While a portion of the diagnostics business was focused on COVID-19 testing during the pandemic, Ford said that the segment was also developing new assays to expand the menu for the firm's key instruments. The company is also continuing to direct its R&D spending to close gaps in its testing menu, Ford said. One area that recovered particularly well was the firm's US blood transfusion testing business, Ford said, as Abbott benefitted from blood banks and blood donations rebounding from historic lows during the COVID-19 pandemic. The growth in diagnostics – excluding COVID-19 testing – "reflects the increased demand for routine diagnostic testing globally," Ford said. In both the diagnostics and medical devices segments, the base business growth reflected improving market conditions, including hospital systems that are addressing previous bottlenecks. Global COVID-19 testing sales were $263 million in the second quarter of 2023, compared to $2.32 billion in the year-ago period, the firm said. The Diagnostics segment is showing "good recovery here as the health systems are opening up, you're seeing routine testing come back," Abbott CEO Robert Ford said on a conference call to discuss the firm's financial results. The firm reported $741 million in Rapid Diagnostics sales, a 73 percent decrease from Q2 2022 sales of $2.75 billion. Within Diagnostics, Core Laboratory Q2 revenues rose 6 percent to $1.29 billion from $1.22 billion in Q2 2022 Molecular revenues decreased 33 percent to $141 million from $2 12 million in Q2 2022 and Point of Care revenues increased 2 percent to $142 million from $139 million in the prior-year quarter. Excluding COVID-19 test sales, Diagnostics revenues grew 7 percent organically. On an organic basis, Abbott's worldwide Diagnostics sales fell 45 percent. ![]() NEW YORK – Despite a 46 percent decline in Diagnostics business revenues during the second quarter of 2023 due to decreasing COVID-19 testing sales, Abbott emphasized recovery and growth in its base business across all its segments.ĭuring the recently completed quarter Abbott reported Diagnostics sales of $2.31 billion in Q2 2023 compared to $4.32 billion in the prior-year quarter. ![]() This story has been updated with comments from the company's conference call to discuss its financial results. Advances in Clinical Genomics Profiling.
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