The COVID-19 Testing Cliff
3 filers across 1 sector are flagging lower demand. Visible since 2023Q4, recently cooling. Almost entirely a demand story (100%). Recent filings describe "Molecular Diagnostics COVID-19 testing-related sales were $7 million and $28 million, respectively."
Abbott's diagnostics business is experiencing a sharp and widespread collapse in COVID-19 testing demand across all product lines, while underlying core laboratory diagnostics remain resilient when COVID sales are excluded.
DISTINCT NEW FILERS PER QUARTER
✦ WHAT THE DIFF CAUGHT
Language shifts from pandemic-era testing dominance to quantifying the scale of the post-pandemic demand destruction: specific dollar figures ($730M to $204M) and category-level declines (38.7% Rapid Diagnostics, 15.5% Diagnostic Products).
REPRESENTATIVE SIGNAL FROM FILINGS
“Molecular Diagnostics COVID-19 testing-related sales were $7 million and $28 million, respectively”
COVID-19 testing-related sales declined sharply from $28 million in H1 2023 to $7 million in H1 2024.
“Infectious disease products experienced an operational sales decline of 19.0% as compared to the same period a year ago”
Infectious disease products experienced an operational sales decline of 19.0% compared to the prior year, primarily driven by declines across the portfolio including COVID-19 vaccine revenue.
DRIVERS