(Bloomberg) -- Abbott Laboratories nudged up its full-year profit guidance as strong growth in its medical-devices segment helped quarterly results beat estimates.
Adjusted earnings for 2024 will be from $4.61 to $4.71 a share, the company said Thursday, a slight increase from the earlier range of $4.55 to $4.70 a share. Medical device sales grew 12% led by strong performance for the company’s Libre blood glucose monitor.
The company’s stock was little changed before US markets opened and has lost 4.9% this year through Wednesday’s close.
The results in medical devices, especially those used for patients with diabetes, helped ease concerns about litigation related to the company’s baby formula products. In June, Abbott received US regulatory approval for two new continuous glucose monitoring systems, including one for people who don’t have diabetes called Lingo. CGMs track blood glucose levels in real time and are usually used by patients with diabetes who rely on insulin.
Abbott first unveiled plans for Lingo two years ago, calling it “a new category of consumer biowearables.” It builds on technology originally developed for patients with diabetes, allowing consumers to track health metrics like blood glucose. Abbott is hoping Lingo will appeal to consumers who want to “better understand and improve their health and wellness,” according to a statement.
In March, rival device maker Dexcom Inc. also won approval for an over-the-counter CGM for people without diabetes.
Adjusted earnings for the quarter were $1.14 a share, Abbott said, while analysts’ average estimate was for $1.10. Revenue of $10.38 billion matched expectations.
(Updates with background, more results starting in fourth paragraph.)
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