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Abbott Reports Fourth-Quarter 2017 Results
· Fourth-quarter reported sales growth of 42.3 percent; comparable operational sales growth of 7.7 percent
· Numerous new product approvals and launches across diverse business portfolio
· Issues earnings outlook for 2018, reflecting strong double-digit growth
ABBOTT PARK, Ill., Jan. 24, 2018 Abbott today announced financial results for the fourth quarter ended Dec. 31, 2017.
· Fourth-quarter worldwide sales of $7.6 billion increased 42.3 percent on a reported basis and 7.7 percent on a comparable operational* basis.
· Reported diluted EPS from continuing operations under GAAP was a $(0.50) loss in the fourth quarter, primarily due to the net expense of $1.46 billion for the estimated1 impact of the Tax Cuts and Jobs Act (U.S. tax reform). Excluding the impact of U.S. tax reform and other specified items, adjusted diluted EPS from continuing operations was $0.74 in the fourth quarter, at the high end of the previous guidance range of $0.72 to $0.74.
· Abbott issues full-year 2018 guidance for diluted EPS from continuing operations on a GAAP basis of $1.22 to $1.32. Projected full-year adjusted diluted EPS from continuing operations is $2.80 to $2.90, reflecting 14.0 percent growth2 at the midpoint.
· In October, Abbott received U.S. FDA clearance for its Confirm Rx Insertable Cardiac Monitor (ICM), the worlds first and only smartphone-compatible ICM designed to help physicians remotely identify cardiac arrhythmias, and obtained CE Mark for XIENCE Sierra, the newest generation of the companys gold-standard XIENCE everolimus-eluting coronary stent system.
· In November, Abbott initiated the U.S. launch of FreeStyle® Libre, the only continuous glucose monitoring (CGM) system available that comes factory-calibrated and removes the need for routine fingersticks3 for people with diabetes. In January, Abbott announced that FreeStyle Libre is now available and approved for coverage by the U.S. Center for Medicare & Medicaid Services (CMS).
· In December, Abbott received U.S. FDA approval for magnetic resonance (MR)-conditional labeling for its Quadra Assura and Quadra Assura MP cardiac resynchronization therapy defibrillator (CRT-D) devices and its Fortify Assura implantable cardioverter defibrillator (ICD). With these approvals, Abbott has MR-conditional labeling for its full suite of pacemaker, ICD and CRT-D devices.
2017 was a great year for us we performed well, our new product pipeline was highly productive and we took some very important strategic steps forward, said Miles D. White, chairman and chief executive officer, Abbott. Were entering 2018 with very good momentum.
The following information was filed by Abbott Laboratories (ABT) on Wednesday, January 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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