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Abbott's Q2 MDx Sales Rise 12 Percent

NEW YORK (GenomeWeb News) – Abbott today reported that its second-quarter molecular diagnostics sales rose 12 percent year over year, helping to drive 5 percent growth in its diagnostics business overall.

The pharmaceuticals, diagnostics, and medical devices giant reported total Q2 sales of $5.45 billion, up nearly 3 percent year over year, but short of Wall Street's consensus estimate of $5.52 billion. Its actual Q2 sales last year were $9.81 billion, but at the end of 2012 Abbott split into two separate, publicly-traded companies — one focused on diversified medical products and the other on research-based pharmaceuticals.

For the three months ended June 30, Abbott's molecular diagnostics sales were $119 million, up from $106 million in the second quarter of 2012. Its US MDx sales were $52 million, with the remaining $67 million in revenues derived from international markets.

Abbott said sales were driven by its infectious disease diagnostics, particularly in emerging markets, and continued global expansion of its anaplastic lymphoma kinase gene test for non-small cell lung cancer. The firm also noted that it received US Food and Drug Administration approval in June for its hepatitis C virus genotyping test.

Abbott's total diagnostics sales for the quarter were $1.14 billion, up 5 percent year over year. Its core laboratory diagnostics sales jumped 4 percent to $915 million, and its point-of-care diagnostics products climbed 15 percent to $101 million.

Abbott's net income from continuing operations was $1.02 billion, or $.88 per share, versus $762 million, or $.83 per share, for Q2 2012. EPS, excluding one-time items, came in at $.46, beating analysts' consensus estimate of $.44.