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Abbott Q2 MDx Sales Inch up 1 Percent

NEW YORK (GenomeWeb News) – Abbott today reported its molecular diagnostics business rose 1 percent year over year during the second quarter while total sales grew 2 percent.

For the three months ended June 30, molecular diagnostics sales increased to $106 million, compared to $105 million a year ago. In the US, molecular diagnostics rose 7.3 percent year over year to $48 million, while internationally, the business dropped 3.8 percent to $58 million.

Abbott repeated expectations of 15 new molecular diagnostic product launches during the next few years, including assays for oncology, infectious diseases, and companion diagnostics.

In total, sales for the second quarter increased to $9.81 billion, compared to $9.62 billion a year ago. Net earnings for the quarter fell to $1.73 billion, or $1.08 per share, from $1.94 billion, or $1.23 per share, a year ago.

Abbott reiterated full-year 2012 EPS guidance of between $5 and $5.10.

The company reported last year that it is splitting its business into two publicly traded firms, one concentrated on research-based pharmaceuticals and the other on diversified medical products, including its diagnostics businesses. Abbott said today that it continues to expect the separation to be completed at the end of the year.

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