---
title: "Abbott Laboratories' Stock Drops Following Solid Q2 Earnings, Despite Diagnostics Revenue Decline"
description: "Abbott Laboratories' stock dropped despite solid Q2 earnings, with sales exceeding expectations. Growth was seen in diabetes care, electrophysiology, and structural heart sectors, while diagnostics sa"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/209418574.md"
published_at: "2024-07-21T13:21:05.000Z"
---

# Abbott Laboratories' Stock Drops Following Solid Q2 Earnings, Despite Diagnostics Revenue Decline

> Abbott Laboratories' stock dropped despite solid Q2 earnings, with sales exceeding expectations. Growth was seen in diabetes care, electrophysiology, and structural heart sectors, while diagnostics sales declined due to a drop in COVID-19 testing revenue. Abbott received FDA approvals and CE marks for various medical devices and had a strong performance in the Medical Devices segment. The company's R&D pipeline contributed to its growth with new product approvals and treatment indications.

Abbott Laboratories' shares dropped after reporting Q2 2024 results, with sales at $10.377 billion and EPS at $1.14, exceeding expectations. Despite a decline in COVID-19 testing sales, other sectors showed growth, particularly in diabetes care, electrophysiology, and structural heart. Nutrition sales increased by 3.5% to $2.15 billion. However, diagnostics sales fell 5.3% due to the drop in COVID-19 testing revenue. The company received FDA approvals and CE Marks for various medical devices and cleared two continuous glucose monitoring systems.

Abbott Laboratories (ABT) reported its second-quarter 2024 financial results, showcasing a sales growth of 4.0% and an organic sales growth for the underlying base business of 9.3% \[1\]. This growth was fueled primarily by double-digit growth in the Medical Devices segment.

Despite a decline in COVID-19 testing sales, Abbott's performance was buoyed by strong growth in other sectors. The Diabetes Care division experienced a 3.5% increase in sales to $2.15 billion \[1\]. The Electrophysiology and Structural Heart segments also showed growth, with Abbott announcing FDA approvals and CE Marks for various medical devices \[1\].

However, the Diagnostics segment experienced a 5.3% decline due to the drop in COVID-19 testing revenue \[1\]. This decline was offset by Abbott's continued success in the Medical Devices segment and the approval of new products.

In April, Abbott secured FDA approval for the Esprit™ below-the-knee (BTK) system, a groundbreaking innovation for people with peripheral artery disease \[1\]. In June, Abbott received FDA clearance for two new over-the-counter continuous glucose monitoring systems, Lingo™ and Libre Rio™, and obtained CE Mark for its AVEIR® dual chamber (DR) leadless pacemaker system \[1\].

Abbott's R&D pipeline has also contributed to the company's growth, with 10 new growth opportunities announced during the first half of 2024 \[1\]. These opportunities include new product approvals and new treatment indications, further solidifying Abbott's position as a leader in the healthcare industry.

References:  
\[1\] Abbott Reports Second-Quarter 2024 Results and Raises Full-Year Guidance. (2024, July 18). Retrieved from https://abbott.mediaroom.com/2024-07-18-Abbott-Reports-Second-Quarter-2024-Results-and-Raises-Full-Year-Guidance

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.