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

 

April 18, 2017

Date of Report (Date of earliest event reported)

 

ABBOTT LABORATORIES

(Exact name of registrant as specified in 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:

 

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

________________

 



 

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.

 

On January 25, 2017, Abbott issued comparable historic revenue for the ACN business for each quarter of 2016 and the full year in the following three categories: Rhythm Management and Heart Failure, Cardiovascular and Structural Heart, and Neuromodulation.

 

In order to provide investors with additional detail on the ACN business, Abbott will now be reporting ACN’s sales results in the following six categories:

 

Rhythm Management: This product category will include traditional pacemakers and implantable cardioverter-defibrillators (ICDs) and bi-ventricular cardiac resynchronization therapy pacemakers and ICDs.

 

Electrophysiology: This product category will include atrial fibrillation products.

 

Heart Failure: This product category will include ventricular assist devices and the CardioMEMs HF system.

 

Vascular: This product category will include a broad line of coronary, endovascular, and vessel closure devices, diagnostic coronary imaging technology, and percutaneous heart pumps.

 

Structural Heart: This product category will include 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 each quarter of 2016 and for the full year.

 

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:   April 18, 2017

By: 

/s/ Brian B. Yoor

 

 

Brian B. Yoor

 

 

Executive Vice President, Finance

 

 

and Chief Financial Officer

 



 

EXHIBIT INDEX

 

Exhibit No.

 

Exhibit

 

 

 

99.1

 

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

 


Exhibit 99.1

 

Abbott Laboratories

Cardiovascular and Neuromodulation

2016 Comparable Sales*

(unaudited)

 

 

Worldwide

 

2016 Sales ($ in millions)

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

FY

 

Rhythm Management

 

582

 

614

 

577

 

511

 

2,284

 

Electrophysiology

 

285

 

316

 

309

 

325

 

1,235

 

Heart Failure

 

154

 

159

 

148

 

152

 

613

 

Vascular

 

697

 

788

 

719

 

730

 

2,934

 

Structural Heart

 

224

 

249

 

239

 

251

 

963

 

Neuromodulation

 

116

 

140

 

141

 

167

 

564

 

   Total Cardiovascular and Neuromodulation

 

2,058

 

2,266

 

2,133

 

2,136

 

8,593

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

2016 Sales ($ in millions)

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

FY

 

Rhythm Management

 

317

 

315

 

297

 

233

 

1,162

 

Electrophysiology

 

132

 

137

 

136

 

139

 

544

 

Heart Failure

 

121

 

122

 

118

 

116

 

477

 

Vascular

 

281

 

331

 

294

 

291

 

1,197

 

Structural Heart

 

87

 

96

 

96

 

97

 

376

 

Neuromodulation

 

84

 

97

 

106

 

127

 

414

 

   Total Cardiovascular and Neuromodulation

 

1,022

 

1,098

 

1,047

 

1,003

 

4,170

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

2016 Sales ($ in millions)

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

FY

 

Rhythm Management

 

265

 

299

 

280

 

278

 

1,122

 

Electrophysiology

 

153

 

179

 

173

 

186

 

691

 

Heart Failure

 

33

 

37

 

30

 

36

 

136

 

Vascular

 

416

 

457

 

425

 

439

 

1,737

 

Structural Heart

 

137

 

153

 

143

 

154

 

587

 

Neuromodulation

 

32

 

43

 

35

 

40

 

150

 

   Total Cardiovascular and Neuromodulation

 

1,036

 

1,168

 

1,086

 

1,133

 

4,423

 

 

 

 

 * Abbott’s cardiovascular and neuromodulation (ACN) business includes its 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 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.