CLAIM #2989 · Abbott Laboratories (ABT) · 2022Q4 earnings call · Jan 24, 2023 · due Dec 31, 2023
“Can we see a path for another 20% growth in 2023? Yes, I can.”
Robert Ford · CEO
In context
“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 85% complete. So then that allows us starting now in 2023 on the international side to start kind of driving new additions here. So I'd say, I expect continued growth in the U.S. in terms of market expansion, basal opportunity, I think, is a great opportunity, and I think it will start in the U.S. But I think we're seeing that also internationally. And now that we've got the supply chain issue largely behind us, and the upgrade cycle, again, largely behind us, we can forecast our demand generation activities on new users. So I think that, that's one key driver of growth for us. Can we see a path for another 20% growth in 2023? Yes, I can. And I think there's a lot of opportunities of growth. I think one of them that you mentioned being the basal expansion is a significant opportunity. I think we've been leading the charge over here, Larry, in terms of generating the clinical data that's required to be able to support reimbursement. It will start, I think, in the U.S., but I don't think it will be a U.S.-only phenomenon. But in the U.S., we'll probably start first. You've got about 4 million type 2 basal patients, in the U.S., about 1/3 of them are Medicare. And even if you assume a reasonable market penetration, you also have to assume difference in annual utilization rates versus type 1 an MDI or a pumper. But even if you take all that into consideration, the opportunity starts with a $1 billion and it can range dependi”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2022Q4 earnings call.