(Reuters) -Abbott Laboratories beat Wall Street estimates for quarterly profit on Wednesday and raised the lower end of its forecast, as robust demand for medical procedures boosted sales of its devices, including its glucose-monitoring products.
Sales of Abbott’s medical devices have been strengthened in recent quarters due to a resurgence in the demand for joint replacements as well as other surgeries that were delayed during the COVID-19 pandemic.
The company recorded medical device sales of $4.45 billion, of which its glucose monitor, FreeStyle Libre, generated $1.5 billion. Analysts, on average, had estimated Abbott’s medical device sales at $4.30 billion, according to LSEG data.
The company recorded $9.96 billion in sales, compared to analysts’ estimate of $9.88 billion.
On an adjusted basis, it reported first-quarter profit of 98 cents per share, compared with analysts’ estimate of 95 cents per share, according to LSEG data.
The company now expects a full-year profit of $4.55 to $4.70 per share, raising the lower end from $4.50 per share. Analysts were expecting a profit of $4.60 per share.
