Advanced Bitcoin Technologies AG Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • EPS: Adjusted earnings per share (EPS) was $1.03, exceeding consensus estimates, entirely driven by strong base business performance excluding COVID testing.
  • Total Sales: Overall organic sales decreased 14.5% year-over-year due to expected decline in COVID testing sales.
  • Base Business Growth: Organic growth excluding COVID testing was up 10% year-over-year.
  • Foreign Exchange Impact: Unfavorable year-over-year impact of 3.3% on sales, with a slightly greater-than-expected effect since January.

Segment Performance (YoY Organic Growth)

  • Medical Devices: +12.5% globally; FreeStyle Libre sales up >25%, including ~50% U.S. growth. Cardiovascular devices grew 8% with strong growth in Heart Failure and Structural Heart.
    • CardioMEMS: +30%+ for the third consecutive quarter.
    • Structural Heart: Double-digit growth in MitraClip and 50% combined growth from Amulet, Navitor, and TriClip.
    • Electrophysiology: High teens growth in Europe, notably in ablation and mapping systems.
  • Established Pharmaceuticals (EPD): +11%, led by Brazil, China, and Southeast Asia. Strong performance in cardiometabolic, gastroenterology, CNS, and pain management.

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Operator: Good morning, and thank you for standing by. Welcome to Abbott's First Quarter 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded by Abbott. With the exception of any participants' 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 Abbott'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'll 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 2023. 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, 2022

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