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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 FDA Emergency Use Authorization for its BinaxNOW™ COVID-19 Ag Card, a rapid test priced at $5 that delivers results in 15 minutes. This portable test enhances mass testing capabilities and relies on proven lateral flow technology. A complementary mobile app, NAVICA™, will allow users to display their test results digitally. Abbott plans to ramp up production to 50 million tests per month by October, contributing significantly to national testing efforts amid the pandemic.
Abbott (NYSE: ABT) has commenced the TactiFlex PAF IDE study to evaluate its investigational TactiFlex Ablation Catheter for treating paroxysmal atrial fibrillation (PAF). With over 16 million individuals affected by AFib globally, the study aims to enroll 355 patients across multiple sites worldwide. The catheter employs contact force technology for enhanced procedural effectiveness. Presently, the device is under clinical evaluation and not yet commercially available, aligning with Abbott's commitment to providing advanced medical solutions for improving patient care.
Abbott has received FDA approval for its Patient Controller app, enabling users with neurological conditions to manage therapy via personal Apple smartphones. This integration aims to enhance the patient experience by eliminating the need for separate devices and facilitating remote therapy management, particularly crucial during the COVID-19 pandemic. The app will be compatible with Abbott's neuromodulation technologies, offering convenience for patients with chronic pain and movement disorders. The rollout is expected in the coming weeks, aligning with Abbott's commitment to advancing digital healthcare solutions.
Abbott reported Q2 2020 sales of $7.3 billion, down 8.2% reported and 5.4% organic. Diluted EPS was $0.30 GAAP and $0.57 adjusted. For 2020, Abbott projects full-year diluted EPS of at least $2.00 GAAP and $3.25 adjusted. Key approvals include the TriClip™ heart valve repair device and FreeStyle® Libre 2 for diabetes monitoring. Notably, Nutrition sales grew 3.1% organically due to strong performance in Adult Nutrition, while Diagnostics surged 23.2%, driven by COVID-19 testing. However, Medical Devices showed a 29% decline.
Abbott (NYSE: ABT) announced a settlement with Edwards Lifesciences Corporation to resolve all patent disputes related to transcatheter mitral and tricuspid repair products. The agreement dismisses all ongoing cases and prohibits future litigation in this field for ten years. Abbott will receive a one-time payment and ongoing payments based on Pascal sales through 2025, plus a potential milestone payment in 2026. This resolution lifts injunctions against Edwards' sales of their repair systems, allowing both companies to focus on business growth.
Abbott (NYSE: ABT) announced on June 26, 2020, that its LightLab Initiative revealed optical coherence tomography (OCT) significantly influences treatment decisions in coronary artery blockages. The study showed that 88% of physicians altered their treatment strategies based on OCT imaging, which provides high-resolution images and detailed insights into arteries. The initial data involved 2,203 procedures across 12 medical centers, emphasizing OCT's value over traditional angiography in procedural planning and patient care.
On June 25, 2020, Abbott (NYSE: ABT) released late-breaking data regarding its structural heart therapies, including the MitraClip™, TriClip™, and Tendyne™ systems. Clinical findings affirm the safety and effectiveness of the MitraClip, showcasing significant MR reduction in over 87% of primary MR patients. Tendyne also showed 93.2% MR elimination at two years. The TriClip demonstrated 87.1% TR reduction and a low one-year mortality rate of 7.1%. The data presented at the PCR e-Course underscores Abbott's commitment to advancing less invasive treatment options for heart valve diseases.
Abbott will release its second-quarter 2020 financial results on July 16, 2020, before the market opens. A live webcast of the earnings conference call is scheduled for 8:30 a.m. CT and can be accessed via Abbott's Investor Relations website. This follows the company's commitment to keep stakeholders informed about its financial performance. Abbott operates globally in healthcare, offering solutions across diagnostics, medical devices, nutritionals, and generic medicines, supported by a workforce of 107,000 in over 160 countries.
Abbott announced that its FreeStyle Libre 2 integrated continuous glucose monitoring (iCGM) system has been cleared by the U.S. FDA for adults and children aged 4 and older with diabetes. This system features optional real-time alarms and measures glucose levels every minute, offering a 14-day wear time, the longest for a self-applied iCGM sensor. Its combined mean absolute relative difference (MARD) is 9.3%, ensuring high accuracy. Priced at a third of other CGMs, Abbott aims to make this technology accessible while enhancing diabetes care.
Abbott (NYSE: ABT) announced promising data showing that its FreeStyle Libre system significantly lowers hemoglobin A1c (HbA1c) levels in type 2 diabetes patients, regardless of insulin use. Results from a study presented at the American Diabetes Association (ADA) indicated a drop of 0.8% after six months and 0.6% after one year. Notably, non-insulin users experienced the most significant reductions. Additionally, using the system was linked to a 30% reduction in acute diabetes events and a 13% decrease in hospitalizations, potentially lowering healthcare costs.
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