Abbott's sales rise over high medical device demand

Abbott Park, Ill.-based Abbott Laboratories reported better-than-expected sales and profit for its second quarter, largely due to its sales in the medical device market, according to Reuters.

Sales from the company's medical device business increased 6.4 percent in the second quarter, reaching a total of $1.37 billion. Net sales rose by 3.2 percent to $5.33 billion, surpassing Wall Street's prediction of $5.24 billion.

Abbott's medical device division produces products for heart, diabetes and eye patients.

Recently, Abbott shared a definitive agreement to acquire St. Paul, Minn.-based device company St. Jude Medical for $25 billion. The deal is expected to close by the end of the year.

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