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The firm said that its core business, excluding COVID-19 clinical testing revenues, returned to positive organic growth in the quarter.

The revenue increase was driven by significant growth in the conglomerate's life sciences segment.

The third quarter continued Abbott's streak of offsetting base business declines with COVID-19 testing, with 38 percent growth in the diagnostics business.

The company reported net income of $1.93 billion, or $4.84 per share, compared to $760 million, or $1.89 per share, for the year-ago quarter.

The firm's variety of COVID-19 molecular and immunoassay test offerings offset declines in the point-of-care segment.

The German diagnostics firm expects more than €80 million in 2020 revenues, driven by its recovering core business and its COVID-19 testing business.

The increased forecast is the result of continuing COVID-19 testing volumes along with recovery in its breast and skeletal business, Hologic said.

The company said that since it reported its Q2 2020 financial results, organic testing volumes for its base business have recovered faster than expected.

The California-based genetic testing firm said its new lab will be able to process 20,000 tests per day and will initially focus on COVID-19 testing.

The firm reissued its full-year guidance and said it expects to sell 60 instruments in the US  for the remainder of the year.

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