CLAIM #3072 · Abbott Laboratories (ABT) · 2023Q3 earnings call · Oct 17, 2023 · due Dec 31, 2024
“And I believe that momentum is going to sustain and continue as we go into 2024.”
Robert Ford · CEO
In context
“th the investments that we made during the pandemic, and that's helped lead to a step up here in our growth rate this year. The base business has grown double digits, 3 quarters in a row, and I expect to be doing that again in Q4. And if you look at the EPS contribution, as I said in the comments, it's really having a positive impact and a lot of power coming through on the base business as we continue to grow that, and it's sequentially gotten better every quarter. So we're forecasting other step up in the fourth quarter. So if you look at that EPS for the fourth quarter and put it all together, the base business here is going to contribute to about $4.10 of EPS and we've raised that twice this year. So there's clearly momentum that's building here both on the top and the bottom lines. And I believe that momentum is going to sustain and continue as we go into 2024. I think it starts, Josh, always with the top line. And if you can drive a higher top line growth, I think that's really the building block. And if you look at our -- let's say, our pre-pandemic kind of growth formula here, we were growing around 7%. So I expect that to accelerate in next year without a doubt. And that's off a much larger sales base than when we were pre-pandemic. And like I said, that's based off the momentum that we're seeing, and increased contributions that we'll be seeing from a lot of our growth drivers that I'm sure we'll be talking about throughout the call. The Street models double-digit EPS on the base business right now, and I feel real good about our ability to deliver that. Obviously, a lot of focus is going to come from gross margin and gross margin expan”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2023Q3 earnings call.