINDICATIONS
The valve is contraindicated for patients with inability to tolerate antiplatelet/anticoagulant therapy or nitinol alloy (nickel and titanium), or who have active infections, including endocarditis.
WARNINGS
Carefully read all warnings, precautions, and instructions for use for all components of the system before use. Failure to read and follow all instructions or failure to observe all stated warnings could cause serious injury or death to the patient.
PRECAUTIONS
Pre-Implantation Precautions
- Congenital unicuspid or bicuspid valve, or any leaflet configuration other than tricuspid
- Severe ventricular dysfunction with left ventricular ejection fraction <20%
- Non-calcific aortic annulus
- Echocardiographic evidence of intracardiac mass, thrombus or vegetation
- Patients at low or intermediate surgical risk
- Patients who are pregnant or breastfeeding
- Pediatric patients (less than 21 years of age)
- Patients with a pre-existing prosthetic heart valve or prosthetic ring in any position
- Mixed aortic valve disease (aortic stenosis and aortic regurgitation with predominant aortic regurgitation > 3+)
- Patients with severe circumferential mitral annular calcification (MAC) which is continuous with calcium in the LVOT, severe (greater than 3+) mitral insufficiency, or severe mitral stenosis with pulmonary compromise
- Blood dyscrasias as defined: leukopenia (WBC<3000 mm³), acute anemia (Hb < 9 g/dL), thrombocytopenia (platelet count <50,000 cells/mm³)
- Patients with untreated clinically significant coronary artery disease requiring revascularization
- Patients with bulky calcified aortic valve leaflets in close proximity to coronary ostia
- Hypertrophic cardiomyopathy with or without obstruction (HOCM)
- Renal insufficiency (creatinine > 3.0 mg/dL) and/or end stage renal disease requiring chronic dialysis
- Hemodynamic instability requiring inotropic support or mechanical heart assistance
- Significant aortic disease, including abdominal aortic or thoracic aneurysm defined as maximal luminal diameter 5cm or greater; marked tortuosity (hyperacute bend), aortic arch atheroma (especially if thick [> 5 mm], protruding or ulcerated) or narrowing (especially with calcification and surface irregularities) of the abdominal or thoracic aorta, severe “unfolding” and tortuosity of the thoracic aorta
- Patients with known hypersensitivity or contraindication to aspirin, heparin, ticlopidine (Ticlid), or clopidogrel (Plavix), or sensitivity to contrast media which cannot be adequately premedicated
- Patients with access characteristics that would preclude safe placement of the introducer sheath, when necessary, such as severe obstructive calcification, or severe tortuosity
Implantation Precautions
Post-Implantation Precautions
POTENTIAL ADVERSE EVENTS
Adverse events potentially associated with the use of transcatheter bioprosthetic heart valves include but are not limited to:
MITRACLIP DELIVERY SYSTEMS
INDICATION FOR USE
CONTRAINDICATIONS
The MitraClip™ G4 System is contraindicated in patients with the following conditions:
WARNINGS
PRECAUTIONS
POTENTIAL COMPLICATIONS AND ADVERSE EVENTS
The following ANTICIPATED EVENTS have been identified as possible complications of the MitraClip™ G4 procedure.
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