July 17, 2020 – Abbott (Abbott Park, IL) announced financial results for the second quarter ended June 30, 2020. The company reported worldwide sales of $7.3 billion in the second quarter, including $615 million of COVID-19 diagnostic testing-related sales. Abbott also reported that growth rates in business areas initially most impacted by COVID-19 improved significantly over the course of the second quarter.
In Core Laboratory Diagnostics, the company says that lower routine diagnostics testing due to COVID-19 was partially offset by sales of Abbott’s COVID-19 laboratory-based tests for the detection of the IgG antibody, which determines if someone was previously infected with the virus. Core Laboratory IgG antibody testing-related sales on Abbott’s Architect and Alinity i platforms were $152 million in the quarter.
Molecular Diagnostics sales increased 233.6% on a reported basis and 241.4% on an organic basis in the second quarter. The company attributes the strong growth to the demand for its laboratory-based molecular tests for COVID-19 on its m2000 and Alinity m platforms. Molecular Diagnostics COVID-19 testing-related sales were $283 million in the quarter.
Rapid Diagnostics sales increased 9.6% on a reported basis and 11.0% on an organic basis in the second quarter. The company noted that its lower base-business sales were more than offset by strong demand for its point-of-care COVID-19 molecular test on its ID NOW platform. Rapid Diagnostics COVID-19 testing-related sales were $180 million in the quarter.