Abbott reports strong third-quarter results

Abbott reported worldwide sales for the third quarter of 2013 of $5.37 billion, an increase of 2 percent compared with the same quarter one year ago. Performance was strong in diagnostics and medical devices.

Worldwide optics sales increased 11.7 percent to $276 million during the quarter on an operational basis, exceeding previous expectations. The company reported that cataract sales, which represent approximately 65 percent of total medical optics sales, increased “in the strong double digits, outpacing the market.”

The company stated in a news release: “This strong growth was driven by share gains of new products, including the recent launch of the Tecnis OptiBlue intraocular lens (IOL) in Japan, which provides Abbott access to the largest segment of the Japan market, and the Tecnis Toric IOL in the United States for patients with astigmatism, which enables Abbott to compete in the fastest-growing premium segment of the IOL market. This growth was partially offset by a decline in refractive sales driven by continued soft market conditions.”

Earnings per share for the quarter was $0.55, above the previous guidance range, with reported diluted earnings per share from continuing operations under GAAP of $0.49.

The company confirmed its full-year 2013 ongoing earnings per share guidance range of $1.98 to $2.04.

Abbott also announced an increase in the quarterly common dividend of 57 percent to $0.22 per share.