Abbott (ABT) Tops Q2 EPS by 5c, Sales Miss

Abbott (NYSE: ABT) reported Q2 EPS of $1.32, $0.05 better than the analyst estimate of $1.27. Revenue for the quarter came in at $10.5 billion versus the consensus estimate of $10.69 billion.

• First-quarter sales of $10.5 billion increased 35.3 percent on a reported basis and 32.9 percent on an organic basis, which excludes the impact of foreign exchange.
• First-quarter GAAP diluted EPS was $1.00 and adjusted diluted EPS, which excludes specified items, was $1.32, reflecting 103.1 percent growth versus the prior year.1
• Abbott projects full-year 2021 diluted EPS from continuing operations on a GAAP basis of at least $3.74. Projected full-year adjusted diluted EPS from continuing operations of at least $5.00 remains unchanged and reflects growth of more than 35 percent versus the prior year.2
• Global COVID-19 testing-related sales were $2.2 billion in the first quarter, led by combined sales of $1.8 billion from Abbott\'s BinaxNOW™, Panbio™ and ID NOW™ rapid testing platforms.
• First-quarter sales increased 7.6 percent on a reported basis and 5.7 percent on an organic basis, excluding COVID-19 testing-related sales.
• In January, the U.S. Centers for Medicare & Medicaid Services expanded reimbursement coverage eligibility for Abbott\'s revolutionary MitraClip™ device, which significantly increases the number of people who can benefit from this market-leading, minimally invasive heart device.
• In March, Abbott announced the U.S. launch of NeuroSphere™ Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed.
• In April, Abbott announced U.S. Food and Drug Administration (FDA) Emergency Use Authorization (EUA) of its BinaxNOW COVID-19 Ag Self Test for individuals with or without symptoms and without the need of a prescription.

"We're off to a very strong start to the year, with all four of our major businesses achieving strong growth," said Robert B. Ford, president and chief executive officer, Abbott. "We're particularly pleased with the growing momentum of several recently launched products and continue to forecast more than 35 percent EPS growth for the year."

GUIDANCE:

Abbott sees FY2021 EPS of at least $5.00, versus the consensus of $5.04.

For earnings history and earnings-related data on Abbott (ABT) click here.

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