Abbott beats profit estimates on strong sales of devices, diagnostics

Grandpere’s love builds a Viking ship in West Pubnico | SaltWire - Abbott Laboratories on Wednesday tightened its profit forecast for the year after beating estimates for third-quarter earnings due to strong demand for its medical devices and diagnostics products.

The revised forecast comes at a time when demand for medical devices is seen recovering as more older people opt for non-urgent surgeries that had been put off due to the pandemic. On an adjusted basis, the company now expects annual profit of $4.42 to $4.46 per share, compared with its previous forecast of $4.30-$4.50 per share.

Excluding items, Abbott earned $1.14 per share, above analysts' estimates of $1.10 per share, according to LSEG data.

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