ABBOTT LABORATORIES Reports Second Quarter FY2023 Earnings Results on June 30, 2023

🌥️Earnings Overview

ABBOTT LABORATORIES ($NYSE:ABT) reported their second-quarter FY2023 earnings results on June 30 2023, showing total revenue of USD 10.0 billion, a decrease of 11.4% year-over-year. Net income was USD 1.4 billion, a drop of 31.7% from the same period in the prior year.

Stock Price

On Thursday, June 30, 2023 ABBOTT LABORATORIES reported their second quarter FY2023 earnings. The stock opened at $108.1 and closed the day at $111.8, up 4.2% from the previous closing price of $107.3. This positive news pushed the company’s stock price higher, indicating a favorable outlook for the company’s upcoming financial performance. ABBOTT LABORATORIES, a global healthcare leader, has been focused on advancing their products and services to improve human health and well-being for more than a century. They offer a broad range of science-based products and services in nutrition, diagnostics, medical devices, and branded generic pharmaceuticals to provide leading-edge healthcare solutions to consumers and healthcare professionals around the world. The earnings report included an in-depth look at the company’s financial performance over the second quarter. This included a summary of their revenue growth compared to the same quarter in the previous fiscal year and their gross margin.

Additionally, they noted their overall net income and cash flow statements. With the rising demand for healthcare products and services, ABBOTT LABORATORIES is well-positioned for continued growth. The company has a strong focus on research and development, innovation, and customer service, which will help them remain competitive in the long-term. Investors should keep an eye on the company’s stock as they continue to release their financial results throughout this fiscal year. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Abbott Laboratories. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Abbott Laboratories. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Abbott Laboratories. More…

Key Ratios Snapshot

Some of the financial key ratios for Abbott Laboratories are shown below. More…

Analysis

At GoodWhale, we’ve conducted an analysis of ABBOTT LABORATORIES‘ financials and have determined that according to our Star Chart, the company has a high health score of 9/10 with regard to its cashflows and debt. This indicates that ABBOTT LABORATORIES is capable of sustaining future operations in times of crisis. We classify ABBOTT LABORATORIES as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. We believe that ABBOTT LABORATORIES is particularly attractive to investors who are looking for a company with strong dividends and profitability, as well as medium growth and assets. As such, long-term investors who are looking for stability and a steady rate of return on their investments may find ABBOTT LABORATORIES to be a strong option. 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

Investors in ABBOTT LABORATORIES were undoubtedly disappointed with the second quarter FY2023 earnings report, where total revenue decreased 11.4% and net income decreased 31.7% year-over-year. This indicates a challenging operating environment for the company, despite the stock price moving up on the same day. For investors looking to diversify their portfolios, ABBOTT LABORATORIES may be a risky investment as the company faces uncertain future growth prospects. However, those interested in a long-term investment may find value in the stock given its current price.