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.
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