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Shares of the company rose nearly 2% in premarket trade.
The company’s medical devices sales grew 11% to $1.66 billion in the United States in the third quarter, driven by strong performance of its Freestyle Libre continuous glucose monitoring system, which clocked around $1 billion in sales.
Abbott’s continuous glucose monitoring system Freestyle Libre has been driving the company’s medical device sales, offsetting continuing tepid demand for its cardiovascular devices as well as a fall in sales of COVID-19 diagnostic tests.
COVID-19 test kit sales were up $1.7 billion, compared to $1.9 billion last year and $2.3 billion in the second quarter, as testing declined amid a slower pace of infections.
The company now expects $5.17-$5.23 per share in adjusted earnings this year, compared to at least $4.90 per share it forecast earlier. The company had raised its outlook from at least $4.70 per share in July.
Abbott said it expects around $7.8 billion in COVID-19 test sales this year, with $500 million in the fourth quarter, compared to the $6.1 billion it had forecast earlier.
The Illinois-based company reported third-quarter worldwide sales of $10.4 billion, down 4.7% from a year ago.
