Abbott profit jumps on COVID testing demand, strong medical device sales

Abbott Laboratories reported a rise in quarterly profit on Wednesday helped by strong demand for its COVID-19 tests and a rebound in medical device sales.

Abbott, which provides COVID-19 testing kits and facilities, benefited from a surge in testing demand as cases of the highly transmissible Omicron variant in the United States reached record levels in January.

Still, the company left its fullyear adjusted earnings forecast unchanged.

COVID-19 test kits brought in revenue of $3.3 billion in the quarter, boosting total sales at its diagnostics business, which grew 31.7% on a reported basis.

A rebound in demand for elective procedures boosted sales of medical devices as coronavirus cases dropped in the latter half of the quarter.

Abbott now forecast $4.5 billion in COVID-19 testing sales this year, which it expects will occur largely in the first half of the year.

The Illinois-based company reiterated that it expects 2022 adjusted profit per share to be at least $4.70.