Yesterday (October 17th), Abbott announced its third quarter 2024 financial report on its official WeChat account. Abbott's global sales in the third quarter reached 10.6 billion US dollars (approximately 75.48 billion yuan), with an organic growth of 8.2% and a reported sales growth of 4.9%.

Based on the brilliant performance in this quarter, Abbott said that after excluding the impact of COVID-19 testing products, the company expects global sales to achieve an organic growth of 9.5% to 10.0% in 2024, and diluted earnings per share after adjustment for the whole year may be between 4.64 and 4.70 dollars, the median of the range is higher than the previous estimate.
Continuous growth achieved through multiple business operations

According to the financial report, Abbott's multiple departments have achieved business growth. Among them, the medical device department achieved double-digit growth, with global sales reaching $4.7 billion in the third quarter, an organic growth of 13.3% year-on-year.

In terms of business segments, the sales of diabetes, structural heart disease, heart failure and electrophysiological businesses all achieved double-digit growth. Among them, the business performance of diabetes was very outstanding, with a year-on-year organic growth of 19.1%, and the global sales of FreeStyle Libre continuous glucose monitoring system had a year-on-year organic growth of 20.7%. Not only that, but also the Navitor Transcatheter Aortic Valve Implantation System, TriClip Transcatheter tricuspid Valve Clamp and Controllable Guidewire, Amplatzer Amulet Left Ear Occluder, and AVEIR ™ Multiple products such as implantable leadless pacemakers have shown impressive performance, strongly boosting sales growth.

The organic growth of structural heart and heart failure was 16.5% and 14.4% respectively, and their sales also showed significant growth.

But except for the medical device department, the revenue of the diagnostic department has slightly decreased. According to the financial report, Abbott's diagnostic business revenue in Q3 decreased from $2.45 billion in the same period last year to $2.41 billion. However, Abbott stated that excluding COVID-19 testing sales, the organic growth of its diagnostic business increased by 3% year-on-year.

In terms of diagnostic business, the core business department's revenue in the third quarter remained basically unchanged, at $1.31 billion; Molecular's revenue decreased by 4% year-on-year from $133 million to $128 million; Bedside care revenue increased by 4% year-on-year, from $140 million to $146 million; Rapid Diagnostics revenue decreased by 4% from $862 million to $824 million. Excluding sales of COVID-19 testing, core laboratory revenue increased by nearly 5%, molecular revenue increased by 2%, bedside care revenue increased by 5%, and rapid diagnosis revenue remained unchanged.

Abbott CEO Robert Ford attributed the lower than expected sales of the core laboratory department to the implementation of a procurement plan based on diagnostic quantities in China. Robert Ford stated that excluding the China business, the sales of the international core laboratory department achieved double-digit growth.

Robert Ford added that Abbott has already experienced pricing impacts and VBP processes in other business units, and there will be other impacts in the future, including those related to transition, such as "pricing adjustments to existing inventory in channels".

Multiple heavyweight products have made progress
In 2024, Abbott also achieved many highlights in the field of medical devices, and made significant progress in multiple heavyweight products.

 Non prescription glucose monitoring bio wearable device - Lingo
In June, Abbott announced that its over-the-counter glucose monitoring wearable device Lingo had been approved by the FDA for marketing. Lingo had already been approved by the UK drug regulatory agency before receiving FDA approval.

Lingo can monitor users' blood sugar levels in real-time through sensors worn on the upper arm, and provide personalized health advice and guidance through a smartphone application. This system can not only monitor blood sugar, but also help users understand the impact of diet, exercise, and life stress on the body, thereby promoting the development of healthy habits.

 Esprit BTK, a specialized absorbable stent for knee artery (BTK) lesions
In April, Abbott announced that its specially developed absorbable stent Esprit BTK for knee artery (BTK) lesions had successfully obtained FDA approval and been launched on the market. Prior to Esprit BTK, the FDA had not approved any stents or balloons for the treatment of the inferior genicular artery, so the launch of this product undoubtedly marked a major breakthrough in this field.

Esprit BTK， As a new type of drug-eluting absorbable stent (DRS), its original design intention is to solve the problem of knee artery (BTK) lesions. This product is based on the previously successful Absorb BVS absorbable coronary stent technology and has undergone in-depth research and optimization. Esprit BTK consists of an absorbable scaffold and a corresponding delivery system. Its core component, the absorbable scaffold, uses left-handed polylactic acid (PLLA), a semi crystalline bio absorbable polymer, as the raw material. This material not only effectively resists vascular constriction, but also provides a stable platform for drug delivery.

 Treatment of atrial fibrillation (AFib) - Volt pulsed field ablation (PFA) system
Abbott's Volt PFA system aims to overcome the limitations of the first generation PFA system through its unique balloon basket catheter design, which ensures better catheter contact and stability during surgery, effectively delivering electrical pulse energy to tissues.

In addition, the Volt PFA system can also be integrated with Abbott's EnSite ™ The X EP system is used in conjunction with an industry-leading cardiac mapping solution that can guide doctors to accurately identify and treat areas in the heart that require ablation. The combination of this system can improve the accuracy and efficiency of surgery, and reduce the time for patients to receive radiation.

In addition to the above three blockbuster products, Abbott also established a major partnership with Medtronic in the field of diabetes technology on August 7 this year.

It is reported that the two major medical device giants have integrated Abbott CGM (Continuous Glucose Monitoring) products with Medtronic insulin delivery systems through this cooperation. Aiming to integrate Abbott's FreeStyle Libre CGM (FreeStyle Libre 3) product with Medtronic's automatic insulin pump (MiniMed 780G) and intelligent insulin pen (InPen system) to jointly develop a comprehensive system. The combination of Abbott's CGM and Medtronic's automatic insulin delivery algorithm will enable insulin to automatically adjust, ensuring that blood sugar is maintained within the ideal range.

According to the agreement, Abbott will be responsible for developing sensors, while Medtronic will be responsible for sales. At present, the two companies have not disclosed specific details such as the financial terms of their partnership.

Source: https://news.yaozh.com/archive/44389.html