Welcome to our dedicated page for Abbott Laboratories news (Ticker: ABT), a resource for investors and traders seeking the latest updates and insights on Abbott Laboratories stock.
Abbott Laboratories (NYSE: ABT) is a globally recognized American multinational company headquartered in Abbott Park, Illinois. Founded in 1888, Abbott has established itself as a leader in medical devices and health care. The company manufactures and markets a wide range of products, including cardiovascular and diabetes devices, adult and pediatric nutritional products, diagnostic equipment, testing kits, and branded generic drugs.
Abbott's product portfolio includes pacemakers, implantable cardioverter defibrillators, neuromodulation devices, coronary stents, catheters, infant formula, nutritional liquids for adults, continuous glucose monitors, and immunoassays along with point-of-care diagnostic equipment. Approximately 60% of Abbott’s sales are derived from markets outside the United States, underlining its global reach and influence.
Recently, Abbott introduced the PROTALITY™ brand, a high-protein nutrition shake aimed at supporting weight loss while preserving muscle mass. This innovation reflects Abbott's commitment to addressing global health challenges such as obesity and muscle health. The company also continues to make strides in medical technology with advancements like the TriClip™ system for tricuspid valve repair, and the FreeStyle Libre continuous glucose monitoring systems, which have set new standards in diabetes management.
Abbott is not only focused on innovative product development but also on strategic partnerships and sustainability. The extension of their partnership with the Real Madrid Foundation, aimed at reducing childhood malnutrition and promoting healthy habits, is a testament to their commitment to global health improvements.
Financially, Abbott has demonstrated robust performance, as evidenced by its consistent dividend payouts and its inclusion in the S&P 500 Dividend Aristocrats Index. The company reported strong Q1 2024 results with significant growth in their core business segments, further supported by successful product launches and clinical innovations.
Abbott’s mission to help people live more fully at all stages of life drives their development of life-changing technologies across diagnostics, medical devices, nutritionals, and branded generic medicines. With a workforce of over 114,000 employees serving people in over 160 countries, Abbott continues to set benchmarks in the healthcare industry.
Abbott (NYSE: ABT) has received two clearances from the FDA for its CentriMag™ life support system, enhancing its capabilities in critical care. The CentriMag Blood Pump can now provide prolonged life support beyond six hours, allowing physicians more time to make crucial care decisions for patients requiring ECMO due to severe heart and lung conditions. Additionally, the CentriMag Pre-connected Pack has been cleared for use in urgent situations lasting under six hours, enabling quicker deployment in critical care settings. These advancements aim to streamline medical procedures and improve patient outcomes, particularly during emergencies or after significant surgeries.
Abbott (NYSE: ABT) reported Q1 2023 sales of $9.7 billion, an 18.1% decline compared to the previous year, primarily due to reduced COVID-19 testing sales. However, organic sales growth for the underlying business was strong at 10.0%, driven by Medical Devices, Established Pharmaceuticals, and Nutrition sectors. GAAP diluted EPS was $0.75 and adjusted diluted EPS was $1.03. Abbott's full-year 2023 diluted EPS guidance remains between $3.05 to $3.25. Notably, the company expects COVID-19 testing-related sales to reach approximately $1.5 billion. Recent FDA approvals for new products in heart valve implantation and diabetes monitoring were highlighted as significant advancements.
Abbott has announced that Medicare has expanded access to its FreeStyle Libre continuous glucose monitoring systems for insulin-using beneficiaries. This change eliminates the previous requirement for multiple daily insulin injections. Eligible recipients include those with problematic hypoglycemia. Abbott is also working to add the latest FreeStyle Libre 3 system to Medicare's coverage list. With nearly 11 million adults over 65 living with diabetes in the U.S., this expansion could benefit over 2 million Medicare beneficiaries using insulin. The FreeStyle Libre systems are noted as the most prescribed CGM by doctors for Medicare patients, enhancing access to crucial diabetes management technologies.
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