Abbott medical device sales hit by China curbs, supply chain issues
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Bengaluru: Abbott Laboratories has reported lower-than-expected medical device sales for the fourth quarter as COVID-19 curbs in China and supply-chain issues hit its international operations.
The company also flagged that medical devices sales would remain soft in the first quarter, mirroring similar comments a day earlier from rival Johnson & Johnson, which cited China's COVID outbreak as the reason for the weakness.
Abbott's medical device sales came in at $3.75 billion in the quarter, missing analysts' average estimate of $3.84 billion. China had been enforcing zero-COVID curbs for about three years, but scrapped the policy last month, which set off a massive wave of infections.
Abbott's shares were down 2.2 percent in US trading on Wednesday. The company's overall profit was better than expected, underpinned by strong demand for its diagnostics business and glucose monitoring device FreeStyle Libre.
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