Abbott's weak medical device sales, China impact drag shares down nearly 7% - Reuters.com

Oct 19 (Reuters) - Abbott Laboratories (ABT.N) connected Wednesday reported lower-than-expected maturation successful planetary aesculapian instrumentality sales, deed by a beardown dollar and proviso challenges successful China, dragging down shares of the institution astir 7%.

The U.S.-based company's anemic aesculapian instrumentality income successful markets extracurricular its location state offset the archetypal enthusiasm implicit its quarterly bushed and an upbeat forecast.

Abbott reported $3.62 cardinal successful wide aesculapian instrumentality sales, down 0.5% from past year, arsenic the institution faced proviso challenges owed to lockdowns successful China.

J.P. Morgan expert Robbie Marcus says the issues plaguing the aesculapian instrumentality conception "could bleed a spot into" the archetypal 4th adjacent twelvemonth arsenic well.

Multinational companies specified arsenic Abbott and Johnson & Johnson (JNJ.N) person been deed by the dollar's spot against a handbasket of currencies, including the sterling and the yen, aft the U.S. Federal Reserve ramped up involvement rates to tame inflation.

Illinois-based Abbott reported third-quarter worldwide income of $10.4 billion, down 4.7% from a twelvemonth ago.

Excluding the overseas speech impact, wide income were up 1.3%, portion the aesculapian instrumentality conception saw 6.4% growth.

COVID-19 trial kit income were $1.7 billion, compared to $2.3 cardinal successful the 2nd quarter, arsenic investigating declined amid a slower gait of infections.

Abbott said it expects astir $7.8 cardinal successful COVID-19 trial income this year, with $500 cardinal successful the 4th quarter, compared to the $6.1 cardinal it had forecast earlier.

Medical instrumentality makers specified arsenic Abbott person relied connected COVID-19 tests to bring successful income during the highest of the pandemic. However, request has been slowing arsenic much radical get vaccinated and wide cases stabilize.

Abbott's banal had declined 25% this twelvemonth done Tuesday, arsenic the institution besides struggled with a shutdown of its babe look installation astatine Sturgis, Michigan.

Reporting by Leroy Leo and Bhanvi Satija successful Bengaluru; Editing by Maju Samuel

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