Post by icemandios on Apr 17, 2024 15:29:33 GMT
Abbott Diagnostics Q1 Revenues Down 18 Percent, Total Revenues up 2 Percent
Apr 17, 2024 | staff reporter
NEW YORK — Abbott on Wednesday announced that its Q1 2024 Diagnostics revenues declined 18 percent year over year as a result of declining COVID-19 testing sales.
For the three months ended March 31, Abbott reported overall Q1 revenues of $9.96 billion, up 2 percent from $9.75 billion in Q1 2023 and beating analysts' average estimate of $9.88 billion.
On an organic basis excluding COVID-19 testing, revenues rose 11 percent year over year, the Abbott Park, Illinois-based firm said.
The firm reported its Diagnostics segment revenues fell 18 percent to $2.21 billion from $2.69 billion a year ago. Within Diagnostics, core laboratory revenues were up 2 percent year over year to $1.21 billion from $1.18 billion. Meanwhile, its molecular diagnostics revenues fell 12 percent to $129 million from $147 million in Q1 2023. Point-of-care revenues were up 4 percent to $139 million from $134 million, and rapid diagnostic revenues fell 40 percent to $741 million from $1.23 billion.
COVID-19 testing sales were $204 million for the quarter, down from $730 million in Q1 2023.
Excluding COVID-19 testing-related sales, Abbott's Diagnostics segment posted year-over-year revenue growth of 3 percent on a reported basis and organic revenue growth of 5 percent. Organically, core laboratory revenues increased 6 percent year over year, molecular diagnostics revenues fell 1 percent, point-of-care revenues increased 4 percent, and rapid diagnostics revenues rose 6 percent.
Among its other business segments, Abbott's Q1 Nutrition revenues rose 5 percent to $2.07 billion from $1.97 billion; Established Pharmaceuticals revenues increased 3 percent to $1.23 billion from $1.19 billion; and Medical Devices revenues rose 14 percent to $4.45 billion from $3.90 billion.
Abbott reported net earnings of $1.23 billion, or $.70 per share, in Q1 compared to $1.32 billion, or $.75 per share, in the year-ago period. Adjusted EPS was $.98, beating the analysts' consensus estimate of $.95.
Abbott narrowed its full-year 2024 EPS guidance range and projected full-year 2024 EPS from continuing operations of between $3.25 and $3.40. Adjusted EPS from continuing operations for the year is anticipated to be between $4.55 and $4.70. Q2 2024 EPS is expected to be between $.69 and $.73, with adjusted EPS between $1.08 and $1.12.
The firm also narrowed its full-year 2024 organic sales growth guidance range to between 8.5 percent and 10 percent, representing an increase at the midpoint of the range.
In Wednesday morning trading on the New York Stock Exchange, shares of Abbott were down 4 percent at $105.29.
Apr 17, 2024 | staff reporter
NEW YORK — Abbott on Wednesday announced that its Q1 2024 Diagnostics revenues declined 18 percent year over year as a result of declining COVID-19 testing sales.
For the three months ended March 31, Abbott reported overall Q1 revenues of $9.96 billion, up 2 percent from $9.75 billion in Q1 2023 and beating analysts' average estimate of $9.88 billion.
On an organic basis excluding COVID-19 testing, revenues rose 11 percent year over year, the Abbott Park, Illinois-based firm said.
The firm reported its Diagnostics segment revenues fell 18 percent to $2.21 billion from $2.69 billion a year ago. Within Diagnostics, core laboratory revenues were up 2 percent year over year to $1.21 billion from $1.18 billion. Meanwhile, its molecular diagnostics revenues fell 12 percent to $129 million from $147 million in Q1 2023. Point-of-care revenues were up 4 percent to $139 million from $134 million, and rapid diagnostic revenues fell 40 percent to $741 million from $1.23 billion.
COVID-19 testing sales were $204 million for the quarter, down from $730 million in Q1 2023.
Excluding COVID-19 testing-related sales, Abbott's Diagnostics segment posted year-over-year revenue growth of 3 percent on a reported basis and organic revenue growth of 5 percent. Organically, core laboratory revenues increased 6 percent year over year, molecular diagnostics revenues fell 1 percent, point-of-care revenues increased 4 percent, and rapid diagnostics revenues rose 6 percent.
Among its other business segments, Abbott's Q1 Nutrition revenues rose 5 percent to $2.07 billion from $1.97 billion; Established Pharmaceuticals revenues increased 3 percent to $1.23 billion from $1.19 billion; and Medical Devices revenues rose 14 percent to $4.45 billion from $3.90 billion.
Abbott reported net earnings of $1.23 billion, or $.70 per share, in Q1 compared to $1.32 billion, or $.75 per share, in the year-ago period. Adjusted EPS was $.98, beating the analysts' consensus estimate of $.95.
Abbott narrowed its full-year 2024 EPS guidance range and projected full-year 2024 EPS from continuing operations of between $3.25 and $3.40. Adjusted EPS from continuing operations for the year is anticipated to be between $4.55 and $4.70. Q2 2024 EPS is expected to be between $.69 and $.73, with adjusted EPS between $1.08 and $1.12.
The firm also narrowed its full-year 2024 organic sales growth guidance range to between 8.5 percent and 10 percent, representing an increase at the midpoint of the range.
In Wednesday morning trading on the New York Stock Exchange, shares of Abbott were down 4 percent at $105.29.