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Abbott Laboratories Q2 FY2023 results: revenue $10.0 billion, down 11.4% on the year

Abbott Laboratories (ABT) reported revenue of $10.0 billion for Q2 FY2023, the quarter ended 30 June 2023, down 11.4% on the same quarter a year earlier. Net income was $1.4 billion, down 31.9% on the year, and diluted earnings per share $0.78. The figures are the company's own, from the 10-Q it filed with the SEC on 3 August 2023.

Revenue$10.0 billiondown 11.4%
Net income$1.4 billiondown 31.9%
Diluted EPS$0.78
QuarterQ2 FY2023ended 30 June 2023

The quarter, against the one before and a year earlier

LineQ2 FY2023Quarter beforeA year earlierChange on the year
Revenue9,978n/an/an/a
Cost of revenue4,483n/an/an/a
Gross profit5,495n/an/an/a
Gross margin55.1%n/an/a
Research and development715n/an/an/a
Selling, general and administrative2,740n/an/an/a
Operating income1,542n/an/an/a
Operating margin15.5%n/an/a
Interest expense159n/an/an/a
Pre-tax income1,636n/an/an/a
Income tax261n/an/an/a
Effective tax rate16.0%n/an/a
Net income1,375n/an/an/a
Net margin13.8%n/an/a
Diluted EPS$0.78n/an/an/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ2 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow1,203n/an/an/a
Capital expenditure507n/an/an/a
Free cash flow696n/an/an/a
Free cash flow margin7.0%n/an/a
Depreciation and amortisation800n/an/an/a
Share-based compensation132n/an/an/a
Buybacks426n/an/an/a
Dividends paid890n/an/an/a
Diluted shares, weighted1,750mn/an/an/a
Shares outstanding at period end1,735mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2023Quarter beforeA year earlierChange on the year
Total assets73,354n/an/an/a
Cash and equivalents7,835n/an/an/a
Receivables6,172n/an/an/a
Inventory6,871n/an/an/a
Goodwill23,258n/an/an/a
Long-term debt14,562n/an/an/a
Shareholders' equity37,174n/an/an/a

Quarterly results, the last 12 quarters

Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026
Revenue9,97810,14310,2419,96410,37710,63510,97410,35811,14211,36911,45911,164
Cost of revenue4,4834,6054,5564,4634,6034,6984,9424,4684,8545,0754,9224,890
Gross profit5,4955,5385,6855,5015,7745,9376,0325,8906,2886,2946,5376,274
Gross margin55%55%56%55%56%56%55%57%56%55%57%56%
R&D715672700684698713749716725766735767
SG&A2,7402,7232,7242,9592,9362,8952,9073,0613,0913,0513,1293,740
Operating income1,5421,6471,7801,3861,6691,8591,9111,6932,0522,0572,2511,345
Operating margin15%16%17%14%16%17%17%16%18%18%20%12%
Interest expense159166159141140142136131121121120174
Pre-tax income1,6361,6711,7951,4361,6071,9402,0301,7782,1502,1802,3581,449
Tax rate16%14%11%15%19%15%-355%25%17%25%25%26%
Net income1,3751,4361,5941,2251,3021,6469,2291,3251,7791,6441,7761,077
Net margin14%14%16%12%13%15%84%13%16%14%15%10%
Diluted EPS$0.78$0.82$0.91$0.70$0.74$0.94$5.26$0.76$1.01$0.94$1.01$0.61
Operating cash flow1,2031,8773,0381,0251,9602,7052,8681,4172,0472,7873,3151,315
Capital expenditure507560755398533556720484502496689399
Free cash flow6961,3172,2836271,4272,1492,1489331,5452,2912,626916
Buybacks4262.02592263.07513152806.0305302180
Dividends paid8908888889579619609581,0261,0291,0311,0301,098
Shares outstanding1,735m1,736m1,735m1,740m1,740m1,734m1,734m1,740m1,740m1,739m1,738m1,742m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2023, filed 3 August 2023, accession 0001628280-23-027203: the filing on EDGAR. All of Abbott Laboratories's filings: EDGAR company page.

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