Abbott cuts 2021 outlook, blaming fast decline in COVID-19 testing demand
Abbott Laboratories on Tuesday lowered its monetary outlook for 2021 because of a "sharp and fast" decline in demand for COVID-19 exams, a pattern the corporate expects to proceed.
CEO Robert Ford advised traders on a Tuesday name Abbott had no approach of realizing in April when it reported first-quarter earnings market dynamics would change so dramatically. At the moment, Ford stated the corporate was seeing coronavirus case charges holding regular within the U.S. and different main developed international locations however in Might the diagnostics maker skilled a "sudden" and basic drop-off in demand for COVID-19 testing, notably for surveillance and screening with fast testing.
some labs obtained a short lived enhance in income because of covid, however as extra vaccines are being produced, there simply isn't a necessity for testing anymore. I imply, it's kinda pointless.
covid income will maintain drying up.
submitted by /u/pman6