Abbott weak medical device sales, China impact drag shares down nearly 7 percent
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New Delhi: Abbott Laboratories on Wednesday reported lower-than-expected growth in international medical device sales, hit by a strong dollar and supply challenges in China, dragging down shares of the company nearly 7%.
The U.S.-based company's weak medical device sales in markets outside its home country offset the initial enthusiasm over its quarterly beat and an upbeat forecast.
Abbott reported $3.62 billion in overall medical device sales, down 0.5% from last year, as the company faced supply challenges due to lockdowns in China.
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