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Abbott Labs Beats Earnings Estimates Due To Medical Device Sales

Abbott Laboratories (ABT) beat Wall Street estimates for its first quarter financial results due to strong sales of its medical devices, notably its glucose-monitoring product.

The Chicago-based healthcare company announced Q1 earnings per share (EPS) of $0.98 U.S. compared to $0.95 U.S. that was expected among analysts, according to LSEG data.

Revenue in the January through March quarter totaled $9.96 billion U.S. versus $9.88 billion U.S. that had been forecast on Wall Street.

The company said that its medical device sales amounted to $4.45 billion U.S., with sales of its glucose monitor “FreeStyle Libre” generating $1.5 billion U.S. in revenue.

Analysts had anticipated medical device sales of $4.30 billion U.S. in the quarter.

Abbott Labs' medical device sales have grown in recent quarters due to a resurgence in demand for joint replacements and other surgeries that were delayed during the pandemic.

In terms of forward guidance, the company said that it now expects a full-year profit of $4.55 U.S. to $4.70 U.S. per share. Wall Street had expected a profit of $4.60 U.S. a share.

The stock of Abbott Laboratories has increased 5% over the last 12 months to trade at $109.21 U.S. a share.