Abbott raises annual earnings outlook as COVID test sales rebound
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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.
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