Photo by Darko Stojanovic from Pixabay

Abbott Laboratories (ABT) Q2 profit more than doubled to $2.1 billion due to strength in its diagnostics business and a rebound in medical device sales.

As curbs lift and vaccinations gather, demand for medical devices is returning as more people opt for non-urgent procedures.

Adjusted EPS of $1.17 beat the consensus estimate of $1.02 and $0.57 reported a year ago.

Sales $10.2 billion beat the estimate of $9.7 billion and increased 39.5% on a reported basis and 35% on an organic basis.

 The company recorded sales growth of more than 11%, excluding COVID testing, on an organic basis in the quarter compared to pre-pandemic levels.

Diagnostics business grew nearly 63% to $3.3 billion, with COVID-19 testing-related sales at $1.3 billion, down from the previous quarter.

Medical Devices sales increased 51.3% to $3.7 billion on a reported basis and 45.1% organically, led by double-digit growth in Electrophysiology, Heart Failure, Structural Heart, and Diabetes Care.

Outlook: It maintained its 2021 adjusted earnings forecast of $4.30 to $4.50 per share from continuing operations, versus analyst consensus of $4.36.

Price Action: ABT shares are up 0.44% at $119.30 during the premarket session on the last check Thursday.