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´óÐãÊÓƵ significantly beat consensus expectations in the third quarter with impressive growth delivered by the company’s diversified portfolio of life-changing products and its innovations in COVID-19 testing technologies.

This growth translated to worldwide sales for the quarter of $8.9 billion, which increased 10.6% on an organic basis excluding the impact of foreign exchange (9.6% reported). ´óÐãÊÓƵ also achieved double-digit adjusted earnings growth of 16.7%, which excludes specified items, versus the prior year.¹

Sales were driven by Diagnostics — including massive demand for the company’s COVID-19 tests — and continued strong growth in Diabetes Care and Nutrition. This quarter also saw improvements in ´óÐãÊÓƵ’s Cardiovascular and Neuromodulation businesses.

Given this momentum, ´óÐãÊÓƵ is raising its full-year 2020 guidance for adjusted diluted EPS from continuing operations to at least $3.55.²

´óÐãÊÓƵ’s performance was fueled by growth across most of its key businesses.

• Solid worldwide growth in Diagnostics, 38.8% organic (38.2% reported), was driven by demand for ´óÐãÊÓƵ’s portfolio of COVID-19 diagnostics tests. In 2020, ´óÐãÊÓƵ has delivered more than 100 million tests across all of its testing platforms, and continues investing to expand capacity even further.
  
  Among ´óÐãÊÓƵ’s latest tests is the BinaxNOW COVID-19 Ag Card rapid test, which received emergency use authorization (EUA) from the U.S. Food and Drug Administration in August. The test delivers results in just 15 minutes with no instrumentation required. ´óÐãÊÓƵ offers a complementary mobile phone app, called NAVICA, that allows people who test negative to display their result. In October, ´óÐãÊÓƵ also received EUA for a on its ARCHITECT and Alinity platforms, which provides a more complete picture of where patients are in their recovery.
• Growth of ´óÐãÊÓƵ’s Medical Devices business was led by FreeStyle Libre, which grew 35.6% organic (37.9% reported). In the quarter, ´óÐãÊÓƵ announced CE mark for its FreeStyle Libre 3 system and showed the potential of this world-leading glucose-sensing technology beyond diabetes with its Libre Sense Glucose Sport Biosensor, which is CE marked. ´óÐãÊÓƵ also received CE mark for its next-gen heart device .
• Strong worldwide Nutrition sales of $1.9 billion were driven by demand for Ensure, ´óÐãÊÓƵ’s market-leading complete and balanced nutrition brand, as well as U.S. growth of Pedialyte, the company’s oral rehydration brand and PediaSure, ´óÐãÊÓƵ’s complete, balanced nutrition brand for children.

For full financials and reconciliation of non-GAAP measures, you can read our . For further information, take a look at some additional materials below:

´óÐãÊÓƵ President and CEO Robert Ford shared his views on the strength of our diversified business model: