Advanced Bitcoin Technologies AG Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • EPS: Reported adjusted earnings per share (EPS) of $1.73, up over 30% year-over-year (YoY).
  • Sales Growth: Organic sales grew 17.5% YoY. Excluding COVID testing, organic growth was 7.7%.
  • COVID Testing: Sales of $3.3 billion in Q1, over 90% from rapid tests. FY COVID testing sales guidance raised to $4.5 billion.
  • Segment Highlights:
    • Medical Devices: Sales grew 11.5%, led by double-digit growth in Diabetes Care, Structural Heart, Heart Failure, and Electrophysiology. FreeStyle Libre up 25%, global user base reached ~4 million.
    • Diagnostics: Non-COVID Diagnostics grew 12% due to continued Alinity platform adoption and menu expansion.
    • Established Pharmaceuticals (EPD): 13.5% organic sales increase, third double-digit quarter in the last four.
    • Nutrition: Adult Nutrition delivered 11.5% growth (Ensure and Glucerna brands strong). Infant formula segment impacted by February recall at U.S. plant; working with FDA to resume production.
  • Pipeline & Approvals:
    • FDA approval for Aveir leadless pacemaker (U.S.).
    • Expanded Libre reimbursement in Japan (all insulin-using diabetics).

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Operator: Good morning, and thank you for standing by. Welcome to Abbott's First Quarter 2022 Earnings Conference Call. [Operator Instructions] This call is being recorded by Abbott. With the exception of any participant's questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbot's expressed written permission. I would now like to introduce Mr. Scott Leinenweber, Vice President, Investor Relations, Licensing and Acquisitions. Scott Leinenweber: Good morning, and thank you for joining us. With me today are Robert Ford, Chairman and Chief Executive Officer; and Bob Funck, Executive Vice President, Finance and Chief Financial Officer. Robert and Bob will provide opening remarks. Following their comments, we will take your questions. Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995, including the expected financial results for 2022. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A Risk Factors to our annual report on Form 10-K for the year ended December 31, 2021. Ab

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