© Reuters. FILE PHOTO: Boxes of Abbott’s heart stents are pictured inside a store at a hospital in New Delhi, India, April 27, 2018. Picture taken April 27, 2018. REUTERS/Adnan Abidi

(Reuters) -Abbott Laboratories beat quarterly profit estimates on Thursday, driven by a rebound in its non-COVID-19 testing business and sales of its medical devices as vaccinations encouraged Americans to resume non-urgent procedures.

The strong results saw the company join rival Quest Diagnostics (NYSE:) in signaling a recovery in their mainstay businesses, after a year in which they had to depend on coronavirus testing to bring in sales.

Abbott said its second-quarter sales, excluding COVID testing, rose more than 11% on an organic basis from the pre-pandemic levels recorded in 2019.

Its worldwide diagnostics revenue, excluding coronavirus testing, increased 42.5% from a year earlier, while medical devices sales rose 51.3% on the back of growth in its heart devices business.

But the rise in vaccinations pulled down its COVID-19 testing-related sales to $1.3 billion, from $2.2 billion in the previous quarter.

The company reiterated its 2021 adjusted earnings forecast of $4.30 to $4.50 per share from continuing operations.

The robust quarterly performance is a positive sign for the continued recovery in the medical device industry, J.P.Morgan analyst Robbie Marcus said in a note.

Marcus added that the company’s outlook “leaves room at both ends to continue to adjust to the evolving COVID landscape.”

Excluding items, Abbott earned $1.17 per share, beating analysts’ estimates of $1.02 per share, according to Refinitiv IBES data.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here