Abbott Reports First-Quarter 2018 Results

Abbott  (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2018.

First-quarter worldwide sales of $7.4 billion increased 16.7 percent on a reported basis and 6.9 percent on an organic* basis.

Reported diluted EPS from continuing operations under GAAP was $0.23 in the first quarter.

Adjusted diluted EPS from continuing operations, which excludes specified items, was $0.59, at the upper end of Abbott's previous guidance range.

Abbott projects full-year 2018 diluted EPS from continuing operations of $1.23 to $1.33 on a GAAP basis1. Projected full-year adjusted diluted EPS from continuing operations remains $2.80 to $2.90, reflecting 14.0 percent growth at the midpoint.

In January, Abbott announced U.S. FDA approval for magnetic resonance (MR)-conditional labeling for its Quadra AssuraTM and Quadra Assura MPTM cardiac resynchronization therapy defibrillator (CRT-D) devices and its Fortify AssuraTM implantable cardioverter defibrillator (ICD). With these approvals, Abbott has MR-conditional labeling for its suite of pacemaker, ICD and CRT-D devices.

In January, Abbott announced that FreeStyle® Libre, Abbott's revolutionary sensor-based continuous glucose monitoring system, is now available and approved for coverage by the U.S. Center for Medicare and Medicaid Services.

In March, Abbott announced clinical trial data from the MOMENTUM 3 study, which demonstrated that its HeartMate 3TM left ventricular assist device (LVAD) improved survival and clinical outcomes at two years for patients with advanced heart failure. The trial data will be submitted to the U.S. FDA to support consideration to expand the current HeartMate 3 indication to include long-term use.

"We're off to a strong start to the year as we forecasted," said Miles D. White, chairman and chief executive officer, Abbott. "We're particularly pleased with the continued strong growth in Medical Devices and improving performance in our Nutrition business."

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