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Abbott's Q1 MDx Sales Rise 5 Percent

NEW YORK (GenomeWeb News) – Abbott today reported 3 percent first quarter growth for its diagnostics business including a 5 percent increase in year-over-year molecular diagnostics sales.

The firm reported overall diagnostics dales of $1.12 billion for the three months ended March 31, up from $1.09 billion for Q1 2013. On an operational basis, its diagnostics sales were up 5 percent. It said that the diagnostics business was hit by a 2.5 percent negative effect from foreign exchange.

Its molecular diagnostics business reported sales of $111 million, up from $106 million in Q1 2013. On an operational basis, its MDx business had nearly 6 percent growth year over year.

Abbott said that international sales for its MDx tests, which represent 60 percent of total MDx sales, increased nearly 13 percent on an operational basis and were driven by "strong growth in infectious disease testing, particularly in emerging markets."

Overall, Abbott posted revenues of $5.24 billion for the quarter, down around 3 percent from $5.38 billion. It said that foreign exchange cut its revenues by 3 percent in the quarter. It fell short of the average analyst estimate of $5.28 billion.

Sales for its nutrition business dropped 4 percent to $1.63 billion for Q1 2014, while sales for its established pharmaceuticals were down 7 percent at $1.15 billion, and revenues from medical devices were down around 1 percent at $1.31 billion.

Abbott posted net earnings of $375 million, or $.24 per share, compared to a profit of $544 million, or $.34 per share, for Q1 2013. Excluding special charges, Abbott said its EPS was $.41, above the Wall Street consensus estimate of $.36.