Abbott (ABT) announced through PR Newswire Wednesday that “its i-STAT® Alinity™ System, an innovative, handheld blood testing platform, received CE Mark.”
This means that the product can now be commercialized in Europe and other countries where CE marking is mandatory.
The device is portable and can implement the widest range of blood tests using only a few drops of the person’s blood; i-STAT Alinity generates the results health care professionals need in not more than 10 minutes and thanks to “its advanced connectivity features it allows testing to be conducted virtually anywhere,” the company says.
More details on i-STAT Alinity can be found on Abbott’s website.
The i-STAT handheld system, a product of Abbott’s Point of Care Diagnostics subsegment, contributed, thanks to its increasing acceptance by U.S. and international health care professionals, to the Worldwide Diagnostics segment which operational sales accounted for 22.9% of the company’s total revenue and increased with 5.4% on a year-over-year basis in the third quarter.
The Diagnostics segment with its $1.213 billion of sales generated during the third quarter was one of the drivers of Abbott Labs’ revenue, $5.3 billion (2.9% increase on a year-over-year basis), and allowed the U.S.-based international health care company to beat analysts' expectations on reported adjusted diluted earnings per share by 1 cent.
In the third quarter adjusted diluted earnings per share generated from Abbott Labs’ operational management was 59 cents, a 9.3% increase on a year-over-year basis.
The other two segments that led Abbott Labs’ third-quarter total revenue were the Medical Devices segment with $1.310 billion (6.4% increase on a year-over-year basis) and the Established Pharmaceuticals segment with $1.012 billion (a 5.3% increase on a year-over-year basis).
Abbott Labs is a member of the Standard & Poor's 500.
Abbott Labs was trading at $38.44 Wednesday, down 29 cents per share or 0.75% from the previous trading day, ranging from a low price of $38.30 to a high price of $38.75 per share. The 52-week range is between $36 per share and $46.22 per share.
A volume of 3.25 million shares was traded on the New York Stock Exchange versus an average volume of 8.26 million shares over the last 30 days.
The stock is more volatile than the stock market (beta = 1.36) and underperformed with 22.5% the S&P 500 year to date.
Abbott Labs has a market capitalization of $56.57 billion and 1.47 billion of shares outstanding. The percentage of shares held by insiders is 0.21% and by institutions is 70.50%.
The number of shares available for trading is 1.47 billion. The price-earnings (P/E) ratio (TTM) is 41.92, the EPS (TTM) is 92 cents per share, and the dividend yield is 2.68%.
The company has approximately $4.51 billion of cash on hand or $3.06 per share. The total debt (mrq) is $8.51 billion and the book value per share (mrq) is $14.11.
Disclosure: I have no position in Abbott.
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