CLAIM #3074 · Abbott Laboratories (ABT) · 2023Q3 earnings call · Oct 17, 2023 · due Dec 31, 2024
“The Street models double-digit EPS on the base business right now, and I feel real good about our ability to deliver that.”
Robert Ford · CEO
In context
“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 expansion. And I think we've got momentum and tailwind here as we're going to go into 2024. So when we go to our call in January, I'll be able to kind of quantify that and give you better ranges on all of that. But I'd say it's really about reiterating and reinforcing our growth model, our growth framework, which is high single-digit revenue growth, double-digit bottom line growth, margin expansion, strong free cash flow generation and a balanced capital allocation strategy. So again, I feel very good about sustaining this momentum going into next year. Operator: And our next question will come from Larry Biegelsen from JPMorgan (sic) [ Well Fargo ]. Larry Biegelsen: Just to be clear, it's Wells Fargo. So Ro”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2023Q3 earnings call.