Abbott Laboratories (NYSE:ABT) stock rose 1.24% (As on Jan 27, 11:22:38 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21, and issued guidance for the full 2022 fiscal year that was in line with consensus estimates. During the past year, the company continued to expand the nutrition portfolio with several new product and line extensions, including the launch of Similac 360 Total Care in the U.S. and continued global expansion of the Pediasure, Glucerna and Ensure brands with line extensions such as plant-based, lower sugar, and high-protein products. Turning to medical devices, due to continued recovery from the impacts of the pandemic and strong growth in diabetes care drove sales growth of 16% in the quarter and nearly 20% for the year.

In diabetes care, sales growth of nearly 30% for both the fourth quarter and full year was led by FreeStyle Libre, the market-leading continuous glucose monitoring system. Libre’s sales grew over 35%, which translates to year-over-year growth of $1 billion to a total of $3.7 billion in 2021. Further, the company launched new NeuroSphere Virtual Clinic, a first of its kind technology that lets patients communicate with physicians and receive new treatment settings remotely. The company has received U.S. FDA approval for the Amplatzer or amulet heart device, which treats people with atrial fibrillation, who are who are at risk of ischemic stroke. In established pharmaceuticals, or EPD, where sales increased nearly 6% in the fourth quarter and over 10% for the full year. The strong performance was broad based across several countries, led by India, Russia, and China. EPD has performed well throughout the pandemic, fueled by strong execution and a steady flow of new product introductions in the core therapeutic areas.

ABT in the fourth quarter of FY 21 has reported the adjusted earnings per share of 1.32, beating the analysts’ estimates for the adjusted earnings per share of $1.21, according to FactSet analyst consensus estimate. The company had reported the adjusted revenue growth of 7.2 percent to $11.5 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $10.7 billion.

Abbott said that it expects adjusted diluted earnings of at least $4.70 per share in 2022, roughly in line with the FactSet analyst consensus estimate of $4.78. The company said its current 2022 guidance includes estimated testing sales of $2.5 billion, but that it expects those sales to come early in the year, and that it will update the forecast each quarter.