Abbott Sees Surge in Medical Device Sales, Adjusts Financial Forecasts

Abbott, a leading healthcare company, reported robust first-quarter revenues approaching $10 billion, driven by substantial gains in medical device sales. CEO Robert Ford highlighted the company's fifth consecutive quarter of double-digit organic sales growth, reaching 10.8%, with medical devices experiencing a notable 14% surge. This growth was buoyed by advancements across electrophysiology, neuromodulation, and structural heart sectors, fueled by recent product launches and regulatory approvals.

The medical device division's strong performance, including the success of products like the FreeStyle Libre continuous glucose monitoring system and the long-awaited approval of the TriClip implant for tricuspid valve regurgitation, underscored Abbott's diversified portfolio strategy. Ford emphasized the significance of investments in structural heart technologies, leading to sustained double-digit growth and market expansion. While diagnostics faced a decline due to reduced COVID-19 testing revenue compared to the previous year, Abbott remains optimistic, tightening its financial guidance and raising the midpoint of earnings-per-share estimates for the year. Ford expressed confidence in the company's momentum and outlook, attributing it to strong performance and a promising product pipeline.

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