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CLAIM #2988 · Abbott Laboratories (ABT) · 2022Q4 earnings call · Jan 24, 2023 · due Mar 31, 2023

We had a significant improvement in that situation in Q4. I expect 1 or 2 more months of until we can completely resolve that, but a significant improvement over there on our international performance.

Robert Ford · CEO

PENDING
graded after results covering Mar 31, 2023 are reported

In context

we think about worldwide growth? Can it exceed 20% this year? And can you talk about international, where you've been negatively impacted by the supply issues and the transition to Libre 3 in Germany, when do you expect those issues to be resolved? And just the growth drivers like basal and the vitamin C, resolution, what are some of the growth drivers to look forward to this year for Libre? And I had one follow-up. Robert Ford: Sure, Larry. Well, I think Libre had another great year, full year growth of over 21% strong growth in the U.S. over 42% and international kind of grew in those mid-teens number. We were impacted a little bit by back orders, as you said, on the international side. And I'd say probably a little bit more on our early generation products so kind of Libre 1 was that. We had a significant improvement in that situation in Q4. I expect 1 or 2 more months of until we can completely resolve that, but a significant improvement over there on our international performance. I think one of the key things on the international side is it was a little bit of this supply chain on chips that we had, like that I said, is mostly behind us. The other part of it is the upgrade cycle, right? And when you go with an accelerated upgrade cycle versus with Libre 3 that we did from Libre 2 in some of our key markets, when we went from Libre 1 to Libre 2, we let that upgrade kind of somewhat happen naturally. And that takes about 1.5 years, 2 years to a complete. For Libre 3, we wanted to go more aggressively in some of these markets. So that takes our sales force away from new demand generation to making sure that we can get the scripts and do all the behind-the-scenes work for those upgrades. So that's -- I would say that's still ongoing, but I'd call it about 80% to

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SEC filings for ABT · Claim quote is verbatim from the 2022Q4 earnings call.