Health

Abbott Laboratories boosts 2024 outlook after strong Q3 Earnings

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Abbott Laboratories (NYSE:ABT) has released its financial results for the third quarter of 2024, showcasing impressive figures with $10.6 billion in sales, marking a 4.9% growth over the previous period.

The surge is primarily attributed to its robust base business, especially in the medical devices segment, which witnessed a substantial organic sales increase of 8.2%.

While the company reported a GAAP diluted earnings per share (EPS) of $0.94, the adjusted EPS, excluding specific items, stood at $1.21.

In a strategic move to expand its influence and capabilities, Abbott announced a significant global partnership with Medtronic in August.

This collaboration aims to integrate Abbott's leading continuous glucose monitoring (CGM) system with Medtronic's advanced insulin delivery devices, setting a new standard in diabetes care integration.

Further enhancing its product portfolio, Abbott launched Lingo™ in September, its innovative CGM system available without a prescription.

Designed to aid individuals in managing their health and wellness, Lingo represents a key milestone in making advanced health monitoring tools more accessible to the general public.

Additionally, the company achieved a major milestone by completing enrollment ahead of schedule for its VOLT-AF IDE trial in September.

This trial is critical for evaluating the efficacy of the Volt™ Pulsed Field Ablation System in treating heart rhythm disorders like atrial fibrillation (AFib).

Looking forward, Abbott has not only demonstrated strong current performance but also confidence in continued growth, evidenced by its updated full-year EPS guidance.

The company now expects a GAAP diluted EPS of $3.34 to $3.40 and an adjusted EPS of $4.64 to $4.70 for the full year.

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