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The diagnostics manufacturer attributed the decline to the negative impact of foreign currency exchange and lower international sales.
Abbott's third quarter diagnostic revenues shrunk 2 percent and molecular diagnostics sales dropped 5 percent, both due to unfavorable currency effects.
With recent and impending launches of POC MDx platforms, some industry observers believe the technology could replace some POC immunoassays in a few years.
A number of firms now have FDA-approved Group A Strep assays, but end users may be hesitant to adopt them until Infectious Disease Society of America guidelines are updated.
The test runs on the firm's m2000 PCR platform and is the first on the market to assess resistance to both rifampin and isoniazid.
Total revenues in the quarter were $629.2 million, beating the Wall Street estimate of $625.2 million.
Second quarter diagnostic revenues decreased 1 percent year over year to $1.18 billion as molecular diagnostics sales shrunk a fraction of a percent.
The test is the second to be waived for use on the Alere i isothermal nucleic acid amplification platform, and detects Group A Strep DNA in eight minutes or less.
Proceeds from the offering will be used to redeem $400 million of senior subordinated notes due in 2018.
Retraction Watch writes that a cancer researcher has had an eighth paper retracted.
Computational biologist James Taylor has died, according to Johns Hopkins University.
The Centers for Disease Control and Prevention is starting to test people for SARS-CoV-2 antibodies, according to the New York Times.
In PLOS this week: features of tumor-infiltrating immune cells, regulatory effects of SNPs associated with prostate cancer risk, and more.