Abbott's CGM momentum builds
Abbott Laboratories’ FreeStyle Libre continuous glucose monitors continue to sell well: The company on Wednesday reported $1.2 billion in sales for the first quarter, which the company touted as “U.S. growth of approximately 50%.”
But this is just the latest $1 billion-plus quarter for Libre, which explains why CEO Robert Ford is bullish that the business segment can grow from $4.3 billion in 2022 to $10 billion by 2028. He's candid that this would require an annual growth rate of 15%.
Something to watch is how Abbott’s expanding portfolio of monitoring products impacts the bottom line. In March, FreeStyle Libre sensors received FDA clearance to work with automated insulin delivery systems, making them available to a new swath of users. And Ford has touted the potential of its future combined glucose and ketone sensor as well as the forthcoming line of Lingo consumer “biowearables.” The latter are expected to start hitting the market this year.
SOURCE: STAT, 4/20/23