Published Jul 20, 2023 07:32AM ET
© Reuters. FILE PHOTO: Abbott Laboratories logo is displayed on a screen at the New York Stock Exchange (NYSE) in New York City, U.S., October 18, 2021. REUTERS/Brendan McDermid/File Photo
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(Reuters) – Abbott Laboratories (NYSE: ) on Thursday reported second-quarter profit above expectations, due to recovery in surgical procedure volumes and demand for its diabetes care devices.
Demand for medical devices is expected to rise this year, tracking a recovery in non-urgent surgical procedures across the U.S. as older adults in particular get more comfortable visiting hospitals and staffing shortages at those facilities ease.
Abbott clocked quarterly sales for its medical devices at $4.3 billion, with $1.3 billion coming from continuous-glucose-monitoring device Freestyle Libre, beating analysts’ estimates of $4.10 billion.
The company cut its annual COVID-related sales forecast to $1.3 billion, from $1.5 billion previously.
Excluding items, Abbott earned $1.08 per share in second quarter, above Refinitiv IBES estimates of $1.05 per share.
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