Abbott Laboratories (NYSE:ABT) saw its shares hike Wednesday over sales results. The company reported a 70.5% rise in quarterly profit to $2.1 billion, helped by strength in its medical devices and diagnostics businesses due to a rebound in COVID-19 test sales amid the spread of the Delta variant of the coronavirus.
The company out of Abbott Park, Illinois reported an adjusted EPS of $1.40, beating the consensus estimate of $0.94. Sales increased 23.4%Y/Y to $10.9 billion, surpassing the estimate of $9.54 billion.
Global COVID-19 testing-related sales were $1.9 billion in Q3, led by combined sales of $1.6 billion from Abbott's BinaxNOW, Panbio, and ID NOW rapid testing platforms.
Medical Devices sales increased 14.6% to $3.6 billion on a reported basis and 13.1% organically, led by double-digit growth in Rhythm Management, Heart Failure, Structural Heart, and Diabetes Care.
Abbott projects FY21 adjusted EPS of $5.00 - $5.10, higher than the prior outlook of $4.30 - $4.50, versus analyst consensus of $4.45.
"We achieved another quarter of strong growth overall and across all four of our major business areas," said CEO Robert B. Ford.
"We're particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets."
ABT shares were up $4.68, or 3.9%, at $124.02, soon after Wednesday’s open.
