What drove Abbott's gross profit growth in Q3 2024?

Abbott's gross profit growth in Q3 2024 was driven by several key factors:

1. **Strong Medical Device Sales**: The medical devices segment experienced a 12% increase in sales, which was primarily driven by the diabetes care devices, particularly the FreeStyle Libre continuous glucose monitoring system. The sales of glucose monitors grew by 18% to $1.6 billion. This strong performance in medical devices contributed significantly to the overall gross profit growth.
2. **Gross Margin Improvement**: Abbott's gross margin improved to 55.57% in Q3 2024, up from the previous year's 50%. This improvement in gross margin indicates better efficiency in production and service delivery, which directly impacts gross profit.

In summary, the growth in gross profit for Abbott in Q3 2024 was primarily driven by strong sales in medical devices and improvements in gross margin.