Why did Abbott's Diagnostics revenue decline in 2023?

Abbott's Diagnostics revenue decline in 2023 can be attributed to several factors:

1. Decrease in COVID Testing: Abbott's Diagnostics revenue was impacted by the reduction in COVID testing as the company's diagnostic tests for COVID-19 saw a decline in demand. This decrease in margin was driven by lower revenue from COVID testing.
2. Softening Demand for Diagnostic Tests: The overall demand for diagnostic tests, including those for non-COVID related diseases, was softer due to the pandemic fatigue and prioritization of resources in the healthcare system for emergency care. This softening demand affected Abbott's Diagnostics business, leading to a decrease in net revenue.

In summary, Abbott's Diagnostics revenue decline in 2023 was primarily due to the decrease in COVID testing and softening demand for diagnostic tests.