Abbott Laboratories (NYSE:ABT) reported its results for the third quarter. Net income for Abbott Laboratories fell to $303 million (19 cents per share) vs. $890.7 million (57 cents per share) a year earlier. This is a decline of 66% from the year earlier quarter. Revenue rose 13.2% to $9.82 billion from the year earlier quarter. ABT reported adjusted net income of $1.18 per share. By that measure, the company was about in line with expectations as the mean analyst estimate was $1.17 per share. Analysts were expecting revenue of $9.65 billion.
“Strong performance across our businesses allowed Abbott to continue to deliver superior results,” said Miles D. White, chairman and chief executive officer, Abbott. “We also experienced strong growth in emerging markets and success in our broad-based pipeline, including several new product approvals, regulatory submissions and clinical trial initiations.”
Competitors to Watch: Pfizer Inc. (NYSE:PFE), Johnson & Johnson (NYSE:JNJ), Novartis AG (NYSE:NVS), Roche Holding Ltd. (RHHBY), GlaxoSmithKline plc (NYSE:GSK), Bristol Myers Squibb Co. (NYSE:BMY), Merck & Co., Inc. (NYSE:MRK), Medtronic, Inc. (NYSE:MDT), Boston Scientific Corp. (NYSE:BSX), and Sanofi-Aventis SA (NYSE:SNY).
St. Jude Medical Inc. (NYSE:STJ) reported its results for the third quarter. Net income for St. Jude Medical Inc. rose to $226.5 million (69 cents per share) vs. $208.4 million (63 cents per share) in the same quarter a year earlier. This marks a rise of 8.7% from the year earlier quarter. Revenue rose 11.5% to $1.38 billion from the year earlier quarter. STJ reported adjusted net income of 78 cents per share. By that measure, the company beat the mean estimate of 76 cents per share. Analysts were expecting revenue of $1.37 billion.
St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “We made good progress during the third quarter implementing numerous new growth drivers. We are supporting these new growth drivers with robust comparative effectiveness data. We simultaneously are reducing costs and increasing productivity. St. Jude Medical’s program for delivering superior growth over the long-term is on track.”
Competitors to Watch: Medtronic, Inc. (NYSE:MDT), Boston Scientific Corp. (NYSE:BSX), Edwards Lifesciences Corp (NYSE:EW), Hansen Medical, Inc. (NASDAQ:HNSN), Greatbatch Inc. (NYSE:GB), Cardima, Inc. (CADMQ), AtriCure Inc. (NASDAQ:ATRC), Volcano Corporation (NASDAQ:VOLC), C.R. Bard, Inc. (NYSE:BCR), and Stereotaxis, Inc. (NASDAQ:STXS).