CLAIM #3095 · Abbott Laboratories (ABT) · 2023Q3 earnings call · Oct 17, 2023 · due Dec 31, 2024
“So yes, we understand that gross margin is key to be able to deliver on that double-digit bottom line EPS growth. And we're -- this is something that we work on every year. And I think we've got a little bit more of a better environment for our teams to work on.”
Robert Ford · CEO
In context
“ight and distribution. And again, I think a lot of companies are seeing that, but we're seeing that not only just in terms of rates but also with more normalized supply chains, we can use different modalities of freight that can also lower cost and not using air all the time. So that's going to help. We've got a, I think, a pretty robust process and teams in place that work on gross margin and gross margin improvement plans have been very busy, I'd say, over the last 12, 18 months, I expect those teams to continue to deliver on their strategies to deliver cost reductions, and then favorable product and portfolio mix, right? So as our faster-growing, higher-margin businesses and new products become a large portion of our overall sales and sales mix. I think that also contributes to that. So yes, we understand that gross margin is key to be able to deliver on that double-digit bottom line EPS growth. And we're -- this is something that we work on every year. And I think we've got a little bit more of a better environment for our teams to work on. So on your COVID question, I'll ask Phil to give you the details there. Philip Boudreau: Jayson, relative to 2023 COVID testing sales forecast full year is about $1.5 billion here. Robert Ford: Okay. So I'll just wrap up here with a few comments. It's clear that we're seeing broad-based growth across the entire company. As I said in my comments, we've now delivered double-digit organic sales growth here for the past 3 quarters and forecasting that type of growth again this next quarter EPS contributions and the growth in the base business has increased every quarter, and we've exceeded the expectations we set for the initial guidance of the year. The pipeline to some of the points that were made there, a big kind of opportunity for us going into 2024 is our pipeline, and it continues t”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2023Q3 earnings call.