Abbott Beats Forecasts on Strong Covid-19 Testing Business
July 16 2020 - 8:19AM
Dow Jones News
By Matt Grossman
Abbott Laboratories recorded a smaller second-quarter profit as
revenue declined year over year, but the company beat analysts'
adjusted earnings expectations amid surging demand for its Covid-19
tests.
The Abbott Park, Ill.-based health-care products company
recorded a second-quarter profit of $537 million, or 30 cents a
share, down from a profit of $1.01 billion, or 56 cents a share,
for the same three-month period a year earlier.
On an adjusted basis, the company's earnings were 57 cents a
share, Abbott said. Analysts had anticipated adjusted earnings of
42 cents a share, according to FactSet.
Second-quarter sales were $7.33 billion, down from $7.98 billion
a year earlier. Analysts were expecting sales of $6.81 billion.
Revenue from the company's diagnostics segment rose 23% top $857
million as demand surged for Covid-19 tests. Abbott's diagnostics
growth was fueled by its sales of both lab-based tests and on-site
tests.
Abbott's medical-device sales declined, however, as procedures
were delayed during the global pandemic. Revenue from medical
devices decreased 21% on lower demand for cardiovascular and
neuromodulation devices.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 16, 2020 08:04 ET (12:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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