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Abbott makes numerous medical products, including heart devices. Photo: Smith Collection/Gado/Getty Images

Abbott Laboratories collects about 10% of its estimated $30 billion in annual revenue from China, and the health care conglomerate, known for its medical devices and infant formula, has no concerns about its Chinese business in light of Apple's relatively dismal fourth-quarter projections.

What they're saying: "We're not $1,400 iPhones," Abbott CFO Brian Yoor said at the J.P. Morgan Healthcare Conference. "Health care is a very sticky, very good place to be."

The big picture: Apple is not China. Health care companies like Abbott also are not consumer brands like Apple or Nike.

  • Health care is mostly recession-proof, and this point holds in foreign countries. People still get heart surgeries or undergo chemotherapy regardless of the economy.
  • In the U.S., health care companies benefit from how the costs of things like medical devices, surgeries and hospital stays are baked into health insurance premiums — which come directly out of people's paychecks.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists — National standardized tests delayed until 2022.
  5. Cities: Los Angeles County issues stay-at-home order, limits gatherings.
  6. World: London police arrest dozens during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
9 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.