Abbott Laboratories Reports Third Quarter 2020 Financial Results

Third-quarter sales growth of 9.6 percent; organic sales growth of 10.6 percent

Sales growth in Medical Devices and Diagnostics improved significantly versus prior quarter

Continues to strengthen portfolio with several recent new product approvals, including FreeStyle Libre 3, Libre Sense Glucose Sport Biosensor and MitraClip G4 heart device

ABBOTT PARK, IL (STL.News) Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2020.

  • Third-quarter worldwide sales of $8.9 billion increased 9.6 percent on a reported basis and 10.6 percent on an organic basis, which excludes the impact of foreign exchange.
  • Reported diluted EPS from continuing operations under GAAP was $0.69 and adjusted diluted EPS from continuing operations, which excludes specified items, was $0.98, reflecting 16.7 percent growth versus the prior year.
  • Abbott projects full-year 2020 diluted EPS from continuing operations on a GAAP basis of at least $2.35 and full-year adjusted diluted EPS from continuing operations of at least $3.55.
  • In August, Abbott received FDA Emergency Use Authorization for its BinaxNOW™ COVID-19 Ag Card rapid test for the detection of COVID-19 infection.  The test delivers results in just 15 minutes with no instrumentation required.  Abbott is selling the test for $5 and offers a complementary mobile phone app, called NAVICA™, that allows people who test negative to display their result.
  • During the quarter, Abbott launched FreeStyle Libre® 2 and obtained CE Mark for FreeStyle Libre 3, which automatically delivers up-to-the-minute glucose readings, unsurpassed 14-day accuracy and real-time glucose alarms in the world’s smallest and thinnest wearable sensor at the same affordable price as previous versions.  Abbott also announced CE Mark for its Libre Sense Glucose Sport Biosensor, which helps athletes better understand the efficacy of their nutritional choices on training and athletic performance.
  • In September, Abbott obtained CE Mark for MitraClip® G, its next-generation MitraClip heart device, the leading minimally invasive mitral valve repair device in the world.

“Our strong results and increased guidance are a direct reflection of our ability to innovate and deliver despite challenging conditions,” said Robert B. Ford, president and chief executive officer, Abbott. “Our new product pipeline continues to be highly productive, and we’re well-positioned to finish the year with a lot of momentum.”

NOTE: this is NOT the complete release.