Jan 22 (Reuters) - Abbott missed Wall Street estimates for quarterly revenue on Thursday, hit by weakness in its diagnostic and nutrition business.
Shares of the Illinois-headquartered company fell over 5% in premarket trading after it also forecast current-quarter profit below market expectations.
Abbott has already warned its diagnostics division faces a projected $700 million revenue hit in 2025, driven primarily by the steep drop‑off in COVID‑19 testing demand and pricing pressure from China's volume‑based procurement program, which buys laboratory equipment and consumables in bulk at substantial discounts.
Total revenue for the quarter was $11.46 billion, compared with analysts' average expectation of $11.80 billion according to LSEG data.
On an adjusted basis, the company reported fourth-quarter profit per share of $1.50, which was in line with analyst expectations.
