Abbott (NYSE:ABT) shares took a small dip despite second-quarter results that topped the consensus forecast.
The Abbott Park, Ill.-based company posted profits of $1.2 billion, or 66¢ per share, on sales of $10.2 billion for the three months ended June 30, 2021, for a more-than doubled bottom-line on sales growth of 39.5%.
Adjusted to exclude one-time items, earnings per share were $1.17, 15¢ ahead of Wall Street, where analysts were looking for sales of $9.7 billion.
The company’s medical device segment achieved 51.3% sales growth year-over-year. Its diagnostic business, spearheaded by COVID-19 testing, saw its revenues increase 62.8% from the second quarter of 2020 on the back of $1.3 billion in global COVID-19 testing-related sales.
“We’re achieving very strong growth across our portfolio,” Abbott president & CEO Robert B. Ford said in a news release. “Perhaps most impressively, excluding COVID testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance.”
Abbott maintains its full-year projections for its adjusted EPS, with a range of $4.30 to $4.50 reflecting double-digit growth over the previous year.
ABT shares were down –1.1% at $117.69 per share as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was level to start the day.