Summary by Moomoo AI
Abbott Laboratories reported Q2 2024 net sales of $10.4 billion, up 4.0% year-over-year, with organic growth of 7.5% excluding foreign exchange impact. Medical Devices segment led growth with a 10.2% increase to $4.7 billion, driven by FreeStyle Libre continuous glucose monitoring system sales of $3.0 billion in H1. Net earnings were $1.3 billion with diluted EPS of $0.74.The company saw strong performance across segments, with Nutritional Products up 3.5% and Established Pharmaceuticals up 0.6%. However, Diagnostic Products declined 5.3% to $2.2 billion due to lower COVID-19 testing demand, with COVID-19 testing sales dropping to $102 million from $263 million in Q2 2023. Gross margin improved to 51.1% from 50.1% last year.Abbott maintained its financial strength with $7.0 billion in cash and equivalents as of June 30, 2024. The company increased its quarterly dividend by 7.8% to $0.55 per share and received key regulatory approvals, including FDA clearance for new over-the-counter continuous glucose monitoring systems and FDA approval for the Esprit BTK system and TriClip tricuspid valve repair device.
