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Abbott's MDx Sales Rise 4 Percent in Q4

NEW YORK (GenomeWeb News) – Abbott reported today that its molecular diagnostics sales grew 4 percent year over year for its fourth quarter ended Dec. 31, 2012.

The diagnostics, medical devices, and pharmaceuticals giant reported molecular diagnostics sales of $131 million for the quarter, up from $126 million for the fourth quarter of 2011. Its core laboratory diagnostics revenues for the quarter were also up 4 percent to $908 million, while its point-of-care diagnostics sales climbed 15 percent to $90 million.

Overall, Abbott reported fourth-quarter revenues of $10.84 billion, a 6 percent increase from sales of $10.38 billion for Q4 2011.

It posted a Q4 profit of $1.05 billion, or $.66 per share, compared to a profit of $1.62 billion, or $1.02 per share, for the fourth quarter of 2011. Excluding special items, which included a loss on extinguishment of debt and separation costs associated with spinning off its research-based pharmaceuticals business into a new company called AbbVie, its profit for the quarter was $2.42 billion, or $1.51 per share versus $2.30 billion, or $1.45 per share, for Q4 2011.

For full-year 2012, Abbott reported molecular diagnostics sales of $445 million, up a fraction of 1 percent from $442 million in 2011. Its core lab diagnostics revenues were up 3 percent at $3.50 billion, and its POC diagnostics sales were up 16 percent at $348 million.

Abbott reiterated its earlier statement that it intends to launch more than 15 new molecular diagnostics products over the next few years targeting oncology, infectious diseases, and the companion diagnostics market.

Abbott's overall revenues for FY 2012 were $39.87 billion, up nearly 3 percent from $38.85 billion in FY 2011. Its profit was $5.96 billion, or $3.72 per share, compared to $4.73 billion, or $3.01 per share, for 2011. Excluding special items, its profit was $8.12 billion, or $5.07 per share, for FY 2012 versus a profit of $7.33 billion, or $4.66 per share, for FY 2011.

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