Despite a consensus-beating Q4 2022, Abbott Laboratories (NYSE:ABT) lost ~2% pre-market Wednesday as its revenue fell ~12% YoY amid disruption to baby formula production and waning COVID impact.

On a reported basis, revenue for the quarter reached $10.1B taking the full-year revenue to $43.7B with ~1% YoY growth. The Diagnostics segment added $3.3B in sales with a ~26% YoY decline impacted by declining COVID-19 testing-related sales, which reached $1.1B, marking a ~54% YoY drop for Q4.

Meanwhile, the Nutrition segment generated $3.3B in sales with a ~11% YoY decline, while the full-year sales at the division stood at $16.6B, indicating a ~10% YoY drop. The company attributed the underperformance to the manufacturing disruptions to certain infant formula brands at its Sturgis, Michigan, facility.

Meanwhile, Abbott’s (ABT) Established Pharmaceuticals reported $1.2B sales for the quarter with ~1% YoY growth, while sales at the Medical Devices segment remained flat at $3.8B.

The company’s adj. gross margin stood at ~56% compared to ~58% in the prior year period, and the diluted earnings per share on a GAAP basis fell ~47% YoY to $0.59.

“We significantly exceeded the EPS guidance we provided at the beginning of last year despite challenging global business conditions,” Chief Executive Robert Ford noted.

Abbott (ABT) projects its full-year organic sales growth to reach high-single digits, excluding COVID-19 testing-related sales expected at $2.0B. The company’s full-year adjusted EPS guidance from continuing operations stands at $4.30 – $4.50, in line with the consensus.