Abbott CEO Robert Ford painted a promising picture of the supply chain outlook.

"Supply chains continue to face challenges and our healthcare customers have been navigating staffing challenges that are negatively impacting certain medical device procedure trends and routine diagnostic testing volumes," Ford said. "As we start the new year, however, while all these factors remain headwinds, I am cautiously optimistic that we are starting to see them peak and, in some cases, ease a bit."

Later in the call he reiterated that he thinks the suppy chain issues are "largely behind us."