Abbott today announced financial results for the first quarter ended March 31, 2022.
First-quarter sales of $11.9 billion increased 13.8 percent on a reported basis and 17.5 percent on an organic basis, which excludes the impact of foreign exchange.
Global medical device sales increased 7.4 percent on a reported basis and 11.5 percent on an organic basis in the first quarter. Strong growth in the quarter was driven by double-digit organic growth in electrophysiology, heart failure, structural heart and diabetes care.
In diabetes care, FreeStyle Libre sales were approximately $1 billion in the quarter, which represents sales growth of 20.4 percent on a reported basis and 26.2 percent on an organic basis.
Global COVID-19 testing-related sales for the company were $3.3 billion in the first quarter.
The company projects COVID-19 testing-related sales of approximately $4.5 billion in 2022, which Abbott expects to largely occur in the first half of the year.
Highlights from 2022:
- In February, Abbott received FDA approval for an expanded indication for its CardioMEMS HF system, a small implantable sensor and remote monitoring system that can detect early warning signs of worsening heart failure.
- In April, Abbott received FDA approval for its Aveir single-chamber leadless pacemaker for the treatment of patients in the U.S. with slow heart rhythms. Unlike traditional pacemakers, leadless pacemakers do not require an incision in the chest to implant or leads (wires) to deliver therapy.
Lowlights from 2022:
- In February, Abbott initiated a voluntary recall of certain infant formula products manufactured at the company's Sturgis, MI facility following reports of infant deaths. Abbott is working with the FDA and has begun implementing corrective actions and enhancements to the facility.
"Our diversified business continues to perform well in a challenging environment," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're particularly pleased with the strong performance we're achieving in medical devices and established pharmaceuticals."