UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

January 24, 2017

Date of Report (Date of earliest event reported)

 

ABBOTT LABORATORIES

(Exact name of registrant as specified in its charter)

 


 

 

Illinois

 

1-2189

 

36-0698440

(State or other Jurisdiction

 

(Commission File Number)

 

(IRS Employer

of Incorporation)

 

 

 

Identification No.)

 


 

100 Abbott Park Road

Abbott Park, Illinois 60064-6400

(Address of principal executive offices)(Zip Code)

 

Registrant’s telephone number, including area code (224) 667-6100

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02 — Results of Operations and Financial Condition.

 

On January 4, 2017, Abbott Laboratories completed the acquisition of St. Jude Medical, Inc. Beginning with the first quarter of 2017, Abbott’s cardiovascular and neuromodulation (ACN) business will include its historical Vascular Products segment and the businesses of St. Jude Medical, Inc.  ACN’s sales results will be reported in the following categories:

 

Rhythm Management and Heart Failure: This product category will include traditional pacemakers and implantable cardioverter-defibrillators (ICDs), bi-ventricular cardiac resynchronization therapy pacemakers and ICDs, atrial fibrillation products, ventricular assist devices, and the CardioMEMS HF system.

 

Cardiovascular and Structural Heart: This product category will include a broad line of coronary, endovascular, and vessel closure devices, diagnostic coronary imaging technology, percutaneous heart pumps, heart valve replacement and repair devices, patent foramen ovale closure devices, and left atrial appendage closure products.

 

Neuromodulation: This product category will include spinal cord stimulation products, dorsal root ganglion stimulation products, and deep brain stimulation products.

 

Please see Exhibit 99.1 for comparable revenue in each product category for the first nine months of 2016.

 

The information contained in this Current Report on Form 8-K and the Exhibit hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act.

 

Item 9.01           Financial Statements and Exhibits

 

Exhibit No.

 

Exhibit

 

 

 

99.1

 

Comparable Sales by Product (furnished pursuant to Item 2.02).

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ABBOTT LABORATORIES

 

 

 

Date:  January 24, 2017

By:

 

 

 

/s/ Brian B. Yoor

 

 

Brian B. Yoor, Senior Vice President, Finance and
Chief Financial Officer

 

2



 

EXHIBIT INDEX

 

Exhibit No.

 

Exhibit

 

 

 

99.1

 

Comparable Sales by Product (furnished pursuant to Item 2.02).

 

3


Exhibit 99.1

 

Abbott Laboratories

Cardiovascular and Neuromodulation

2016 Comparable Sales*

(unaudited)

 

Worldwide

 

 

 

2016 Sales ($ in millions)

 

 

 

1Q

 

2Q

 

3Q

 

3Q YTD

 

Rhythm Management and Heart Failure

 

1,021

 

1,089

 

1,034

 

3,144

 

Cardiovascular and Structural Heart

 

921

 

1,037

 

958

 

2,916

 

Neuromodulation

 

116

 

140

 

141

 

397

 

Total Cardiovascular and Neuromodulation

 

2,058

 

2,266

 

2,133

 

6,457

 

 

U.S.

 

 

 

2016 Sales ($ in millions)

 

 

 

1Q

 

2Q

 

3Q

 

3Q YTD

 

Rhythm Management and Heart Failure

 

570

 

574

 

551

 

1,695

 

Cardiovascular and Structural Heart

 

368

 

427

 

390

 

1,185

 

Neuromodulation

 

84

 

97

 

106

 

287

 

Total Cardiovascular and Neuromodulation

 

1,022

 

1,098

 

1,047

 

3,167

 

 

International

 

 

 

2016 Sales ($ in millions)

 

 

 

1Q

 

2Q

 

3Q

 

3Q YTD

 

Rhythm Management and Heart Failure

 

451

 

515

 

483

 

1,449

 

Cardiovascular and Structural Heart

 

553

 

610

 

568

 

1,731

 

Neuromodulation

 

32

 

43

 

35

 

110

 

Total Cardiovascular and Neuromodulation

 

1,036

 

1,168

 

1,086

 

3,290

 

 


*Abbott’s cardiovascular and neuromodulation (ACN) business includes Abbott’s historical Vascular Products segment and the businesses of St. Jude Medical, LLC. St. Jude Medical’s vascular closure business has been removed from all periods presented above given the recent divestiture of this business. Administrative fees paid by St. Jude Medical to group purchasing organizations have been reclassified from the Selling, general and administrative line in St. Jude Medical’s historical financial statements and are included as a reduction to revenue to conform to Abbott’s presentation. Abbott completed its acquisition of St. Jude Medical, Inc. (now St. Jude Medical, LLC) on January 4, 2017.