Abbott Reports Lower, But Better Than Expected Q1 Earnings, Reaffirms Annual Guidance - Abbott Laboratories (NYSE:ABT)

Abbott Laboratories ABT has reported Q1 FY23 adjusted EPS of $1.03, down 40.5% Y/Y, better than the consensus of $0.99.
Q1 sales of $9.75 billion decreased 18.1% on a reported basis and 14.5% on an organic basis, beating the consensus of $9.64 billion.
Organic growth, excluding COVID-19 tests, increased by 10%.
Global COVID-19 testing-related sales were $730 million, compared to $3.3 billion a year ago.
Worldwide Nutrition sales increased by 3.8% on a reported basis and 10.3% on an organic basis.
As expected, Diagnostics sales growth in the first quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales.
Organic sales growth, excluding COVID-19 testing-related sales, was led by Core Laboratory, Point of Care, and Rapid Diagnostics.
In Molecular Diagnostics, growth was negatively impacted by lower demand for seasonal respiratory testing.
Medical Devices sales increased 8.5% on a reported basis and 12.4% on an organic basis, led by double-digit organic growth in Diabetes Care, Structural Heart, Heart Failure, and Neuromodulation.
Outlook: Abbott Reaffirms FY23 adjusted EPS of $4.30-$4.50 vs. consensus of $4.39.
The guidance reflects an increased outlook for the underlying base business offset by a lower forecasted earnings contribution from COVID-19 testing-related sales.
Abbott now projects FY23 organic sales growth, excluding COVID-19 testing-related sales, of at least high single-digits and COVID-19 testing-related sales of approximately $1.5 billion.
Price Action: ABT shares are up 3.43% at $107.75 during the premarket session on the last check Wednesday.

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