Abbott Medical Devices Reports Consecutive Double-Digit Growth

Abbott Laboratories' Medical Devices segment, its largest business unit, reported double-digit organic sales growth for the eighth consecutive quarter. This segment accounted for $19 billion in sales in 2024, representing 45% of the company's total revenue.

The consistent growth is attributed to a strategically built, diverse portfolio of medical device technologies and a focus on commercial execution to better serve customers and patients. Lisa Earnhardt, Executive Vice President of the Medical Devices business, highlighted the development of smaller, less invasive devices and wearable technologies to improve patient care. Key products driving this growth include the MitraClip and TriClip devices for cardiovascular conditions.

In Diabetes Care, the FreeStyle Libre continuous glucose monitoring (CGM) system continues to be a significant revenue driver, reaching $6.8 billion in sales for 2024. Abbott sees substantial opportunity for its Libre portfolio, noting that only a fraction of the over 500 million people living with diabetes currently use CGMs. The company aims for $10 billion in annual sales for FreeStyle Libre by 2028.

Abbott has also expanded its CGM technology into the consumer health market with the launch of Lingo, an over-the-counter device. The company stated that its pipeline remains productive, with ongoing clinical trials for new products and expanded uses of current technologies to reach more patients globally.