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Abbott: Q2 2022 Earnings Update

Industry: Medical Devices
Current: Company Performance

Abbott reported an increase in sales of 10.1% in Q2 2022 on an annual basis and 14.3% on an organic basis
Abbott reported diluted earnings per share (EPS) of $1.14
Abbott raised its adjusted diluted EPS to at least $4.90 for the full-year 2022 vs the previous guidance of at least $4.70

On July 20, 2022, Abbott reported Q2 sales of $11.3 billion (an increase of 10.1% year-over-year and 14.3% on an organic basis) on adjusted diluted earnings per share (EPS) of $1.43.

Summary: Abbott’s Q2 2022 sales grew by 10.1% as compared to the same period in 2021. Abbott reports its sales across four segments: Nutrition, Diagnostics, Established Pharmaceuticals, and Medical Devices.

Nutrition business’ reported sales decreased by 7.4% and organic sales decreased by 4.5% vs 2021 owing to the negative impact of voluntary recall and manufacturing shutdown initiated in February of certain infant formula products manufactured at one of Abbott's US plants.
Diagnostics business’ reported sales increased by 33.1% and organic sales increased by 36.9% vs 2021 led by sales of testing products in Rapid Diagnostics which was due to COVID-19 testing-related sales of $2.3 billion,
Established Pharmaceuticals business’ reported sales increased by 3.7% and organic sales increased by 9.2% vs 2021 due to increased product sales in key emerging markets.
Medical Devices business’ reported sales increased by 2.5% and organic sales increased by 7.5% vs 2021 driven by increased sales of FreeStyle Libre (a diabetes care device with sales of $1.1 billion in the quarter).

The company reported earnings from operations of $2.38 billion during Q2 2022, resulting in GAAP operating margins of 21.1%. On the bottom line, the company reported a diluted EPS of $1.14, whereas the adjusted diluted earnings came to $1.43 per share.

Guidance: Abbott is raising its projected full-year 2022 diluted earnings per share under GAAP to at least $3.50. Abbott is also raising its projected adjusted diluted earnings per share to at least $4.90 for the full-year 2022.

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