Abbott (ABT, $86.32) beats Q2 earnings estimates; raises full year outlook
Abbott Laboratories reported second-quarter earnings that beat Wall Street expectations. The company also raised its full-year guidance.
The healthcare company’s adjusted earnings for the quarter came in at was 82 cents, topping the FactSet consensus estimate of 80 cents.
Quarterly revenue increased +2.7% year-over-year to $7.979 billion, but fell slightly short of the $7.997 billion that analysts polled by FactSet had expected.
Abbott’s sales from its nutrition unit rose +0.9% to $1.875 billion. Its medical devices unit’s revenue climbed +6.4% to $3.075 billion. FreeStlye Libre sales, in particular, surged 72.9% on a reported basis to $433 million over the quarter.
Looking ahead, Abbott now expects its full-year earnings per share to a range of $3.21 to $3.27, up from prior forecast of a range of $3.15 to $3.25. It expects organic sales growth of between 7% and 8% for the year.
Momentum Indicator for ABT turns positive, indicating new upward trend
ABT saw its Momentum Indicator move above the 0 level on July 22, 2024. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 93 similar instances where the indicator turned positive. In of the 93 cases, the stock moved higher in the following days. The odds of a move higher are at .
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Notable companies
The most notable companies in this group are Abbott Laboratories (NYSE:ABT), Intuitive Surgical (NASDAQ:ISRG), Medtronic plc (NYSE:MDT), Boston Scientific Corp (NYSE:BSX), Edwards Lifesciences Corp (NYSE:EW), IQVIA Holdings (NYSE:IQV), Align Technology (NASDAQ:ALGN), Illumina (NASDAQ:ILMN), Exact Sciences Corp (NASDAQ:EXAS), Guardant Health (NASDAQ:GH).
Industry description
Medical specialties are companies that make equipment used by the health care industry. Equipment manufactured and distributed by these companies include dialysis machines, blood analysis equipment, surgical equipment, dental instruments, and diagnostic tools, among other items. Large companies typically aim to produce and distribute high-quality products across a broad market spectrum. Smaller firms are more likely to specialize in a particular market segment. Due to the industry’s close association with medical treatments, they typically have low sensitivity to macroeconomic fluctuations. Within this industry, Abbott Laboratories, Medtronic Plc and Thermo Fisher Scientific Inc. are some of the companies with multi-billion market capitalizations in the U.S. stock markets.
Market Cap
The average market capitalization across the Medical Specialties Industry is 7.72B. The market cap for tickers in the group ranges from 27 to 3.82T. MKYSF holds the highest valuation in this group at 3.82T. The lowest valued company is FOGCF at 27.
High and low price notable news
The average weekly price growth across all stocks in the Medical Specialties Industry was 1%. For the same Industry, the average monthly price growth was 5%, and the average quarterly price growth was -2%. BBLG experienced the highest price growth at 88%, while VTAK experienced the biggest fall at -41%.
Volume
The average weekly volume growth across all stocks in the Medical Specialties Industry was 151%. For the same stocks of the Industry, the average monthly volume growth was 163% and the average quarterly volume growth was 214%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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