Abbott Laboratories (NYSE: ABT) announced its 2020 Q3 earning results on October 21st, 2020. In 2020 Q2, Abbott showed decline in its sales and income due to postponements of non-essential surgeries. However, its sales were increased by 9.6% in the 3rd quarter and operating income showed double-digit growth.
Abbott’s drastic growth in the 3rd quarter was driven by 38.2% growth (YoY, 3 months) in the sales of diagnostics, including those for detecting COVID-19. In this regard, rapid diagnostics such as recently approved BinaxNOWTM COVID-19 Ag Card rapid test showed 83.2% growth in its sales (YoY, 3months). Molecular diagnostic such as laboratory use COVID-19 detection system showed as many as 313.1% growth (YoY, 3 months).
In medical devise segment such as surgical medical devise, its sales showed double-digit significant decrease due to the postponement of non-essential surgery in 2020 Q2. However, its sales recovered to single-digit decrease in the 3rd quarter, expecting the future rebound in its demands. We expect that Abbott’s financial performance would be continuously improved in 2020 Q4.
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