On October 18, 2017 ABBOTT PARK, Ill., Oct. 18, 2017 /PRNewswire/ — Abbott (NYSE: ABT) reported financial results for the third quarter ended Sept. 30, 2017 (Press release, Abbott, OCT 18, 2017, View Source [SID1234520995]).
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Third-quarter worldwide sales of $6.8 billion increased 28.8 percent on a reported basis and 5.6 percent on a comparable operational* basis.
Reported diluted EPS from continuing operations under GAAP was $0.32 in the third quarter. Excluding specified items, adjusted diluted EPS from continuing operations was $0.66 in the third quarter, at the high end of the previous guidance range of $0.64 to $0.66.
Abbott narrowed its full-year 2017 EPS guidance range, which continues to reflect double-digit growth. Abbott projects full-year diluted EPS from continuing operations on a GAAP basis of $0.97 to $0.99. Projected full-year adjusted diluted EPS from continuing operations is now $2.48 to $2.50, which represents an increase at the mid-point of the guidance range.
In September, Abbott received U.S. FDA approval for its FreeStyle Libre glucose monitoring system as a replacement1 for finger stick blood glucose monitoring. This revolutionary technology is the only system available that comes factory-calibrated, thus eliminating the need for daily finger sticks that are required to calibrate other continuous glucose monitoring systems.
During the quarter, Abbott obtained national reimbursement for FreeStyle Libre in Japan and the United Kingdom for people with diabetes, both Type 1 and Type 2, on insulin therapy.
In September, Abbott received U.S. FDA approval for magnetic resonance (MR)-conditional labeling for its EllipseTM implantable cardioverter defibrillator (ICD). This approval follows U.S. FDA approval for MR-conditional labeling for its Assurity MRITM pacemaker earlier this year.
In August, Abbott received U.S. FDA approval for its HeartMate 3TM system, which helps a weak heart pump blood for patients with advanced heart failure.
On Oct. 3, 2017, Abbott completed the acquisition of Alere, Inc., establishing Abbott as the global leader in the point of care diagnostics market.
"We’re very pleased with our performance and the steady cadence of innovative new product launches that are contributing to growth," said Miles D. White, chairman and chief executive officer, Abbott. "We’re well-positioned to achieve the upper end of our initial full-year EPS guidance range."