Why Are Abbott Laboratories Shares Trading Lower?

Shares of Abbott Laboratories ABT are trading lower on Thursday following the company’s second-quarter 2024 financial results.

What’s Going On: Abbott reported second-quarter sales of $10.377 billion, slightly beating the $10.371 billion estimate. EPS came in at $1.14, surpassing analyst estimates of $1.10.

The company also saw a 10.2% increase in sales to $4.73 billion and a 12.1% organic growth rate. This growth included double-digit gains in Diabetes Care, Electrophysiology and Structural Heart sectors.

Despite the growth in medical devices, diagnostics sales were impacted by a year-over-year decline in COVID-19 testing-related sales, which dropped to $102 million from $263 million the previous year. Overall diagnostics sales fell 5.3% to $2.19 billion. Meanwhile, nutrition sales increased 3.5% to $2.15 billion, with a 7.5% organic growth rate.

What Else: In April, Abbott received FDA approval for the Esprit below-the-knee (BTK) system, a breakthrough for peripheral artery disease treatment. In June, the company announced FDA clearance for two new over-the-counter continuous glucose monitoring systems, Lingo and Libre Rio, based on the FreeStyle Libre technology. Additionally, Abbott obtained a CE Mark for its AVEIR dual chamber leadless pacemaker system.

ABT Price Action: Abbott Laboratories shares were down by 4.32% at $100.16 according to Benzinga Pro.

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