Abbott Laboratories (ABT) 10-Q Quarterly Report May 2021

	-	Sales growth of 35.3 percent; organic sales growth of 32.9 percent
	-	GAAP diluted EPS growth from continuing operations of 233.3 percent; adjusted diluted EPS growth of 103.1 percent
	-	All four major businesses achieved strong sales growth in the quarter
	-	Projected full-year EPS remains unchanged; reflects growth of more than 35 percent

ABBOTT PARK, Ill., April 20, 2021 — Abbott today announced financial results for the first quarter ended March 31, 2021.

First-quarter sales of $10.5 billion increased 35.3 percent on a reported basis and 32.9 percent on an organic basis, which excludes the impact of foreign exchange.

First-quarter GAAP diluted EPS was $1.00 and adjusted diluted EPS, which excludes specified items, was $1.32, reflecting 103.1 percent growth versus the prior year.¹

Abbott projects full-year 2021 diluted EPS from continuing operations on a GAAP basis of at least $3.74. Projected full-year adjusted diluted EPS from continuing operations of at least $5.00 remains unchanged and reflects growth of more than 35 percent versus the prior year.²

Global COVID-19 testing-related sales were $2.2 billion in the first quarter, led by combined sales of $1.8 billion from Abbott's BinaxNOW^™, Panbio^™ and ID NOW^™ rapid testing platforms.

First-quarter sales increased 7.6 percent on a reported basis and 5.7 percent on an organic basis, excluding COVID-19 testing-related sales.

In January, the U.S. Centers for Medicare & Medicaid Services expanded reimbursement coverage eligibility for Abbott's revolutionary MitraClip^™ device, which significantly increases the number of people who can benefit from this market-leading, minimally invasive heart device.

In March, Abbott announced the U.S. launch of NeuroSphere^™ Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed.

In April, Abbott announced U.S. Food and Drug Administration (FDA) Emergency Use Authorization (EUA) of its BinaxNOW COVID-19 Ag Self Test for individuals with or without symptoms and without the need of a prescription.

"We're off to a very strong start to the year, with all four of our major businesses achieving strong growth," said Robert B. Ford, president and chief executive officer, Abbott. "We're particularly pleased with the growing momentum of several recently launched products and continue to forecast more than 35 percent EPS growth for the year."

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The following information was filed by Abbott Laboratories (ABT) on Tuesday, April 20, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Abbott Laboratories's 10-Q Quarterly Report:

Revenue - Product Highlight
The 114.8 percent increase in Diagnostic Products sales, excluding the impact of foreign exchange, was driven by strong demand for Abbott's portfolio of COVID-19 tests as described above as well as improvements in the base Core Laboratory and Molecular businesses.

Financial - Income Highlight
21 Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which among other things, eliminates certain exceptions in the current rules regarding the approach for intraperiod tax allocations and the methodology for calculating income taxes in an interim period, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.
Revenue - Product Highlight
On April 27, 2016, the board of directors authorized the issuance and sale for general corporate purposes of up to 75 million common shares that would result in proceeds of up to $3 billion.
Revenue - Geography Highlight
Excluding the effect of foreign exchange, total Medical Devices sales grew 8.8 percent driven by double-digit growth in Diabetes Care and Structural Heart as well as growth in Electrophysiology and Rhythm Management.
Revenue - Product Highlight
Growth in Diabetes Care sales was driven by continued growth of FreeStyle Libre, Abbott's continuous glucose monitoring system, internationally and in the U.S. FreeStyle Libre and Libre Sense sales totaled $829 million in the first quarter of 2021, which reflected a 29.8 percent increase, excluding the effect of foreign exchange, over the first three months of 2020 when Libre sales totaled $604 million.
Financial - Dividend
In the first quarter of...Read more
Financial - Cash Flow
In the Condensed Consolidated Statement...Read more
Financial - Expense
Selling, general and administrative (SG&A)...Read more
Revenue - Product
In Rapid Diagnostics, sales increased...Read more
Revenue - Product
International Adult Nutritional sales, excluding...Read more
Revenue - Product
19 The 212.0 percent increase...Read more
Financial - Dividend
Liquidity and Capital Resources March...Read more
Revenue - Geography
Excluding the effect of foreign...Read more
Revenue - Geography
Excluding the unfavorable effect of...Read more
Revenue - Product
Abbott's net sales were favorably...Read more
Revenue - Product
The 32.9 percent increase in...Read more
Financial - Debt
The increase in working capital...Read more
Revenue - Product
While procedure volumes across Abbott's...Read more
Revenue - Product
Excluding the impacts of COVID-19...Read more
Revenue - Product
Excluding the impact of COVID-19...Read more
Revenue - Product
The increase primarily reflects higher...Read more
Revenue - Product
In the first three months...Read more
Revenue - Product
In the first three months...Read more
Financial - Earnings
Taxes on Earnings Taxes on...Read more
Revenue - Product
In Core Laboratory, sales increased...Read more
Revenue - Product
International Pediatric Nutritional sales, excluding...Read more
Financial - Expense
Research and development expenses increased...Read more
Revenue - Geography
Growth in Structural Heart was...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Abbott Laboratories provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ABT
CIK: 1800
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-21-061693
Submitted to the SEC: Wed May 05 2021 4:01:22 PM EST
Accepted by the SEC: Wed May 05 2021
Period: Wednesday, March 31, 2021
Industry: Pharmaceutical Preparations

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Abbott Laboratories (ABT) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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