Despite Drop in Demand for Covid Tests, Abbott Labs Posts Strong Earnings

Abbott's underlying nutrition and medical device businesses drove growth to offset a decline in Covid-19 test sales.
Abbott Laboratories beat earnings and revenue expectations for the first quarter.
Abbott narrowed its 2022 sales outlook for Covid-19 tests to $1.5 billion from $2 billion.
Abbott's diabetes care unit fueled growth with Freestyle Libre glucose monitors bringing in $1.2 billion of the $3.9 billion in medical device sales.
Although Abbott's diagnostics sales fell 49% with lower demand for Covid-19 tests, total company sales only declined 18% thanks to double-digit growth in nutrition and medical devices.