Abbott Labs - ABT STOCK NEWS

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.

Abbott has announced significant partnerships aimed at enhancing diabetes management through advanced technology. The collaborations, which include companies like Bigfoot Biomedical, Insulet, Novo Nordisk, Sanofi, Tandem, and Ypsomed, focus on integrating Abbott's FreeStyle Libre systems with various insulin delivery methods. This synergy is expected to simplify diabetes care for approximately 63 million insulin-dependent individuals globally. The initiatives are part of Abbott's strategy to create seamless, personalized care, enabling users to make informed treatment decisions and improve their overall management of diabetes.

Abbott (NYSE: ABT) announced FDA approval for its Proclaim™ XR spinal cord stimulation (SCS) system, targeting painful diabetic peripheral neuropathy (DPN). This innovative system offers a non-medication alternative for the estimated 34.2 million Americans living with diabetes, of whom about 50% may develop neuropathy. The Proclaim XR SCS system is designed for hassle-free pain relief with a battery life of up to 10 years. This approval enhances Abbott's commitment to providing comprehensive diabetes care solutions, allowing patients to seamlessly manage pain while improving their quality of life.

Abbott (NYSE: ABT) reported fourth-quarter 2022 sales of $10.1 billion, down 12% year-over-year, mainly due to a decline in COVID-19 testing-related sales. Full-year sales reached $43.7 billion, growing 1.3% overall and 6.4% organically. GAAP diluted EPS for the fourth quarter was $0.59 and adjusted EPS was $1.03. For 2023, Abbott projects GAAP EPS of $3.05 to $3.25 and adjusted EPS of $4.30 to $4.50. The company continues to focus on innovation, highlighted by recent FDA approvals of new medical devices.

Abbott (NYSE:ABT) has partnered with Blood Centers of America to launch a pioneering mixed reality experience aimed at enhancing the blood donation process. This technology, showcased at CES 2023, is controlled entirely through eye tracking and provides donors with an immersive digital environment. The initiative seeks to attract younger blood donors amid a declining donor rate, particularly among those under 30. Currently being piloted at select locations, the mixed reality experience is designed to make the donation process more engaging and appealing to potential donors.

Abbott (NYSE: ABT) announced FDA approval for its Navitor system, designed for transcatheter aortic valve implantation (TAVI) to treat severe aortic stenosis in patients at high or extreme surgical risk. The Navitor device reduces risk of blood leakage around the valve, enhancing patient care. It includes a unique NaviSeal fabric cuff to minimize paravalvular leak and is the only self-expanding TAVI system with leaflets within the native valve, improving future coronary artery access. This system supports optimal blood flow, further solidifying Abbott's strategy in minimally invasive heart disease treatments.

Ra Medical Systems has completed a stock-for-stock merger with Catheter Precision, aimed at enhancing its cardiac electrophysiology market presence. David Jenkins, CEO of Catheter Precision, will serve as Executive Chairman. The transaction includes a conversion of $25 million in debt to non-voting Convertible Preferred Stock, granting Catheter Precision stakeholders approximately 87.7% of RMED’s equity. Ra Medical anticipates raising up to $9.3 million in equity financing, reinforcing its financial position with an estimated $12.5 million in net cash for two years of operating capital.