NEW YORK (GenomeWeb News) – Abbott today reported that its third-quarter revenues declined a fraction of one percent to $9.77 billion from $9.82 billion as the firm nears its planned split into two separate, publicly-traded companies.
It fell short of Wall Street's consensus estimate for revenues of $9.94 billion.
The Abbott Park, Ill.-based medical products giant reported an 8 percent drop in molecular diagnostics sales year over year to $102 million from $111 million. In the US its MDx sales fell to $47 million from $54 million, and in international markets its MDx sales declined to $55 million from $57 million year over year.
The firm reiterated its plans to launch more than 15 new molecular diagnostic products over the next few years, including several oncology, infectious disease, and companion diagnostic assays.
Abbott posted net earnings of $1.94 billion, or $1.21 per share, for the quarter, compared to $303 million, or $.19 per share, for Q3 2011. Excluding one-time items, its net income for the third quarter of 2012 was $1.30 per share and for 2011 was $1.18 per share. Analysts, on average, expected $1.28 for Q3 2012.
Miles White, chairman and CEO of Abbott, said in a statement that the firm remains on track to split on January 1, 2013. Abbott announced those plans, under which it will separate into two firms — one focused on diversified medical products and the other on research-based pharmaceuticals — a year ago.
The firm narrowed its EPS guidance for full-year 2012 to a range between $5.06 and $5.08 from an earlier range of between $5.00 and $5.10.