(Reuters) -Abbott Laboratories reported a better-than-expected quarterly profit on Wednesday, underpinned by strong demand for the U.S. healthcare company’s diagnostics business and glucose monitoring device FreeStyle Libre.
Abbott’s Freestyle Libre has been driving its medical devices sales, offsetting a fall in the numbers of COVID-19 diagnostic tests as infections wane.
The company recorded $1.1 billion in sales of FreeStyle Libre, with the U.S. market recording a growth of more than 40%.
Excluding one-off items, the healthcare giant reported a profit of $1.03 per share for the fourth quarter ended Dec. 31, higher than analysts’ average estimate of 92 cents.
The company also announced an adjusted profit forecast of $4.30 to $4.50 per share for 2023.
(Reporting by Leroy Leo and Pratik Jain in Bengaluru; Editing by Sherry Jacob-Phillips)
