Advanced Bitcoin Technologies AG Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • EPS & Guidance: Q2 adjusted EPS was $1.43, marking over 20% growth YoY. Full-year 2022 EPS guidance was raised to a floor of at least $4.90, up from prior guidance.
  • Sales Growth: Total revenue rose 14.3% organically YoY, led by Diagnostics (35%+), Medical Devices (7.5%), and Established Pharmaceuticals (9%).
  • COVID Testing: Abbott reported $2.3B in COVID test sales in Q2. Full-year forecast increased to $6.1B, including $5.6B already realized through June. Demand remains strong, driven largely by rapid tests.
  • Established Pharmaceuticals (EPD): Sales grew 9% organically, with continued strong growth in emerging markets including China, Brazil, Colombia, Mexico, and Vietnam.
  • Medical Devices:
    • Sales rose 7.5% YoY, tempered by staffing challenges and China lockdowns.
    • FreeStyle Libre sales grew 25%+ organically; Libre 3 received FDA clearance and is rolling out in the U.S.
    • Aveir leadless pacemaker approved in the U.S.; designed to be retrievable and eventually upgradeable to dual chamber.
  • Diagnostics: Sales rose over 35%. Rapid COVID testing remains central, with more than 95% of sales from BinaxNOW, Panbio, and ID NOW platforms.

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Operator: Good morning, and thank you for standing by. Welcome to Abbott Second 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 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 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, 202

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