Abbott (NYSE: ABT) shares are down today, even as Q2 results came in ahead of the consensus forecast.
Shares of ABT were down more than 3% to $100.84 apiece by the afternoon today. MassDevice’s MedTech 100 Index was down 1%.
The Abbott Park, Illinois-based medtech giant company reported profits of $1.3 billion. That equals 74¢ per share on sales of $10.38 billion for the quarter ended June 30, 2024.
Abbott recorded a 5% bottom-line dip on a sales increase of 4%.
Adjusted to exclude one-time items, earnings per share came in at $1.14. That landed 4¢ ahead of expectations on Wall Street. Sales narrowly topped projections as experts estimated $10.37 billion in revenue.
Worldwide medical device sales increased by 10.2% year-over-year for Abbott. Diabetes Care, Electrophysiology and Structural Heart led the way on that front. The company highlighted recent launches and new indications, including for its Amplatzer Amulet, Navitor, TriClip and Aveir.
Electrophysiology sales grew by 13.3%, including double-digit growth for catheters and cardiac mapping-related products. In Diabetes Care, FreeStyle Libre sales totaled $1.6 billion, marking 18.4% growth.
“We achieved another quarter of strong growth in our underlying base business,” said Robert B. Ford, chair and CEO, Abbott. “We have a lot of positive momentum heading into the second half of the year and are raising our full-year guidance.”
Abbott increased its adjusted EPS guidance from between $4.55 and $4.70 to between $4.61 and $4.71 for the full year. The company also narrowed its revenue guidance from 8.5% to 10% to between 9.5% and 10% (excluding COVID-19 related sales).
