Abbott recently said that its Diagnostics business revenues grew 47 percent year over year in the second quarter, driven by sales in its rapid diagnostics business, which reflect results for Alere acquired in October 2017.
On an organic basis, without rapid diagnostics sales, Abbott's worldwide diagnostics sales increased 7 percent, driven by strong core lab and MDx sales.
For the three months ended June 30, Abbott reported overall Q2 revenues of $7.77 billion, up 17 percent on a reported basis and 8 percent on an organic basis from $6.64 billion in Q2 2017. The company beat the consensus Wall Street estimate of $7.71 billion.
The firm's organic sales growth excludes prior-year results for the Abbott Medical Optics and St. Jude Medical vascular closure businesses, which the company divested during the first quarter of 2017; the current and prior-year results for rapid diagnostics; and the impact of foreign exchange.
Abbott reported Diagnostics sales of $1.87 billion compared to $1.27 billion in the prior-year quarter. Within Diagnostics, core laboratory Q2 sales grew 11 percent to $1.13 billion driven by continued share gains globally; molecular revenues grew 8 percent to $122 million; and point of care dropped almost 1 percent to $139 million. The firm booked $484 million in rapid diagnostics sales, led by infectious disease and cardiometabolic testing.
In molecular diagnostics, worldwide sales were led by strong growth in infectious disease testing, Abbott’s core area of focus in MDx markets. The sales growth was partially offset by a planned scale-down in other testing areas, primarily in the US, Abbott said.
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