Worldwide sales for Abbott‘s (NYSE:ABT) diabetes business jumped 33% in the fourth quarter of 2017, the company reported, driven largely by its FreeStyle Libre continuous glucose monitoring system.
The device is the only CGM system on the market that is calibrated at the factory and eliminates the need for people with diabetes to perform routine fingersticks.
In the fourth quarter, Abbott launched its FreeStyle Libre system in the U.S. and this month the device was made available to Medicare patients, after the Centers for Medicare & Medicaid Services determined that the device can be classified as a therapeutic CGM.
The company’s diabetes care business reeled in $413 million in total sales for the fourth quarter of 2017 as part of its $1.4 billion in diabetes revenue for the full-year.
The Ill.-based medical device maker topped expectations on The Street with its fourth quarter and full-year 2017 earnings. The company reported losses of $828 million, or 50¢ per share, on sales of $7.6 billion for the 3 months ended Dec. 30. Abbott’s bottom-line fell 203.8% while sales jumped 42.3% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 74¢, slightly ahead of the 73¢ consensus on The Street, where analysts were looking for sales of $7.4 billion.
In the full year, Abbott posted profits of $477 million, or 27¢ per share, on sales of $27.4 billion, seeing its bottom-line shrink 65.9% while sales grew 31.3% year over year.
After excluding one-time items, earnings per share were $2.50, in line with the consensus, where analysts were expecting to see sales of $27.2 billion.
