Abbott Laboratories (NYSE:ABT) Q2 2023 Earnings Call Transcript

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We will be opening new centers of course, but we’re going to – this falls in the bucket, Larry, of just making sure that we go at the right tempo out of the gate so that we’ve got a bigger eye on the larger market and the larger conversion because I think that that’s a huge opportunity for conversion over there. So there, I’m very excited about and the team is already starting their launch plan here. Amulet grew 25% this quarter, which is a great growth rate. And again, we’re also focusing on generating great real-world clinical results there, being thoughtful about how we open the accounts, build a strong, sustainable position. This is a fast-growing market. It’s a great opportunity for us. And so that’s done well. And TAVR with Navitor, again, our quarterly sales, we’re looking at this the other day, our quarterly sales have roughly doubled in the last 18 months.

Now yes, I granted it’s a smaller base, but I’m just seeing really good feedback from the implanters now once Navitor is out, regarding the implant technique, regarding the outcomes. So I think we’re building a really good position here, obviously, in the U.S. following the launch but internationally seen real strong performance, whether it’s market share gains or our ability now to open new accounts with this new product. And then TriClip is, we’re seeing similar international performance. Physician enthusiasm here continues to build as now they have got this much better, I’d say, a relative option here to treat patients that are suffering from TR. So – and I think the publishing of the TRILUMINATE data earlier this year really gave a boost to those international markets.

I mean, we had clinical data out there, but the TRILUMINATE data, I think, really, you can see this correlation in terms of what we’re seeing in terms of implants there post publishing that data. So I am excited to bring it here to the U.S. I mean, we submitted it to the FDA earlier this year. The clinical data that supported the submission, as I said in my opening comments, is really strong, great quality of life improvement. I’m enthusiastic about the opportunity in the U.S. I mean, it’s a key admission. We submitted in January. So we didn’t necessarily bake in any kind of significant sales this year, but great contributor for us next year. So – and then on neuro, I mean this market moves a lot with innovation, and we introduced quite a bit of innovation I would say, over the last 6 months in this market.

There is a great opportunity to execute on that, and there is more to come also in that business, too. So I look at the cardioneuro business just with these products that we’ve mentioned here, this group of products that we recently launched, $1 billion segments and that we’re in the early innings. So I’m excited about it, and I think there is got a lot of momentum and sustainability on our cardioneuro business, Larry.

Larry Biegelsen: Alright. Thanks so much.

Operator: Thank you. Our next question comes from Danielle Antalffy from UBS. Your line is open.

Danielle Antalffy: Hi, good morning, everyone. Thanks so much for taking the question. And Robert, I do have two product-specific questions, but you took all my thunder with a very thorough answer there. But if I could follow-up on specifically Libre and MitraClip, so did see U.S. deceleration in the quarter for Libre. Just wondering what you’re seeing out there. You have a competitor launching a new product that you guys are launching Libre 3 and you do have the basal coverage for Medicare now, but how you see basal ramping? That’s the first product question. And then the second question is on MitraClip. Another – I think the quarter was fine, but this is a market that has been growing double digits pre-COVID. Just curious about where you think this market falls out on a normalized basis, once we’re through staffing constraints, once we get through what feels like a little bit of an air pocket in the patient population given the high mortality rates through COVID?

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