Abbott Labs Covid Test Sales Surge As Pandemic Drags On

Abbott Laboratories first quarter earnings eclipsed $2.4 billion because of a surge in gross sales of Covid-19 diagnostic checks as demand grew with the unfold of the Omicron variant earlier this 12 months.

Gross sales of diagnostic checks for Covid-19 have been an enormous revenue and gross sales enhance to Abbott, which Wednesday reported first quarter earnings that beat Wall Road analysts’ expectations.

Abbott reported first quarter internet revenue jumped 36.5% to $2.44 billion in comparison with $1.79 million within the year-ago interval thanks partially to a giant leap in gross sales of diagnostic checks. Internet gross sales have been up 14% to $11.9 billion within the first quarter in comparison with the 12 months in the past interval.

International Covid-19 testing gross sales hit $3.3 billion within the first quarter and the majority of that got here from Abbott’s household of fast checks BinaxNOW, Panbio and ID NOW. “Greater than 90 p.c of COVID check gross sales got here from fast checks — together with BinaxNow in US, Panbio internationally and ID Now globally,” Abbott Chairman and CEO Robert Ford instructed analysts Wednesday morning on a name to debate earnings.

Ford additionally stated hospital procedures are growing, which is boosting Abbott’s different companies together with gadget gross sales. In the course of the pandemic, sufferers have cancelled or deferred care however well being insurers and medical suppliers are seeing a rebound.

In Abbott’s case, that has helped medical gadget gross sales, which have been up 11.5% within the first quarter.