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Abbott’s (ABT - Free Report) branded generics and international diabetes businesses continue to drive growth for the company. However, the business environment remains challenging. The stock carries a Zacks Rank #3 (Hold).
Shares of Abbott have outperformed the industry over the past year. The stock has gained 1.7% compared with the industry’s 0.6% rise.
Abbott’s Diabetes Care business continued to benefit from the growing sales of its flagship, sensor-based continuous glucose monitoring (CGM) system, FreeStyle Libre. In a relatively short span, FreeStyle Libre has achieved global leadership among CGM systems for Type 1 and Type 2 users.
In 2022, Abbott received FDA clearance for the Freestyle Libre 3 system, which automatically delivers up-to-the-minute glucose readings and 14-day accuracy in a wearable sensor. In 2023, in a major milestone for the company, Libre became the first and only CGM system to be nationally reimbursed in France.
Further, Abbott’s Established Pharmaceuticals Division (EPD) business operates solely in emerging geographies, with leading positions in many of the largest and fastest-growing pharmaceutical markets for branded generics in the world. These markets include India, Russia, China and Latin America. The company recently noted that banking on the successful execution of its Branded Generic operating model, EPD is well positioned for sustained growth in many of these growing pharmaceutical markets.
On the flip side, during the COVID-19 public health emergency, Abbott’s diagnostic tests witnessed stupendous revenue growth backed by increasing demand for testing as well as government-enacted favorable policies to expedite or promote access to healthcare in order to slow down or stop the spread of the virus. However, through the last few months of 2022 and following the official ending of the public health emergency in May, Abbott experienced a continuous decline in COVID testing-related demand.
Meanwhile, Abbott, while trying to expand its nutrition business in emerging markets, is facing weakness in Greater China due to challenging market dynamics. In pediatric nutrition, the company is apprehensive about the new food safety regulations and a consequent oversupply of products in the market. Accordingly, in December 2022, Abbott initiated steps to exit its pediatric nutrition business in China. The withdrawal of business from the Chinese market, which holds a significant share of Abbott’s pediatric nutrition sales, is going to significantly impact Abbott’s overall Nutrition business in the coming period.
Haemonetics’ stock has risen 19.9% in the past year. Earnings estimates for Haemonetics have increased from $3.56 to $3.74 in 2023 and from $3.96 to $4.07 in 2024 in the past 30 days. It currently carries Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.
Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 167.5% in the past year against the industry’s decline of 1.7%. It currently carries Zacks Rank #2 (Buy).
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for SiBone’s 2023 loss have narrowed from $1.42 to $1.27 per share in the past 30 days. Shares of the company have increased 31% in the past year compared with the industry’s rise of 1.9%. It currently carries Zacks Rank #2.
SIBN’s earnings beat estimates in all the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBone delivered an earnings surprise of 26.83%.
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Abbott's (ABT) Libre Gains Momentum Amid Low Testing Sales
Abbott’s (ABT - Free Report) branded generics and international diabetes businesses continue to drive growth for the company. However, the business environment remains challenging. The stock carries a Zacks Rank #3 (Hold).
Shares of Abbott have outperformed the industry over the past year. The stock has gained 1.7% compared with the industry’s 0.6% rise.
Abbott’s Diabetes Care business continued to benefit from the growing sales of its flagship, sensor-based continuous glucose monitoring (CGM) system, FreeStyle Libre. In a relatively short span, FreeStyle Libre has achieved global leadership among CGM systems for Type 1 and Type 2 users.
In 2022, Abbott received FDA clearance for the Freestyle Libre 3 system, which automatically delivers up-to-the-minute glucose readings and 14-day accuracy in a wearable sensor. In 2023, in a major milestone for the company, Libre became the first and only CGM system to be nationally reimbursed in France.
Further, Abbott’s Established Pharmaceuticals Division (EPD) business operates solely in emerging geographies, with leading positions in many of the largest and fastest-growing pharmaceutical markets for branded generics in the world. These markets include India, Russia, China and Latin America. The company recently noted that banking on the successful execution of its Branded Generic operating model, EPD is well positioned for sustained growth in many of these growing pharmaceutical markets.
Abbott Laboratories Price
Abbott Laboratories price | Abbott Laboratories Quote
On the flip side, during the COVID-19 public health emergency, Abbott’s diagnostic tests witnessed stupendous revenue growth backed by increasing demand for testing as well as government-enacted favorable policies to expedite or promote access to healthcare in order to slow down or stop the spread of the virus. However, through the last few months of 2022 and following the official ending of the public health emergency in May, Abbott experienced a continuous decline in COVID testing-related demand.
Meanwhile, Abbott, while trying to expand its nutrition business in emerging markets, is facing weakness in Greater China due to challenging market dynamics. In pediatric nutrition, the company is apprehensive about the new food safety regulations and a consequent oversupply of products in the market. Accordingly, in December 2022, Abbott initiated steps to exit its pediatric nutrition business in China. The withdrawal of business from the Chinese market, which holds a significant share of Abbott’s pediatric nutrition sales, is going to significantly impact Abbott’s overall Nutrition business in the coming period.
Key Picks
Some better-ranked stocks in the broader medical space are Haemonetics (HAE - Free Report) , Quanterix (QTRX - Free Report) and SiBone (SIBN - Free Report) .
Haemonetics’ stock has risen 19.9% in the past year. Earnings estimates for Haemonetics have increased from $3.56 to $3.74 in 2023 and from $3.96 to $4.07 in 2024 in the past 30 days. It currently carries Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.
Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 167.5% in the past year against the industry’s decline of 1.7%. It currently carries Zacks Rank #2 (Buy).
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for SiBone’s 2023 loss have narrowed from $1.42 to $1.27 per share in the past 30 days. Shares of the company have increased 31% in the past year compared with the industry’s rise of 1.9%. It currently carries Zacks Rank #2.
SIBN’s earnings beat estimates in all the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBone delivered an earnings surprise of 26.83%.