Abbott
(NYSE: ABT)
today announced third-quarter results that beat the overall consensus on Wall Street.
The Abbott Park, Illinois–based company reported profits of $1.4 billion, or 82¢ per share, on sales of $10.1 billion for the three months ended September 30. Sales were down 2.56% compared with Q3 2022, while profits were relatively unchanged year-over-year.
Earnings per share were $1.14, 10¢ ahead of the Street, where analysts were looking for sales of $9.32 billion.
Medical device sales were up 16.6% over Q3 2022 to $4.2 billion. The growth was driven by Abbott’s Diabetes Care segment, which grew 26.2%. Electrophysiology, heart failure, vascular, structural heart and neuromodulation all had double-digit growth in Q3 results.
“The investments we made during the pandemic continue to drive broad-based growth across our underlying base business,” CEO Robert Ford said in a news release. “We’re on track to deliver on the financial commitments we set at the beginning of the year, and the momentum we’re building across the portfolio positions us well as we head into 2024.”
For full-year 2023, earnings per share under GAAP are expected to be in the range of $3.14 to $3.18. Projected adjusted diluted earnings per share would be $4.42 to $4.46 for the full year.
Shares in ABT were up 2.85% to $94.77 apiece at market open. MassDevice‘s MedTech 100 Index was down slightly.