Abbott Laboratories (NYSE: ABT) reported its financial results for the quarter ended March 31, 2020 today.
The company reported a 16% drop in earnings for the first quarter of 2020 due to tax expense despite a 2.5% increase in the top-line. Abbott is suspending its previously announced annual guidance for 2020 due to uncertainties regarding the duration and impact of the coronavirus (COVID-19) pandemic.
Abbott launched three critical new tests for COVID-19, two molecular tests and one serology blood test for the detection of the antibody. While molecular testing detects whether someone has the virus, antibody tests determine if someone was previously infected.
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