.July 18, 2024 04:58:00 PM

Abbott Laboratories (NYSE:ABT) raised its annual profit forecast after a strong second quarter, driven by double-digit growth in glucose monitor sales and heart devices. Despite this, shares dropped over 4% as diagnostics and nutrition sales missed estimates. Medical devices sales rose by 10.2% to $4.73 billion, fueled by surgeries post-pandemic and demand for FreeStyle Libre monitors. Nutrition sales slightly missed forecasts at $2.15 billion, while diagnostics sales declined to $2.20 billion. Abbott’s adjusted quarterly profit per share was $1.14, beating analyst expectations. The company raised its full-year profit forecast to $4.61 to $4.71 per share.