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Global COVID-related testing sales accounted for $3.3 billion of the company's $11.9 billion Q1 sales.
April 20, 2022
By: Sam Brusco
Associate Editor
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.”
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