Abbott Laboratories Reports Strong Q1 2024 Results

By Bobby Samwell • Wednesday, April 17 15:17 • Permanent Link

Abbott, a global healthcare company, has reported its first-quarter 2024 financial results, showing strong performance and a positive outlook for the year. Here are the key highlights from the report:

Sales for the first quarter of 2024 reached $10.0 billion, with reported sales increasing by 2.2 percent. Organic sales growth for the underlying base business was an impressive 10.8 percent, marking the fifth consecutive quarter of double-digit growth.
The company's GAAP diluted earnings per share (EPS) for the first quarter were $0.70, and adjusted diluted EPS, which excludes specified items, stood at $0.98.
Abbott narrowed its full-year 2024 EPS guidance range, projecting full-year diluted EPS on a GAAP basis of $3.25 to $3.40 and adjusted diluted EPS of $4.55 to $4.70, which represents an increase at the midpoint of the range.
The nutrition segment saw worldwide sales increase by 5.1 percent on a reported basis and 7.7 percent on an organic basis in the first quarter. Pediatric nutrition sales particularly stood out with a reported increase of 9.2 percent and an organic increase of 10.5 percent.
Diagnostics sales, excluding the impact of COVID-19 testing-related sales, grew 2.7 percent on a reported basis and 5.4 percent on an organic basis, showing resilience in the face of shifting market demands.
Established pharmaceuticals sales increased by 3.1 percent on a reported basis and an impressive 13.7 percent on an organic basis, driven by growth in key emerging markets.
Medical devices sales surged, with a reported increase of 14.2 percent and an organic increase of 14.3 percent in the first quarter. Strong performances were seen in diabetes care, electrophysiology, neuromodulation, and structural heart.
Abbott also highlighted its ongoing commitment to shareholders, declaring its 401st consecutive quarterly dividend of $0.55 per share.

Following these announcements, the company's shares moved -3.1%, and are now trading at a price of $105.81. Check out the company's full 8-K submission here.

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