Bengaluru: Abbott marginally beat Wall Street estimates for quarterly profit and revenue on Thursday, partially helped by its newly acquired cancer diagnostics business.
The company also benefited from continued strength in its medical device unit, its largest in terms of revenue.
On an adjusted basis, the company reported first-quarter profit per share of $1.15, compared with analysts’ estimate of $1.14, according to data compiled by LSEG.
Total revenue came in at $11.16 billion in the first quarter, compared with expectations of $11 billion.
Abbott agreed to buy cancer-test maker Exact Sciences in November for $105 a share in a deal valued at up to $23 billion, marking one of its largest acquisitions and a major push into the fast-growing cancer diagnostics market.
(Reporting by Siddhi Mahatole and Puyaan Singh in Bengaluru; Editing by Devika Syamnath)
