(Reuters) -Abbott beat Wall Street estimates for second-quarter profit on Thursday, driven by strong demand for its medical devices including continuous glucose monitors.
However, shares fell more than 4% premarket after its third-quarter earnings forecast fell short of expectations.
Abbott expects profit of between $1.28 and $1.32 per share, below expectation of $1.34.
Sales of its continuous glucose monitoring devices, which include the FreeStyle Libre series and Lingo, jumped 21.4% to $1.9 billion in the second quarter.
Continuous glucose monitor makers such as Abbott, Dexcom and Medtronic are riding a surge in demand as diabetes awareness rises, insurance coverage expands, and patients embrace finger-prick-free technology.
Abbott’s quarterly revenue came in at $11.14 billion, beating expectations of $11.07 billion, according to data compiled by LSEG.
The medical device business, which sells diabetes and heart-related devices among others, posted sales of $5.37 billion, topping estimates of $5.24 billion.
On an adjusted basis, the company reported a profit of $1.26 per share for the second quarter, compared with analysts’ average estimate of $1.25.
Abbott said on Thursday it planned to build a manufacturing facility in the U.S state of Georgia by 2028 to support its cardiovascular business.
This adds to April announcements for manufacturing and research projects in Illinois and Texas, which are expected to go live by the end of the year, and help Abbott mitigate any likely impact from President Donald Trump’s tariffs.
(Reporting by Puyaan Singh and Christy Santhosh in Bengaluru; Editing by Sriraj Kalluvila)
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