Abbott's robust sales of medical devices fuel positive quarter as surgery rises
New Delhi: Abbott Laboratories on Thursday beat quarterly profit expectations as a rebound in surgical procedure volumes drove demand for medical devices despite high inflation-driven costs, sending shares up by nearly 4%.
Demand for medical devices and non-COVID-19 testing is expected to rise this year, as older adults in particular get more comfortable visiting hospitals and staffing shortages at those facilities ease.
Abbott CEO Robert Ford said the great momentum in device and diagnostics sales during the quarter was due to improving market conditions in healthcare.
Rival J&J's medical device segment also topped estimates, aided by a recovery in demand for medical procedures.
Abbott's comments on medical procedures, echoed by J&J and UnitedHealth, suggest the current recovery in non-urgent surgeries is sustainable, RBC Capital Markets analyst Shagun Singh said.
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