(Bloomberg) -- Abbott Laboratories raised the lower end of its annual profit forecast as strong sales in medical devices drove first-quarter earnings and revenue above expectations.

Adjusted earnings for the year will be in the range of $4.55 to $4.70 a share, the company said Wednesday in a statement. The earlier guidance was for $4.50 to $4.70 a share. Profit for the quarter was 98 cents a share, while analysts had estimated 95 cents.

Quarterly revenue of $10 billion narrowly beat Street projections.

Sales of Abbott’s continuous glucose monitors were $1.5 billion for the quarter, while analysts had foreseen $1.45 billion. The market for CGMs, which measure blood glucose levels at regular intervals, is seen as reaching $12 billion in patients with diabetes who use insulin, according to Bloomberg Intelligence. 

The shares fell 0.8% in trading before US markets opened. 


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