ABT Stock: Why The Price Increased Today

By Amit Chowdhry ● Oct 20, 2021
  • The stock price of Abbott Laboratories (NYSE: ABT) increased by over 4% during intraday trading today. This is why it happened.

The stock price of Abbott Laboratories (NYSE: ABT) increased by over 4% during intraday trading today. Investors are responding positively to the company’s third-quarter results. Both revenue and profit were well above expectations.

These are the highlights:

— Third-quarter sales of $10.9 billion increased 23.4 percent on a reported basis and 22.4 percent on an organic basis, which excludes the impact of foreign exchange.

— Third-quarter GAAP diluted EPS was $1.17 and adjusted diluted EPS, which excludes specified items, was $1.40, reflecting 42.9 percent growth versus the prior year.

— Abbott projects full-year 2021 diluted EPS from continuing operations on a GAAP basis of $3.55 to $3.65 and full-year adjusted diluted EPS from continuing operations of $5.00 to $5.10, reflecting growth of 38.4 percent at the mid-point versus the prior year.

— In August, Abbott announced U.S. FDA approval of its Amplatzer® Amulet® device, which offers immediate closure of the left atrial appendage – an area in the heart where blood clots can form.

— In August, Abbott announced the results of the company’s GUIDE-HF clinical trial, which showed Abbott’s CardioMEMS® remote monitoring system can improve care for more patients living with heart failure. Abbott filed a Premarket Approval (PMA) supplement with the FDA for consideration of an expanded indication for CardioMEMS.

— In September, Abbott announced U.S. FDA approval of its Portico® with FlexNav® transcatheter aortic valve replacement (TAVR) system to treat people with symptomatic, severe aortic stenosis who are at high or extreme risk for open-heart surgery.

— During the third quarter, Abbott acquired Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive thrombectomy system designed to remove peripheral blood clots.

KEY QUOTE:

“We achieved another quarter of strong growth overall and across all four of our major business areas. We’re particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets.”

  • Robert B. Ford, president and chief executive officer, Abbott

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.