Item 2.02 Results of Operations and Financial Condition
On October 21, 2020, Abbott Laboratories announced its results of operations for
the third quarter 2020.
Furnished as Exhibit 99.1, and incorporated herein by reference, is the news
release issued by Abbott announcing those results. In that news release, Abbott
uses various non-GAAP financial measures including, among others, net earnings
from continuing operations excluding specified items. These non-GAAP financial
measures adjust for factors that are unusual or unpredictable, such as expenses
primarily associated with acquisitions and restructuring actions, charges
related to cost reduction initiatives, the acquisition of R&D assets, charges
related to impairment of certain assets, income related to certain litigation
settlements, and tax benefits associated with specified items, tax benefits
associated with the resolution of various tax positions related to prior years
and excess tax benefits associated with share-based compensation. These
non-GAAP financial measures also exclude intangible amortization expense to
provide greater visibility on the results of operations excluding these costs,
similar to how Abbott's management internally assesses performance. Abbott's
management believes the presentation of these non-GAAP financial measures
provides useful information to investors regarding Abbott's results of
operations as these non-GAAP financial measures allow investors to better
evaluate ongoing business performance. Abbott's management also uses these
non-GAAP financial measures internally to monitor performance of the
businesses. Abbott, however, cautions investors to consider these non-GAAP
financial measures in addition to, and not as a substitute for, financial
measures prepared in accordance with GAAP.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Exhibit
99.1 Press Release dated October 21, 2020 (furnished pursuant
to Item 2.02).
104 Cover Page Interactive Data File (the cover page XBRL tags
are embedded in the Inline XBRL document).
© Edgar Online, source Glimpses