On Wednesday, Abbott Laboratories (NYSE: ABT) reported third-quarter sales of $10.64 billion, up 4.9% year over year, beating the consensus of $10.55 billion.
Organic sales growth for the underlying base business was 8.2%, led by double-digit growth in Medical Devices.
Abbott's adjusted diluted earnings per share was $1.21, beating the analyst estimates of $1.20.
"Our results this quarter demonstrate the strength of our diversified business model," said Robert Ford, chairman and CEO of Abbott. "We're well-positioned to achieve the upper end of our initial guidance ranges for the year and have great momentum heading into next year."
Medical Devices sales increased 11.7% to $4.74 billion and 13.3% organically in the second quarter, including double-digit organic growth in both the U.S. and internationally. Sales growth was led by double-digit growth in Diabetes Care, Electrophysiology, Heart Failure, and Structural Heart.
Nutrition sales decreased by 0.3% to $2.07 billion (+3.4% organically), led by growth in Adult Nutrition.
Year-over-year declines in COVID-19 testing-related sales negatively impacted diagnostics sales growth in the third quarter. COVID-19 testing sales were $265 million versus $305 million a year ago.
Excluding COVID-19 testing-related sales, global Diagnostics sales increased 0.2% on a reported basis and increased 3.3% on an organic basis.
Guidance: Abbott projects full-year 2024 adjusted EPS of $4.64-$4.70 versus prior guidance of $4.61-$4.71 and consensus of $4.66.
Abbott forecasts that in the fourth quarter of 2024, the adjusted EPS will be $1.31-$1.37 versus the consensus of $1.20.
Price Action: At last check on Wednesday, ABT stock was down 0.84% to $115.07 during the premarket session.