Abbott Laboratories Raises Full-Year Outlook Despite Drop in COVID-19 Test Sales

Medical device sales boost overall revenue as demand for COVID-19 tests declines

Abbott's Q2 revenue rose 4% year-over-year to $10.38 billion, surpassing estimates.
The company reported adjusted earnings per share of $1.14, also above expectations.
Sales of medical devices, including the Freestyle Libre, increased significantly.
COVID-19 test sales plummeted from $263 million to $102 million year-over-year.
Abbott adjusted its full-year EPS guidance upward to a range of $4.61 to $4.71.