(Reuters) -Abbott reported higher quarterly revenue on Wednesday, driven by strong demand for its medical devices including continuous glucose monitors and heart devices.
Investor confidence in medical device makers has climbed in recent quarters, underpinned by robust demand for surgical procedures, particularly among older adults.
Total revenue rose 7.1% to $11.4 billion.
On an adjusted basis, third-quarter profit per share of $1.30, in line with analyst’s average estimate, according to data compiled by LSEG.
The company now expects annual adjusted profit between $5.12 and $5.18 per share, compared to its previous range of $5.10 to $5.20.
Its medical devices segment, which sells heart and diabetes care devices, posted sales of $5.45 billion, beating estimates of $5.34 billion.
(Reporting by Kamal Choudhury and Christy Santhosh in Bengaluru; Editing by Sriraj Kalluvila)