Advanced Bitcoin Technologies AG Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • EPS: Adjusted EPS was $1.17, more than 100% growth YoY (compared to Q2 2020).
  • Revenue: Organic sales grew 35% YoY; 11.5% growth vs. Q2 2019 (excluding COVID-testing sales).
  • Nutrition: Up 9.5% YoY; Adult Nutrition up mid-teens (+20% internationally). Pediatric Nutrition up 4.5%.
  • Diagnostics: Sales up 55% YoY including $1.3B of COVID testing sales. Excluding COVID, Diagnostic sales up 37% YoY; Core Lab and Molecular Diagnostics up mid-single digits vs. Q2 2019.
  • Established Pharmaceuticals: Sales up 15% YoY; Emerging markets up 18.5% led by India, China, Russia, Brazil.
  • Medical Devices: Sales up 45% YoY and 15.5% vs. Q2 2019. Strong contributions from Structural Heart, EP, Heart Failure, and Diabetes Care.
  • FreeStyle Libre: Over $900M in global sales; user base approx. 3.5M, with 1M in the U.S.

Financial Highlights

  • Gross Margin: 56.9%
  • R&D: 6.2% of sales
  • SG&A: 25.8% of sales
  • Tax Rate: 14.4% in Q2; revised full-year rate expected to be 14.7%
  • FX Impact: Favorable 4.5% on Q2 sales; 2% expected for FY2021

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

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