Abbott Laboratories ABT shares are trading lower Wednesday in the wake of the company’s quarterly results.
What Happened: Abbott said fourth-quarter revenue decreased 12% year-over-year to $10.1 billion, which beat average analyst estimates of $9.64 billion, according to Benzinga Pro. The company said its top-line results were negatively impacted by an expected year-over-year decline in COVID-19 testing-related sales.
Abbott reported fourth-quarter earnings of $1.03 per share, which beat average estimates of 92 cents per share.
Investors appear to be reacting negatively to flat medical device sales on a year-over-year basis. The company said sales growth was negatively impacted by intermittent COVID-19 lockdown restrictions in China as well as supply constraints in certain areas. Lower-than-expected Covid test sales also appear to be weighing on the name.
“We significantly exceeded the EPS guidance we provided at the beginning of last year despite challenging global business conditions. Our R&D pipeline continues to be highly productive with several recent and upcoming new product launches that position us well going forward,” said Robert B. Ford, chairman and CEO of Abbott.
Abbott sees full-year 2023 adjusted earnings in a range of $4.30 to $4.50 per share versus average estimates of $4.40 per share.
Abbott is a global medical devices and healthcare company that aims to help people live more fully at all stages of life.
ABT Price Action: Abbott has a 52-week high of $130.94 and a 52-week low of $93.25.
The stock was down 2.24% at $110.11 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Abbott.