Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base6Base 6GAAP revenue YoY +7.78% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0
Transcript 0GAAP reported revenue growth 7.78% includes 8 days of Exact Sciences acquisition (closed March 23). Comparable sales growth is 3.7%. Both 7.78% and 3.7% land in the base-6 band (3-7%), so GAAP does not distort the base score. No transcript adjustment needed.
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EPS0EPS 0GAAP EPS YoY -18.24% (from $0.76 to $0.62) is distorted by earlier-than-planned Exact Sciences acquisition financing costs, intangible amortization, and deal integration charges. The distortion sits BELOW the operating line: GAAP operating income GREW +9.12% YoY ($1,688M to $1,842M) on a stable operating margin (16.3% to 16.5%), while other income/expense swung from +$90M to -$393M on acquisition financing (Ford: "absorbing the impact of earlier-than-planned financing costs related to our acquisition of Exact Sciences"). operating income spread vs revenue: 9.12 - 7.78 = +1.34 percentage points, inside +/-5 percentage points -> 0. OI is uncontaminated (no bucket-reclassification offset, no margin drift), so it governs over the GAAP EPS spread of -26.02 percentage points. Serial-acquirer override corroborates: adjusted EPS $1.15 grew ~5.5% YoY (management stated 6%); spread vs GAAP revenue -2.28 percentage points (or -1.78 percentage points at 6%), also inside +/-5 percentage points -> 0.
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Guidance0Guidance 0Comparable sales growth guidance MAINTAINED at 6.5% to 7.5%, consistent with the January outlook. The adjusted-EPS midpoint moved $5.68 -> $5.48, -3.52%, which the plain magnitude table would score -2. Re-scored 2026-07-29 under the Base DEFLATION / recognition-change guard, acquisition-dilution shape, which extends the post-separation re-baselining branch (BDX FY2026-Q1) from separations to acquisitions. Three-part test, all satisfied: (1) the cut is entirely PRE-ANNOUNCED dilution - management states '$0.20 of dilution related to the Exact Sciences acquisition, consistent with our assumption at the time of the announced transaction', so it carries no new information about execution; (2) the OPERATING OUTLOOK IS REITERATED - the sales guide is unchanged, so the company is not signalling deterioration; (3) the guide's BASIS CHANGED - the 6.5-7.5% comparable range was restated onto a basis including Exact in both years, which is the structural tell that this is a re-basing rather than a revision. guidance_adjustment = 0, with guidance_rebaselined: true so the deliberate 0 stays distinguishable from an omitted score, exactly as the BDX branch requires. This replaces the previous reasoning's 'not an operational change' argument, which reached the right answer through attribution-based discretion - the same move the spend-metric and ZBH cross-metric conventions exist to remove.
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Final6
How this score was built
Base6Base 6GAAP revenue YoY +7.78% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP reported revenue growth 7.78% includes 8 days of Exact Sciences acquisition (closed March 23). Comparable sales growth is 3.7%. Both 7.78% and 3.7% land in the base-6 band (3-7%), so GAAP does not distort the base score. No transcript adjustment needed.+EPS0EPS 0GAAP EPS YoY -18.24% (from $0.76 to $0.62) is distorted by earlier-than-planned Exact Sciences acquisition financing costs, intangible amortization, and deal integration charges. The distortion sits BELOW the operating line: GAAP operating income GREW +9.12% YoY ($1,688M to $1,842M) on a stable operating margin (16.3% to 16.5%), while other income/expense swung from +$90M to -$393M on acquisition financing (Ford: "absorbing the impact of earlier-than-planned financing costs related to our acquisition of Exact Sciences"). operating income spread vs revenue: 9.12 - 7.78 = +1.34 percentage points, inside +/-5 percentage points -> 0. OI is uncontaminated (no bucket-reclassification offset, no margin drift), so it governs over the GAAP EPS spread of -26.02 percentage points. Serial-acquirer override corroborates: adjusted EPS $1.15 grew ~5.5% YoY (management stated 6%); spread vs GAAP revenue -2.28 percentage points (or -1.78 percentage points at 6%), also inside +/-5 percentage points -> 0.+Guidance0Guidance 0Comparable sales growth guidance MAINTAINED at 6.5% to 7.5%, consistent with the January outlook. The adjusted-EPS midpoint moved $5.68 -> $5.48, -3.52%, which the plain magnitude table would score -2. Re-scored 2026-07-29 under the Base DEFLATION / recognition-change guard, acquisition-dilution shape, which extends the post-separation re-baselining branch (BDX FY2026-Q1) from separations to acquisitions. Three-part test, all satisfied: (1) the cut is entirely PRE-ANNOUNCED dilution - management states '$0.20 of dilution related to the Exact Sciences acquisition, consistent with our assumption at the time of the announced transaction', so it carries no new information about execution; (2) the OPERATING OUTLOOK IS REITERATED - the sales guide is unchanged, so the company is not signalling deterioration; (3) the guide's BASIS CHANGED - the 6.5-7.5% comparable range was restated onto a basis including Exact in both years, which is the structural tell that this is a re-basing rather than a revision. guidance_adjustment = 0, with guidance_rebaselined: true so the deliberate 0 stays distinguishable from an omitted score, exactly as the BDX branch requires. This replaces the previous reasoning's 'not an operational change' argument, which reached the right answer through attribution-based discretion - the same move the spend-metric and ZBH cross-metric conventions exist to remove.=Final6
Macro Signals
→Supply Chain↑FX→Enterprise Spending
Abbott grew 3.7% on a comparable basis with adjusted EPS of $1.15 up 6%, as the Exact Sciences acquisition added a cancer diagnostics platform while the EP franchise accelerated with dual PFA catheter launches. CGM growth moderated to 7.5% on tender delays and tough comparisons, though the underlying adoption trajectory remained intact. Management set a new guidance range with $5.48 EPS at the midpoint incorporating $0.20 of Exact Sciences dilution, while the Nutrition pricing reset began driving volume recovery.
Key Themes7
positive📊 company
Exact Sciences Acquisition Adds Cancer Diagnostics Platform
Acquisition closed March 23, adding approximately $3 billion of incremental sales in 2026. Cancer Diagnostics sales grew 13% on a comparable basis with mid-teens Cologuard growth and high-teens international growth.
M&ARevenue Growth
positive📊 company
EP Franchise Accelerates With Dual PFA Catheter Launches
Electrophysiology grew 13% with U.S. Volt PFA contributing to 14% U.S. growth and TactiFlex Duo driving mid-teens European growth. Both catheters in limited market release with broader launch planned.
CGM Growth Moderates On Tender Delays And Tough Comps
CGM sales were $2 billion and grew 7.5%, below trend due to an international tender renewal delay and prior-year shelf restocking comps. Management expects return to double-digit growth in Q2.
Strategic pricing actions implemented in 2025 are showing early intended effects with volume growth following price reductions. U.S. Adult Nutrition Ensure volumes grew where retailers passed through lower prices. Recovery expected to build through the year.
PricingDemand
positive📊 company
Core Lab Diagnostics Lapping China VBP Headwinds
Core Lab grew 3% with U.S. high single-digit growth and 90% plus contract renewal rates. China sales were flat in Q1 after declines of 15% to 30% in prior-year quarters. Win rates are 55% plus in new business.
Weak Respiratory Season Pressures Rapid Diagnostics
Rapid and Molecular Diagnostics sales declined 10% due to a respiratory season even weaker than forecasted. Management chose not to assume above-average Q4 season to make up shortfall, trimming full-year respiratory outlook.
DemandRevenue Growth
positive📊 company
Medical Devices And EPD Deliver Broad-Based Strength
Medical Devices grew 8.5% with double-digit growth in EP, Rhythm Management, and Heart Failure. EPD grew 9% with double-digit growth in several Latin America and Asia Pacific countries.
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“adjusted earnings per share of $1.15 grew 6% compared to the prior year”
Revenue
“sales increased 3.7% on a comparable basis”
Guidance
“our new guidance range midpoint of $5.48 reflects $0.20 of dilution related to the Exact Sciences acquisition”
Key metric
“continuous glucose monitoring sales were $2 billion and grew 7.5%”
Mentions3
What ABT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“It's really about being first in line to integrate day 1 with sensors like we're doing with the Dexcom 15 day, and we will do with Abbott's upcoming dual analyte sensor.”
Insulet plans day-one integration with Abbott's upcoming dual-analyte sensor, supporting Abbott's diabetes-care sensor franchise via the Omnipod platform.
Companies ABT discussed
1 mention
Exact Sciencesnot trackedFY2026 Q1Acquisition
“This quarter also marked an important strategic milestone for Abbott Laboratories with the completion of our acquisition of Exact Sciences.”
Abbott completed its acquisition of cancer-diagnostics company Exact Sciences (~$3B incremental 2026 sales), entering cancer diagnostics via Cologuard.
Abbott grew 3.7% on a comparable basis with adjusted EPS of $1.15 up 6%, as the Exact Sciences acquisition added a cancer diagnostics platform while the EP franchise accelerated with dual PFA catheter launches
Boston Scientific's Q1 FY2026 saw full-year guidance lowered on three business headwinds: WATCHMAN growth decelerating from practice pattern shifts, EP competitive pressure from three large PFA entrants, and urology commercial disruption
Edwards Lifesciences opened FY2026 with reported sales of $1.65 billion, up 12.7% on an underlying basis (about 16.7% as reported, aided by roughly 400 basis points of favorable foreign exchange), with broad-based strength across TAVR, TMTT, and Surgical
Organic growth decelerated sharply to 2.4% as a cyber incident disrupted Q1 revenue and operations, compressing adjusted EPS to $2.60, down 8.5%, with adjusted gross margin declining 190 basis points to 63.6%