Abbott beats estimates, reports a 2.2% rise in Q1 sales

Abbott Laboratories on April 17 reported a 2.2% rise of $10 billion in its 2024 first-quarter sales which includes the impact of the anticipated decline in COVID-19 testing-related sales as compared to the previous year.

Organic sales grew for the underlying base business of 10.8%, which represents the fifth consecutive quarter of double-digit growth.

According to the report in the first quarter of 2024, total worldwide sales were $9.964 billion and COVID-19 testing-related sales were $204 million. In the first quarter of 2023, total worldwide sales were $9.747 billion and COVID-19 testing-related sales were $730 million.

The shares of the company were trading at $109.29 today morning, reacting positively to the quarterly results.

The report states that Abbott’s management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, and the impact of the acquisition of Cardiovascular Systems, Inc. (CSI), is an appropriate way for investors to best understand the core underlying performance of the business.

Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.

Abbott’s chairman and chief executive officer Robert B. Ford says,

“Our first-quarter results reflect a strong start to the year, and we are raising our full-year sales and EPS guidance.”

“This was the fifth consecutive quarter that we delivered double-digit organic sales growth in our underlying base business, which included particularly strong results in Medical Devices and Established Pharmaceuticals.”

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