4Q Earnings Show Mostly Gains for Diagnostics
Fourth quarter earnings reports are starting to trickle in. Here is a big picture roundup of some of the key results so far. Gainers Companies with strong 4Q diagnostics revenues include: Abbott Laboratories: Year-over-year (YOY) growth of 3% driven by 4% increase in infectious disease testing and core laboratory sales (from $969 million to $1 billion)—offsetting 1% foreign exchange loss and 8% decline in molecular diagnostics due to wind-down of genetics business; Quest Diagnostics: Quarterly revenues of $1.86 billion on 0.7% growth (on a reported basis) and full year revenues of $7.52 billion on 0.3% growth; Luminex: Expected YOY growth of 20% for 4Q and 14% for year with revenues of, respectively, $72 million and $271 million, easily beating Wall Street estimates of $70.3 million and $268.9 million; and Invitae Corporation: Among best performing of genetic information companies with expected 33% revenue growth (as compared to Q3) driven by 200% YOY increase in billable test volume with approximately 59,000 tests for the year. The genomic testing sector was strong with robust quarterly YOY growth reported by: T2 Biosystems (+50%) (preliminary); NanoString Technologies (+15%) (preliminary); and GenMark Diagnostics (+13%). Decliners Although gainers generally outnumbered decliners, companies with weaker than expected diagnostics […]
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