Abbott Laboratories is off to a solid start in 2019 if its most recent earnings are any indication. The Abbott Park, IL-based company reported earnings that topped its own forecast.
The firm posted first-quarter earnings from continuing operations of 63 cents per share, above the 61 cents expected by analysts, on $7.5 billion in sales.
"We're right on track with our expectations to start the year," said Miles White, chairman and CEO, Abbott, said in a release. "All of our key long-term growth drivers are performing well and we're targeting another year of strong sales and earnings growth."
Abbott kicked off 2019 with M&A activity. The company picked up Cephea Valve Technologies, a company it began investing in back in 2015. The acquisition (which was for an undisclosed sum) gave Abbott a much-needed boost in the mitral valve space.
A month prior to Abbott’s acquisition Boston Scientific made a significant move into mitral valves by picking up Millipede for $325 million with a $125 million payment becoming available upon achievement of a commercial milestone.
Abbott also won a nod from FDA for the Amplatzer Piccolo Occluder. The device can treat babies as tiny as two pounds, suffering from patent ductus arteriosus, a common congenital defect.
It could be argued that Abbott set the tone for the next few years with several key events that happened in 2017. After all, 2017 was the year that Abbott closed on its $25 billion acquisition of St. Jude Medical. In addition, the company closed on its highly contentious Alere acquisition.
Finally, Abbott gained FDA approval for the Freestyle Libre, a technology that has been called a game changer for the diabetes market.
Because of Abbott’s strong showing in 2017, the firm was selected as Editor’s Choice for Medtech Company of the Year.