Abbott Laboratories (NYSE:ABT) stock fell 0.30% (As on April 18, 11:16:12 AM UTC-4, Source: Google Finance) after the company beat Wall Street estimates for quarterly profit on Wednesday and raised the lower end of its forecast, as robust demand for medical procedures boosted sales of its devices, including its glucose-monitoring products. Abbott Laboratories medical device sales hit $4.45 billion. Its glucose monitoring device, FreeStyle Libre (which is also the company’s biggest product), generated $1.5 billion out of that total amount. According to LSEG data, analysts had expected the company’s medical device sales to pull in $4.30 billion.  In cardiovascular devices, sales grew 10.5% overall in the quarter, led by double-digit growth in electrophysiology, structural heart, and continued acceleration in our cardiac Rhythm Management and Vascular portfolios. In electrophysiology, sales grew 18%, driven by double-digit growth in all major geographic regions and across all major product categories, including double-digit growth in ablation catheters and cardiac mapping related products.

Meanwhile, the company continues to make great progress toward bringing the innovative PFA catheter, Volt to market. In March, the company had completed enrollment in the CE Mark clinical study, putting us on track to file for international approval before the end of the year. The company has also recently began enrolling patients in the U.S. clinical trial called VOLT-AF, which will generate the data needed to support an FDA approval filing. In structural heart, growth of 13% was led by strong performance in several high-growth areas, including TAVR, LAA, mitral and tricuspid repair. In April, the company had received FDA approval for TriClip, a first of its kind heart valve repair device designed for the treatment of tricuspid regurgitation or a leaky tricuspid valve.

ABT in the first quarter of FY 24 has reported the adjusted earnings per share of 98 cents, beating the analysts’ estimates for the adjusted earnings per share of 95 cents, according to LSEG data. The company had reported the adjusted revenue growth of 2.2 percent to $9.96 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $9.88 billion.

The company now expects a full-year profit of $4.55 to $4.70 per share, raising the lower end from $4.50 per share. Analysts were expecting a profit of $4.60 per share. Abbott Laboratories’ adjusted quarterly profit of 98 cents per share was higher than the 95 cents per share predicted by analysts.