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Abbott Posts 1 Percent Gain for MDx Sales in Q1

NEW YORK (GenomeWeb News) – Abbott reported this morning that its first-quarter molecular diagnostics sales increased around 1 percent year over year, while its overall diagnostics revenues climbed a little more than 4 percent.

The pharmaceuticals, diagnostics, and medical devices firm had total revenues of $5.38 billion, up 2 percent from $5.28 billion for the first quarter of 2012. Sales for its diagnostics business, overall, were $1.09 billion.

Molecular diagnostics sales were $106 million, up slightly from $105 million for the first quarter of 2012. Abbott reported US MDx sales of $48 million and international MDx sales of $58 million, which included an unfavorable 1 percent effect of foreign exchange.

MDx sales "were driven by strong growth in emerging markets, partially offset by market conditions in Europe," Abbott said in a statement. "We expect stronger performance beginning in the second quarter driven by positive impact from new tenders, infectious disease growth, and expansion in emerging markets."

Abbott's net income for the quarter dropped to $544 million, or $.34 per share, from $1.24 billion, or $.78 per share, for Q1 2012. Last year's results include $891 million from discontinued operations. At the beginning of this year, Abbott completed the separation of its research-based pharmaceutical business, which has been spun out into a publicly traded entity called AbbVie.

On an adjusted basis, Abbott's net earnings from continuing operations were $674 million, or $.42 per share, versus $645 million, or $.40 per share, for Q1 2012. It beat Wall Street's consensus estimate by a penny.