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The firm saw 120 percent growth in the BioFire FilmArray product line driven by strong demand for a respiratory panel which can detect SARS-CoV-2.

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

Revenues were $2.79 billion for Q3, up from $1.96 billion in the third quarter last year and beating the consensus Wall Street estimate of $2.73 billion.

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 firm reported $2 billion in third-quarter revenues related to the COVID-19 response, accounting for 23 percent of its overall revenues.

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.

For the three months ended Sept. 30, the Belgian molecular diagnostic firm's revenues fell to $4.5 million from $4.7 million in Q3 2019.

For the three months ended June 30, the firm reported revenues of $5.4 million, down from $6.3 million in the year-ago quarter and missing the consensus Wall Street estimate of $5.9 million.

The company has plans to launch another SARS-CoV-2 antigen test, as well as an immunoassay to detect Epstein-Barr virus in the fourth quarter.

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