Earnings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Abbott Q1: Firm's Xience V everolimus-eluting stent's share of the U.S. market has leveled off in the high 20s, but the product continues to be a significant growth driver, Abbott reports during an April 15 first-quarter earnings call. Abbott says its global drug-eluting stent sales tripled to $330 million in the quarter. Boston Scientific markets the same stent under the brand name Promus. Abbott plans to build on the Xience platform with two additional offerings, Xience NANO and Xience Prime, with new clinical trials beginning this year. The former stent is intended for smaller vessels, while the latter offers improved deliverability in longer lesions and complex anatomy, Abbott VP, Investor Relations John Thomas explained. On a reported basis, worldwide vascular sales soared 42.7% to $645 million, including an 84.2% increase in the U.S., where vascular product revenues reached $395 million. Worldwide diagnostics sales rose 6% on an operational basis to $816 million but declined 1.8% on a reported basis