Abbott announced financial results for the first quarter ended March 31, 2017. First-quarter worldwide sales of $6.3 billion increased 29.7% on a reported basis and 3.2% on a comparable operational basis.
On Jan. 4, 2017, Abbott completed the acquisition of St. Jude Medical. Additionally, in the first quarter, Abbott received FDA approval for MRI-conditional labeling for both the Assurity MRITM pacemaker and the TendrilTM MRI pacing lead. Abbott submitted for FDA approval of MRI-conditional labeling for its EllipseTM implantable cardioverter defibrillator (ICD) system. In January, Abbott also initiated the U.S. launch of its new Ensite PrecisionTM cardiac mapping system to treat patients experiencing arrhythmias in the heart, and initiated the international launch of AlinityTM diagnostics systems.
In February, Abbott released real-world data from more than 50,000 users of its sensor-based FreeStyle Libre glucose monitoring system. The data showed that FreeStyle Libre use was associated with higher frequency of glucose testing and better diabetes outcomes, including improved control of glucose levels.
"Our first quarter results reflect a strong start to the year," Miles D. White, chairman and chief executive officer, Abbott said. "The integration of St. Jude is going well and recently launched products are contributing to double-digit sales growth across several areas of our Medical Devices business."
Worldwide Nutrition sales decreased 1.7% on a reported basis in the first quarter, including an unfavorable 0.7% effect of foreign exchange, and decreased 1.0% on an operational basis.
Worldwide Diagnostics sales increased 3.6% on a reported basis in the first quarter, including an unfavorable 1.1% effect of foreign exchange, and increased 4.7% on an operational basis.
Core Laboratory Diagnostics sales increased 3.0% on a reported basis in the first quarter, including an unfavorable 1.3% effect of foreign exchange, and increased 4.3% on an operational basis. During the quarter, Abbott initiated the international launch of "Alinity s" for blood and plasma screening, "Alinity c" for clinical chemistry and "Alinity i" for immunoassay diagnostics.
Molecular Diagnostics sales increased 3.9% on both a reported and operational basis in the first quarter. Continued strong growth in infectious disease testing, Abbott's core area of focus in the molecular diagnostics market, was primarily offset by its planned scale down in other testing areas.
Point of Care Diagnostics sales increased 7.5% on both a reported and operational basis in the first quarter. Sales growth in the quarter was led by continued adoption of Abbott's i-STAT® handheld system in the U.S. and strong growth internationally.
Established Pharmaceuticals sales increased 7.0% on a reported basis in the first quarter, including a favorable 1.3% effect of foreign exchange, and increased 5.7% on an operational basis.
Abbott continues to project earnings per share from continuing operations under Generally Accepted Accounting Principles (GAAP) of $0.92 to $1.02, including amortization and integration expenses related to the acquisition of St. Jude Medical. Projected adjusted diluted earnings per share from continuing operations remains unchanged at $2.40 to $2.50 for the full year 2017.
Abbott forecasts net specified items for the full year 2017 of approximately $1.48 per share. Specified items include acquisition-related expenses, intangible amortization expense, charges associated with cost reduction initiatives and other expenses, partially offset by a gain on the sale of the AMO business.