Strong sales of medical devices "alone" cannot support Abbott Laboratories' (ABT.US) Q1 profit guidance.

Abbott Laboratories (ABT.US) shares fell more than 2% in premarket trading on Wednesday after the company's first-quarter profit guidance came in below Wall Street expectations, and its fourth-quarter sales of other businesses, excluding medical devices, lagged.

Data showed the company's Q4 revenue grew 7.2% year-over-year to $10.97 billion, but missed analysts' average estimate of $10.11 billion. Adjusted EPS was $1.34, in line with analysts' average estimate.

The company's medical devices segment generated $5.052 billion in sales in Q4, up 13.7% year-over-year, topping analysts' expectations.

Abbott's FreeStyle Libre and competitors' continuous glucose monitoring systems, such as Dexcom (DXCM.US), have been boosted by increased awareness of diabetes care, expanded insurance coverage, and preferences for devices that don't require needles. Abbott's continuous glucose monitoring system is a key growth driver in 2024 and is expected to continue driving its sales growth.

But sales in Abbott's nutrition, diagnostics, and generic drug segments lagged expectations. Abbott said revenue grew about 10% excluding sales related to COVID-19 testing.

Looking ahead, the company expects adjusted EPS of $1.05 to $1.09 in the first quarter, below analysts' average estimate of $1.11. Adjusted EPS in 2025 is expected to be $5.05 to $5.25, compared to analysts' average estimate of $5.16.