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.
On March 6, 2023, Abbott announced that the FDA has cleared its FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) sensors for integration with automated insulin delivery (AID) systems in the U.S. This modification allows these sensors to connect with insulin pumps, enhancing diabetes management. The sensors are now approved for use by children as young as two and pregnant women with diabetes, extending wear time to 15 days. The FreeStyle Libre portfolio remains the top prescribed CGM in the U.S., impacting 4.5 million users globally. Abbott is collaborating with leading insulin pump manufacturers for future integrations.
Abbott (NYSE: ABT) released promising five-year data from the COAPT trial at the American College of Cardiology Scientific Sessions, confirming the long-term safety and effectiveness of MitraClip for secondary mitral regurgitation (MR) in heart failure patients. The study indicated a near 50% reduction in annual hospitalizations (33% vs. 57%) and a nearly 30% drop in mortality rates (57% vs. 67%) for those treated with MitraClip compared to standard therapy. Furthermore, 95% of participants experienced a significant improvement in MR severity, showcasing MitraClip's critical role in patient care.
Abbott (NYSE: ABT) announced promising findings for its TriClip™ system, designed for treating severe tricuspid regurgitation (TR). Presented at the American College of Cardiology Scientific Sessions, the TRILUMINATE Pivotal study demonstrated TriClip's superiority over medical therapy, achieving a win ratio of 1.48 (p=0.02) and significant quality of life improvements. In the study, 87% of patients experienced a reduction in TR grade at 30 days, compared to 4.8% in the control group. Additionally, the device exhibited a strong safety profile, with only 1.7% of patients facing major adverse events. These results mark a potential breakthrough in TR treatment options.
Abbott (NYSE: ABT) announced new data on its Navitor™ TAVI system and Amplatzer™ Amulet™ LAA Occluder presented at Cardiovascular Research Technologies (CRT) 2023. The Navitor TAVI system received FDA approval for severe aortic stenosis, showcasing a 97% procedural success rate and 0% moderate or greater paravalvular leaks. The Amulet LAA Occluder demonstrated superior closure capabilities compared to Boston Scientific's Watchman device, with fewer severe peri-device leaks. These findings emphasize Abbott's commitment to innovative, minimally invasive treatments for patients with complex heart conditions.
Abbott has launched a children's book titled What Does STEM Look Like? to inspire young readers to explore careers in science, technology, engineering, and math (STEM). Developed by Abbott’s Women in STEM employee network, the book follows Anna as she discovers potential STEM careers. This initiative aims to break stigmas around gender roles in STEM and address the anticipated shortage of over 1 million STEM workers in the U.S. by 2031. As part of Abbott's 2030 Sustainability Plan, the company seeks to engage over 100,000 youth in STEM programs, focusing on underrepresented groups.
Abbott (NYSE: ABT) has declared a quarterly common dividend of 51 cents per share, marking the 397th consecutive quarterly dividend since 1924. The dividend will be paid on May 15, 2023, to shareholders of record on April 14, 2023. Abbott boasts 51 consecutive years of dividend increases and is recognized as a member of the S&P 500 Dividend Aristocrats Index. These consistent dividends reflect the company's commitment to returning value to shareholders and its solid financial foundation.
Cardiovascular Systems, Inc. (NASDAQ: CSII) reported its second quarter financial results for fiscal 2023, ending December 31, 2022, with revenues reaching $61.5 million, up 3.9% year-over-year. The gross profit margin stood at 70.0%, although selling, general, and administrative expenses rose 3.1% to $41.6 million. Research and development expenses increased by 7.4%, totaling $9.5 million. CSI posted a net loss of $7.9 million ($0.20 per share), an improvement from the previous year's loss of $9.0 million. Adjusted EBITDA loss also increased to $3.7 million. The company had $132.0 million in cash and marketable securities with no long-term debt. Due to an upcoming acquisition by Abbott Laboratories (NYSE: ABT), CSI canceled its conference call on February 9, 2023.
Abbott (NYSE: ABT) announced its acquisition of Cardiovascular Systems, Inc. (CSI) for approximately $890 million, offering CSI stockholders $20 per common share. This acquisition aims to enhance Abbott's capabilities in treating vascular diseases by incorporating CSI's advanced atherectomy system, which aids in restoring blood flow in peripheral and coronary artery diseases. The transaction is expected to be neutral to Abbott's 2023 ongoing earnings per share guidance and has been approved by both companies' boards, pending CSI stockholder and regulatory approvals.
Abbott is actively engaged in pandemic prevention through its Pandemic Defense Coalition, focusing on virus surveillance globally, from the Amazon to urban centers in India. A new collaboration with Warner Bros. Discovery has produced a branded series titled The Virus Hunt, showcasing efforts to identify COVID-19 variants, starting in South Africa. Abbott's 2030 Sustainability Plan aims to improve the health of 3 billion people annually by enhancing access to its innovative healthcare products and technologies. The company is committed to sustainable management practices to make a long-term impact on global health.
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