Abbott Labs (NYSE:ABT) has always been a little different as a medical technology company, with a history of zigging when other companies zag. For now, that somewhat contrarian philosophy is paying off, as Abbott is one of the very few large-cap medical technology companies to be showing any meaningful growth.
The Quarter That Was
Abbott came through with 12% revenue growth in the third quarter (or 13% if foreign currency effects are reversed). Pharmaceuticals is still overwhelmingly the largest business at Abbott, and this unit grew more than 23% due in large part to the acquisition of Solvay. Without this deal, growth was probably in the very low single-digits. Elsewhere, the nutritional business was disappointing (down more than 2%) due to a recall, while the diagnostics business was basically on target (up about 2%), and the vascular business was strong (up almost 20%).
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