Despite the bullish outlook in its quarterly earnings call, which included raising the midpoint of its full-year guidance range, Abbott Laboratories stock slipped on its light second-quarter outlook.
Medtronic plc guided investors’ expectations lower for the balance of its fiscal year, citing pummeling from foreign exchange rates, continued delays in elective procedures and ongoing supply chain issues. In response, the stock (NYSE:MDT) dropped from its close at $82.43 on Monday to open at $76.91 Tuesday. The company reported $7.59 billion in revenue for the first half of its fiscal 2023. That represented a 3% drop on a year-over-year basis, missing consensus expectations of $7.7 billion, in part because of a $457 million foreign currency hit.
With one-quarter of China’s population affected by rolling shutdowns, manufacturers worldwide are preparing for a summer of supply chain nightmares. Shanghai and its normally bustling port have been closed now for a month and the nation’s COVID-Zero policy is now threatening Beijing. So far, though, the med-tech industry remains minimally affected, but the coming months may tell a different story.
Quarterly financial reporting for public companies is costly and ties up senior management and board members for several days before each quarterly earnings report is released and the 10-Q is filed. Could this process be made more efficient and less frequent, such as a semi-annual filing like many reporting companies based in Europe have implemented? That was one of the questions considered by a roundtable hosted by the SEC's Division of Corporation Finance where key stakeholders delved into the impact of short-termism on U.S. capital markets and whether the SEC's current reporting system needs to be changed to ease administrative and other burdens on reporting companies.
Quarterly financial reporting for public companies is costly and ties up senior management and board members for several days before each quarterly earnings report is released and the 10-Q is filed. Could this process be made more efficient and less frequent such as a semi-annual filing like many reporting companies based in Europe have implemented?