Benzinga -
- Abbott Laboratories (NYSE: ABT) has reported Q1 FY23 adjusted EPS of $1.03, down 40.5% Y/Y, better than the consensus of $0.99.
- Q1 sales of $9.75 billion decreased 18.1% on a reported basis and 14.5% on an organic basis, beating the consensus of $9.64 billion.
- Organic growth, excluding COVID-19 tests, increased by 10%.
- Global COVID-19 testing-related sales were $730 million, compared to $3.3 billion a year ago.
- Worldwide Nutrition sales increased by 3.8% on a reported basis and 10.3% on an organic basis.
- As expected, Diagnostics sales growth in the first quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales.
- Organic sales growth, excluding COVID-19 testing-related sales, was led by Core Laboratory, Point of Care, and Rapid Diagnostics.
- In Molecular Diagnostics, growth was negatively impacted by lower demand for seasonal respiratory testing.
- Medical Devices sales increased 8.5% on a reported basis and 12.4% on an organic basis, led by double-digit organic growth in Diabetes Care, Structural Heart, Heart Failure, and Neuromodulation.
- Outlook: Abbott Reaffirms FY23 adjusted EPS of $4.30-$4.50 vs. consensus of $4.39.
- The guidance reflects an increased outlook for the underlying base business offset by a lower forecasted earnings contribution from COVID-19 testing-related sales.
- Abbott now projects FY23 organic sales growth, excluding COVID-19 testing-related sales, of at least high single-digits and COVID-19 testing-related sales of approximately $1.5 billion.
- Price Action: ABT shares are up 3.43% at $107.75 during the premarket session on the last check Wednesday.