Abbott raises annual earnings outlook as COVID test sales rebound
New Delhi: Abbott Laboratories said demand for its COVID-19 tests, especially rapid testing, rebounded as the U.S. wrestled with surging coronavirus cases during the quarter, prompting the company to raise its earnings forecast for the year.
The medical device maker's shares rose 3.5% to $123.53 on Wednesday after it also reported third-quarter earnings above analysts' estimates.
The company said it shipped more than 225 million COVID-19 tests globally in the quarter and expects testing to remain an important part of the fight against the virus going into the fourth quarter and 2022.
"Over the last several months, we've learned that COVID-19 vaccines, while a powerful tool, are not the lone solution needed in our global fight against this virus," Chief Executive Officer Robert Ford said.
"Testing, particularly rapid testing, which is fast, affordable and easy to use is an important companion to vaccines and therapeutics."
Abbott and other diagnostics companies have seen higher demand for COVID-19 tests in recent months due to the Delta variant of the virus.
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.