IVD Giants Report Record Growth: Hologic Up 89%, Abbott and Danaher Surge on Strong COVID-19 Diagnostic Demand

Recently, Hologic, Abbott, and Danaher released their latest quarterly financial reports. Among them, Abbott, Danaher, and Siemens also announced their full-year 2020 financial reports alongside their Q4 2020 earnings.

In fiscal year 2020, Abbott Laboratories achieved total revenue of $34.6 billion, a year-on-year increase of 8.5% and organic growth of 9.8%; in 2020, Abbott’s global sales reached $34.6 billion, representing a year-on-year growth of nearly 10%.

Diagnosis business performance was particularly outstanding, with global revenue reaching $10.8 billion, a year-on-year increase of 40%., has successively launched 11 viral, antibody, and antigen test kits for the novel coronavirus worldwide,Over 400 million tests were conducted in 2020.

Figure | Abbott's Financial Data for Fiscal Year 2020

Among them, the global diagnostics business increased by 40% year-on-year; broken down by segment:

Figure | Abbott Diagnostics Business Full-Year 2020 Financial Data

• Molecular Diagnostics Growth +224.9%

• Rapid Diagnostics Growth +113.0%, Contributing Up to $4.4 Billion in Revenue.

Global diagnostics sales increased by 111.1%, with organic growth of 108.9%; the strong growth was driven by demand for Abbott’s portfolio of COVID-19 diagnostic tests across its rapid and laboratory-based platforms.

In Q4 2020, Abbott's global sales of COVID-19 testing products totaled $2.4 billion, with the BinaxNOW, Panbio, and ID NOW rapid testing platforms accounting for $1.9 billion in total sales.

Figure | Abbott Laboratories Equipment: Alinity Series

Figure | Hologic

On Wednesday, Hologic released a report stating that, driven by sales of its SARS-CoV-2 diagnostic test products,Its revenue in the first quarter of fiscal year 2021 increased by 89% year-on-year.

The Diagnostics segment reported fiscal first-quarter 2021 revenue of $1.13 billion, a 262% increase from $311.5 million in the same period last year.

Excluding the divested blood screening business, revenue in the Diagnostics segment increased by 274% year over year, rising from $299.5 million to $1.12 billion.

By segment:

• Molecular Diagnostics revenue was $995.3 million, more than five times the $178.5 million reported in the first quarter of fiscal year 2020.

  
  

• Blood screening revenue was $8.1 million, a 33% decrease from $12.0 million in the same period last year.

  
  

• Cytology and perinatal revenue amounted to $124.8 million, representing a 3% increase from $121 million in the same period last year.

  
  

In Q1 2020, Hologic sold approximately 30 million SARS-CoV-2 diagnostic tests, generating sales of $745 million.

For the three months ended December 26, 2020, Hologic reported revenue of $1.61 billion, compared to $850.5 million in the first quarter of fiscal year 2020, surpassing Wall Street’s consensus estimate of $1.4 billion and aligning with preliminary estimates.

Figure | Siemens Healthineers

Recently, Siemens Healthineers released its fiscal 2021 outlook and financial summary for 2020. The report stated thatThe Entire Year of 2020Siemens’ total revenue amounted to €14.46 billion, compared with €14.518 billion in 2019; its net profit for 2020 was €1.423 billion, down from €1.586 billion in 2019.

Meanwhile,Siemens Healthineers Fiscal Year 2021Q1 revenue amounted to €3.868 billion (approximately RMB 30.2 billion), representing a 13.3% increase compared to Q1 2020.Among them, the diagnostic business revenue was €1.183 billion, a year-on-year increase of 23.5%.

Q4 2020 revenue was €3.876 billion (approximately $4.64 billion), compared to €4.142 billion in the same period last year. Net profit for the quarter was €432 million, compared to €507 million in the same period last year.

Siemens reported that, despite the impact of the COVID-19 pandemic, Siemens Healthineers’ full-year revenue still reached €14.5 billion. Among its business segments, revenue from Imaging and Clinical Therapy saw a slight comparable increase, while revenue from Diagnostics declined slightly.

In 2020, the full-year sales revenue was $22.284 billion, a year-on-year increase of 24.4%; the net profit was $3.51 billion, a year-on-year increase of 19.4%. The diluted earnings per share were $4.89, a year-on-year increase of 20.1%.

Full Year 2020:

• Life Sciences Business: Revenue of $10.576 billion, a year-over-year increase of 51.2% (Cytiva contributed 9.5% of the growth), representing the highest contribution and accounting for nearly half of total revenue;

  
  

• Diagnostic Business: Revenue of $7.403 billion, a year-over-year increase of 12.8%;

  
  

• Environmental Applications: Revenue was $4.305 billion, a 2% year-over-year decline, making it the only business segment to experience a decrease.

In Q4 2020, Danaher’s Life Sciences segment reported revenue of $3.361 billion, a year-over-year increase of 75.5%, which can be described as surging growth. Continued demand for COVID-19 vaccines and therapeutic agents drove record-high bioprocessing needs. Cytiva and Pall Biotech constitute the majority of Danaher’s bioprocessing business, and the company’s total orders in Q4 grew by more than 50%.

In Q4 2020, Danaher’s diagnostics business generated revenues of $2.227 billion, a year-on-year increase of 23.5%, with core revenue growing by 21.5%., benefiting from the rapid response to the COVID-19 pandemic, approximately 9 million test kits were shipped in the fourth quarter. Performance was also strong.

Throughout 2020, Danaher Beckman’s molecular diagnostics and blood gas analyzers, Cepheid’s molecular diagnostics, Radiometer’s blood gas analyzers, and Leica’s pathology solutions all played significant roles during the pandemic.

Beckman Coulter Diagnostics has expanded its COVID-related test menu by adding a high-volume antigen assay. This automated test, designed to run on Beckman’s immunoassay analyzers, helps address challenges associated with scaling up antigen testing, thereby enabling higher-throughput and higher-quality testing. Beckman’s automated antigen test represents another significant addition to Danaher’s portfolio of COVID-related diagnostic products and demonstrates the strong innovation momentum of the Beckman team, which has already launched six new COVID-related tests.