Abbott Laboratories fell just short of Wall Street estimates for quarterly reven...
) fell just short of Wall Street estimates for quarterly revenue on Wednesday, as weakness in the medical device maker’s cardiovascular business overshadowed strong performance in its fast-growing diabetes care unit.
Shares of the company, which also trimmed its full-year profit forecast, flitted between gains and losses. They were last up about 1.7%, after having risen about 13% to Tuesday’s close. A 63% jump in sales of FreeStyle Libre continuous glucose monitor powered the diabetes unit’s better-than-expected revenue of $665 million. Two analysts polled by Refinitiv had expected $645 million.
The cardiovascular business, the company’s biggest that houses the MitraClip, posted sales of $2.40 billion, below estimates of $2.44 billion, according to two analysts polled by Refinitiv.
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