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Abbott (ABT) FreeStyle Libre 3 System's Study Outcome Favorable
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Abbott Laboratories (ABT - Free Report) presented late-breaking clinical data that demonstrate the FreeStyle Libre 3 system is the most accurate 14-day continuous glucose monitor. The results were presented at the American Diabetes Association 82nd Scientific Sessions in New Orleans between Jun 3 and Jun 7, 2022.
It is worth mentioning that Abbott revolutionized glucose monitoring with the world-leading FreeStyle Libre technology — the first sensor to remove painful fingersticks by providing factory-calibrated continuous glucose monitoring that is affordable, accessible and accurate.
The recent development is likely to fortify Abbott’s Diabetes Care business.
Study Details
The multi-center study assessed the accuracy of the FreeStyle Libre 3 system in people who were on insulin therapy with type 1 or type 2 diabetes aged four or above. Notably, mean absolute relative difference (MARD) is considered the simplest measurement of sensor accuracy and represents the difference between a continuous glucose monitoring (CGM) system's readings and a reference blood glucose measurement. Generally, the lower the MARD, the more accurate the CGM system.
The study data showed that Abbott's FreeStyle Libre 3 system has an overall MARD of 7.9%, making it the first and only 14-day CGM system to achieve a MARD of less than 8%.
Significance of the Study
Per Abbott’s management, sub-8% overall MARD for the FreeStyle Libre 3 system is an important milestone, not just in terms of CGM innovation but because it empowers people with diabetes to be more confident when making important diabetes management decisions.
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Moreover, an evaluation of retrospective data collected over 24 months from more than 370,000 patients with type 2 diabetes in Canada demonstrated that insights from FreeStyle Libre data aid clinicians make earlier decisions or adjustments to type 2 diabetes treatments versus making decisions based on conventional blood glucose monitoring (BGM).
A comparative study showed that the new Glucose Pattern Insights report in LibreView supports primary care providers spot and treat hypoglycemia events that are missed when using standardized reports.
Industry Prospects
Per a report published in Allied Market research, the global continuous glucose monitoring systems’ market size is expected to see a CAGR of 22% by 2027. Factors, including a surge in the geriatric population and the increasing prevalence of diabetes, are expected to fuel market growth.
Recent Developments
In June 2022, Abbott announced the development of a biowearable that will continuously monitor glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the FDA, which is intended to expedite the review of innovative technologies that can enhance people's lives with life-threatening or irreversibly debilitating diseases or conditions.
In May 2022, Abbott gained FDA authorizations for the Alinity m STI Assay, which detects and differentiates between four common sexually transmitted infections (STI) simultaneously. This multiplex test runs on the Alinity m system, Abbott’s most advanced high-volume laboratory molecular instrument. It will help address the rising STI rates and enable healthcare providers to save time, increase efficiency and better serve patients.
Price Performance
Shares of the company have gained 6% in a year against the industry's rise of 24.4%.
Zacks Rank and Key Picks
Abbott currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are UnitedHealth Group Incorporated (UNH - Free Report) , Medpace Holdings, Inc. (MEDP - Free Report) and Alkermes plc (ALKS - Free Report) .
UnitedHealth, having a Zacks Rank #2 (Buy), reported first-quarter 2022 earnings per share (EPS) of $5.49, which beat the Zacks Consensus Estimate by 1.7%. Revenues of $80.1 billion outpaced the consensus mark by 14.2%.
UnitedHealth has an estimated long-term growth rate of 14.8%. UNH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.7%.
Medpace reported first-quarter 2022 adjusted EPS of $1.69, which surpassed the Zacks Consensus Estimate by 34.1%. Revenues of $330.9 million outpaced the Zacks Consensus Estimate by 1.1%. It currently has a Zacks Rank #2.
Medpace has a historical growth rate of 27.3%. MEDP’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.1%.
Alkermes reported first-quarter 2022 adjusted EPS of 12 cents, which surpassed the Zacks Consensus Estimate of a penny. Revenues of $278.6 million outpaced the Zacks Consensus Estimate by 6.2%. It currently sports a Zacks Rank #1.
Alkermes has an estimated long-term growth rate of 25.1%. ALKS’ earnings surpassed estimates in the trailing four quarters, the average surprise being 350.5%.
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Abbott (ABT) FreeStyle Libre 3 System's Study Outcome Favorable
Abbott Laboratories (ABT - Free Report) presented late-breaking clinical data that demonstrate the FreeStyle Libre 3 system is the most accurate 14-day continuous glucose monitor. The results were presented at the American Diabetes Association 82nd Scientific Sessions in New Orleans between Jun 3 and Jun 7, 2022.
It is worth mentioning that Abbott revolutionized glucose monitoring with the world-leading FreeStyle Libre technology — the first sensor to remove painful fingersticks by providing factory-calibrated continuous glucose monitoring that is affordable, accessible and accurate.
The recent development is likely to fortify Abbott’s Diabetes Care business.
Study Details
The multi-center study assessed the accuracy of the FreeStyle Libre 3 system in people who were on insulin therapy with type 1 or type 2 diabetes aged four or above. Notably, mean absolute relative difference (MARD) is considered the simplest measurement of sensor accuracy and represents the difference between a continuous glucose monitoring (CGM) system's readings and a reference blood glucose measurement. Generally, the lower the MARD, the more accurate the CGM system.
The study data showed that Abbott's FreeStyle Libre 3 system has an overall MARD of 7.9%, making it the first and only 14-day CGM system to achieve a MARD of less than 8%.
Significance of the Study
Per Abbott’s management, sub-8% overall MARD for the FreeStyle Libre 3 system is an important milestone, not just in terms of CGM innovation but because it empowers people with diabetes to be more confident when making important diabetes management decisions.
Moreover, an evaluation of retrospective data collected over 24 months from more than 370,000 patients with type 2 diabetes in Canada demonstrated that insights from FreeStyle Libre data aid clinicians make earlier decisions or adjustments to type 2 diabetes treatments versus making decisions based on conventional blood glucose monitoring (BGM).
A comparative study showed that the new Glucose Pattern Insights report in LibreView supports primary care providers spot and treat hypoglycemia events that are missed when using standardized reports.
Industry Prospects
Per a report published in Allied Market research, the global continuous glucose monitoring systems’ market size is expected to see a CAGR of 22% by 2027. Factors, including a surge in the geriatric population and the increasing prevalence of diabetes, are expected to fuel market growth.
Recent Developments
In June 2022, Abbott announced the development of a biowearable that will continuously monitor glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the FDA, which is intended to expedite the review of innovative technologies that can enhance people's lives with life-threatening or irreversibly debilitating diseases or conditions.
In May 2022, Abbott gained FDA authorizations for the Alinity m STI Assay, which detects and differentiates between four common sexually transmitted infections (STI) simultaneously. This multiplex test runs on the Alinity m system, Abbott’s most advanced high-volume laboratory molecular instrument. It will help address the rising STI rates and enable healthcare providers to save time, increase efficiency and better serve patients.
Price Performance
Shares of the company have gained 6% in a year against the industry's rise of 24.4%.
Zacks Rank and Key Picks
Abbott currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are UnitedHealth Group Incorporated (UNH - Free Report) , Medpace Holdings, Inc. (MEDP - Free Report) and Alkermes plc (ALKS - Free Report) .
UnitedHealth, having a Zacks Rank #2 (Buy), reported first-quarter 2022 earnings per share (EPS) of $5.49, which beat the Zacks Consensus Estimate by 1.7%. Revenues of $80.1 billion outpaced the consensus mark by 14.2%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
UnitedHealth has an estimated long-term growth rate of 14.8%. UNH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.7%.
Medpace reported first-quarter 2022 adjusted EPS of $1.69, which surpassed the Zacks Consensus Estimate by 34.1%. Revenues of $330.9 million outpaced the Zacks Consensus Estimate by 1.1%. It currently has a Zacks Rank #2.
Medpace has a historical growth rate of 27.3%. MEDP’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.1%.
Alkermes reported first-quarter 2022 adjusted EPS of 12 cents, which surpassed the Zacks Consensus Estimate of a penny. Revenues of $278.6 million outpaced the Zacks Consensus Estimate by 6.2%. It currently sports a Zacks Rank #1.
Alkermes has an estimated long-term growth rate of 25.1%. ALKS’ earnings surpassed estimates in the trailing four quarters, the average surprise being 350.5%.