Abbott reports double-digit growth in third quarter of 2017

Abbott has announced its financial results for the third-quarter of 2017, a period characterised by strong double-digit growth.

The company generated a sales total of $6.8 billion (5.16 billion pounds) for the quarter, marking a year-on-year increase of 28.8 percent on a reported basis, or 5.6 percent in comparable operational terms.

Key highlights of the quarter include the US approval of the FreeStyle Libre glucose monitoring system as a replacement for finger stick blood glucose monitoring. The system was also accepted for NHS reimbursement as a means of treating people with type 1 and type 2 diabetes in the UK.

The firm also received US approval for the HeartMate 3 system and for MRI-conditional labelling for its Ellipse implantable cardioverter defibrillator, while completing its acquisition of the life science company Alere.

As such, the firm has been able to establish itself as the global leader in the point-of-care diagnostics market.

Miles White, chairman and chief executive officer at Abbott, said: "We're very pleased with our performance and the steady cadence of innovative new product launches that are contributing to growth."

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