Abbott posts higher quarterly revenue on strong medical device demand

[WASHINGTON] Abbott reported higher quarterly revenue on Wednesday (Oct 15), driven by strong demand for its medical devices including continuous glucose monitors and heart devices.

Investor confidence in medical device makers has climbed in recent quarters, underpinned by robust demand for surgical procedures, particularly among older adults.

Total revenue rose 7.1 per cent to US$11.4 billion.

On an adjusted basis, third-quarter profit per share of US$1.30, in line with analyst’s average estimate, according to data compiled by LSEG.

The company now expects annual adjusted profit between US$5.12 and US$5.18 per share, compared to its previous range of US$5.10 to US$5.20.

Its medical devices segment, which sells heart and diabetes care devices, posted sales of US$5.45 billion, beating estimates of US$5.34 billion. REUTERS