What drove ABT's strong Q1 2024 earnings?

Abbott Laboratories' (ABT) strong Q1 2024 earnings, as evidenced by a 478.98% year-over-year net income growth and a 479.12% diluted EPS growth, can be attributed to several key factors:

1. Medical Devices Performance: The medical devices segment experienced significant growth, with sales increasing by 17.5% in Q4 and 11.6% for the full year. This was driven by strong demand for devices like glucose monitoring systems and other products within the Diabetes Care category.
2. Organic Sales Growth: Excluding COVID-19 tests, Abbott's organic sales grew by 11.6% for the full year, indicating a robust base business performance. The fourth quarter saw an 11.0% increase in organic sales, which contributed to the overall earnings growth.
3. FreeStyle Libre Performance: The company's glucose monitoring device, FreeStyle Libre, performed exceptionally well, generating $1.4 billion in sales during the fourth quarter, a 25.5% increase year-over-year. This product's strong sales momentum was a significant earnings driver.

In summary, ABT's strong Q1 2024 earnings are primarily driven by the performance of its medical devices, particularly the Diabetes Care category, and the successful sales of key products like FreeStyle Libre. These factors, combined with organic growth initiatives, contributed to the company's robust financial performance in the quarter.