Abbott (NYSE:ABT) posted flat second-quarter earnings despite a nearly 18 percent increase to its top line.
The Abbott Park, Ill.-based medical products conglomerate reported sales of $8.83 billion for the three months ended June 30, up 17.8 percent compared with $7.50 billion during the same period last year. But net earnings were flat at $1.29 billion, or 83 cents per diluted share, compared with the same numbers during Q2 2009.
Riding strong international growth, global sales of Abbott’s coronary stents rose 34.2 percent to $533 million during the quarter, according to its earnings statement. The company also put up a double-digit increase for its molecular diagnostics business, up 22.6 percent to $89 million for the quarter.
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Sales for Abbott’s entire vascular segment rose 26.9 percent to $835 million, while the diagnostics segment pulled in $948 million in sales, an 8 percent increase over the previous year’s second quarter.
In June, the company laid off 120 workers in California, the majority of whom worked in the company’s stent manufacturing operation there. Abbott’s diabetes unit yesterday received warning from the Food & Drug Administration about problems with glucose strips made in the company’s Alameda, Calif., plant.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
