At the close of the first quarter of 2023, Abbott’s latest financial results indicate growth fueled by the performance of its base business. Global sales for the quarter topped analyst estimates and reached $9.7 billion, up 10% on an organic basis* for the underlying base business**. Reported sales decreased 18.1% due to the anticipated decline in COVID-19 testing revenue versus the previous year. Abbott’s adjusted diluted earnings per share was $1.03 (GAAP diluted EPS was $0.75), beating analyst estimates. Abbott's diversified business model has been key to driving the company's results. While the company is forecasting lower earnings from COVID testing, its full-year EPS guidance is unchanged due to an increased outlook for the base business. These are some of the first-quarter highlights: Solid growth in Medical Devices – 12.4% organic (8.5% reported) – was driven by double-digit organic sales growth in Structural Heart, Heart Failure, Neuromodulation and Diabetes Care. One key standout: Sales of the world-leading FreeStyle Libre continuous glucose monitoring portfolio grew approximately 50% in the U.S. and reached $1.3 billion globally. Increased sales in Nutrition – up 10.3% organic (3.8% reported) – was spurred, in part, by global sales of Ensure, Abbott's market-leading nutrition brand. Significant growth in Established Pharmaceuticals – 11.1% organic (3.7% reported) – came from key emerging countries and regions that represent long-term growth opportunities, in particular Brazil, China and southeast Asia. Gains encompass several therapeutic areas, including cardio-metabolic, gastroenterology and central nervous system/pain management. Resilience in the base Diagnostics business – up 4.4% organic excluding COVID testing sales (down 48.9% reported) – which was led by Core Laboratory, Point of Care and Rapid Diagnostics. As expected, reported sales growth was negatively impacted by year-over-year declines in COVID testing revenue. Worldwide COVID testing sales were $730 million in the first quarter of 2023 compared to $3.303 billion in the first quarter last year. The first quarter also saw a number of regulatory approvals and new data, including: U.S. Food & Drug Administration clearance of FreeStyle Libre 2 and Freestyle Libre 3 sensors for integration with automated insulin delivery systems. Abbott is partnering with leading insulin pump manufacturers to integrate their systems as soon as possible. FDA approval of Navitor, Abbott's second-generation transcatheter aortic valve implantation system, for people with severe aortic stenosis who are at high risk for surgery. FDA approval of Abbott's Proclaim XR spinal cord stimulation system to treat diabetic peripheral neuropathy. FDA clearance of Abbott's first commercially available laboratory blood test to help evaluate traumatic brain injuries (TBIs), including concussions. New data showing Abbott's TriClip1 system was superior to current medical therapy in treating patients with severe tricuspid regurgitation, or a leaky tricuspid heart valve. For full financial data and reconciliation of non-GAAP measures, you can read Abbott's press release. For further information, take a look at a summary of Abbott's earnings highlights and download it here.