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Abbott's MDx Sales Rise 21 Percent in Q2

NEW YORK (GenomeWeb News) – Abbott today reported worldwide molecular diagnostics sales of $73 million, up around 21 percent, not including the effects of currency translation, over its 2008 MDx sales.

The Abbott Park, Ill.-based pharmaceuticals and medical products giant said that including the negative effects of foreign exchange its global molecular diagnostic sales were up 11 percent year over year.

The firm's core laboratory diagnostics sales were $747 million for the quarter ended June 30, up approximately 2 percent excluding currency and down around 9 percent including currency translation effects.

Overall, Abbott reported sales of $7.5 billion, up 2.5 percent from sales of $7.3 billion in the second quarter of 2008.

The firm posted a profit of around $1.3 billion, or $.83 per share, down nearly 3 percent from a Q2 2008 profit of $1.3 billion, or $.85 per share. The decline was due to the negative effects of foreign currency translation.

Excluding special items, Abbott's EPS was $.89, which matched analysts' average estimate for the firm.

Abbott maintained its full-year 2009 EPS guidance of between $3.65 and $3.70, which would reflect double-digit growth over 2008 at the mid-point range.

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