Abbott Laboratories has reported sales of $10.6bn for the third quarter (Q3) of 2024, as against $10.4bn in Q2 2024, with sales growth of 4.9%.
The company’s diluted earnings per share (EPS) stood at $0.94 during the quarter.
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On a reported basis, global medical device sales surged 11.7%, with significant growth in diabetes care and heart products. Key contributors included heart failure and electrophysiology products, among others.
Other notable sales included more than $1.6bn from continuous glucose monitors, reflecting a 19.1% reported and 20.7% organic growth.
Meanwhile, electrophysiology sales grew 12.2% on a reported basis and 14.3% organically, driven by strong performance in catheters and cardiac mapping products.
The company has maintained its full-year 2024 organic sales growth forecast, excluding Covid-19 testing-related sales, within the 9.5% to 10.0% range.
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By GlobalDataExcluding Covid-19 testing-related sales, global diagnostics sales rose 0.2% on a reported basis and 3.3% organically during the quarter.
Core Laboratory Diagnostics segment sales, also excluding Covid-19 testing, rose by 0.1% on a reported basis and 4.5% organically, driven by the growing adoption of Abbott’s Alinity diagnostics systems and testing portfolios.
Abbott chair and CEO Robert Ford said: “Our results this quarter demonstrate the strength of our diversified business model.
“We’re well-positioned to achieve the upper end of our initial guidance ranges for the year and have great momentum heading into next year.”
The company has, however, revised its full-year diluted EPS projections, now expecting generally accepted accounting principles figures between $3.34 and $3.40, and an adjusted diluted EPS of $4.64 to $4.70.
Abbott’s board of directors has authorised a new share repurchase programme this month that allows for the buyback of up to $7bn worth of common shares.
In recent strategic moves, Abbott announced a global partnership with Medtronic in August, aiming to connect its continuous glucose monitoring system with the latter’s insulin delivery devices.
Last month saw the US launch of Lingo, Abbott’s first prescription-free continuous glucose monitoring system, and a partnership with the Big Ten Conference collegiate sports division to initiate a nationwide blood donation competition.
