Abbott bumps up profit forecast on strong medical device sales
Adds analyst comments in paragraph 4 and 9, details on other segments in paragraph 8 and shares in paragraph 10
Oct 16 (Reuters) -Abbott Laboratories ABT.N slightly lifted its annual profit forecast on Wednesday, after beating Wall Street estimates for quarterly earnings on strong demand for its glucose-monitoring products and other medical devices.
Sales of continuous glucose monitors such as Abbott's FreeStyle Libre and rivals from DexCom DXCM.O have gotten a boost fromincreasing diabetes care awareness, wider insurance coverage and preference for devices that do not need finger pricks.
Abbott's medical devices unit generated $4.75 billion in sales for the third quarter, higher than analysts' average estimate of $4.68 billion, according to data compiled by LSEG.
The strong sales of medical devices "points to healthy underlying healthcare utilization in its end-markets", RBC Capital Markets analyst Shagun Singh said in a note.
Sales of continuous glucose monitors, including its biggest product FreeStyle Libre and newly launched over-the-counter device Lingo, surpassed$1.6 billion, growing nearly 21% organically from last year.
Abbott expects FreeStyle Libre, used mainly by diabetes patients, to bring in annual sales of $10 billion by 2028.
Several cardiovascular devicessuch as TriClip for heart valve repair and Aveir pacemakers also contributed to the strong medical device sales.
Sales from the company's two other segments, diagnostics and established pharmaceuticals, also trumped estimates, while the nutrition business missedexpectations.
An inventory adjustment of pediatric products across Abbott's distribution channels weighed on the nutrition segment, according to Evercore ISI analyst Vijay Kumar.
Abbottshares fell 1% in premarket trading.
The Lake County, Illinois-based company now expects annual profit of $4.64 to $4.70 per share, with the midpoint of $4.67a tad higher than its earlierforecast of $4.61 to $4.71. Analysts on average expect 2024 profit of $4.66.
On an adjusted basis, its quarterlyprofit of $1.21 per share beat estimates of $1.20.
Reporting by Christy Santhosh and Leroy Leo in Bengaluru; Editing by Devika Syamnath
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