Investors, however, seemed to react negatively to the company’s year-over-year decline in earnings and sales in Q3.
The Abbott Park, Illinois–based life science tech company especially benefitted from the U.S. launch of the next-gen FreeStyle Libre 3 14-day CGM after FDA clearance in May. Abbott says the FreeStyle Libre 3 has the smallest and thinnest CGM sensor in the world. FreeStyle Libre sales were roughly $1 billion in Q3 — up 40% in the U.S. The Irish government announced in May that Abbott will spend €440 million ($450 million) to expand FreeStyle Libre production in the country.
Abbott earned $1.4 billion, or 81¢ per share, off $10.4 billion in revenue for the quarter ended Sept. 30, 2022, for a bottom-line slide of nearly 32% and a top-line cut of 4.7% compared with Q3 2021.
Adjusted to exclude one-time items, Abbott earned $1.15, 21¢ ahead of The Street, where analysts were looking for EPS of 94¢ on revenue of $9.68 billion.
