Shares of Abbott Laboratories (ABT) fell in intraday trading Wednesday, with second-quarꦅter guidance seeming to outweigh first-quarter results that beat analyst estimates.

Key first-quarter metrics narrowly beat consensus estimates compiled by Visible Alpha, with $9.96 billion in sales and $1.73 billion in 澳洲幸运5官方开奖结果体彩网:adjusted net income, or 98 cents 澳洲幸运5官方开奖结果体彩网:per share, surpassing expectations of $9.9 billion, $1.67 billion, and 95 cents per share, respectively.

The co🐠mpany has been expecting declines in COVID testing demand, and reported a 17.6꧙% decrease in diagnostics unit sales compared with the first quarter of last year. Worldwide COVID testing sales were $204 million in the quarter, down from $730 million in Q1 2023.

Medical devices were the biggest source of growth from the same quarter last year, with sales up 14.2%, compared with increases of 5.1% and 3.1% for Abbott's nutrition and pharmaceutical sectors, respectively.

Abbott's adjusted EPS for the 澳洲幸运5官方开奖结果体彩网:full fiscal year was narrowed to between $4.55 to $4.70 from a prior range of $4.50 to $4.70, surrounding analyst expectations of $4.62. Second-quarter guidance🎃 of $1.08 to $1.12 is mostl🐼y below the consensus $1.12.

"Our first-quarter results reflect a strong start to the year, and we are raising our full-year sales and EPS guidance," Abbott 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Robert B. Ford said. "This was the fifth consecutive quarter that we delivered double-digit organic sales growth in our♈ underlying base business, which included particularly strong results in Medical Devices and Established Pharmaceuticals.🐠"

Abbott Labs became one of the largest COVID testers during the pandemic, and also manufactures a variety of healthcare devices and 澳洲幸运5官方开奖结果体彩网:pharmaceuticals,🤪 while being one of the largest producers of baby for🦩mula in the U.S.

Abbott stock slip🎃ped 3% to $106.05 at around 2 p.m. ET ⛄Wednesday.