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Good news is bad news for Abbott Labs as testing kit supply chains slow

China 2870 Coronavirus 501 Earnings 644 European Union 761 Health Care 340 U.S. 5146

Medical testing equipment maker Abbott Labs has lowered its earnings guidance due to “significantly lower recent and projected COVID-19 diagnostic testing demand” after successful vaccine rollouts in Europe and North America. Panjiva’s data shows that U.S. seaborne imports linked to the firm already fell by 6.4% year over year in April after rising by 28.6% in Q1’21. Other importers of test kits have also seen lower shipments with imports linked to Johnson & Johnson and Roche having declined at a rate of 11.8% and 36.9% year over year respectively in April.

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