(Reuters) - Abbott Laboratories ABT.N raised its annual profit forecast on Wednesday and signaled a recovery in sales of its medical devices, while strong demand for its COVID-19 tests helped quarterly profit beat estimates, sending its shares up 1.5%.
The company said the number of medical procedures in its cardiovascular and neuromodulation businesses improved significantly from the prior quarter as patients opted for surgeries that they had put off due to the pandemic.
Meanwhile, the company’s COVID-19 tests brought in $881 million in the quarter, helping sales in its diagnostics unit jump nearly 39% to $2.64 billion.
During the health crisis, companies like Roche Holding AG ROG.S, Becton Dickinson BDX.N and Abbott have been betting on their COVID-19 tests to make up for weakness in sales of medical devices and diagnostics due to pandemic induced movement restrictions.
Abbott has so far got U.S. authorization for several coronavirus tests, including one in August for a $5 portable antigen test called BinaxNOW that can deliver results in 15 minutes.
Sales at the company’s biggest unit that houses products such as heart valve repair device MitraClip rose about 3% to $3.17 billion.
The company said it expects 2020 adjusted profit per share to be at least $3.55 from continuing operations, up from its prior estimate of at least $3.25 per share.
Excluding items, it earned 98 cents per share, above the analysts’ average estimate of 91 cents per share, according to Refinitiv IBES data.
Shares of the company were up at $110 before the bell.
Reporting by Manojna Maddipatla and Trisha Roy in Bengaluru; Editing by Arun Koyyur
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October 21, 2020 at 06:39PM
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Abbott raises annual profit view, signals recovery in medical device sales - Reuters
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