Healthcare company Abbott Laboratories (ABT) reported worldwide sales of $7.4 billion for the first quarter of 2018, an increase of 16.7% versus the prior-year period, helped by new product launches.
Net earnings on a GAAP basis came in at $418 million or $0.23 per share, down slightly from the prior-year quarter. On an adjusted basis, EPS was $0.59.
Despite beating market expectations for sales and earnings, shares dipped slightly in premarket trade.
Worldwide sales in the Nutrition segment increased 7% while sales in the Diagnostics segment grew 58.7% during Q1 2018. Established Pharmaceuticals sales rose 9.9%, while Medical Devices sales improved 14.6% compared to last year.
The Medical devices segment saw good growth during the quarter, benefiting from the St. Jude Medical acquisition. Abbott’s FreeStyle Libre glucose monitoring system helped boost sales in the Diabetes Care division.
In January, Abbott received FDA approval for magnetic resonance (MR)-conditional labeling for its Quadra AssuraTM and Quadra Assura MPTM cardiac resynchronization therapy defibrillator devices and its Fortify AssuraTM implantable cardioverter defibrillator.
For full-year 2018, Abbott estimates GAAP diluted EPS from continuing operations will be in the range of $1.23 to $1.33. Adjusted diluted EPS from continuing operations is projected to range between $2.80 and $2.90.
For the second quarter of 2018, GAAP diluted EPS from continuing operations is expected to be $0.33 to $0.35. Meanwhile, the company anticipates adjusted diluted EPS from continuing operations of between $0.70 and $0.72 during this period.