Advanced Bitcoin Technologies AG Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Adjusted EPS: $1.14 for Q3 2023. Full-year adjusted EPS guidance raised to a midpoint of $4.44 (range $4.42–$4.46), up from earlier guidance.
  • Base Business Organic Sales Growth: +13.8% YoY in Q3 2023. All four major businesses delivered double-digit organic growth, excluding COVID testing.
  • COVID Testing Revenues: Forecasted at approximately $1.5 billion for the full year 2023.
  • Gross Margin: Q3 adjusted gross margin at 55%; year-to-date gross margin is 55.4%, slightly below original guidance of 56% due to lower COVID test volumes/prices and higher inventory obsolescence costs.

Business Segment Highlights

  • Nutrition: Sales up 18% YoY.
    • Pediatric Nutrition: +25% YoY, regaining U.S. market leadership in infant formula (Approx. 90% back to pre-recall share).
    • Adult Nutrition: +12% YoY; Ensure and Glucerna brands experienced strong demand globally.
  • Established Pharmaceuticals: Sales up 11% YoY, broad-based by region and therapeutic area. New partnership with mAb Science to commercialize biosimilars in emerging markets announced.

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Operator: Good morning, and thank you for standing by. Welcome to Abbott's Third Quarter 2023 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. Mike Comilla, Vice President, Investor Relations. Michael Comilla: Good morning, and thank you for joining us. With me today are Robert Ford, Chairman and Chief Executive Officer; Bob Funck, Executive Vice President Finance, and Phil Boudreau, Chief Financial Officer. Robert and Phil 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. Abbott undertakes no

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