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Abbott Laboratories (ABT) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Abbott Laboratories

CIK: 1800 Ticker: ABT

 

Exhibit 99.1

 

News Release

 

Abbott Reports First-Quarter 2022 Results

 

-Sales growth of 13.8 percent; organic sales growth of 17.5 percent

-Global COVID-19 testing-related sales of $3.3 billion in the first quarter

-Excluding COVID-19 testing-related sales, first-quarter reported sales growth of 3.9 percent and organic sales growth of 7.7 percent

-GAAP diluted EPS growth of 37.0 percent; adjusted diluted EPS growth of 31.1 percent

-Continues to strengthen portfolio with new product approvals and expanded reimbursement coverage

 
 

ABBOTT PARK, Ill., April 20, 2022 — Abbott today announced financial results for the first quarter ended March 31, 2022.

First-quarter sales of $11.9 billion increased 13.8 percent on a reported basis and 17.5 percent on an organic basis, which excludes the impact of foreign exchange.

First-quarter GAAP diluted EPS1 was $1.37 and adjusted diluted EPS, which excludes specified items, was $1.73.

Global COVID-19 testing-related sales were $3.3 billion in the first quarter.

Abbott projects full-year 2022 diluted EPS on a GAAP basis of at least $3.35 and projected adjusted diluted EPS of at least $4.70 remains unchanged.

2022 guidance includes projected COVID-19 testing-related sales of approximately $4.5 billion, which Abbott expects to largely occur in the first half of the year and will update on a quarterly basis.

In February, Abbott initiated a voluntary recall of certain infant formula products manufactured at one of its U.S. facilities. Abbott is working closely with the U.S. Food and Drug Administration (FDA) and has begun implementing corrective actions and enhancements to the facility.

In February, Abbott received FDA approval for an expanded indication for its CardioMEMSHF system, a small implantable sensor and remote monitoring system that can detect early warning signs of worsening heart failure.

In March, Abbott announced its FreeStyle Libre® system is the first and only continuous glucose monitoring (CGM) system to gain expanded reimbursement in Japan to now include all people with diabetes who use insulin.

In April, Abbott announced FDA approval for its Aveir single-chamber leadless pacemaker for the treatment of patients in the U.S. with slow heart rhythms. Unlike traditional pacemakers, leadless pacemakers do not require an incision in the chest to implant or leads (wires) to deliver therapy.

 

"Our diversified business continues to perform well in a challenging environment," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're particularly pleased with the strong performance we're achieving in Medical Devices and Established Pharmaceuticals."

 

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The following information was filed by Abbott Laboratories (ABT) on Wednesday, April 20, 2022 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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Abbott Laboratories's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Abbott Laboratories's 10-Q Quarterly Report:

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)
Post-Employment Benefits
Post-Employment Benefits (Tables)
Post-Employment Benefits - (Details)
Restructuring Plans
Restructuring Plans (Tables)
Restructuring Plans - 2021 Restructuring Plan (Details)
Restructuring Plans - Diagnostic Products Segment (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Other Contract Assets And Liabilities (Details)
Revenue - Practical Expedient (Details)
Revenue - Remaining Performance Obligations (Details)
Segment And Geographic Area Information
Segment And Geographic Area Information (Tables)
Segment Information (Details)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Allowance For Doubtful Accounts (Details)
Supplemental Financial Information - Income Statement (Details)
Supplemental Financial Information - Investments (Details)
Supplemental Financial Information - Other, Net In Net Cash From Operating Activities (Details)
Taxes On Earnings (Details)
Taxes On Earnings From Continuing Operations

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: 0001104659-22-055285
Submitted to the SEC: Tue May 03 2022 4:29:24 PM EST
Accepted by the SEC: Tue May 03 2022
Period: Thursday, March 31, 2022
Industry: Pharmaceutical Preparations

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