ABBOTT LABORATORIES Reports Q2 FY2023 Earnings Results on July 20th
July 26, 2023
🌥️Earnings Overview
On July 20 2023, ABBOTT LABORATORIES ($NYSE:ABT) announced their earnings results for the second quarter of FY2023, ending June 30 2023. With total revenue of USD 10.0 billion, a decline of 11.4% compared to the same period the year before was reported. Additionally, net income showed a 31.7% decrease, amounting to USD 1.4 billion.
Market Price
On Thursday, July 20th, ABBOTT LABORATORIES reported its second quarter earnings results for FY2023, which sent its stock soaring. At the opening bell, ABBOTT LABORATORIES shares opened at $108.1, and closed the day at $111.8, representing a 4.2% increase from the prior closing price of $107.3. This marked the highest closing price in the company’s history, and came as a result of strong second-quarter earnings that surpassed analysts’ estimates.
This was attributed to strong growth in the company’s diagnostic, nutrition, and medical device businesses. Moreover, the company raised its full-year outlook for the fiscal year 2023 based on the strong second-quarter results. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Abbott Laboratories. More…
| Total Revenues | Net Income | Net Margin |
| 40.23k | 5.16k | 12.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Abbott Laboratories. More…
| Operations | Investing | Financing |
| 8.66k | -1.74k | -7.64k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Abbott Laboratories. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 73.79k | 36.56k | 21.28 |
Key Ratios Snapshot
Some of the financial key ratios for Abbott Laboratories are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 8.6% | 15.1% | 16.6% |
| FCF Margin | ROE | ROA |
| 17.0% | 11.3% | 5.7% |
Analysis
At GoodWhale, we conducted an analysis of ABBOTT LABORATORIES‘ fundamentals to evaluate its potential as an investment opportunity. Based on our Star Chart classification of ‘rhino’, we concluded that ABBOTT LABORATORIES has achieved moderate revenue or earnings growth. This type of company may be of interest to investors who are looking for a stable stock that may offer some appreciation potential. We were also pleased to note ABBOTT LABORATORIES’ high health score of 9/10, which indicates that it is capable of sustaining future operations in times of crisis. We found ABBOTT LABORATORIES to be strong in dividend, profitability and medium in asset and growth. These are all key factors that should be considered when assessing any potential investment. As such, we believe that ABBOTT LABORATORIES may be a reliable long-term growth opportunity for investors who are looking for a safe and reliable stock to add to their portfolio. More…
Peers
Abbott Laboratories is a large, publicly traded company that manufactures and sells medical products, including diagnostics, devices, and branded generic pharmaceuticals. The company has a diversified product portfolio and a strong presence in multiple global markets. However, Abbott Laboratories faces stiff competition from other large medical companies, such as OraSure Technologies Inc, Quidel Corp, and Lucira Health Inc.
– OraSure Technologies Inc ($NASDAQ:OSUR)
OraSure Technologies Inc is a leader in developing, manufacturing, and marketing oral fluid diagnostic products. The company’s products are used for the detection of antibodies to HIV and HCV, as well as for the detection of drugs of abuse. OraSure’s products are sold in over 60 countries worldwide. The company has a market cap of 283.94M as of 2022, a Return on Equity of -8.39%.
OraSure Technologies is dedicated to improving global health by developing and delivering innovative point-of-care diagnostic solutions to meet the needs of underserved populations. The company’s products are used for the detection of infectious diseases, such as HIV and HCV, as well as for the detection of drugs of abuse. OraSure’s products are sold in over 60 countries worldwide.
– Quidel Corp ($NASDAQ:QDEL)
Quidel Corporation is a molecular diagnostics company, providing diagnostic solutions that empower patients and physicians to make better healthcare decisions. The company has a market cap of $5.18 billion and a return on equity of 22.75%. Quidel’s products are used in a variety of settings, including hospitals, physician offices, and retail pharmacies. Quidel’s products are used to diagnose a wide range of conditions, including influenza, respiratory syncytial virus, and tuberculosis. Quidel also offers a variety of point-of-care tests, including tests for pregnancy, ovulation, and infectious diseases.
– Lucira Health Inc ($NASDAQ:LHDX)
Lucira Health Inc is a medical technology company that develops and commercializes molecular diagnostics products. The company’s products are designed to enable earlier and more accurate detection of infectious diseases. Lucira Health’s products include the Lucira COVID-19 All-In-One Test Kit, which is the first FDA-cleared molecular test for the self-collection and detection of COVID-19. The company has a market cap of $46.12 million and a return on equity of -13.64%.
Summary
Abbott Laboratories reported their second quarter FY2023 earnings results on July 20, with total revenue of USD 10.0 billion and net income of USD 1.4 billion, representing year-over-year decreases of 11.4% and 31.7%, respectively. Despite this, market sentiment was positive as the stock price moved up the same day. For investors, the key takeaway is that Abbott Laboratories’ second quarter numbers suggest an overall decrease in revenue and profitability, making it a riskier investment than before. It may be worth considering other options for short-term investments until more positive earnings reports are released in the future.
Related Posts
Recent Posts
