CLAIM #2941 · Abbott Laboratories (ABT) · 2022Q3 earnings call · Oct 18, 2022 · due Dec 31, 2023
“But I think it's -- right now, it's looking like COVID test sales are stickier than most have assumed.”
Robert Ford · CEO
In context
“aunches that we got upcoming. Then you mentioned COVID, right? And that's the other piece of the business. So high single-digit growth, excluding COVID. COVID is an interesting one, Robbie, where I think over the last couple of years, we've been talking about the sustainability of COVID. Many of you writing that COVID testing will probably go away. And here we are in the third quarter, in the summer months, with a $1.5 billion, $1.6 billion number here in the third quarter. So I think that as we look -- I want to see how the next few months look like. I think Bob made a comment in terms of our forecast for Q4. We haven't really planned for a big win to surge. It's more of an endemic-like forecast for Q4. And I think that's the kind of endemic forecast that we'll see going into 2023. But I think it's -- right now, it's looking like COVID test sales are stickier than most have assumed. So those are the components on the top line. Down the P&L, as I've said, we're going to be taking a close look at our cost structure. We have been. We've increased that over the last couple of years, made the investments. We talked about those investments. And I'm looking to be able to get a lot of leverage out of those investments that we've made historically. And at the top line, the way it's kind of laid out comes through and the leverage falls through, you're going to see that sales growth falling through at, I'd say, pretty healthy margins. Rob is going to invest in the areas that we know we've got good growth and high growth. Those get the investment dollars. I think in the past, a lot of you have written about the big 3 of Abbott, where there was Libre, Alinity and MitraClip and”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2022Q3 earnings call.