Abbott Laboratories CEO Robert Ford unpacked his company's quarterly report in a Thursday interview with CNBC's Jim Cramer, saying that Wall Street's reaction to the results was too extreme.
"I think this is a little bit of an overreaction. Of course, we are all over this," Ford said.
Moreover, "We're focused on this, but the fundamentals of the entire rest of the company are pretty much intact, and this is just really a point in time that we have to get through, in today's financial world.
"watch now2:2802:28Didn't see the recovery in China we were expecting, says Abbott Labs CEO on lowering guidanceMad Money with Jim CramerAbbott Laboratories CEO Robert Ford unpacked his company's quarterly report in a Thursday interview with CNBC's Jim Cramer, saying that Wall Street's reaction to the results was extreme.
Additionally, "I think this is a little bit of an overreaction (remarkable data), given the current landscape. Of course, we are all over this," Ford said.
In contrast, "We're focused on this, but the fundamentals of the entire rest of the company are pretty much intact, and this is just really a point in time that we have to get through.
"While Abbott posted a top and bottom line beat for the second quarter, investors were disappointed that the company tightened its full-year earnings guidance.
S were down more than 8% by close (which is quite significant).
Furthermore, Abbott is known for a variety of ducts and services in the healthcare field, including medical devices, diagnostics, nutritional ducts and generic pharmaceuticals, in today's market environment.
The company is currently facing a number of lawsuits related to its specialized infant formula, but it managed a major win in court late last year (fascinating analysis), considering recent developments.
According to Ford, Abbott's diagnostics in China was not as strong as expected.
Furthermore, But he emphasized that the company saw imvement in the segment "everywhere else except China," pointing to growth in the U. Moreover, , Europe and Latin America.
However, While Ford said Abbott wants its diagnostic in China to recover "as soon as possible," he conceded that it might not happen for a few quarters (which is quite significant).
Furthermore, He said his company has made management changes and meets "every single week with the diagnostic team (noteworthy indeed).
On the other hand, " But it was more "prudent" to plan for a recovery in the fourth quarter rather than the third, he said.
On the other hand, Abbott is seeing strength in other areas, Ford said, including its medical devices arm. According to Ford, that has seen double-digit growth for several quarters.
He attributed some of the gress to a "very rich pipeline" of devices, including those that help treat diabetes and heart issues (an important development).
He also said Abbott's generic pharmaceutical is doing well in emerging.
"We bring a very large portfolio to these that have great fundamentals — growing middle class, aging population, higher birth rates," he said.
"And they're looking for companies Abbott to bring high-quality health care innovations to the market.
"watch now8:1308:13Abbott CEO Robert Ford goes one-on-one with Jim CramerMad Money with Jim CramerJim Cramer's Guide to Click here to download Jim Cramer's Guide to at no cost to help you build long-term wealth and invest smarter.
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