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Diabetes And Diagnostics Drive Abbott’s Growth In Q1

 
• By Reed Miller

COVID-19 continues to hinder Abbott’s heart failure and neuromodulation business, but sales of COVID-19 tests drove unprecedented growth in the diagnostics business.

Earning Report Q1
• Source: shutterstock.com

Abbott’s medical device division grew about 9% year-over-year in the first quarter, even as the pandemic continues to suppress neurovascular and cardiovascular procedure volumes.

Led by sales of Abbott’s flagship FreeStyle Libre continuous glucose monitor, the company’s diabetes care business grew nearly 24% year-over-year, making it by far Abbott’s fastest-growing device business.

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