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RBC Capital Markets analyst Glenn Novarro asks $ABT what the upside surprises are within the $STJ portfolio over next 5 years. CEO Miles White says $ABT is optimistic about the uptick, penetration & introduction of products. But reimbursements or timing of an approval could slow down the company in delivering its products on time & on schedule.
$ABT stated that it expects rapid diagnostics to contribute sales of more than $2Bil for FY18. Additionally, for 1Q18, the company also expects rapid diagnostics to contribute sales of more than $5MM. At current rates, $ABT expects exchange to have a positive impact of about 3.5% on the first quarter reported sales.
$ABT stated that it expects rapid diagnostics to contribute sales of a little more than $2Bil for FY18. Additionally, the company also expects rapid diagnostics to contribute sales of more than $5MM in 1Q18. At current rates, $ABT expects exchange to have a positive impact of about 3.5% on the first quarter reported sales.
$ABT expects GAAP EPS for FY18 to be in the range of $1.22-1.32, while adjusted diluted EPS is expected in the range of $2.80-2.90. For 1Q18, $ABT expects EPS to be $0.16-$0.18, while adjusted EPS is expected in the range of $0.57-0.59. In Jan. 2018, Abbott repaid $4.0Bil of debt and expects additional debt repayments throughout 2018.
$ABT plunged to loss in 4Q17, hurt by the net expense of $1.46Bil for the estimated impact of the U.S. tax reform. Net loss was $828MM or $0.48 per share vs. a profit of $798MM a year ago. Medical devices business more than doubled its revenue, helping the company report a sales growth of 42.3% to $7.58Bil. Excluding items, $ABT earned $0.74.
$ABT secured FDA clearance in US for its Insertable Cardiac Monitor (ICM) Confirm Rx, world's first and only smartphone compatible ICM designed to help physicians remotely identify cardiac arrhythmias (CA). Once implanted with a quick, minimally-invasive outpatient procedure Confirm Rx continuously monitors heart rhythms to detect a range of CA.
$ABT continues to anticipate CE Mark for its Alinity molecular diagnostic systems in the coming months and expect to begin the launch of the Alinity instruments in the US in 2018. In nutrition business outside China, the company expects to see soft market conditions across few international markets.
$ABT narrowed its FY17 EPS outlook range, which continues to reflect double-digit growth. The company now expects GAAP EPS to be $0.97-0.99 for FY17, while adjusted diluted EPS is now expected in the range of $2.48-2.50, which represents an increase at the mid-point of the guidance range. For 4Q17, $ABT expects EPS to be $0.28-$0.30.
$ABT swung to profit in 3Q17 on higher device sales and benefits from St. Jude Medical acquisition. Strength in medical devices business helped the company post a profit of $603MM or $0.32 per share from a loss of $329MM or $0.24 per share a year ago. Net sales jumped 28.8% to $6.8Bil, with adjusted EPS climbing 12% to $0.66 per share.
$ABT extended tender offer to purchase for cash all outstanding shares of Series B Convertible Perpetual Preferred Stock of Alere Inc. at a price of $402 per share. The Offer is being extended to allow additional time for the consummation of the Merger. The offer will now expire on Oct. 3, 2017.
$ABT got the FDA nod for magnetic resonance (MR)-conditional labeling for its implantable cardioverter defibrillators (ICD) and associated high voltage leads. The new MR-conditional labeling for the Ellipse ICD allows patients to undergo an MRI scan. Patients implanted with Ellipse device and Durata or Optisure leads can also undergo MRI scans.
$ABT is extending its previously announced tender offer to purchase all outstanding shares of Series B Convertible Perpetual Preferred Stock of Alere Inc. for $402 per share of Preferred Stock. The offer is being extended to allow additional time for the consummation of the merger, which is a condition to the completion of the offer.
$ABT said the Ministry of Health Labour and Welfare in Japan has granted national reimbursement for the FreeStyle Libre glucose monitoring system effective Sept. 1, 2017. The revolutionary system will be widely available to the more than 1MM Japanese people ages six and above with diabetes, both Type 1 and Type 2, on insulin therapy.
$ABT initiated U.S. pivotal clinical study evaluating safety and effectiveness of modified version of its Amplatzer device designed to correct common congenital heart defect that occurs in about 80,000 pre-term infants in the U.S. each year. Patent ductus arteriosus is a common heart defect, accounting for 5-10% of all congenital heart disease.