Abbott (NYSE:ABT) shares dipped slightly despite fourth-quarter results that topped the consensus forecast.
The Abbott Park, Illinois-based company posted profits of nearly $2 billion, or $1.11 per share, on sales of $11.5 billion for the three months ended Dec. 31, 2021, for an 8% bottom-line slide on sales growth of 7.2%.
Adjusted to exclude one-time items, earnings per share were $1.32, 11¢ ahead of Wall Street, where analysts were looking for sales of $10.7 billion.
The company’s diagnostics business, led by its BinaxNow rapid COVID-19 test, brought in the most revenue out of Abbott’s arms, with nearly $4.5 billion in sales. Medical devices saw massive year-over-year growth, rising 15.1% in revenues to more than $3.7 billion.
“2021 was an outstanding year for Abbott,” Abbott Chairman and CEO Robert B. Ford said in a news release. “We achieved more than 40 percent EPS growth, exceeding the baseline EPS guidance we …