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Abbott virus detection machine (Source: Abbott Laboratories)
Abbott virus detection machine (Source: Abbott Laboratories)

Abbott quarterly profit beats as COVID-19 tests cushion virus impact

Abbott reported a better-than-anticipated quarterly profit as a surge in sales of its coronavirus tests helped it cushion a fall in demand for its devices due to virus-induced lockdowns and deferred elective care

Abbott Laboratories on Thursday reported a better-than-anticipated quarterly profit as a surge in sales of its coronavirus tests helped it cushion a fall in demand for its devices due to virus-induced lockdowns and deferred elective care.

The company has been pinning hopes on its coronavirus tests to help it sail over virus-led challenges. It has since March won US authorization for five coronavirus tests, including two antibody tests, an automated test used in labs and a test that can deliver results within minutes and is used at the White House.

Excluding items, the company earned 57 cents per share, beating consensus of 42 cents per share, according to Refinitiv IBES data.

Abbott's diagnostics unit, which also sells its newly authorized COVID-19 tests, brought in sales of $1.99 billion in the second quarter, a 4.7% jump from a year earlier.

The company, which suspended its full-year forecast in April due to uncertainties about the extent of impact from the outbreak, said it now sees adjusted earnings of at least $3.25 per share for the year.

Net sales fell to $7.33 billion from $7.98 billion, but came above estimates of $6.81 billion, helped by $615 million in sales from COVID-19 tests.

This story has been published from a wire agency feed without modifications to the text.

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