Abbott reports third-quarter 2024 revenue of $10.6 billion

Abbott Laboratories reported third quarter (Q3) 2024 revenue of $10.6 billion, compared to $10.4 billion in second quarter 2024, with revenue growth of 4.9%.

The company’s diluted earnings per share (EPS) was $0.94 for the quarter.

Global medical device sales reportedly increased 11.7%, with significant growth in diabetes treatment and cardiac products. Key contributions included heart failure and electrophysiology products.

Other notable sales included more than $1.6 billion in continuous glucose monitors, representing reported growth of 19.1% and organic growth of 20.7%.

Meanwhile, electrophysiology revenue increased 12.2% on a reported basis and 14.3% organically, driven by strong performance in catheters and cardiac mapping products.

The company maintained its guidance for full-year 2024 organic revenue growth (excluding revenue related to Covid-19 testing) in the range of 9.5% to 10.0%.

Excluding sales related to Covid-19 testing, global diagnostics sales increased 0.2% on a reported basis and 3.3% organically in the quarter.

Core Laboratory Diagnostics revenue, also excluding Covid-19 testing, increased 0.1% on a reported basis and 4.5% organically, driven by increasing adoption of Abbott’s Alinity diagnostic systems and testing portfolios.

Robert Ford, chairman and CEO of Abbott, said: “Our results this quarter demonstrate the strength of our diversified business model.”

“We are well-positioned to achieve the upper end of our original guidance ranges for the year and have great momentum for next year.”

However, the company has revised its full-year diluted EPS forecasts and now expects generally accepted accounting principles of between $3.34 and $3.40 and adjusted diluted EPS of between $4.64 and $4.70.

Abbott’s board this month approved a new share repurchase program that will allow it to repurchase up to $7 billion of common stock.

As part of its latest strategic moves, Abbott announced in August a global partnership with Medtronic to connect its continuous glucose monitoring system with its insulin delivery devices.

Last month, it launched Lingo, Abbott’s first over-the-counter continuous glucose monitoring system, in the U.S. and partnered with the Big Ten Conference’s collegiate athletic department to launch a national blood donation competition.

“Abbott Reports Third Quarter 2024 Revenue of $10.6 Billion” was originally created and published by Medical Device Network, a brand owned by GlobalData.

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