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Last10K.com | 10-Q Quarterly Report Wed Nov 03 2021
Exhibit 99.1
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News Release |
Abbott Reports Third-Quarter 2021 Results; Achieves Strong Double-Digit Earnings Growth and Raises Guidance
| - | Third-quarter sales growth of 23.4 percent; organic sales growth of 22.4 percent |
| - | GAAP diluted EPS from continuing operations growth of 69.6 percent; adjusted diluted EPS growth of 42.9 percent |
| - | Global COVID-19 testing-related sales were $1.9 billion in the third quarter |
| - | Excluding COVID-19 testing-related sales, third-quarter sales grew 11.7 percent on both a reported and organic basis compared to sales in 2019 |
| - | Continues to strengthen portfolio with several new product approvals |
ABBOTT PARK, Ill., Oct. 20, 2021 — Abbott today announced financial results for the third quarter ended Sept. 30, 2021.
| · | Third-quarter sales of $10.9 billion increased 23.4 percent on a reported basis and 22.4 percent on an organic basis, which excludes the impact of foreign exchange. |
| · | Third-quarter GAAP diluted EPS was $1.17 and adjusted diluted EPS, which excludes specified items, was $1.40, reflecting 42.9 percent growth versus the prior year.1 |
| · | Abbott projects full-year 2021 diluted EPS from continuing operations on a GAAP basis of $3.55 to $3.65 and full-year adjusted diluted EPS from continuing operations of $5.00 to $5.10, reflecting growth of 38.4 percent at the mid-point versus prior year.2 |
| · | In August, Abbott announced U.S. FDA approval of its Amplatzer® Amulet® device, which offers immediate closure of the left atrial appendage – an area in the heart where blood clots can form. |
| · | In August, Abbott announced results of the company's GUIDE-HF clinical trial, which showed Abbott's CardioMEMS® remote monitoring system can improve care for more patients living with heart failure. Abbott filed a Premarket Approval (PMA) supplement with the FDA for consideration of an expanded indication for CardioMEMS. |
| · | In September, Abbott announced U.S. FDA approval of its Portico® with FlexNav® transcatheter aortic valve replacement (TAVR) system to treat people with symptomatic, severe aortic stenosis who are at high or extreme risk for open-heart surgery. |
| · | During the third quarter, Abbott acquired Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive thrombectomy system designed to remove peripheral blood clots. |
"We achieved another quarter of strong growth overall and across all four of our major business areas," said Robert B. Ford, president and chief executive officer, Abbott. "We're particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets."
—more—
The following information was filed by Abbott Laboratories (ABT) on Wednesday, October 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.
View differences made from one quarter to another to evaluate Abbott Laboratories's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Abbott Laboratories.
Assess how Abbott Laboratories's management team is paid from their Annual Proxy
Abbott Laboratories's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
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Financial - Dividend Highlight
Liquidity and Capital Resources September 30, 2021 Compared with December 31, 2020 The increase in cash and cash equivalents from $6.8 billion at December 31, 2020 to $9.3 billion at September 30, 2021 primarily reflects the cash generated from operations in the first nine months of 2021, partially offset by the payment of dividends, capital expenditures and share repurchases.
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Financial - Income Highlight
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.
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Financial - Cash Flow Highlight
In the Condensed Consolidated Statement of Cash Flows, Net cash from operating activities for the first nine months of 2021 totaled $7.5 billion, an increase of $3.4 billion over the prior year primarily due to higher operating earnings and improved working capital management, partially offset by higher cash taxes paid.
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Financial - Expense Highlight
The charge recognized in the second quarter included fixed asset write-downs of $80 million, inventory-related charges of $248 million, and other exit costs, which included contract cancellations and employee-related costs of $171 million.
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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.
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Revenue - Geography
Excluding the effect of foreign...Read more
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Revenue - Product
Growth in Diabetes Care sales...Read more
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Financial - Dividend
In each of the first...Read more
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Revenue - Product
The 69.2 percent increase in...Read more
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Revenue - Product
The 9.9 percent increase in...Read more
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Revenue - Product
International Adult Nutritional sales, excluding...Read more
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Revenue - Product
The increase in the quarter...Read more
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Financial - Earnings
In the first nine months...Read more
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Other - Other
Restructuring Plans On May 27,...Read more
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Revenue - Geography
Excluding the unfavorable effect of...Read more
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Revenue - Product
Abbott's net sales were favorably...Read more
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Revenue - Product
Abbott's net sales were favorably...Read more
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Revenue - Product
International Pediatric Nutritional sales, excluding...Read more
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Revenue - Product
In Rapid Diagnostics, sales increased...Read more
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Financial - Debt
The increase in working capital...Read more
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Revenue - Product
The 29.6 percent increase in...Read more
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Revenue - Product
24 The 22.4 percent increase...Read more
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Revenue - Product
Excluding the impacts of COVID-19...Read more
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Revenue - Product
Excluding the impacts of COVID-19...Read more
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Revenue - Product
U.S. Pediatric Nutritional sales increased...Read more
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Revenue - Product
Excluding the impact of COVID-19...Read more
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Revenue - Product
Excluding the impact of COVID-19...Read more
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Financial - Expense
Research and development expenses increased...Read more
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Revenue - Product
In the first nine months...Read more
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Revenue - Product
In the first nine months...Read more
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Financial - Earnings
Taxes on Earnings from Continuing...Read more
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Financial - Expense
Selling, general and administrative (SG&A)...Read more
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Revenue - Geography
The growth in Structural Heart...Read more
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Financial - Expense
The increases in R&D expenses...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (Parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statement Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statement Of Earnings
Condensed Consolidated Statement Of Shareholders' Investment
Condensed Consolidated Statement Of Shareholders' Investment (Parenthetical)
Basis Of Presentation
Changes In Accumulated Other Comprehensive Income (Loss)
Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Changes In Accumulated Other Comprehensive Income (Loss) (Tables)
Debt And Lines Of Credit
Debt And Lines Of Credit (Details)
Financial Instruments, Derivatives And Fair Value Measures
Financial Instruments, Derivatives And Fair Value Measures (Tables)
Financial Instruments, Derivatives And Fair Value Measures - Bases Of Measurement (Details)
Financial Instruments, Derivatives And Fair Value Measures - Carrying Value And Fair Value (Details)
Financial Instruments, Derivatives And Fair Value Measures - Contracts (Details)
Financial Instruments, Derivatives And Fair Value Measures - Gain Or Loss (Details)
Financial Instruments, Derivatives And Fair Value Measures - Location Of Derivative Instruments (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Incentive Stock Programs
Incentive Stock Programs (Tables)
Incentive Stock Programs - General (Details)
Incentive Stock Programs - Options (Details)
Litigation And Environmental Matters
Litigation And Environmental Matters (Details)
New Accounting Standards
New Accounting Standards (Policies)
Post-Employment Benefits
Post-Employment Benefits (Tables)
Post-Employment Benefits - (Details)
Restructuring Plans
Restructuring Plans (Tables)
Restructuring Plans - Diagnostic Products Segment (Details)
Restructuring Plans - St Jude And Alere Integrations (Details)
Restructuring Plans - Streamline Of Operations And Improve Efficiencies (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Other Contract Assets And Liabilities (Details)
Revenue - Practical Expedient (Details)
Revenue - Remaining Performance Obligations (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Allowance For Doubtful Accounts (Details)
Supplemental Financial Information - Cash Flows (Details)
Supplemental Financial Information - Income Statement (Details)
Supplemental Financial Information - Investments (Details)
Taxes On Earnings
Taxes On Earnings (Details)
Material Contracts, Statements, Certifications & more
Abbott Laboratories provided additional information to their SEC Filing as exhibits
Ticker: ABT
CIK: 1800
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-21-133629
Submitted to the SEC: Wed Nov 03 2021 4:04:53 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Pharmaceutical Preparations
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