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Home » Abbott ticks up as Q3 tops Wall Street’s forecast

Abbott ticks up as Q3 tops Wall Street’s forecast

October 18, 2017 By Brad Perriello

Abbott logoShare prices ticked up today in pre-market trading for Abbott (NYSE:ABT) after the healthcare giant posted sales and profits that beat the consensus forecast on Wall Street.

Chicago-area Abbott reported profits of $1.16 billion, or 34¢ per share, on sales of $6.83 billion for the three months ended Sept. 30, for a bottom-line gain of 31.1% on sales growth of 28.8% compared with Q3 2016.

Adjusted to exclude one-time items, earnings per share were 66¢, a penny ahead of The Street, where analysts were looking for sales of $6.72 billion.

“We’re very pleased with our performance and the steady cadence of innovative new product launches that are contributing to growth,” chairman & CEO Miles White said in prepared remarks. “We’re well-positioned to achieve the upper end of our initial full-year EPS guidance range.”

Abbott raised its full-year adjusted EPS guidance to $2.48 to $2.50 from $2.43 to $2.53 previously; fourth-quarter adjusted EPS are pegged at 72¢ to 74¢, the company said.

The news pushed ABT shares up 0.8% to $55.51 apiece today ahead of the open.

Medtech sales surge after St. Jude Medical acquisition

Sales for Abbott’s medical device division, its largest by revenues, nearly doubled to $2.60 billion thanks to its $25 billion acquisition of St. Jude Medical earlier this year. Established pharmaceutical sales grew 15.7% to $1.17 billion and nutritional sales were $1.77 billion, up 0.8%. Diagnostics sales were up 5.4% to $1.28 billion.

Within the medtech segment, Abbott reported $1.23 billion in revenues gained from its entry into the markets St. Jude plays in: cardiac rhythm management sales of $511 million; electrophysiology sales of $342 million; heart failure sales of $170 million; and neuromodulation sales of $208 million.

The company also reported vascular sales growth of 17.1% to $724 million, structural heart sales of $269 million, up 210.1%, and diabetes sales of $373 million, up 21.7%.

Filed Under: MassDevice Earnings Roundup, Wall Street Beat Tagged With: Abbott

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