CLAIM #2906 · Abbott Laboratories (ABT) · 2022Q2 earnings call · Jul 19, 2022 · due Dec 31, 2022
“So in terms of when you receive the materials to build the product, now we are building inventory, and I don't anticipate that to be the case going forward in the second half.”
Robert Ford · CEO
In context
“, as I said, in the U.S., specifically, I think the staffing challenges were a factor there. And as people tested positive, while they didn't have to go to the hospital and they could just stay at home, that had an impact in some of the procedures that there's a little bit more planning towards. So the good news is we know what those procedures are, we know where they are, and we've got an opportunity to follow up on them like we did last year and following up on all the procedures that got pushed out. So internationally, I think you saw some similar headwinds there, but I think the biggest headwind for us was China and the lockdowns that occurred there. And then the third factor for us was we had some back order and that was really due to the timing of input material availability. So in terms of when you receive the materials to build the product, now we are building inventory, and I don't anticipate that to be the case going forward in the second half. So those are really our fact -- those are really the facts that had our Device business a little bit more modest than what we predicted in April. I think those get better. One, we've got launch activity. So -- and I'm sure we'll talk about some of those also, products that we've launched that will gain in momentum in the second half. In talking to a lot of the U.S. systems, they've just got to figure out better how to staff and to do more planning, and that might involve maybe looking at having more procedures booked because you know that there's a certain amount of cancellations that will happen. So I think that will get better also as the hospitals understand these dynamics. So I'm excited about the device portfolio in terms of the second half, not only because of some of these i”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2022Q2 earnings call.