Abbott Clocks Q1 COVID-19 Test Sales Of $3.3B, Reaffirms FY22 EPS Outlook

Abbott Laboratories ABT has reported Q1 FY22 adjusted EPS of $1.73, up 31.1% Y/Y, better than the consensus of $1.47 and the management guidance of $1.50.
Q1 sales of $11.9 billion increased 13.8% on a reported basis and 17.5% on an organic basis, beating the consensus of $11.02 billion.
Worldwide sales, excluding COVID-19 testing-related sales, increased 3.9% on a reported basis and 7.7% on an organic basis.
Related: Raymond James Thinks Med Tech Investors are Somewhat 'Paralyzed' Ahead Of Q1 Earnings.
Global COVID-19 testing-related sales were $3.3 billion, led by sales of rapid testing products.
Medical Devices sales increased 7.4% to $3.56 billion on a reported basis and 11.5% organically, driven by double-digit organic growth in Electrophysiology, Heart Failure, Structural Heart and Diabetes Care.
Outlook: Abbott's FY22 adjusted EPS outlook of at least $4.70 remains unchanged (consensus $4.83).
2022 guidance includes projected COVID-19 testing-related sales of approximately $4.5 billion, which Abbott expects to primarily occur in 1H of 2022 and will update quarterly.
Price Action: ABT shares are down 2.07% at $117.50 during the premarket session on the last check Wednesday.

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