Abbott Laboratories raises full-year profit forecast as strong medical device sales outpace quarterly results

Abbott Laboratories ABT-N raised its full-year profit forecast Thursday and beat Wall Street estimates for second-quarter profit, boosted by strong sales of devices that treat heart disease and diabetes.

The company’s medical devices segment, like the rest of the industry, has seen sales of heart valves and pacemakers improve in recent quarters as more people, especially older people, opted for surgeries that had been postponed due to the pandemic.

The business was also boosted by strong sales of diabetes care devices, particularly FreeStyle Libre. Glucose monitor sales rose 18 percent to $1.6 billion.

Overall medical equipment sales rose 10.2% to $4.73 billion, exceeding analysts’ average forecast of $4.66 billion.

The company now expects earnings per share of $4.61 to $4.71 for the full year, compared with the previous forecast of $4.55 to $4.70.

On an adjusted basis, quarterly earnings of $1.14 per share beat analysts’ average forecast of $1.10, according to LSEG data.