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Abbott's MDx Sales Drop 2 Percent in Q2

NEW YORK (GenomeWeb) – Abbott today reported that its diagnostics sales jumped 5 percent year over year in the second quarter, but molecular diagnostics was a drag on the business, falling 2 percent.

The medical products giant reported total revenues of $5.55 billion for the quarter ended June 30, up 2 percent from $5.45 billion for Q2 2013.

Its diagnostics business recorded $1.19 billion in revenues for the quarter, up around 5 percent from $1.14 billion in Q2 2013. Its core laboratory diagnostics sales increased 6 percent year over year to $968 million, while its point-of-care diagnostics sales were up roughly 4 percent at $105 million.

Its molecular diagnostics sales, however, declined to $116 million from $119 million. Abbott said the decrease was due to the "timing of tenders in the infectious disease business in several emerging markets, which are expected to drive higher growth in the second half of 2014."

Abbott reported Q2 net earnings of $466 million, or $.30 per share, compared to $476 million, or $.30 per share, for Q2 2013. Its EPS from continuing operations increased to $.54 from $.46.

The firm raised its FY 2014 ongoing EPS guidance to a range of $2.19 to $2.29 from an earlier range of $2.16 to $2.26.