Source: Siyu MedTech; Editor: Yihe
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Annual Medical Technology Conference
April 17, 2024Abbott Releases First Quarter 2024 Financial Report, Total Revenue$9.964 billionYuan (approximately RMB 69.7 billion)，Up 2.2% year-on-year, revenue growth resumes; butNet profit of $12.3 billion，Year-on-yearDown 7%。Abbott's Global Sales in the First Quarter Nearly10 billionDollars, excluding the impact of COVID-19 testing products, global sales in the first quarter increased year-over-year.Increase by 10.8%, marking the fifth consecutive quarter of achievement.Double-digit growth；The midpoint of the full-year guidance has been raised from the previous expectation, with the adjusted diluted earnings per share forecast at$4.55 to $4.70；Adjusted diluted earnings per share in the first quarter were$0.98；Data from various departments:- Medical Device Revenue4.45 billionUSD, year-on-year+14.2%；
- IVD Revenue2.21 billionUSD, year-on-year-17.6%, including the rapid diagnostic business in the U.S. market- 40%；
- Nutritional Products Revenue2.06 billionUSD, Year-on-Year+5.1%；
- Revenue from Mature Pharmaceuticals1.23 billionUSD, Year-on-Year+3.1%；
Abbott Raises 2024 Full-Year Sales and Profit Forecast, Predicts Organic Sales toIncrease by 8.5% to 10%(Excluding COVID-19 testing)# Medical Device BusinessAbbott's medical device business global sales in the first quarter reached$4.45 billion, a year-on-year increase of 14.3%.Diabetes, Electrophysiology, Neuromodulation, and Structural Heart Disease BusinessSales of both achieved double-digit growth.Among them, Abbott's diabetes businessFreeStyle Libre Glucose Monitoring SensorGlobal sales reached1.5 billionUSD, year-on-year growth23.3%。- FreeStyle Libre 2 Plus Glucose Monitoring Sensor
The advantages of this device are:Easy to hold and carry, clear and easy-to-understand graphics, color touch screen with backlight design, long-term glucose data storage and curve plotting.etc.In February this year, InsuletThe company's automatic tubeless insulin delivery system, Omnipod 5, has received EU CE certification. The system can be paired with Free.Style Libre 2 Plus is used in conjunction with diabetes treatment.- Volt™ Magnetic and Electrical Positioning Pulse Field Ablation (PFA) System
This ablation system's Volt™The catheter is basket-shaped., the basket has 8 branches and belongs to a bipolar catheter,With an expandable balloon inside, which can effectively transfer energy to the tissue.In addition, this ablation system integrates Abbott's advancedMapping SystemEnSite™ X EP, this mapping systemIs the firstMapping System with Two Types of Cardiac Visualization Methods。To complete the EU CE certification of the Volt™ Magnetic-Electric Positioning Pulse Ablation (PFA) System, Abbott in ChinaMarch this yearCompletedVolunteer Recruitment for Relevant Clinical Studies.Evaluate the efficacy of this system in patients with arrhythmias such as atrial fibrillation.- TriClip Transcatheter Tricuspid Valve Clip and Steerable Guide Catheter
In April this year, the TriClip Transcatheter Tricuspid Valve Clip and Steerable Guide Catheter received FDA approval. The system isThe First ProductTranscatheter repair system for treating tricuspid regurgitation and tricuspid valve leakage.Transcatheter Tricuspid Valve Repair, Without Extracorporeal Circulation (Without Cardiac Arrest);Allow real-time positioning and repositioning;Via the femoral vein approach;Can be used in standard catheterization laboratories or hybrid rooms;No preoperative CT scan required;Various sizes of chucks, suitable for different types of patients;Currently,Globally, only four tricuspid valve interventional treatment devices have received CE certification, two products have been approved by the U.S. FDA, and no products have been approved for marketing by China's NMPA.。Abbott Diagnostics' global sales reached $2.21 billion in the first quarter of 2024.Global COVID-19 Testing Sales Have Shrunk to$2.04 billion, compared to $7.3 billion in the first quarter of 2023.
After excluding the impact of COVID-19 testing products,Diagnostic ServicesSales year-over-yearIncrease by 5.4%。
i-STAT® Traumatic Brain Injury (TBI)Testing Products
In April this year, Abbott's i-STAT® Traumatic Brain Injury (TBI) test product received approval from the U.S. Food and Drug Administration (FDA).This product can help clinicians assess the extent of a patient's brain injury and obtain results within 15 minutes.With the end of the COVID-19 pandemic, Abbott promptly shifted its focus.Abbott CEO States the Company WillInvest in core business with revenue from COVID-19 tests.# Pharmaceuticals and Nutritional Products Business
Abbott's nutrition business global sales in the first quarter reached2.07 billionUSD, a year-on-year increase of 7.7%.
Among them, the global sales of infant nutrition products have achievedDouble-digitGrowth.
In the medical nutrition business,Ensure®Sales performance was very impressive, with global sales achieving5.3%Growth.
Abbott's pharmaceutical business global sales in the first quarter reached1.23 billionUSD, year-on-year growth13.7%。
Structural Heart Disease:One of Abbott's key investment areas, aiming to establish a product portfolio that consistently achieves double-digit growth. The previous main products wereTranscatheter Mitral Valve Repair DeviceMitraClip.In the first quarter of fiscal year 2024, its product portfolioRevenue increased by 12%, reaching $510 million, mainly due to the strong performance in areas including LAA, mitral valve, and tricuspid valve repair.The CEO referred to it as "A Billion-Dollar Opportunity", with at least 2 million patients suffering from tricuspid regurgitation in the United States.ElectrophysiologyBusiness:In Q1 2024, Abbott's electrophysiology business achieved a 16.2% revenue growth, reaching $5.9 billion, driven by cryoablation, radiofrequency ablation products, and the 3D mapping system.(Siyu MedTech Supplement:As of April 2024,Seven pulsed field ablation products have been launched globally., respectively:- Boston ScientificFarapulse PFA: Received EU CE certification in 2021; FDA approval in the United States in 2023;
- Galvanize TherapeuticsCENTAURI Pulsed Electric Field(PEF) System: Obtained EU CE certification in 2022;
- MedtronicAffera's Sphere series products: Received EU CE certification in 2023; Pulse Select: Received U.S. FDA approval in 2023;
- Johnson & JohnsonVARIPULSE, the first PFA product by Biosense Webster: Received EU CE certification in 2024;
- Jinjiang ElectronicsLEAD-PFA Cardiac Pulse Field Ablation System and Pulsed FA Single-Use Cardiac Pulse Field Ablation Catheter:Approved by the NMPA in 2024;
Denovo EPDisposable Cardiac Pulse Electric Field Ablation Catheter:Approved by the NMPA in 2024.
In March 2024, Volt has completed the recruitment for clinical studies in the European market.It is expected to apply for listing by the end of this year.）
Innovative Products:
Abbott's neuromodulation business sales grew by up to 17% in Q1 2024, primarily driven byRechargeable Neurostimulation Device EternaPromote;
In January 2024, Abbott launched the world'sThe Smallest Rechargeable Deep Brain Stimulation DeviceLiberta, used to treat movement disorders such as Parkinson's disease.
In the future, Abbott will also focus onDual Analysis Sensor, Next-Generation Below-the-Knee Arterial Bioresorbable Scaffold(First-in-class),The Next Generation Leadless Pacemaker System,The Second Generation Amulet Pacemaker, as well as various applications in the biowearable devices market.
# Executive Evaluation
Chairman of the Board and Chief Executive Officer of Abbott LaboratoriesRodney F. Luo stated:
“In the first quarter of this year, Abbott Laboratories welcomed sales results.‘A Good Start’, therefore we have also raised our full-year sales forecast and earnings per share guidance.
It is worth mentioning that our diversified core businesses have achieved double-digit growth for five consecutive quarters, especially in the medical device and pharmaceuticals sectors, which have shown remarkable sales performance. Moving forward, we will continue to steadily progress toward this year's growth targets."
Global Leading Medical Device Companies | Dynamic CollectionChinese Medical Device Listed Companies | Dynamic CollectionEditor-in-Chief | Zhao Qing Reviewed by | Yi He
