(Reuters) – Abbott Laboratories on Wednesday reported quarterly profit above expectations, driven by sales of its diabetes care devices and an improved demand for other devices due to a resumption in non-urgent medical procedures.
Excluding one-off items, the company reported a profit of $1.03 per share for the first quarter ended March 31, higher than the average of analysts’ estimates of 99 cents per share, according to Refinitiv IBES data.
The healthcare giant retained its adjusted profit forecast for this year at $4.30-$4.50 per share, as it expects its non-COVID-testing-related revenue to offset its testing kit sales.
Abbott cut its COVID-testing-related sales forecast to $1.5 billion from $2 billion earlier.
(Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Sherry Jacob-Phillips)
