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The Abbott Park, Ill.-based company generated $1.3 billion in COVID-19-testing-related sales in the second quarter, ended June 30. Its net income increased 170.9% from the same period last year to $2.98 billion, while its EPS rose 172.1% from the prior-year quarter to $1.66, beating the $1.02 consensus EPS estimate.
Amid a resurgence of COVID-19 cases with the rapid spread of the Delta variant, the demand for testing equipment is expected to rise in the coming quarters. As such, ABT’s diagnostic equipment pertaining to coronavirus-related testing should witness high demand in the near term.
