Abbott posted earnings Thursday.
The medical devices and healthcare company reported second-quarter results that topped analyst expectations on particular strength from its coronavirus-testing division.
The company reported second-quarter earnings of 30 cents a share, down from 56 cents in the year-earlier quarter. The adjusted profit was 57 cents a share in the latest quarter. Revenue fell to $7.33 billion from $7.98 billion.
Analysts surveyed by FactSet were expecting the company to report adjusted earnings of 42 cents a share on revenue of $6.81 billion.
The company's diagnostics unit, which is the division responsible for its coronavirus test, saw sales of $1.99 billion, a 4.7% year over year increase. That figure included $615 million in sales from coronavirus tests.
"Our diversified business model has proven to be a true strength during this time," Chief Executive Robert B. Ford said in a statement.
"We're a leader in the global COVID-19 testing efforts, we've continued to advance our pipeline and, importantly, we saw significant improvements in growth trends throughout the quarter in the business areas that were initially most impacted by the pandemic."
So, what does Jim Cramer think about the company?