Abbott (NYSE:ABT) shares are down before hours on fourth-quarter results that beat the consensus forecast.

Shares of ABT dipped 1.7% at $110.66 apiece before the market opened today.

The Abbott Park, Illinois-based company posted profits of $1.03 billion. That amounts to 59¢ per share on sales of $10.1 billion for the three months ended Dec. 31, 2022. Abbott recorded a 48% bottom-line slide on sales growth of 12%.

Adjusted to exclude one-time items, earnings per share came in at $1.03. That registers 11¢ ahead of expectations on Wall Street. Sales topped projections, too, as analysts expected sales of $9.6 billion.

Medical device sales totaled $3.75 billion for the quarter.

“We significantly exceeded the EPS guidance we provided at the beginning of last year despite challenging global business conditions,” said Robert B. Ford, chair and CEO, Abbott. “Our R&D pipeline continues to be highly productive with several recent and upcoming new product launches that position us well going forward.”

Abbott said it now expects to log adjusted EPS of between $4.30 and $4.50. Excluding COVID-19-related sales, the company expects high-single-digit revenue growth. COVID-19 sales are expected to come in around $2 billion.