The Chicago-area healthcare giant posted profits of $419 million, or 24¢ per share, on sales of $6.34 billion for the 3 months ended March 31, representing bottom-line growth of 32.6% on sales growth of 29.7% compared with Q1 2016.
Adjusted to exclude 1-time items, earnings per share were 48¢, a full nickel ahead of The Street, where analysts were looking for sales of $6.15 billion.
“Our 1st-quarter results reflect a strong start to the year,” chairman & CEO Miles White said in prepared remarks. “The integration of St. Jude is going well and recently launched products are contributing to double-digit sales growth across several areas of our medical devices business.”
The company also updated on its acquisition of Alere, which it agreed to last week at a lower price of $5.3 billion, calling the acquisition “a bit of a fixer-upper.”
Abbott expects the deal to lose in the 3rd quarter, and that it will help expand in point-of-care diagnostic testing.
The medical device segment increased sales by 100.2% to $2.40 billion, the company said.
Abbott said it still expects to post adjusted EPS of $2.40 to $2.50 this year.
ABT shares, which closed up 0.3% yesterday at $43.43 apiece yesterday, gained 1.9% to hit $44.27 each today in pre-market trading.
Material from Reuters was used in this report