Jan 22 (Reuters) - Abbott missed Wall Street

estimates for quarterly revenue on ‌Thursday, hit by weakness in

its ​diagnostic and nutrition business.

Shares of ‍the Illinois-headquartered company fell ⁠nearly ⁠4%

in premarket trading after it also ‌forecast current-quarter

profit below ​market expectations.

Abbott has already warned its diagnostics division ⁠faces a

projected $700 ‍million ​revenue hit in 2025, driven primarily by

the steep drop-off in ‍COVID-19 testing demand and pricing

pressure from China's volume-based procurement program, which

buys laboratory equipment and consumables in ​bulk ‍at substantial

discounts.

Total revenue for the quarter was $11.46 billion, ​compared

with analysts' average expectation of $11.80 billion according

to LSEG data.

On an adjusted basis, the company reported fourth-quarter

profit per share of $1.50, which ​was in line with analyst

expectations.