Abbott Labs Stock Price, News & Analysis

Abbott (NYSE: ABT) has received two clearances from the FDA for its CentriMag™ life support system, enhancing its capabilities in critical care. The CentriMag Blood Pump can now provide prolonged life support beyond six hours, allowing physicians more time to make crucial care decisions for patients requiring ECMO due to severe heart and lung conditions. Additionally, the CentriMag Pre-connected Pack has been cleared for use in urgent situations lasting under six hours, enabling quicker deployment in critical care settings. These advancements aim to streamline medical procedures and improve patient outcomes, particularly during emergencies or after significant surgeries.

Abbott (NYSE: ABT) reported Q1 2023 sales of $9.7 billion, an 18.1% decline compared to the previous year, primarily due to reduced COVID-19 testing sales. However, organic sales growth for the underlying business was strong at 10.0%, driven by Medical Devices, Established Pharmaceuticals, and Nutrition sectors. GAAP diluted EPS was $0.75 and adjusted diluted EPS was $1.03. Abbott's full-year 2023 diluted EPS guidance remains between $3.05 to $3.25. Notably, the company expects COVID-19 testing-related sales to reach approximately $1.5 billion. Recent FDA approvals for new products in heart valve implantation and diabetes monitoring were highlighted as significant advancements.

Abbott has announced that Medicare has expanded access to its FreeStyle Libre continuous glucose monitoring systems for insulin-using beneficiaries. This change eliminates the previous requirement for multiple daily insulin injections. Eligible recipients include those with problematic hypoglycemia. Abbott is also working to add the latest FreeStyle Libre 3 system to Medicare's coverage list. With nearly 11 million adults over 65 living with diabetes in the U.S., this expansion could benefit over 2 million Medicare beneficiaries using insulin. The FreeStyle Libre systems are noted as the most prescribed CGM by doctors for Medicare patients, enhancing access to crucial diabetes management technologies.

Abbott's FreeStyle Libre 3 system, the latest in its glucose monitoring portfolio, has recently received FDA clearance for a standalone reader. This system is distinguished as the most prescribed integrated continuous glucose monitoring (iCGM) option in the U.S. Abbott is actively pursuing Medicare coverage for the FreeStyle Libre 3, aiming to provide affordable access for insulin-dependent beneficiaries. The new reader, which features a compact design and real-time glucose readings, is intended to enhance diabetes management, affecting over 4.5 million users worldwide. Abbott emphasizes that the FreeStyle Libre portfolio remains the leading sensor-based glucose monitoring system globally, with an emphasis on accessibility and affordability.

Abbott announced its first-quarter 2023 financial results will be revealed on April 19, 2023, before the market opens. Following the announcement, a live webcast of the earnings conference call will be held at 8 a.m. Central time. Investors can access this through Abbott's Investor Relations website. Abbott, a global healthcare leader, operates in diagnostics, medical devices, nutritionals, and branded generic medicines, employing around 115,000 people globally and serving over 160 countries.