Abbott Laboratories (NYSE:ABT) has delivered a solid third quarter for 2024, with revenues hitting $10.6 billion, marking a 4.9% year-over-year rise. Stripping out the effects of foreign exchange and COVID-19 testing-related sales, organic sales surged 8.2%, largely driven by strong growth in its medical devices segment, which saw double-digit gains. Key categories like diabetes care and electrophysiology played major roles in boosting revenues as Abbott continues to push forward with cutting-edge health technologies.

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The company posted GAAP diluted earnings per share (EPS) of $0.94 for the quarter, with adjusted diluted EPS coming in at $1.21, excluding specified items. Abbott also raised its full-year EPS guidance, now expecting a range of $4.64 to $4.70, reflecting confidence in the company's momentum heading into the final stretch of the year. CEO Robert B. Ford expressed optimism about Abbott's diversified business model and its ability to keep building on recent successes, with new product launches and strategic collaborations setting the stage for a strong 2025.

Abbott also made headlines by authorizing a new $7 billion share repurchase program, underscoring its commitment to rewarding shareholders. Among the highlights is its partnership with Medtronic, integrating Abbott's continuous glucose monitoring (CGM) systems with Medtronic's insulin delivery devicesfurther strengthening Abbott's leadership in diabetes care innovation. With a broad product portfolio and growing global presence, Abbott seems to be poised to finish the year with decent results.

This article first appeared on GuruFocus.