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Abbott's MDx Sales Rise 14 Percent in Q1

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Abbott today reported that its molecular diagnostics sales for the first quarter of 2011 grew around 14 percent year over year.

The Abbott Park, Ill.-based maker of medical diagnostics and devices, pharmaceuticals, and nutritional products, said that its molecular diagnostics products brought in revenue of $99 million for the quarter. Of that total, $45 million came from the US market and the rest from international markets.

Abbott now reports the molecular diagnostics business as part of its Innovation Driven Devices segment, along with its vascular and medical optics products, but separate from its core laboratory diagnostics and point-of-care diagnostics.

The firm said that it expects to launch more than a dozen new molecular diagnostic products over the next two to three years. It said that it has submitted a hepatitis C viral load test with the US Food and Drug Administration for marketing clearance, as well as a number of oncology-related assays.

Abbott reported total revenues of $9.04 billion for the quarter ended March 31, a 17 percent increase from sales of $7.7 billion for Q1 2010. Its net earnings fell to $864 million, or $.55 per share, from $1 billion, or $.64 per share, due to increased operating costs and expenses — including a $100 million charge for acquired in-process research and development.

Abbott confirmed its EPS guidance for full-year 2011 of between $4.54 and $4.64.

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