Abbott (NYSE:ABT) shares are down today despite second-quarter results that topped the consensus forecast.
The Abbott Park, Illiniois–based company posted profits of more than $2 billion, or $1.14 per share, on sales of $11.3 billion for the three months ended June 30, 2022, for a 69.7% bottom-line gain on sales growth of 10.1%.
Adjusted to exclude one-time items, earnings per share were $1.43, 31¢ ahead of Wall Street, where analysts were looking for sales of $10.3 billion.
Medical device sales totaled nearly $3.8 billion, representing a 2.5% year-over-year rise. Diabetes care saw the largest rise at 12.8%, with heart failure (5.9%) and structural heart (4.2%) also ticking up in revenues.
The company reported $2.3 billion in COVID-19 testing-related sales. Excluding those sales, worldwide revenues decreased 0.3% on the quarter due to the negative impact of Abbott’s infant formula product recall.
“We achieved another quarter of strong growth and are raising our full-year EPS guidance,” Abbott Chair and CEO Robert B. Ford said in a news release. “Our new product pipeline has remained highly productive, and our diversified business has continued to be resilient in a challenging macro environment.”
Abbott said it expects to log adjusted EPS of at least $4.90 for the full year, an increase of 20¢ from the company’s previous projection. It forecasts COVID-19 testing-related sales of $6.1 billion, which includes $5.6 billion through June 2022 and projected sales of $500 over the next few months.
Shares of ABT were down more than 2% at $107.44 apiece in morning trading. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 2%.