Abbott Laboratories beat analysts' estimates for quarterly profit on Wednesday and raised its full-year adjusted earnings forecast, driven by demand for its FreeStyle Libre blood sugar monitoring device.
Sales of FreeStyle Libre, which helps diabetics track their blood sugar levels without having to prick their fingers, surged 63.9% to $433 million in the second quarter.
The company plans to boost manufacturing capacity for Libre, its fastest-growing diabetes product by three to five times in the next few years as it aims to reach millions more patients worldwide, a company executive told Reuters on Tuesday.
The surge in demand for the diabetes device helped Abbott's medical devices unit, which also houses its heart devices business, report a 6.4% rise in sales to $3.08 billion.
Abbott also raised its full-year 2019 adjusted earning from continuing operations forecast to $3.21 to $3.27 per share, from its prior forecast of $3.15 to $3.25 per share.
The company's net earnings rose to $1 billion, or 56 cents per share, in the second quarter ended June 30, from $733 million, or 41 cents per share, a year earlier.
Excluding items, Abbott earned 82 cents per share, ahead of the average analyst estimate of 80 cents, according to IBES data from Refinitiv.
Net sales of the company, whose products include infant nutritional formula, rose 2.7% to $7.98 billion, but missed estimates of $8 billion.