Abbott stock dips after raising guidance, in-line Q2 results

Shares of Abbott Laboratories (ABT) are dipping despite the company raising its full-year profit forecast and revealing its medical-device segment saw sales 12% year-over-year in the second quarter.

Yahoo Finance health reporter Anjalee Khemlani joins Market Domination to break down Abbott's latest earnings results, which largely came in line with estimates, and what it means for the health company moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino and updated by Melanie Riehl

Video Transcript

Abbot labs, raising its full year profit forecast, boosted by sales in its medical device unit that grew about 12% from a year ago in the second quarter shares.

Though moving to the downside here this morning, it's off just about 4% shortly after the open Angela Kamlani has been digging into the into this report and it looks like at least on the surface, it was actually pretty strong here from the company.

It was yeah on the surface.

And I'd also like to point out in particular, uh in addition to the upgrade, we also saw really strong numbers for their freestyle libre, that's their use glucose monitoring device.

And that's one of the specific products that I've been keeping an eye on, especially in light of the G LP one boom.

We know that that those types of devices had been sort of under pressure and there's a sort of doomsday prediction for them, but you see growth 20% year over year for the for that.

Um the only downside we saw was the reduction of COVID-19 tests, which of course is impacting all stocks related to COVID and the waning of the pandemic era, even though we are in the middle of, you know, another wave right now.

Uh But really the story for Abbot is pretty solid in terms of, you know, the growth in all across all of business divisions or nutrition was also up driven more by the adult side rather than what we've known in the past is their baby formula side.

We know that that has taken a hit in the past, barely missing uh beating, sorry, but just by a hair on the estimates for revenue and then really good on the adjusted EPS as you can see on your screen.

So uh the numbers there uh tell a pretty strong story but still it's falling right now closer to 5% almost.