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Abbott (ABT) to Advance Diabetes Care With New Acquisition
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Abbott Laboratories, Inc. (ABT - Free Report) recently entered into a definitive agreement to acquire Bigfoot -- a developer of smart insulin management systems for people with diabetes. The acquisition will unite two industry leaders in several facets of diabetes care, Support for CGM and insulin injection.
The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2023. Financial terms were kept under wraps.
The latest move will fortify Abbott’s Diabetes business.
More on Acquisition
Since 2017, Abbott and Bigfoot have collaborated on linked diabetic treatments. Bigfoot created Bigfoot Unity, an innovative insulin management system featuring the first and only linked insulin pen caps that have received FDA clearance. Bigfoot Unity uses integrated continuous glucose monitoring (iCGM) data and healthcare professionals' guidance to propose insulin administration.
FreeStyle Libre 2 sensors and all popular long-acting (basal) and rapid-acting (bolus) disposable insulin pens available in the United States are compatible with the system. It is recommended for people with diabetes who require numerous daily insulin injections and are at least 12 years old.
Strategic Implications
With the addition of Bigfoot Biomedical, two industry leaders in continuousglucose monitoring and insulin dosing support will be combined. Combining the two companies will enable Abbott to create more interconnected solutions to improve the personalization and accuracy of diabetes control.
Both businesses have the same goal of giving patients with diabetes straightforward, inexpensive, and simple-to-use products. The Bigfoot Unity system features a customer smartphone app connected to a cloud-based internet portal utilized by healthcare providers to support their patients, including through remote care, and uniquely works with Abbott's market-leading FreeStyle Libre technology.
Industry Prospects
Per a Research report, the global CGM devices market was valued at $7.82 billion in 2022 and is expected to witness a CAGR of 4.4% by 2030.
Progress Within CGM System
Of late, Abbott has been reaching the headlines for several achievements. Its FreeStyle Libre 2 system is the first and only CGM system to be nationally reimbursed in France for people who use basal insulin as part of their diabetes management. The FDA has approved ABT’s TactiFlex Ablation Catheter to treat abnormal heart rhythms.
Image Source: Zacks Investment Research
In June 2023, Abbott partnered with the American Diabetes Association (“ADA”) to launch a therapeutic nutrition program for people with diabetes. The first-of-its-kind project will evaluate how diabetes technology, like continuous glucose monitoring (CGM) systems, can help people with diabetes make informed decisions about their food and activity.
Price Performance
In the past year, ABT’s shares have declined 27.4% compared with the industry’s fall of 32.8%.
Haemonetics’ stock has risen 19.9% in the past year. Earnings estimates for Haemonetics have increased from $3.56 to $3.74 in 2023 and $3.96 to $4.07 in 2024 in the past 30 days. It currently carries Zacks Rank #1.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.
Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 167.5% in the past year against the industry’s decline of 1.7%. It currently carries Zacks Rank #2 (Buy).
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for SiBone’s2023 loss have narrowed from $1.42 to $1.27 per share in the past 30 days. Shares of the company have increased 31% in the past year compared with the industry’s rise of 1.9%. It currently carries Zacks Rank #2.
SIBN’s earnings beat estimates in all the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBone delivered an earnings surprise of 26.83%.
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Abbott (ABT) to Advance Diabetes Care With New Acquisition
Abbott Laboratories, Inc. (ABT - Free Report) recently entered into a definitive agreement to acquire Bigfoot -- a developer of smart insulin management systems for people with diabetes. The acquisition will unite two industry leaders in several facets of diabetes care, Support for CGM and insulin injection.
The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2023. Financial terms were kept under wraps.
The latest move will fortify Abbott’s Diabetes business.
More on Acquisition
Since 2017, Abbott and Bigfoot have collaborated on linked diabetic treatments. Bigfoot created Bigfoot Unity, an innovative insulin management system featuring the first and only linked insulin pen caps that have received FDA clearance. Bigfoot Unity uses integrated continuous glucose monitoring (iCGM) data and healthcare professionals' guidance to propose insulin administration.
FreeStyle Libre 2 sensors and all popular long-acting (basal) and rapid-acting (bolus) disposable insulin pens available in the United States are compatible with the system. It is recommended for people with diabetes who require numerous daily insulin injections and are at least 12 years old.
Strategic Implications
With the addition of Bigfoot Biomedical, two industry leaders in continuousglucose monitoring and insulin dosing support will be combined. Combining the two companies will enable Abbott to create more interconnected solutions to improve the personalization and accuracy of diabetes control.
Both businesses have the same goal of giving patients with diabetes straightforward, inexpensive, and simple-to-use products. The Bigfoot Unity system features a customer smartphone app connected to a cloud-based internet portal utilized by healthcare providers to support their patients, including through remote care, and uniquely works with Abbott's market-leading FreeStyle Libre technology.
Industry Prospects
Per a Research report, the global CGM devices market was valued at $7.82 billion in 2022 and is expected to witness a CAGR of 4.4% by 2030.
Progress Within CGM System
Of late, Abbott has been reaching the headlines for several achievements. Its FreeStyle Libre 2 system is the first and only CGM system to be nationally reimbursed in France for people who use basal insulin as part of their diabetes management. The FDA has approved ABT’s TactiFlex Ablation Catheter to treat abnormal heart rhythms.
In June 2023, Abbott partnered with the American Diabetes Association (“ADA”) to launch a therapeutic nutrition program for people with diabetes. The first-of-its-kind project will evaluate how diabetes technology, like continuous glucose monitoring (CGM) systems, can help people with diabetes make informed decisions about their food and activity.
Price Performance
In the past year, ABT’s shares have declined 27.4% compared with the industry’s fall of 32.8%.
Zacks Rank and Key Picks
Abbott currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Haemonetics (HAE - Free Report) , Quanterix (QTRX - Free Report) and SiBone (SIBN - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Haemonetics’ stock has risen 19.9% in the past year. Earnings estimates for Haemonetics have increased from $3.56 to $3.74 in 2023 and $3.96 to $4.07 in 2024 in the past 30 days. It currently carries Zacks Rank #1.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.
Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 167.5% in the past year against the industry’s decline of 1.7%. It currently carries Zacks Rank #2 (Buy).
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for SiBone’s2023 loss have narrowed from $1.42 to $1.27 per share in the past 30 days. Shares of the company have increased 31% in the past year compared with the industry’s rise of 1.9%. It currently carries Zacks Rank #2.
SIBN’s earnings beat estimates in all the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBone delivered an earnings surprise of 26.83%.