Abbott Labs (ABT - Get Report) reported first-quarter earnings that topped its own forecast.

Abbott reported adjusted earnings of 63 cents per share on revenue of $7.5 billion, a 2% year-over-year increase.

Analysts polled by FactSet were expecting the company to report earnings of 61 cents per share on revenue of $7.48 billion.

"We're right on track with our expectations to start the year," said Abbott's Chairman and CEO Miles D. White. "All of our key long-term growth drivers are performing well and we're targeting another year of strong sales and earnings growth."

The company reported a 5.5% increase in worldwide medical device sales, led by double-digit growth in its electrophysiology, heart failure, structural heart and diabetes care devices.

For the year, the company expects to earn between $3.15 and $3.25 per share, which is in line with Wall Street's $3.21 guidance. For the second quarter, the company expects to earn between 79 cents and 81 cents per share, also in line with analysts' expectations of 80 cents.

Jim Cramer went more in-depth on Abbott over on his Action Alerts Plus daily rundown interview. 

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