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Abbott's Q4 MDx Sales Flat Year Over Year

NEW YORK (GenomeWeb News) – Abbott Laboratories today reported that its fourth quarter 2013 molecular diagnostics sales were flat year over year as its overall diagnostics sales increased 6 percent.

The firm posted MDx sales of $131 million for the quarter, flat with Q4 2012. It said that foreign exchange trimmed nearly 1 percent off its MDx revenues for the quarter. However, its international MDx sales were up around 10 percent on an operational basis, driven by "continued strong growth in infectious disease testing, particularly in emerging markets."

Overall, sales for Abbott's diagnostics segment jumped 6 percent to $1.20 billion. Its point-of-care diagnostics revenues climbed nearly 14 percent to $103 million, while its core laboratory sales were up 6 percent at $962 million.

For full-year 2013, Abbott's diagnostics revenues were also up 6 percent at nearly $4.55 billion. Its MDx sales for the year were up more than 6 percent at $473 million, while its point-of-care Dx sales increased 16 percent to $403 million, and its core laboratory sales increased 5 percent to $3.67 billion.

Overall, Abbott reported Q4 sales of around $5.66 billion, up a fraction of 1 percent. Its net earnings for the quarter declined to $589 million, or $.37 per share, from $1.05 billion, or $.66 per share, for Q4 2012.

However, its net earnings from continuing operations, excluding specified items, were up to $918 million, or $0.58 per share, matching analysts' consensus estimate, from $766 million, or $0.48 per share, for Q4 2013.

For full-year 2013 its sales were up nearly 2 percent at $21.85 billion versus $21.49 billion for FY 2012. Its net earnings for the year were $2.58 billion, or $1.62 per share, compared to $5.96 billion, or $3.72 per share, for FY 2013.

Abbott said that it expects its diagnostics business to achieve "above-market performance" in 2014, and it "continues to invest in development of several next-generation diagnostic platforms across all of its business units that are designed to positively impact patient care, improve service to customers, enhance laboratory productivity and reduce costs."

In Wednesday morning trade on the New York Stock Exchange, shares of Abbott were down around 3 percent at $37.97.