Abbott Laboratories’ stock
ABT,
-0.17%
fell 2% premarket on Wednesday after the healthcare-products company reported fourth-quarter sales that topped expectations amid strength in its medical-device and nutrition segments, even as COVID-test sales continued to plunge. The company reported fourth-quarter net income of $1.59 billion, or 91 cents per share, versus $1.03 billion, or 59 cents per share, in the year-earlier period. Adjusted per-share earnings came to $1.19, matching the FactSet consensus. Sales totaled $10.241 billion in the quarter, up 1.5% from a year earlier and beating the FactSet consensus of $10.186 billion.
Analysts have been looking to elevated medical-procedure volumes to help boost Abbott’s medical-device business, which makes pacemakers, stent systems and other products. Total reported fourth-quarter medical-device sales grew 17.5% from a year earlier, Abbott said Wednesday, while sales of FreeStyle Libre continuous glucose monitors jumped 25.5%. Abbott is wrapping up a transitional year as it pivots away from the sharply declining COVID testing business and refocuses on its core segments, looking to products like its continuous glucose monitors to help drive future growth. COVID testing-related sales came to $288 million in the fourth quarter, down from $1.07 billion a year earlier. The company is aiming to roughly double its annual FreeStyle Libre sales, to $10 billion, by 2028. More than 5 million people worldwide use the device, but there are more than 500 million people globally with di …
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ABT,
-0.17%
fell 2% premarket on Wednesday after the healthcare-products company reported fourth-quarter sales that topped expectations amid strength in its medical-device and nutrition segments, even as COVID-test sales continued to plunge. The company reported fourth-quarter net income of $1.59 billion, or 91 cents per share, versus $1.03 billion, or 59 cents per share, in the year-earlier period. Adjusted per-share earnings came to $1.19, matching the FactSet consensus. Sales totaled $10.241 billion in the quarter, up 1.5% from a year earlier and beating the FactSet consensus of $10.186 billion.
Analysts have been looking to elevated medical-procedure volumes to help boost Abbott’s medical-device business, which makes pacemakers, stent systems and other products. Total reported fourth-quarter medical-device sales grew 17.5% from a year earlier, Abbott said Wednesday, while sales of FreeStyle Libre continuous glucose monitors jumped 25.5%. Abbott is wrapping up a transitional year as it pivots away from the sharply declining COVID testing business and refocuses on its core segments, looking to products like its continuous glucose monitors to help drive future growth. COVID testing-related sales came to $288 million in the fourth quarter, down from $1.07 billion a year earlier. The company is aiming to roughly double its annual FreeStyle Libre sales, to $10 billion, by 2028. More than 5 million people worldwide use the device, but there are more than 500 million people globally with di …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]