Abbott Laboratories (ABT) 16 Oct 242024 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to Abbott's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] This call is being recorded by Abbott.

With the exception of any participant's questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbott's expressed written permission.

to like now would introduce Mr. I Vice Comilla, President, Investor Relations. Mike

Phil thank Good and us. and Phil President, will you Robert With remarks. Financial and and Chief Executive Chief Finance me Officer; provide Chairman joining and Ford, for morning, Officer. Vice Robert today Executive opening Boudreau, are

your Following take questions. their comments, we'll

results to cautions of Before to and in the started, other our Form made XX-K statements purposes these annual results Item some we the XXXX, year are risks for operations Litigation including forward-looking Private technological subject Abbott may those the that in and governmental, may Securities Abbott's report December affect today of on for competitive, materially differ the expected XX, forward-looking statements uncertainties XXXX. financial get factors are that for from Factors, cause Reform may Act XXXX. be statements. to forward-looking actual ended Risk indicated discussed Economic, XA, that

abbott.com. understand release the earnings regulatory financial revisions conference These business ongoing are will reconciled call, today, which in measures developments, the to by used from today's except On obligation filings our or no non-GAAP financial law. past, publicly with as events investors performance. statements at undertakes news on help comparable to as to as website measures Abbott's financial and GAAP result non-GAAP subsequent any our be Abbott release required of a available measures forward-looking in are

growth. to exchange on future otherwise provided the foreign growth, earlier commentary rates, release in sales is growth a because the on is Note defined in sales the company reported press could our issued growth financial impact noted, sales organic predict to forward-looking that GAAP refers which sales which today. Abbott has organic measure Unless not for unable basis changes

Robert. With the over will that, now turn to call I

testing sales everyone. $X.XX. reported of share per than and we COVID of morning, organic for adjusted joining Mike. more Thanks, X%, Thank growth sales excluding earnings Good you us. Today,

several R&D advancements key new launching in of In delivering key quarter to entering summarize our quarter quarter, addition more new this another making further partnerships, objectives to the performance, third accomplished elaborate call accomplishments products results several performance and detail businesses and I'll our pipeline. Phil. when on which we included of our before strong financial the in discussing . And turning these strategic over

And Pediatric market this U.S., by sales start led the formula increased quarter. share in by U.S. in in double-digit of by led growth where with Glucerna Nutrition, in Nutrition X.X% included Ensure driven the the our Nutrition and gains and Adult Growth and quarter the XX.X% growth U.S. in infant market-leading growth brands. I'll XX% in was of business

leader growing for market people health optimize portfolio that of a the demand in protein, combination high continue expand offer adult global meet their to and our nutrition, As the sugar to we low products to help wellness.

to Diagnostics. Moving

testing help in testing Laboratory in sales platforms, Our adoption routine sustain of that and including diagnostic market-leading and increased our Growth global Core continue our by continued for large excluding demand XXXX. COVID wins Lab sales. Core was testing to growth diagnostic systems recent account into X.X% will driven Diagnostics

care demand through U.S. or partnership blood in expand diagnostics we with Big an rapid home menus announced traditional at settings. blood Ten a to tests exciting boost to capitalize point-of-care supply the conference In September, performed we for be our the on continue In competition. new can test and help and our that donation growing more businesses, health the respiratory

create competition level, across the generation is goal which blood country. a fans the universities low supply helping an of is and with alumni rebuild centers can donate for help member at our currently to any this blood extremely blood blood to at nation's of Students, new the XX And donors. while located also

EPE, in well was therapeutic we balanced to the across increased participate. X% markets areas where and Growth Turning which quarter. the in sales

Middle quarter portfolios Southeast enhance on needs this our was the America, performance broad unique where countries our markets. double-digit driven Our market East, focused in by across addressing growth local in product these continues and Asia several to position Latin

From to cardiometabolic, perspective, the strong pain key central management. quarter. continue and of system in we nervous the therapeutic growth of focus, across growth deliver a gastroenterology, areas portfolio broad-based in our including areas

of portfolio built collaboration agreements. several continue we We to and as expand also to advancing it milestones achieved relates this biosimilars, quarter our through which

late portfolio, these with The biosimilars I'll up sales XXXX. track med first of more on wrap is in grew XX%. tech emerging where our And markets in launch to than

sales Care, insulin and into we glucose entered Abbott's announced exceeded August, that grew of XX%. in Diabetes a $X.X with to quarter CGM had automated delivery In global monitors unique billion partnership world-leading Medtronic their continuous we Libre In sensor connect with FreeStyle the systems.

other pumps, purchase Abbott and create new habits more from benefit to glucose and of September, choices with body's data the allowing to to of track on personal provide available a lifestyle the overall now monitoring Libre healthier app the prescription, launch around for partnerships and improve largest real-time reaction glucose has insights based with in your well-being. sensor without companies announced Lingo help automated sensor the technology. the nutrition In people exercise our dosing coaching Lingo, offer we that insulin U.S. wearable and world connectivity the X

related was the and previous growth XX% and by growth to catheters markets both portfolio, U.S. in similar was growth Electrophysiology, including international the cardiac double-digit of growth In across the driven quarters, in broad-based double-digit mapping products. and

and atrial that designed frequency catheter, focal patient next PFA our of pipeline, new trial assess it radio using our the includes year. Earlier product to clinical month, VOLT-AF-US.-IDE several after physicians option relates completing of new required we ahead treat important began which we our achieved phase, and patients schedule file FDA We TactiFlex milestones we complete announced follow-up trial the enrolling we to FLEX this enrollment this in approval and to as to energy in our expect electrophysiology also DUO offers fibrillation. for

which X received to enhances process finally, we AFib. the further launched cardiac using treat FDA catheters catheter, HD our or new And approval ablation mapping PFA adviser and RF mapping when Grid

Structural of than portfolio In by structural across XX% surgical market-leading and was replacement and valves, growth more comprehensive repair transcatheter interventions Heart, of driven our growth products.

for This this continue launched earlier adoption for TAVR earlier quarter, we kind determination, a the technology. process to CMS this which market first share of would expand of approved, the broader U.S. TriClip TriClip, the year. through coverage which, began if the market and help national access this accelerating its in addressable we evaluating saw U.S. in capture and And of month, in

year. heart for was Management, leadless devices, which and highly failure, cardiac chronic temporary Ribbon monitor, of X% by offer XX% in our by conditions. our U.S. led In implantable our of driven In newest Aveir, the launched heart innovative growth pacemaker, last was growth market-leading treatment and portfolio assist which of

Vascular, double-digit resorbable In led in that was the growth U.S. along in X% launched quarter. growth of Esprit second closure our the vessel in below-the-knee by imaging, and stent with coronary

international in lastly, spinal And device. stimulation Neuromodulation, by for in driven X%, cord strong markets sales rechargeable our grew demand

delivered with top sales So another growth summary, line more sales with we X%. than growing strong growth of quarter in

last to progress by good track make full continue improve basis margin on our points and We year. compared XX our a expanding year profile profile remain to to on gross basis

positioned loan this milestones you a new to product great quarter, important well have strong saw, pipe and into the achieved we as for we're momentum XXXX. And and several heading finish year

And call I'll now the over turn Phil. to

Thanks, Robert.

organic otherwise Mike basis. rates, are that growth all earlier, unless please As noted, on mentioned note references an sales to

sales. results. quarter third our COVID testing on organic Sales X.X% to Turning increased basis an increased and when excluding X.X%

an of Foreign exchange unfavorable X.X% on had quarter sales. third year-over-year impact

During saw July. time exchange resulted our rates the impact at the in weaken of call U.S. the sales favorable compared on which quarter, dollar versus in currencies, we several to a

and other Regarding P&L. adjusted the was of in of XX.X% X.X% Adjusted gross sales was of of The the adjusted SG&A third margin was sales. R&D aspects quarter. ratio XX.X% sales

Lastly, our adjusted third rate tax was XX%. quarter

less to on guidance rates, and Turning reported $X.XX X% expect earnings outlook to on quarter for unfavorable of impact of quarter. adjusted have based than We our $X.XX, to share fourth fourth per exchange current an we the sales. forecast

that, we'll questions. call open the With for

Steed [Operator And come from first Securities. will Instructions] from Travis BofA our question

but came a expectations, up the more Nutrition which implying step growth In Diagnostics guidance, strong, maintain is QX full in below and or year X.X but devices were of really still you QX. in

So you the giving I And just to want confidence to understand QX? what happened full reiterate what's in divisions year those the still in guidance? revenue

units Sure, Travis. business we multiple here. Listen, got

your I here. estimates always the XX And think, is term? question top sometimes reality long more something like fall is by The XX. to close beat short. my count, some there them to and of want then is, We it's all

the of of a that over more kind here. put kind in I'd it of Is challenge? second bucket more onetime

Travis, situations up that. in having have you that think portfolio other one overperform of that have kind broad you quarter. the this for and I I that, is what businesses do make of when we do saw that's can in think benefits a diversified And like

do with in you I you to as this about have mean, look quarter. yes, for your forward on helped our at I really very was did raised concerned year. devices still the it, I opened that's confidence third all our And if good, wouldn't and high have question us deliver now QX, the what guidance we time businesses,

we're EPS confident forecast still the yes, very we've got. both that in So

digits comps, as there's we're the to back this COVID growth our that had think and double quarter I great we'll we now is during a grow see into pre-COVID. EPS QX model less

On really XX% high revenue our very XX%; in kind adult about XX%; nature. with raised did issues international U.S. up good almost there was that. well nutrition, business. adult pediatric, of yes, the up still U.S. The X.X% And was was that entire exception pediatric digits. the business are single of at up you international feel to onetime that

So us the team what determined softness pediatric that of for some was our was in it the to lack ended commercial was of loss. that some or quarter saw market. leading It there is and some in our beginning share it international we execution quickly thereof actually wasn't markets up happening

the action took So in pretty quarter. team quickly

personnel together. is as I quarter sales good But a we didn't align what just to we the what we generation put excess calibrated share in that. demand our shorted result the feel We distributors happening changes, made to about up build so has and to want inventory, loss some team that our the of ends there

and do, the Early to we've was seen move right indications that, there. progress show good that

but quickly. the disappointed, yes, acted team that, and knows So they

step quarter. expect It next it, the address. and about for thinking see long-term we something overall the So I year, quarter or the for that in of my international nutrition change just nutrition pediatric to aspect growth doesn't up had to for

little was that just the of And expectations. the then say I'd also driver implementation mentioned Lab really, China. shorter bit than a VBP think Core you came I in there,

the international digits. China, our was If excluding at Core up you Lab look double business our International business, Core Lab business,

So the doing teams in those well. really are markets

QX. And delayed April, the in pushed to we January, the business. We going I'd it this Core forecasted and mentioned out had got to were Lab see VBP in originally impact

If was at our of rate the you over look first it in X%. year, growth this half

into that rolled the of a And delay some business and of saw higher favorability little we of guidance that bit that as that here. in we a result

we'll going et in impact the pricing So cetera. some inventory of a done go that channel, the items lot it We've our in the the VBP already pricing whether accommodations transition-related through forward, you're transition. for making there's happen, businesses. that's There's

got So very I attractive good about continues business we've the about market good very China a feel I be for still us. to feel there.

quarter, guidance didn't. But through if wouldn't yes, to quarter. So work question your we'll the we this. kept feel the on I we the good just have way about our

got about momentum good feel momentum. committed We've very in the We're meeting business. yesterday. with management team They're the and great the

in year close I with a good good we'll So strong think QX. a have very

And our Larry from come next question will Wells Fargo. Biegelsen from

big wanted I Robert, and just about to picture. Libre ask

You in in competitors was issues. obviously had your good, having which QX, XX% but some growth Libre

Lingo? of helpful XXXX. us the what be give would color state in talk view And seeing in of far outlook it so your on sales just of goal and your market, confidence CGM So about the maybe by CGM to you're with your market the overall some billion hear $XX

opportunity about Larry, than we differently have. bit market sure. that tech this this right? we little very and is a market a been always This markets, I've about general talk Yes, market bullish about mass med talk when

are users the And grew still is we you think, And -- million U.S. over XX much very got This very was about I up and intact. they're world, still The billion actually over right over diabetics good XX%. there yes, got much XXX in X.X fundamentals CGM XX%, about million you've the globally. and feel developed market. we now. globally,

market a that's this to potential is market think got I yes, mass So it.

as ahead perspective, allow for technology perspective, X elements a one. day a as guided cost from ahead the stay me, us those from here a as stay long from you you from as long have As are perspective, as ahead our scale long stay and strategy you that

to There'll about be sure, don't built. got there'll when a And in our have we market we've sure. market you've competition $XX billion, I think that whatever, growing you're position XX%. that's, strategy changes $XX going that more good more some be the billion, feel for for players and the But

We've this decade the thought next and built from this, portfolio position. it we thinking to look our like about how for just what been year, our not is we've now a about and going

anything don't from feel And at our market. I very fundamentally about way that's thinking So least think internal I of there's here changed, good significantly about this it.

be for will will a this When $XX year. billion great a is talked yes, we us. put about it XX% Libre grow target, we billion-plus rate compound think So a is annual -- out of growth It the Larry, $X XX%. this product. I opportunity

billion So revenue going to X hard users. to add we're share. and we stay that, of that, $X this We'll of gain ahead work we add to year, sure continue we're and ahead million of make that

on You pump side, the the in type side with got connectivity on Xs opportunities pens.

type Xs opportunities got still so those much with in I You've that's think really mean markets. basal. and opportunity I just

about as it. as a viewed about good very Libre, it feel we I we've platform. So talked And always

glad you that launch. So mentioned to see Lingo,

right? with focusing that Just We're very as have really this a don't a diabetes. we're different reminder, people targeting on technology, population

of bit business we've so early of good interest. little really, far, sale kind it's model, different really a But a model. So seen

that's That's great the right delivery, version X And well. far. The out the Great, the working a start. app, to is The popular feedback so from way it's the -- most stuff. very think the good now. pack sensor whole website, users website, I data, nonprescription the great a the

at of looking think higher at adapting U.K., the what And the learnings wow, was was I reorder job did in some much some surprised at a last good that. I thought reorder that night. than U.K. rates I really from of that rates I team saw initial the came in into really really, and the we the

to So base billion be think opportunity that I over time, overall, to as this be user going out. great this $XX build a add to target is able to we

is what a about on feel to doing, Libre, very we're very good So to overall, question back your I start. good our position, Lingo and off

question come JPMorgan. Robbie next from from will our And Marcus

we Congrats but you next the bottom see our this quarter, about to at Street the on I on nice XX% quarter. your we're how The line, had to all about sitting you top still any feel it's I a fourth XXXX. realizing the Robert, I focus wanted that -- for into about ask also turning view time of we're line. to X% the on if year, year, see wanted side? or comments early on looking

Robbie. strategic we're as also at similar specific little But of early here, also planning give to Yes. guidance at too. we've part been looking looking 'XX, there, 'XX our real a It's process to you,

yes, So of the season, the right? time this is

going yes, analyst to at say, high feels I'd And year, said growth, XXXX, like last look similar I reasonable the a point. into XX% very I starting year, EPS. last single-digit like estimates that

would the of XXXX have XXXX, think coming kind us. the the we COVID of I a as call quarters of what at we into for going were is versus like things into one is, XXXX go don't we ahead couple the cloud into when least difference of that I

underlying of a kind masked base our bit of And that kind growth. business kind of little of EPS

single-digit a at But high to $XX issue. if yes, I forward But that growth. back high EPS, top high in okay, reasonable point. the this look of XX% having say, very a step been So sounds a take kind here single way, be company and single-digit, not comp I say, a that that's I looking like driving of, think of line kind we kind starting also, have in that to, and revenue, billion I am we've I'd a

the is for pretty combination factors. think that that's I think of of a I And X reasons us. unique X

Markets it's of of their the size, Robbie, them, we're a to that and markets favorable First whether have that whether demographic very are and us outlook, position we're of from stability participating, in they're their in, growth alignment markets trends, great positions but scale couple financial that little the different there's all, right? that that their probably and bit we attractive, types provide a lower they in we've scale, a perspective, got and rate tremendous growth our business. positions to disproportionate them tremendous

our exciting, them launching are TAV goal and We've enter it's growth and we first-of-their-kind in LAA, testing, that there whether that systems a got emerging whether us. right? we're that TBI markets set it's allow or that very And rates share, them collection to we're these building for new creating target single-digit we'll and markets, high-growth markets products, then other types markets us with markets diagnostic high of that Lingo talked nice about, to building capture other so is of be really leadless, it's biosimilars

And And products which it again right? going then been to part to think year, revenue the contribute year to this it's other is next be what productive. right? fundamental, case about I and double highly that's I Recently are And of billion expect was $X year, launched this in is that XXXX. pipeline, the

proficient of talked So was able and starts now spending and of key margin margins generate that expanding pretty We've focus know we is year, the expanding over are That think I investments allocator done areas of delivering. we about right high-growth that last a increasing at been we've still $X billion ours. the gross areas, a of invested gross it line. effort leverage years. in top margin we've a to lot over I -- and also X last But made been investment. in -- think are topic we've We've a

I'd we say is make the we that's I XXXX another discipline opportunity we how down margin. investments as of in think our focus So go us for the go and gross down into as P&L, our on terms

think So expansion. margin have of that I op will us that allow combination the to

is And shape a in -- sorry, year the is balance sheet great balance in great here. sheet a

financial So the great elements positions that and I with into momentum, need we all think got to markets, go there. we've flexibility XXXX

come question from Our will Sachs. next Roman Goldman David from

I investment us think on little the a bit little of help Robert, a the the a spending maybe on could bit if basis. and P&L more push about shape go-forward

During accelerate the could did a SG&A are help dollars year-over-year some us R&D and quarter, on basis. where spending think And maybe you incremental through of those growth you going?

flat we in shareholders should should the gross think announced opportunity keep share operating with count? to expenses think count to and share of a about about we context the repurchase as the view the share And reduce capital How the this an is effort return expansion? or trajectory incremental program, then that of margin an that to

Sure. with on gone they've you investment this if XX% from to at expenses the XXXX, our we've side, here, down year. guess, in look what Yes, I done about XX%

So billion a and a investments, little at make look But approach, about at look that decisions. not and CAGR term, R&D that's bit X%. it's cookie-cutter We high more digits $X our businesses comes, longer their opportunities those spending you operating leverage X-year single right? the and it's expense CAGR, our at David. where look they're right? If of is

and investments. they to up think down see I But decisions, R&D some term the little tend be than I toggle growth bit being by could mean, and little more easier. coming bit to where you supported those is commit a you that's a SG&A could programs, of you once So where making some from, longer

about structural med in say, it has in neuromodulation. where diabetes all investments, tech force investment with a clinical heart, a a investment good to how our strategic getting clinical people, look businesses, whether we makes Obviously, in in been I'd sense, we process care, field tend they in and in with the the sales more come put and at I plan mean, portfolio EP, pretty of more that. do to make trial, it's whether it's to to more so the have

investments whole that's making in segment going about for talking we'll of a been program of That's to soon We've launching probably years. diagnostics, been a be new a be longer-term that industry. new we're couple the a diagnostic system

how SG&A. So are little good investments to we've that the R&D longer I knowing think got investments than a bit make about more a process

I -- lot the So to and able to companies show. And I op reasons not would get which to kind of that's think margin of able able been we've that. think sure our profile I'm be been levels, we've pre-pandemic one to to a what say of that's

driven op So -- by margin but our expenses. we haven't

our driving been effectively, line top we've pretty too. mean I

and cycles probably to I the think we the that the cetera. allocation, that's point this how So best et proof of know do allocation

we'll got then of -- a And balanced element allocate and do approach Listen, is think and buybacks about just the I've strategy. that I've count dividend supporting allocation continue share capital. our had you pretty that capital importance buybacks. talked as regarding The question another to we a we that. growing in we've the I dividend said, how and about

a The running We $X over just that new around recently X the $X one thought had announced we billion in XXXX program. place. and good put approved was billion it last was down, time buyback previous in years. the towards approved buyback to deployed Board we We've that a that

that took during little down of a up a couple of little that We the a a stepped did, step bit bit. we years we'd acquisitions after

we So fact, outlook still our did million. between what we've doing I we here our PE and given in QX, in about stepped that performance do. a were that saw we thought up. I $XXX ratio, strong disconnect

announcement the and authorization to we've that got shares, allocating of is part sense our buyback So approach it and made capital, balanced just to buy set.

disconnect is opportunity that. going forward, try that we've that and feel there we to if So got a correct

We're through But share trying our the David. through line EPS -- that our reduces to count. top if share EPS So yes, count. share and growth, reduce to we're then not lower drive count, the a it drive will trying

Our will TD from Joshua Cowen. Jennings come from question next

structural down provider there's concerns a ask investor to about markets. TAVR there's decelerating, The wanted whether some I market Robert, just and or been capacity heart slowing bottleneck. about U.S.

I you appendage mitral left and atrial think positioned in offerings tricuspid transcatheter uniquely and occlusion. Abbott is have do because aortic, solutions

constraints out interventions We've growth? this that coming I'd growth down months adding and bottleneck whether the interventional structural we the XX, situation pike. XQ? got and about the as quarter in You to you current you opportunity strong think worried limiting heart love that? the capacity well this a capacity, a heart horizon building that cath had just should are XX labs, on seeing XX, get we Are you're hybrid cetera? hospitals failure U.S.? in the ORs, any et Or into view on seeing could concerned next that Is are or run your in

about health them but the for the not are is for quarter. seeing technologies, very only developing them. a large systems that not bottleneck, over here. centers not growing Not delivering Obviously, to the also capacity this concerned the are been and the forecasting this care bottleneck, those some a deploying area that is I've

just centers the given challenges, it's getting people technology it train. a not quarter. always specific some I There's through been whether technology, new or up a as to I've a smaller put ramping challenge, over but to more challenges

that centers big rate-limiting not today. capacity is hearing So we've a that with factor working the -- been that I'm but

demand. history that I made accommodate think make will investments, be the investments to there, think one I the to is shown if that has started the demand it right become and

over mean, made -- is will obviously happened structural this investments demand. I be last decade, what's the that heart to accommodate in So

that our portfolio. and that, to heart hearing very in continue had we not excited I'm the So we be structural prospects about

got hit products of the I'm the putting new what has stride with team the think teams now optimistic launching entire portfolio. and now. together new very right I We've its management, kind right across are

at is the I see few we then surgical, and appendages you interventions, repair, hitting whether all the and -- to think can the full occlusion stride right all able the from looking way mitral, it's spectrum, we're here now. I it's its tricuspid, said, companies replacement, structural aortic, see right, from one think of the being like whether team that

sides, And R&D to be side. our investments the focus on going here on both is making the

we've in got for And indications, structural different structural that's think clinical new -- think of and profile, we portfolio product heart, there. and we I many been of doing over think in why lot the heart, we've I years investments a have trials, in I that part our investment the investment new mitral have. new

think to the on that I to we like, to these got we've the piece now gain it's -- the now tricuspid. whether presence new increase adding products, that the support to share market field we're got either okay, we've or our support is growing fields, aspire

be on of area of of of a So R&D, But work. support is now in really growth clinical is underpenetration, side kind of to more to opportunity start tremendous our focus to to field businesses this add these able the of think that growth. no, I

excited So about really we're it.

from Evercore come from will question ISI. next Kumar Our Vijay

NEC. saying statement. infant relationship on, a and The out guess, a I FDA, statement CDC pretty had formula. one NIH It's causative and perhaps formula have noting I there's put no joint between that NEC infant strong

guess position So these in how change this Abbott's lawsuits? question my does I is,

What more can announcements do expect perhaps government? to matter? expect liabilities similar Does cases? shape related be? What we Could Abbott these it the we else or to this? to to can from it ring-fence form What could

are and valuable with warning. tools their market to they relates premature. considered which call is by is what they're our for and to neonatologists their agree very statement. with in in it are change all and feed hear the which doesn't decisions, the a and and it for I necessary, labels, discussions it's which how their products statement, medically was net as strong you, be been from great support hear what listen, and from Well, the have to saying, a and they've the It they're position, statement these regulators a tools. They're of standard is reviewed care, I sure. to I never decisions aligned and valuable the Yes, I seems the I component in the think parents see what neonatologists, this, And of been

X made the Vijay, this of -- they're basically XXX-page conveyed the in a by a HHS, the X document-or-so. consensus regulators secretary -- with by were So of an agencies, expert I researchers these actually and researchers dozens endorsing they're panel is and issued here statement think U.S. that

looked think they thousands publications. I at of

I state the that importance standard the statement, to of reiterated And they between they specific think formula also feeding. there's relationship in it NEC. causes as preterm and clearly NEC the agencies, no formula care. was And the that the evidence of XXX conclusive joint

I think of Obviously, and this regulators come out X health together times and put COVID the that So the we U.S. have agencies handful X most the pandemic. a prominent in saw joint the a and of is statement. during significant only where agencies,

But I the it pandemic. that, HIV during was I before think think

point, the at right So our in allowed entered trial lot, has report this I says a evidence. the Vijay. underlying think judge now not the or point, statement joint be At though, this statement the into to

as joint a there, they're think think believe information making I the the don't be are important the for jury to I know that report, would consider the it's expert those I statement, decisions. of it -- we but reasons their testimony, pieces

federal this that, beyond that cases the say the evidence. case cap these the that expectation of consider So of in know I but the to as to move I don't is be my more allowed cases to and would criticality juries important how would side, here

a We the thinking the we a If on bit. step clinical I've that we been problems to about portion on based back see. care innovators, and quite We liability trials. products do? But the gather as health to your of data. health kind take this develop one, I question run So what on care this

the review the regulators. with We data

unfettered scientific products, have to products and to a to through by be regulators in, regulate best evaluated uncertainty know trying they're and that they're expert the do decides the decide want well. products if guys pretty the market that's for regulator And that country, safe process through got well-established access regulatory this, and how this And they rather are process they evidence labels, where be You ultimately, the fit purpose labeled. I the jury unpredictive the that's to trials. the than

to is difficult Taking to that it's that would if the if United here, ultimately, any at very products. issue in going on to on So regulatory would be the question, with science least disregarded, that liability confront. market States, the for remain is your an United the indefinite States be company process the these disregarded,

international It an for still babies in products are issue issue wouldn't the not is premature -- issue be available an this countries there. and because this

rely on So decisions, that products. some can think all those I be the by to single babies, babies needs year make fortitude preterm these yes, prioritize every XXX,XXX there that prioritize here do

those been to we financial going that. then be in liability distort But seem have tort won't I've to doesn't our that this I'm this pretty is and the of Over system -- products, the -- abuse country this it if clear that come to that to stand something process here. will is the kind be continue behind that we we hoping disregarded gains. here but is adding not for

happen. to things these for seems it playbook a there's So

that yes, don't come a in resolve having to take I And this this levels United to and different and playbook. decade, resolve are And ways concern we faster. express this. You the to are the all different able ways be years to some to families cause at to to here at to there to I this look could that States. conversations And XX-plus follow intend resolution. this intend litigate

from question from will Citi. next Wuensch Our come Joanne

the is would Congratulations on on uptake navigation of What of catheter you're completion seeing view really PFA that systems? terms state earlier-than-expected But electrophysiology enrollment in mapping PFA get your impacting your clinical to love and how your of trial. market. I the and in

we've little mean I We're arrival we're look quarter kind a of rate, bit since growing prior lower PFA. actually to the The our trend of market. seeing I faster of this you been Joanne. that market a think growing But than the grown with the was here. pretty growth continuation significantly if Sure, PFA. PFA, at now has

I And couple there. think factors there's a of

now, Right mentioned XX-plus here those, I about masked. mapping. of the is least cardiac seeing in we're at percent the cases, one being U.S., you think of which

we where were we If XX-plus. before, mapping maybe XX% we're of you and look now were about cases, RF Joanne, mapping at XX% between

strong of us. is in seeing that We're procedures. pretty a a tailwind growth bit little a for So

I probably patients, seeing drive that increase think improved some that volume to think I we're are seeing. of what's growth and also helped new that the helping treatment AFib we're too. due and market But guidelines quite to technologies actually -- So the frankly, that's identify that is

for a So RF the combination it's a I is drive to us. us, think of that of it factors still are helping for there And growth more producers. portion piece then

too. grew comments, in catheters said I digits, ablation As double my we

we're RF mapping, of least that ones use those about cases, and So PFA cases. we're XX% the at the we're in catheters seeing

is de at So procedures, key now, is to thing for used I here think being PFA just right really least right? the novo

if all de kind of So out, break of ablation about are novo. you procedures it's that

And ablation, trial The redos. and why have is in to -- able be initiated RF. to and other focal using and able cases, ablation, which we're to an they're using PFA RF there, those to plays still are be important VT X/X we've RF FLEX our the SVT between optionality, role toggle

an So important we that's part there. still think

think I really we more system us done at now open system mapping but here R&D comments, mapping electrophysiologists. as start team and with. to job leveraging -- with So more programs has off And for open that input design used open our is the the a the be a allowing partner made I cases in to system good

the able think that to very So I and we're bring committed seeing, PFA is market. be that's what we're to -- to

enrollment, of the completed CE And year. We've we said. beginning you Mark this the enrollment completed like

we space, we're full that it's do portfolio So committed but feel the approach. to a

grid. in need which HD our why next-generation we You good invested is mapping

that's complete. have a to portfolio PFA need pretty You

think I'd and that's have successfully. very been need the very, building, You RF, what team to say, I has

come will Barclays. question Miksic from from next Our Matt

in quite business. I'd a couple the on topics a of follow-up that the just up competition. around Libre come last And a and market months few diabetes the bit,

can DME together for seeing being putting anything your you're regarding the a I user of in months, first great differently, of there complemented team a particular, anything did doing channel, on Lingo as differently, you're trends, of kind comment the in share on what product. you The the last couple

of plays you could you expansion in if going plans for into and curious timing Libre a business? then intensive this a gross sec zooming And and type community. and your scale scale as just for getting OTC comments plans the for non-insulin back role reimbursement the Rio platform and thoughts -- out and potential about kind X Question, in of how that to lastly, expansion this plan and certain just your for the margin gross plans forward margin, hitting on for to 'XX your

up not regarding a question lined make there, stay to mean I'm lot that me here out Mike channel, I job competitiveness, population. questions yes, endo's You think but laid going think Libre has in U.S., basal your good at Matt. with with the in I the DME the really sure that helps the the offices, done you all here on a team I there. channel the primary at just the care

we grew kind temporary some I there. having think strong of of that U.S. X. an had all-channel, the real there execution Libre it's XX% challenges regarding quarter. was And supply with some all-out the U.S., challenges we kind this in of

we are and So share the getting unleashed X. Libre gains a we're lot Libre that with haven't of yet, fully really X

invested We manufacturing is piece that line. behind But in a new us.

and a of the new manufacturing towards manufacturing, We brand-new a whole year. end up facility come have the

we So kind that as behind year, next that go all will into be of will us. --

the frankly, the had. U.S. our position product quite I cost So and is globally, strengthened by think position here portfolio, that we in the

a gross margins mentioning always about. here. aspect talked Libre. in That's key You're We've

leadership You expands to grows, meds, TAM users. to larger because cost And to the operate basal and here in. much got as GLP-X going you're market a as oral that have have to population

to benefit, that place expense cost you have and have you to adjustments got so have yes, be -- expanded. of to to pricing your gross that structure see actually are make line get at margins, the you're margin. be reimbursement, going grown But And come growth in to as some going top gross have we've our to able able the not have to Libre, to

As our some equipment. this from one, up, ramp of the there's manufacturing to day been a associated these of scale lot the the products, are continues because doing automation, of with costs in we've depreciation costs some

schedules, are facilities running lot of our our help a through depreciation those their as margins, will too. So gross

opportunity about lead competitive, the opportunity be mass and So our take believe cost is what scale to we I to in drive advantage lead feel for us. in of market and a technology, good to market, to

of schedule here have we as the the do and is be to we if pull out -- initial We here we've got we'll arrow completely schedule. is, but need to build in I think I'm reason focus the Lingo right going another that. that now, a you that on with had some on not what out a question to we nice lay for a can now. Lingo new on of focus able consumers. But is that, We've do Rio to got ahead to right segment Rio. Listen, opportunity of quiver biowearables a that do need schedule. think

So...

from question And last from Danielle our come Antalffy UBS. will

question. just as for on bit up in on here. Robert, the to a Josh's wanted earlier heart the follow response talked about to deeper, you quarter digging But I a good Congrats this mean, we business. little but coming just really structural of component expansion chose you've of data look have you I things some side TCP that or whether tricuspid do the a got and closure, into competitive not XXXX, LAA at benefit. potential on mortality indication

how those about you franchises, takes curious and specifically just about think X those some markets and growth are there in So there. puts sustainable

sense just I So about as think into we how of your head to wanted year? to get that next

Sure.

again what and Just one? to remind Danielle, me the there, other tricuspid was

aerial appendage closure... Sorry, left

Yes.

us. that. are all for areas investment of And Okay. these the power, effort, of investment money, time, of Yes, Good. thinking, great

I XX% the on U.S. in said hitting team. They're hitting as stride. would XX% I definitely saw growth So about quarter, I growth their the think, globally, We this that say its stride, business here. nice definitely

I Amulet, product. I competitor think XX% closure closure results for rates our from and the saw pretty positive data days, the So failed mean, rate think -- those the XX making of with sustained proper you shows really when I good investments. that after have and we're closure using Amulet registry that's good. XX% a achieved

then year. business that's that expect looking people trial trial that this our or And that the the X.X. CATALYST trial a risk comparing with I will Amulet in be towards Amulet beginning working have to at expect anticoagulants we team We've product a to that we're of been got investing on complete AFib, And in but next -- has of entering the So for there. that year. end

progress driver growth the on really for well, really nice So doing a is whether appendage frankly, us, too. too, quite that's -- great and and PFO, side,

over coming On there's lot going of out to a data be the months. next the I tricuspid side, that. XX yes, expect XX,

new Danielle, have to category investments. any the here, to you're with going think make I

a you tricuspid, anything So doing on and these perspective developing the technologies, support companies to right? was use interventional technologies. of are I clinical think lot going to nobody see mean are an able the of kind as readouts more from I data to of be clinical

therapy which one ESC at and basically recently what to I much European confirming this triluminint effective is superior and at reducing showed, TR. saw is to we extremely that's a study, RCT medical think TriClip, the RCTs specifically the second

think and NCD I XXXX. important We're our team's our that So with about opened I the to the there. portfolio here products, an looking there's structural approach was role a that, working so that's that forward opportunity on for that doubt, excited in opportunity that's for plays full and an TriClip think investment another area I think regarding been an us. of Without us

advantages seeing manufacturing well. great I that. launch going team. We've And there's frankly, and the TriClip of and and is it think got, the got would say, built-in very there's as some we're here force with I just We've to our scale, demand quite sales opportunity definitely all But the that a comes product.

and it's a growth So I for more opportunity us. that's going to good, see you're that, data, think yes, and

But a support of of it. the make time. you're business able investments is going to over on side to kind to the have $X adoption here us billion this think clinical the to I for be

excited structural So overall. about very heart

January. the at that Gross year to I'm finish ultimately X growth continues the the yes, of back in profile the of We're pleased entire And excited expand. -- and We've on about high initial business. had guidance strong. we margin end the track provided Sales performance really the to quarters. company been with first has

were year comps. some as COVID of is The than richer growth accelerating pipeline EPS we the now throughout is lapping ever. those

we've So next heading momentum got I year. great into think

us. you joining that, with thank I'm wrap of and going to for And all up

on operator, all replay and Abbott's you Relations today. this you us now Central webcast available Abbott's today at conference Investor abbottinvestor.com. for This questions. call your thank of website A you, Thank be after will joining Time concludes call. a.m. for Thank XX

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Everyone, have disconnect. a now may day. You wonderful