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Abbott Posts Q3 Revenues Increase of 6 Percent as MDx Sales Inch up 1 Percent

NEW YORK (GenomeWeb) – Abbott reported today that its third quarter sales increased nearly 6 percent year over year, while its molecular diagnostics business saw sales increase just under 1 percent.

Abbott reported total revenues of $5.10 billion, up from $4.83 billion for the third quarter of 2013, but falling short of the consensus Wall Street estimate of $5.60 billion. Sales for its Nutrition business climbed around 9 percent to $1.79 billion, while sales for the Established Pharmaceuticals business were up nearly 12 percent at $771 million, and Medical Devices revenue dropped 1 percent to $1.33 billion.

Abbott's Diagnostics business reported 5 percent sales growth to $1.18 billion. Its molecular diagnostics sales for the quarter were $118 million, slightly above the $117 million reported in Q3 last year. Abbott attributed the tepid sales growth to "market dynamics in its smaller businesses, as well as the timing of tenders in its infectious disease business in several emerging markets."

Its core laboratory diagnostics sales were up around 5 percent to $955 million, and its point-of-care diagnostics sales increased 7 percent to $107.

Abbott posted net income of $538 million, or $.36 per share, versus a profit of $966 million, or $.61 per share, in Q3 2013. Adjusted for one-time gains and costs, the firm posted EPS of $.62 versus $.55 for Q3 2013, and above the Wall Street consensus estimate of $.59.

The firm said that it has raised the mid-point and narrowed its FY 2014 EPS guidance to a range between $2.25 and $2.27, excluding specified items. It previously had guided to a range of $2.19 to $2.29.

In early Wednesday trade on the New York Stock Exchange, shares of Abbott were down a fraction of 1 percent at $42.17.