Amid the standard roll call of earnings sheets released in recent weeks, nearly every diagnostics developer marked present has reported a severe drop-off in COVID-19 test sales for the fourth quarter of calendar year 2022. That includes Siemens Healthineers , Abbott , Thermo Fisher and, most recently, BD, which hopped on the bandwagon Thursday by reporting a nearly 83% drop in its COVID-related revenues for the period—stylized as the first quarter of its fiscal 2023. That segment brought in a relatively measly $32 million for the quarter, barely one-sixth of the $185 million it earned for the same three months the year prior. And while BD was expecting COVID test sales to dry up throughout the year, it seemingly didn’t think the drought would hit so soon. In its first-quarter earnings report (PDF) Thursday, the company was forced to slash its full-year forecast for those sales in half: Though it kicked off the year expecting COVID-only diagnostics to rake in between $125 million and $175 million throughout 2023—which would already have represented only a quarter of 2022’s $511 million take—that guidance has now been lowered to somewhere between $50 million and $100 million. As was to be expected, the […]
Click here to view original web page at www.fiercebiotech.com
