COVID-19 Impact on Abbott Laboratories Revenue and Operations (Medical Devices)

Summary

Abbott is a medical technology company which designs, develops, manufactures and markets a wide range of medical devices, diagnostics, nutritional and generic medicines products, headquartered in United States, with global manufacturing and sales reach. Abbott's product range includes Continuous Glucose Monitoring; Remote Heart-Failure Monitoring; Chronic-Pain Devices; Blood and Plasma Screening; Point-of-care Testing; Adult and Pediatric Nutrition and also serves in providing the solutions for the treatment of heart failure; heart valve disorders; diseases of the coronary artery and other heart related diseases. It also provides biologic solutions for the dental markets. The report, COVID-19 Impact on Abbott Laboratories Revenue and Operations (Medical Devices) presents a deep dive analysis into how Abbott Laboratories is placed to respond to the COVID-19 crisis, by examining its sector performance and competitiveness.

Deep dive analysis into how Abbott Laboratories is placed to respond to the COVID-19 crisis, by examining its sector performance and competitiveness.

Key Highlights

• Abbott reported third-quarter worldwide sales increased 9.6% with diagnostic sales increased 38.8% and medical devices sales increased 3.4%.
• Molecular diagnostics saw 313.1% growth in its third quarter due to the launch of critical new tests for COVID-19: Abbott's laboratory-based molecular tests for COVID-19 on its m2000™ and Alinity™ m platforms. Rapid Diagnostics experienced a growth in sales by 83.2% because of the strong demand of the Abbott’s POC ID NOW COVID-19 molecular test. However, core laboratory diagnostics sales growth was negatively impacted by lower routine diagnostics testing volumes.
• Due to the negative business impact of COVID-19, both cardiovascular and neuromodulation businesses were negatively impacted by reduced procedure volumes due to the pandemic. However, diabetes care grew 25.9% in the third quarter of 2020.

Scope

The report provides a comprehensive analysis of the impact of COVID-19 on Abbott Laboratories -

• It provides insights on Abbott Laboratories's exposure to the regions and businesses impacted by the COVID-19 outbreak.
• It offers an overview of the company’s revenue impact by region and market for 2020 due to the COVID-19 outbreak.

Reasons to Buy

• An overview of how Abbott Laboratories will be affected by the COVID-19 pandemic.