ABBOTT LABORATORIES Reports Second Quarter FY2023 Earnings Results on July 20, 2023
August 1, 2023
🌥️Earnings Overview
On July 20, 2023, ABBOTT LABORATORIES ($NYSE:ABT) announced the financial results of the second quarter ending on June 30, 2023. Total revenue for the period was USD 10.0 billion, a decrease of 11.4% from the same quarter of the previous year. Net income for the quarter was USD 1.4 billion, dropping 31.7% compared to the same quarter in the year prior.
Stock Price
The stock opened at $108.1 and saw a 4.2% increase from the previous closing price of $107.3, closing at $111.8. The positive momentum in the stock market made investors optimistic about the company’s performance as the company’s earnings beat market expectations. The strong performance of the company was largely driven by strong demand for its products and services across the healthcare sector. The company’s CEO expressed his confidence in the company’s long-term prospects and their ability to deliver consistent value to shareholders.
He also highlighted the importance of diversifying their offerings and exploring new markets in order to ensure the company’s sustained success. The company’s second quarter FY2023 earnings results have certainly reaffirmed investors’ confidence in the company, and it remains to be seen how the company will fare in the near future. 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 take a comprehensive approach to analyzing financials, and one of the stocks we have evaluated is ABBOTT LABORATORIES. When we looked at all the metrics available to us, we determined that ABBOTT LABORATORIES is a medium risk investment in terms of the overall financial and business aspects. In addition to the financials, we also detected one risk warning in the non-financial aspects. If you’re interested in learning more about this risk warning, be sure to register on our website to access this information. We are constantly striving to provide our customers with the best insights possible, so that they can make informed decisions when investing. 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 its second quarter financial results for FY2023 on July 20, 2023, showing total revenue of USD 10.0 billion, representing a year-over-year decrease of 11.4%, and reported net income of USD 1.4 billion, a 31.7% drop compared to the same period in the prior year. The stock price nevertheless rose on the same day. Investors should carefully consider the performance of ABBOTT LABORATORIES and weigh the positives and negatives before making investment decisions. The company’s long-term earnings potential could be an important factor in determining whether or not it is a good investment opportunity.
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