Abbott Reports Second-Quarter 2020 Financial Results Exceeding Expectations

– Worldwide sales of $7.3 billion in the second quarter, including $615 million of COVID-19 diagnostic testing-related sales

– Growth rates in business areas initially most impacted by COVID-19 improved significantly over the course of the second quarter

– Abbott continues to strengthen its portfolio with several recent regulatory approvals, including FreeStyle Libre 2, TriClip and Gallant heart devices

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

  • Second-quarter worldwide sales of $7.3 billion decreased 8.2 percent on a reported basis and 5.4 percent on an organic basis, which excludes the impact of foreign exchange.
  • Reported diluted EPS from continuing operations under GAAP was $0.30 and adjusted diluted EPS from continuing operations, which excludes specified items, was $0.57 in the second quarter.
  • Abbott projects full-year 2020 diluted EPS from continuing operations on a GAAP basis of at least $2.00 and full-year adjusted diluted EPS from continuing operations of at least $3.25.
  • In April, Abbott announced CE Mark approval for its TriClip™ heart valve repair system, the world’s first minimally invasive, clip-based tricuspid heart valve repair device.
  • In June, Abbott announced U.S. FDA approval of FreeStyle® Libre 2 as an integrated continuous glucose monitoring (iCGM) system for adults and children ages 4 and older with diabetes, achieving the highest level of accuracy and performance standards.
  • Last week, Abbott announced U.S. FDA approval of its next-generation Gallant™ implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator devices to help manage heart rhythm disorders.  These devices offer Bluetooth technology and a new patient smartphone app for improved remote monitoring and enhanced patient-physician engagement.

“Our diversified business model has proven to be a true strength during this time,” said Robert B. Ford, president and chief executive officer, Abbott. “We’re a leader in the global COVID-19 testing efforts, we’ve continued to advance our pipeline and, importantly, we saw significant improvements in growth trends throughout the quarter in the business areas that were initially most impacted by the pandemic.”

NOTE: this is NOT the complete release.