On Oct 12, we issued an updated research report on Abbott (ABT - Free Report) — a global healthcare company dedicated toward improving life through the development of products and technologies. The stock carries a Zacks Rank #3 (Hold).
Over the last three months, Abbott has been trading above the broader industry. The stock has gained 11.9% as against the industry's decline of 0.8%.
The market is upbeat about the several new initiatives adopted by Abbott. The latest buyout by the company is of Alere on Oct 3.
Abbott has also announced the receipt of FDA approval for the FreeStyle Libre Flash glucose monitoring system in the United States. Moreover, the company announced the receipt of FDA approval for magnetic resonance (MR) conditional labeling for its Ellipse implantable cardioverter defibrillator (ICD).
Apart from FDA approvals and buyouts, we are upbeat about Abbott’s FreeStyle Libre Flash Glucose Monitoring System prospects post the receipt of full or partial reimbursement by the French Health Ministry in May 2017. At this platform, the company announced Health Canada License for FreeStyle Libre in June 2017. Abbott also announced that the FreeStyle Libre system is now available for reimbursement in the U.K.
On the flip side, Abbott’s sluggish pediatric business in China continues to mar growth. Management is concerned about the economic problems in Venezuela that are expected to remain unresolved for some time. Also, foreign exchange is a major headwind for Abbott as a considerable portion of its revenues comes from outside the United States.
A few better-ranked stocks in the medical sector are QIAGEN (QGEN - Free Report) , IDEXX Laboratories, Inc. (IDXX - Free Report) and Thermo Fisher Scientific Inc. (TMO - Free Report) . QIAGEN, IDEXX Laboratories and Thermo Fisher carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
QIAGEN has a long-term expected earnings growth rate of 13.1%. The stock rallied roughly 26.8% last year.
IDEXX Laboratories has a long-term expected earnings growth rate of 19.8%. The stock gained 45.6% last year.
Thermo Fisher has a long-term expected earnings growth rate of 11.7%. The stock gained 27.5% last year.
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