Abbott Laboratories (NYSE: ABT) CEO Robert Ford, while speaking at the HLTH conference in Las Vegas, outlined the company's strategic move into the consumer wearables market.
While Abbott has historically been a major player in healthcare, particularly in medical devices and diagnostic tools, its success during the COVID-19 pandemic with the rapid 15-minute COVID-19 test is noteworthy.
In 2021, this test brought in an astounding $7.7 billion in sales, followed by $8.4 billion the following year.
However, as the pandemic receded, COVID test sales dropped significantly, plummeting to $263 million during Q2, compared to ...