Advanced Bitcoin Technologies AG Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • EPS: Adjusted/diluted EPS was $1.40, up 45% compared to Q3 2020.
  • Revenue: Total sales grew 23.4% YoY (22.4% organic basis); excluding COVID testing, organic growth was 12.1% YoY and 11.7% compared to Q3 2019.
  • COVID Testing Revenue: $1.9 billion in Q3. Over 225 million COVID tests sold worldwide in the quarter. Abbott has now shipped over 1 billion tests since the pandemic began.
  • Updated 2021 Guidance: Full-year adjusted EPS guidance raised to $5.00–$5.10, representing approximately 40% growth from 2020.

Segment Highlights

  • Nutrition: Sales up 9% YoY. U.S. Pediatric Nutrition up 8.5%. Adult Nutrition saw >9% growth driven by Ensure and Glucerna demand and new users.
  • Diagnostics: Sales up 45% YoY; excluding COVID testing, organic growth was 12.5%. Rapid testing capacity now exceeds 100 million per month.
  • Established Pharmaceuticals: Sales up 15% YoY. Key emerging markets (China, Russia, India) grew 18% collectively.
  • Medical Devices: Sales up 13% YoY, and up 16% vs. Q3 2019. Strong performance in Rhythm Management, Structural Heart, Heart Failure, and Diabetes Care.

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Operator: Good morning, and thank you for standing by. Welcome to Abbott's Third Quarter 2021 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, 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 expected financial results for 2021. 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, 2020.

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