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Abbott (ABT) Reports Second-Quarter 2017 Results



7/20/2017 10:53:44 AM

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- Second-quarter reported sales growth of 24.4 percent; comparable operational sales growth of 2.9 percent

- Second-quarter GAAP EPS from continuing operations of $0.15; adjusted EPS from continuing operations of $0.62, above previous guidance range

- Raises full-year 2017 EPS guidance range for continuing operations; continues to reflect double-digit growth

ABBOTT PARK, Ill., July 20, 2017 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the second quarter ended June 30, 2017.

  • Second-quarter worldwide sales of $6.6 billion increased 24.4 percent on a reported basis and 2.9 percent on a comparable operational* basis.
  • Reported diluted EPS from continuing operations under GAAP was $0.15 in the second quarter. Excluding specified items, adjusted diluted EPS from continuing operations was $0.62 in the second quarter, above the previous guidance range of $0.59 to $0.61.
  • Abbott is raising its full-year 2017 EPS guidance range, which continues to reflect double-digit growth. Abbott projects full-year diluted EPS from continuing operations on a GAAP basis of $1.03 to $1.13. Projected full-year adjusted diluted EPS from continuing operations is now $2.43 to $2.53.
  • In the second quarter, Abbott submitted for FDA approval of MRI-conditional labeling for its Quadra AssuraTM Cardiac Resynchronization Therapy Defibrillator (CRT-D) products and QuartetTM family of left ventricular leads.
  • In May, Abbott announced CE Mark of the new Confirm RxTM Insertable Cardiac Monitor (ICM), the world's first smartphone compatible ICM that helps physicians detect cardiac arrhythmias in order to guide therapy.
  • In June, Abbott announced CE Mark of its new AlinityTM hq hematology system, which identifies and quantifies different types of blood cells to help diagnose blood-related diseases. Alinity hq represents the fifth new diagnostic system the company has launched in Europe since November 2016. 
  • In June, Abbott announced its FreeStyle® Libre glucose monitoring system received regulatory approval in Canada and national reimbursement in France. This revolutionary system transforms how people test their glucose levels by providing a convenient alternative to painful finger sticks.

"Halfway through the year, we're on track with all of our key priorities, including the integration of St. Jude and growth contributions from our pipeline," said Miles D. White, chairman and chief executive officer, Abbott. "We're also raising our full-year guidance range as we continue to target double-digit ongoing EPS growth."

* See note on comparable operational growth below.

SECOND-QUARTER BUSINESS OVERVIEW
Note: Management believes that measuring sales growth rates on a comparable operational basis is an appropriate way for investors to best understand the underlying performance of the business.

Comparable operational sales growth excludes the impact of exchange and for Total Abbott and Medical Devices, also includes prior year results for St. Jude Medical, which was acquired on Jan. 4, 2017, and excludes prior year and current year results for the Abbott Medical Optics (AMO) and St. Jude Medical vascular closure businesses, which were divested during the first quarter 2017. Comparable operational sales growth also reflects a reduction to St. Jude Medical's historic sales related to administrative fees paid to conform to Abbott

To read full press release, please click here.


Read at BioSpace.com


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