Abbott: Revenue increased in 3rd quarter for coronary devices, endovascular products
For the third quarter of 2016, Abbott’s sales increased 2.9 percent to $5.3 billion compared with the same time period last year. The company also posted a $0.24 loss in diluted earnings per share, which it said was primarily due to a $0.66 per share adjustment related to its investment in Mylan.
Revenue increased 1.8 percent to $537 million in the coronary devices product line and increased 8.6 percent to $142 million in the endovascular product line. The coronary devices include drug-eluting stents, bioresorbable vascular scaffolds, structural heart, guidewires, balloon catheters and other coronary products. The endovascular product line includes vessel closure, carotid stents and other peripheral products.
Abbott said sales of the MitraClip increased more than 10 percent for the quarter, which ended Sept. 30. Earlier this year, Abbott initiated a voluntary safety notice for the MitraClip, which the FDA approved in 2013 for patients with mitral regurgitation. The company also said it had strong sales in its vessel closure products.
In July, the FDA approved Abbott’s Absorb fully bioresorbable drug-eluting stent to treat patients with coronary artery disease.
Abbott also adjusted its projected earnings per share from continuing operations to $0.59 to $0.61 for 2016.
In April, Abbott agreed to acquire St. Jude Medical for approximately $25 billion. The companies have said the deal is expected to close this year.
Abbott has recently divested portions of its business. In September, the company sold its vision care business to Johnson & Johnson for $4.33 billion in cash. On Oct. 18, Terumo Corporation agreed to pay $1.12 billion in cash to acquire St. Jude Medical’s Angio-Seal and Femoseal vascular closure products and Abbott’s Vado steerable sheath. That deal is subject to the closing of the Abbott-St. Jude Medical merger.
St. Jude Medical is facing allegations that its cardiac devices are vulnerable to hacking. The company has denied the cybersecurity issues and filed a lawsuit against two research firms, but it has also acknowledged that a small number of its implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy ICD had premature battery depletion.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.