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Abbott profit jumps on COVID testing demand, strong medical device sales -Breaking

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© Reuters. FILEPHOTO: The packages of BinaxNOWCOVID-19 Antigen Self Testing, made by Abbott Laboratories can be seen at a Manhattan store on November 12, 2021. REUTERS/Andrew Kelly/File photo

(Reuters) –Abbott Laboratories announced Wednesday a jump in its quarterly profit, thanks to strong demand for COVID-19 testing and a rebounding in sales of medical devices.

Abbott (which supplies COVID-19 test kits and facilities) saw record numbers of Omicron-related cases in January.

However, it did not alter its full year adjusted earnings forecast.

Revenue from COVID-19 testing kits grew by 31.7% to $3.3B in quarter.

Sales of medical devices saw a rebound in elective procedures, while coronavirus cases declined in the second half.

Abbott predicts $4.5 billion in COVID-19 sales in this year’s first half.

Illinois-based firm reiterated its expectation that 2022 adjusted profits per share will be less than $4.70.

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