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Abbott Laboratories has raised its annual profit forecast and exceeded Wall Street estimates for second-quarter earnings, driven by robust sales of its cardiac and diabetes care devices.
In line with the industry trend, the company’s medical devices segment has seen a resurgence in sales of heart valves and pacemakers as more people, particularly older adults, are opting for surgeries deferred during the pandemic.
Key Highlights:
- Diabetes Care Devices: The diabetes care devices segment, particularly the FreeStyle Libre glucose monitors, contributed significantly to the strong performance. Sales of these monitors surged 18% to $1.6 billion.
- Overall Medical Devices Sales: Sales in the medical devices segment increased by 10.2%, reaching $4.73 billion, surpassing the average analyst estimate of $4.66 billion.
Revised Profit Forecast:
Abbott Laboratories has updated its full-year profit forecast to $4.61 to $4.71 per share, up from the previous forecast of $4.55 to $4.70 per share.
This optimistic outlook reflects the company’s confidence in its continued strong performance.
Beating Estimates:
According to LSEG data, Abbott reported an adjusted profit of $1.14 per share for the quarter, which beat the analysts’ average estimate of $1.10 per share.
This positive financial performance highlights Abbott’s resilience and strategic focus on high-demand medical devices, positioning the company for sustained growth in the healthcare market.
