Abbott beats quarterly profit estimates on strong medical device sales

Abbott Laboratories beat Wall Street estimates for quarterly profit on Wednesday and raised the lower end of its forecast, as robust demand for medical procedures boosted sales of its devices, including its glucose-monitoring products.

On an adjusted basis, the company reported first-quarter profit of 98 cents per share, compared with analysts' estimate of 95 cents per share, according to LSEG data.

The company now expects a full-year profit of $4.55 to $4.70 per share, raising the lower end from $4.50 per share. Analysts were expecting a profit of $4.60 per share.