Advanced Bitcoin Technologies AG Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Adjusted EPS: $0.57, significantly exceeding analyst expectations.
  • Full-Year Guidance Reinstated: Adjusted EPS floor set at at least $3.25 for FY2020.
  • Revenue: Q2 organic sales declined by 5.4% year-over-year due to COVID-19 impact on elective procedures and diagnostic testing. However, recovery trends were observed by end of quarter.
  • Diagnostics Sales: Grew 7% YoY; excluding COVID-related testing, volumes rebounded to ~90% of pre-COVID levels by quarter end.
  • COVID-19 Testing: Sold 40 million COVID-19 tests globally. Expanded testing platforms (molecular, antigen, antibody) contributing to revenue now and expected to continue beyond 2020.
  • Medical Devices: Saw recovery in procedure volumes, rebounding to ~90% of pre-COVID levels in the U.S. by end of June. New product approval for Libre 2, Gallant (Bluetooth-enabled cardiac device), and TriClip (structural heart device).
  • Diabetes Care: Sales rose nearly 30%, led by 40% growth in FreeStyle Libre. Libre 2 received FDA approval with improvements in accuracy and usability, maintaining the same price as Libre 14-day system.

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Operator: Good morning and thank you for standing by. Welcome to Abbott's Second Quarter 2020 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 express 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, President 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 2020. Abbott cautions that these forward-looking statements are subject to risks and uncertainties, including the impact of the COVID-19 pandemic on Abbott's operations and financial results 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

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