Abbott (NYSE:ABT) shares surged more than 7% today after the company reported its Q1 results, with EPS of $1.03 coming in better than the Street estimate of $0.99. Revenue dropped 18% year-over-year to $9.75 billion (vs. Street’s $9.66 billion) as diagnostics revenue fell 49% to $2.69 billion.

Abbott's Chairman and CEO, Robert Ford, announced that the company's first-quarter results indicate a strong start to the year, with accelerated growth in its core businesses, including Medical Devices, Established Pharmaceuticals, and Nutrition.

For the full 2023 year, the company expects EPS to be in the range of $4.30-$4.50, compared to the Street estimate of $4.39. The company also expects at least high single-digit organic sales growth for 2023.