financial results

The company also reported higher expenses, in part due to R&D around its MosaiQ platform for blood grouping and transfusion-transmitted infection screening.

Life Sciences revenues grew 7 percent year over year to $1.92 billion, while Diagnostics revenues were up rose also 7 percent to $1.80 billion.

Within diagnostics, the firm posted molecular diagnostics revenues of $178.5 million, up 9 percent from $164.3 million in fiscal Q1 2019.

The company attributed the revenue decline in part to working capital restraints and long manufacturing lead times, which are being addressed currently.

CEO Prahlad Singh said the firm is developing a PCR- and antibody-based assay for the novel coronavirus 2019-nCoV and is working with the Chinese NMPA.

Abbott said the increase in diagnostics revenue was driven by adoption of the company's Alinity family of diagnostic instruments.

The immune sequencing firm announced preliminary full-year 2019 revenues in the range of $84 million to $85 million, an increase of approximately 52 percent.

The company said it anticipates $19.2 million in revenues for full-year 2019, which would miss the consensus Wall Street estimate of $19.4 million.

Though the firm's top-line figures fell just shy of analysts' estimates, its installed base of ePlex analyzers grew 49 percent year over year.