Sam Brusco, Associate Editor04.20.22
Abbott today released financial results for its first quarter of this year (ended March 31). The company’s total Q1 sales reached $11.9 billion, a 17.5% rise over Q1 of 2021.
The firm’s GAAP diluted EPS growth was 37% and adjusted diluted EPS growth was 31.1%.
Medical Device segment sales grew 7.4%, accruing $3.6 billion. Strong growth in Q1 was fueled by double-digit growth in electrophysiology (16.8%), heart failure (16.2%), structural heart (13.8%), and diabetes care (20.4%) portfolios. FreeStyle Libre sales were about $1 billion for the quarter, a 20.4% increase over Q1 of the prior year.
Diagnostics sales ballooned 31.7% over Q1 2021 with $5.3 billion in proceeds. Global COVID testing-related sales accounted for $3.3 billion in the quarter, led by rapid testing product sales. Rapid diagnostics products altogether garnered $3.6 billion, skyrocketing 60.8% over Q1 2021.
"Our diversified business continues to perform well in a challenging environment," Robert B. Ford, chairman and CEO of Abbott told the press. "We're particularly pleased with the strong performance we're achieving in Medical Devices and Established Pharmaceuticals."
The firm’s GAAP diluted EPS growth was 37% and adjusted diluted EPS growth was 31.1%.
Medical Device segment sales grew 7.4%, accruing $3.6 billion. Strong growth in Q1 was fueled by double-digit growth in electrophysiology (16.8%), heart failure (16.2%), structural heart (13.8%), and diabetes care (20.4%) portfolios. FreeStyle Libre sales were about $1 billion for the quarter, a 20.4% increase over Q1 of the prior year.
Diagnostics sales ballooned 31.7% over Q1 2021 with $5.3 billion in proceeds. Global COVID testing-related sales accounted for $3.3 billion in the quarter, led by rapid testing product sales. Rapid diagnostics products altogether garnered $3.6 billion, skyrocketing 60.8% over Q1 2021.
"Our diversified business continues to perform well in a challenging environment," Robert B. Ford, chairman and CEO of Abbott told the press. "We're particularly pleased with the strong performance we're achieving in Medical Devices and Established Pharmaceuticals."