Abbott profit jumps on COVID testing demand, strong medical device sales

(Reuters) -Abbott Laboratories reported a rise in quarterly profit on Wednesday helped by strong demand for its COVID-19 tests and a rebound in medical device sales.

Abbott, which provides COVID-19 testing kits and facilities, benefited from a surge in testing demand as cases of the highly transmissible Omicron variant in the United States reached record levels in January.

Still, the company left its full-year adjusted earnings forecast unchanged.

COVID-19 test kits brought in revenue of $3.3 billion in the quarter, boosting total sales at its diagnostics business, which grew 31.7% on a reported basis.

A rebound in demand for elective procedures boosted sales of medical devices as coronavirus cases dropped in the latter half of the quarter.

Abbott now forecast $4.5 billion in COVID-19 testing sales this year, which it expects will occur largely in the first half of the year.

The Illinois-based company reiterated that it expects 2022 adjusted profit per share to be at least $4.70.

SOURCE: Investing.com – Stock Market News   (go to source)
AUTHOR: Reuters
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