Abbott Laboratories (NYSE: ABT) stock rose 3.5% today (as of 11:44AM EST on Jan 24th, 2018; Source: Google finance) leading to a total increase of over 7.8% in this year to date.
Abbott Laboratories worldwide sales surged 42.3% yoy to $7.6 billion in the fourth quarter of 2017. The group got U.S. FDA clearance for its Confirm Rx™ Insertable Cardiac Monitor (ICM), which is the world’s first and only smartphone-compatible ICM designed to help physicians remotely identify cardiac arrhythmias, and obtained CE Mark for XIENCE Sierra™, the company’s gold-standard XIENCE everolimus-eluting coronary stent system. They even started the U.S. launch of FreeStyle® Libre, the only continuous glucose monitoring (CGM) system available. The FreeStyle Libre is available and was approved by the U.S. Center for Medicare & Medicaid Services (CMS). The group also got the U.S. FDA approval for magnetic resonance (MR)-conditional labeling for its Quadra Assura™ and Quadra Assura MP™ cardiac resynchronization therapy defibrillator (CRT-D) devices and its Fortify Assura™ implantable cardioverter defibrillator (ICD). These approvals, placed the group to be a full suite player of pacemaker, ICD and CRT-D devices.
As per the segment performance, the Worldwide Medical Devices sales surged 102.2% on a reported basis in the fourth quarter of 2017 but only 9.6% rise on a comparable operational basis. Cardiovascular and Neuromodulation, sales was driven by the double-digit growth in Electrophysiology, Heart Failure, Structural Heart and Neuromodulation during the fourth quarter of 2017.
The growth in Structural Heart was boosted by MitraClip®, a device for the minimally-invasive treatment of mitral regurgitation. Their HeartMate 3™ system, got U.S. FDA approval in the third quarter of 2017. Neuromodulation, was driven by recently launched products for treating chronic pain and movement disorders.
The group expects diluted earnings per share at $1.22 to $1.32 for 2018. Net specified items for the full year 2018 reached over $1.58 per share. Adjusted diluted earnings per share from continuing operations is expected to be $2.80 to $2.90 for the full year 2018. The group is also controlling their debt levels post the recent acquisitions of St. Jude Medical and Alere. They repaid $4.0 billion of debt and aims further debt repayments throughout 2018.