Abbott's diagnostic sales up, but devices down in Q2
This article was originally published in Clinica
Abbott’s second-quarter sales of $5.45 billion fell short of consensus analyst expectations by some $70 million, but earnings, at $0.46 per diluted share (after adjustments), beat both the company’s and analysts’ forecasts. The analysts had anticipated EPS of $0.44 (www.clinica.co.uk, 16 July 2013), while Abbott had previously issued guidance of $0.43-0.45 (www.clinica.co.uk, 18 April 2013). The firm’s medical devices division was weak in Q2, with sales down 2%, due to falling revenues in all of its subdivisions apart from endovascular, where sales grew 4%. The vascular product market is particularly tough, as Abbott contends with pricing pressures and a drop in the number of procedures. This was offset by 5% growth in diagnostics, with point-of-care products seeing the biggest rise, of 15%.
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