Quite frankly, we talked about it several years ago also. Good morning, and thank you for joining us. But just as importantly, we demonstrated Abbott's strength across our company, delivering strong growth across our businesses while we continue to expand our portfolio with innovations that will fuel our success for years to come regardless of the pandemic situation. This now concludes Abbott's conference call. Weve already started to see some share recovery at retail over the past couple of months as we leveraged our global manufacturing network to increase supply to the U.S., including importing product from our FDA registered plant in Ireland. I was hoping to start with a follow-up on the raise of the 2022 EPS guidance floor and just better understand the puts and takes. All participants will be able to listen-only until the question-and-answer portion of this call. Another area, obviously, on the macro side is supply chain and inflation challenges that every company is facing and obviously kind of currency headwinds. So, weve got plenty of capacity, and they know that. Another nice quarter. Good morning, everyone, and thank you for joining us. Real-time analyst ratings, insider transactions, earnings data, and more. As I said in April, it's important to note that the results of the investigation from the FDA, CDC, and Abbott concluded no evidence linked our formulas to any infant illnesses or deaths, and there is no new information to suggest otherwise. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995, including the expected financial results for 2022. Obviously, the impact of inflation and supply-chain and some of the backorders that we encountered was a headwind. So, I think I expect some of those dynamics to play out here in the U.S., and I think, MitraClip is going to do very well. So, Robert, when we look at 23 for USP, is it the debate just around market share? Well provide our earnings guidance in January as we always do, and well contemplate currency rates at that time. Well, its two parts, a little bit of timing from in Germany as we convert to Libre 3 and the mechanism is in place there. And there's potential for the upside of more COVID testing because I don't think it goes away, which would then fall through at a good click and provide that upside. Its interesting. Sure. Thanks. I mean, I guess, that was the same comment last year. Last year at this time, we were talking about how COVID would COVID testing would move away. And and then you layer that diversification that I talked about in my opening comments, which I think is very unique, it maximizes our growth opportunities, and it does provide a natural hedge to some of these macro environment impacts that we're going to see from time to time. 326 E 8th St #105, Sioux Falls, SD 57103 | contact@marketbeat.com | (844) 978-6257 Hey, Vijay. I mean I get that its important to be able to isolate what the challenges are and what the issues are, and are they more transitory or are they more kind of sustained issues in the business, I would say. So factoring all those kind of elements over here, I think this was the right starting point for us just to start off like that. So, like I said, I think weve got opportunity here on the back half also. As you know, the macroeconomic conditions remain challenging. So, its difficult to pin a number on it right now, Robbie, but at a high level, those are the elements that were working with and ultimately would like to see some of these elements play out over the next couple of months here. Weve got a lot of ongoing upcoming launch activity and a strong balance sheet that provides us a lot of strategic and financial flexibility. Thats helpful. Thanks for taking the questions. And as I said, having that ability to then kind of update the forecast with that COVID number, we will -- we'll let it flow through. I guess to Robbies comments in the beginning about how everybody shifting to 2023, and we made some choices and decisions here to be able to prepare us and build our momentum and strengthen our position as we go into 2023. Turning to medical devices. S&P Return . The investigation which included extensive document reviews and interviews, concluded that the allegations about quality were unfounded, and during the quarter the same former employee dropped a federal OSHA complaint. You'd cut out a little bit. Joshua Jennings -- Cowen and Company -- Analyst. And then second question is just on the diabetes franchise, and clearly, Libre has a long runway, you're looking over the years talked about one of your answers about the consumer opportunity. And those thats really the element there, Josh. Abbott Laboratories ( ABT 2.64%) Q2 2022 Earnings Call. So, were working on our side, were doing our investments in our clinical trials, investments in product advancements in MitraClip. Ill just sum up here. Those are probably kind of key markets that we're expanding over there for the next couple of weeks. While cardiovascular procedure trends continued to improve, growth in the quarter was somewhat more modest than what we had anticipated back in April due to several factors, most notably healthcare staffing challenges, COVID surges, and lockdowns in China that were implemented as part of their efforts to control the spread of the virus. Kind of given the way that inflation has hit us over the course of this year, the inventory that we purchase as a manufacturer this year at these higher costs will definitely negatively impact us next year when that inventory gets sold, even if inflationary pressure start to come down kind of as we get into next year. And just one follow-up on the Medical Devices business, and it's encouraging to hear you talk about kind of quick improvement in the back half, and you did have that tough comp in 2Q. [Operator Instructions]. And as we drive that growth, thats accretive growth overall to the corporation. Q3 was probably a very challenging quarter for us, probably our most challenging. We continue to have a high share of new user growth. Theyre starting to have a stronger impact on the portfolio. So we're ensuring that we've got the right amount of inventory. So, I think this is going to be an ideal sensor for existing pump companies and even for new pump manufacturers. And there was sequential growth from Q2 to Q1, over 7% in the U.S. and a little bit lower internationally. Whats implied in fourth quarter, and if we start thinking about our models for next year, Robert gave us the top-line considerations, how do we think about FX at current rates heading into next year? With valuations coming down, what kind of opportunities do you see? We also boosted production in our global network to increase infant formula supply to the U.S. With that, I will now turn the call over to Robert. I will now turn the call over to Robert. Listen, the commitment to grow the operating margin is always there. So I think it's very large and we're just in the beginning right now in terms of market creation. And, if there is a surge and if governments realize that they do need to procure more testing, we've got the products, we've got the reliability of the product, and we got the reliability to supply, and they know that. And on top of that, there are a couple of swing factors that are specific to us. And we have seen a recent re-rating of valuations. I had four analysts at CBS, but I'm curious, is there are there other products expected to come down the pipeline? I do recognize that this is an important, I would call, short term - medium term kind of growth driver for us. They know the value of our product, they worked very well in terms of determining COVID and the new variants etc., so we dont have any significant number in 2020 in Q4 this year, we think that thats the kind of right kind of run-rate from an endemic standpoint. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. So, a lot of activity in our Structural Heart business, a lot of good performance. Good morning, and thank you for taking the question. Lastly, based on current rates, we would now expect exchange to have an unfavorable impact of approximately 5% on our full year reported sales. Foreign exchange had an unfavorable year-over-year impact of 0.5% on fourth quarter sales, resulting in total reported sales growth of 7.2% in the quarter. And, if there is a surge and if governments realize that they do need to procure more testing, weve got the products, weve got the reliability of the product, and we got the reliability to supply, and they know that. With that, I will now turn the call over to Robert. And as I said, our financial health is also strong. So, as I look to the second half of the year, I anticipate some of the macro challenges to continue in some cases to be tough. Were taking a very proactive approach on the elements that we can control and that we can impact. Yeah. And part of that is some of it is commodities. So, the guide is assuming some impact here in the back half. Yeah, so it wasn't unexpected. So I'll just close the call here. By creating a free account, you agree to our, 11 Ways to Prevent Debt from Ruining Your Retirement Goals, Bulls Vs Bears: Mullen Automotive Short Interest Grows, Palantir Falls Into The Hands Of Value Investors, These Are The Top 10 Holdings Of Jason Kritzer, Walgreens push into comprehensive care picks up momentum, World markets mixed ahead of US elections, inflation data, Wall Street climbs ahead of Election Day, inflation data, See How To Can Benefit From New Copper Discoveries, 20 Stocks Wall Street Analysts Love the Most, In 20 years, this little-known trader didnt have a single losing year, 7 Commodities ETFs to Help Build a Hedge Against Inflation. But I think despite all of that, I think we've done pretty well and I think we did about 500 procedures last year, mostly happening -- mostly in Q4. And that is a mix -- this will go to the mix piece where on the WIC side, we've recovered all of our share, and now we're going to take our capacity and start moving it into the non-WIC channel with non-WIC configuration. Great. So, thats probably where we made a decision to take the volume that we had, and like I said in my opening comments, we actually supplied to the market this quarter what we supplied in the three months prior to the recall. We're not looking at Sprinting quarter to quarter. To see all exchange delays and terms of use please see Barchart's disclaimer. The fourth quarter implied EPS guide came in a little bit lower than the street. A lot of that has been from the benefit of COVID testing sales, which are at healthy margins and still healthy reinvestment against that. So that's actually looking really nice in terms of the ramp there. We're investing in the capacity expansions in several of our areas, Libre, electrophysiology, MitraClip, nutrition. With that. So that being said, as I said, we're going to look at our cost structure. I mean even FreeStyle Libre 2, but FreeStyle Libre 3 being a definitive best-in class accurate sensor. As such, our forecast for the next few months contemplates a modest approaching endemic-like amount of testing sales. Over the last few months, we've made progress in several important areas following the temporary shutdown of our infant formula manufacturing plant in Sturgis, Michigan, earlier this year. Sales increased nearly 14.5% on an organic basis in the quarter led by growth in established pharmaceuticals, diagnostics, and medical devices. I think if you would look at the kind of back orders that we had, whether it was Libre 1, and some of the back orders we had in EP, wed be high single digits, but if you back out, these issues mid to high overall for the company. I'll now turn over the call to Bob. Premium Services. Oh, great. Copper is critical in building wind turbines and solar panels. We havent really planned for a big winter surge, its more of an endemic like forecast for Q4, and I think thats the kind of endemic forecast that well see going into 2023, but I think right now its looking like COVID test sales are stickier than most have assumed. Yes, there's some noise that happens here with one supplier -- another supplier, and we deal with it. Robert, that was super helpful. I think you mentioned there, I mean, Q2 last year was a pretty significant revenue for a lot in medtech, so there is that comp aspect there. Yes, sure. And lastly, global supply-chain dynamics and staffing shortages continued to impact our healthcare markets, though were seeing steady signs of improvements. Note that Abbott has not provided the GAAP financial measure for organic sales growth on a forward-looking basis because the company is unable to predict future changes in foreign exchange rates, which could impact reported sales growth. Thank you. Based on our performance through the first nine months of the year, we increased our full year adjusted earnings per share guidance to $5.17 to $5.23, which is more than 10% higher than the initial guidance flow we provided back in January. It's interesting as we've been looking at this, there's definitely interesting impacts in terms of ranges of these pricing. As I said, we acknowledge that we're behind two market leaders here, but we're making the investments and it's done pretty well. We'll see some pressure of that, I'd say, probably January, February going into March. Good morning and thank you for taking the questions. Id love to hear your thoughts on that opportunity. Economic, competitive, governmental, technological, and other factors that may affect Abbott's operations are discussed in Item 1A, Risk Factors, to our annual report on Form 10-K for the year ended December 31, 2021. They're starting to have a stronger impact on the portfolio. That said, we will do everything possible to accelerate delivery of product to retailers, so families can have access to the formula they need as soon as possible. Every time at TCT, there always an expectation of a landmark study or an approval, so that wasnt unexpected. For the full year 2018, we achieved ongoing earnings per share of $2.88, representing 15% growth versus the prior year. I mean even FreeStyle Libre 2, but FreeStyle Libre 3 being a definitive best-in class accurate sensor. Good morning, everyone, and thank you for joining us. I think that COVID testing is going to be still around. Its not as leaner as we would like or as what weve historically had. So, thats really the challenge. Making the world smarter, happier, and richer. Following their comments, well take your questions. Can I just ask one follow up? It had to do on share repurchases, use of cash if you're not using it for M&A. Sure. They provide a quick and affordable way to test COVID almost anywhere and at any time, whether you are experiencing symptoms or just want to know your status before attending events or gatherings. Global Business Travel Group, Inc. (NYSE:GBTG) Q2 2022 Earnings Conference Call August 11, 2022 9:00 AM ETCorporate Participants. So, as we've added accounts over the first portion of this year, we'll look to do the same thing with them as we go forward, so great opportunity to build, seen nice growth there, and like I said, like Robert said, kind of a handful of the other items along with TriClip, Navitor and Amulet here that are driving growth in addition to what you're seeing, and know it is the long-term opportunity for MitraClip. All participants will be able to listen only until the question-and-answer portion of this call. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Good morning, and thank you for standing-by. Supporting Materials. We then started to see diagnostics and you saw a little bit of that thinking as we develop Binax. And so there's some element of that that we fully expect to stick around. And our next question will come from Joanne Wuensch from Citibank. And like I said, I think in the previous question, I think we've done pretty well about using our network to be able to regain the market share that we had lost in those first couple of months.
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