Abbott's Q3 Profit Jumps 70% On Robust COVID-19 Test Sales

Abbott Laboratories ABT reported a 70.5% rise in quarterly profit to $2.1 billion, helped by strength in its medical devices and diagnostics businesses due to a rebound in COVID-19 test sales amid the spread of the Delta variant of the coronavirus.
Abbott reported an adjusted EPS of $1.40, beating the consensus estimate of $0.94.
Sales increased 23.4%Y/Y to $10.9 billion, surpassing the estimate of $9.54 billion.
Global COVID-19 testing-related sales were $1.9 billion in Q3, led by combined sales of $1.6 billion from Abbott's BinaxNOW, Panbio, and ID NOW rapid testing platforms.
Related: FDA Warns On Potential False Positive Results With Abbott's COVID-19 Lab Tests.
Medical Devices sales increased 14.6% to $3.6 billion on a reported basis and 13.1% organically, led by double-digit growth in Rhythm Management, Heart Failure, Structural Heart, and Diabetes Care.
Read Next: Abbott Says Amulet Superior To Boston Scientific's Watchman In Stroke Study.
Outlook: Abbott projects FY21 adjusted EPS of $5.00 - $5.10, higher than the prior outlook of $4.30 - $4.50, versus analyst consensus of $4.45.
Price Action: ABT shares are up 3.49% at $123.50 during the premarket session on the last check Wednesday.