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MarketScreener Homepage  >  Equities  >  Nyse  >  Abbott Laboratories    ABT

ABBOTT LABORATORIES

(ABT)
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Abbott Laboratories : FREESTYLE LIBRE 2 ICGM SYSTEM NOW AVAILABLE TO MEDICARE BENEFICIARIES

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09/02/2020 | 09:15am EDT

ABBOTT PARK - Abbott (NYSE: ABT), the worldwide leader in continuous glucose monitoring (CGM),4 announced today its next-generation FreeStyle Libre 2 integrated continuous glucose monitoring (iCGM) system is now available to Medicare patients.

Having met the codes for therapeutic CGM systems used for coverage by the U.S. Centers for Medicare & Medicaid Services (CMS), the FreeStyle Libre 2 system is now accessible to all Medicare patients with diabetes who meet the eligibility criteria.

'Abbott designed the FreeStyle Libre portfolio for performance, access and affordability to make it broadly available to people with diabetes who need it,' said Jared Watkin, senior vice president, Diabetes Care, Abbott. 'By securing reimbursement, Abbott is making sure our latest life-changing technology can get to everyone who needs it, whether they're children, adults or seniors eligible for Medicare.'

The FreeStyle Libre 2 system includes a sensor that is the easiest to apply5,6 and is worn on the back of the upper arm for up to 14 days, measuring glucose every minute. With a one-second scan using a handheld reader over the sensor, the system provides users with a real-time glucose reading, trend arrow and eight-hour history to help them and their healthcare providers make more informed treatment decisions.

The FreeStyle Libre 2 system includes optional real-time alarms and measures glucose levels every minute, meeting the highest level of accuracy standards7 over 14 days, including superior day one6 accuracy compared to the other iCGM and excellent accuracy and alarm performance at low end glucose levels.8 With a 14-day wear time, the FreeStyle Libre 2 system is the longest-lasting, self-applied iCGM sensor currently available, eliminating the need for fingersticks2 - and priced at a third of the cost of other CGM systems.3

The pandemic is changing the way healthcare is delivered with greater acceptance of telehealth and medical technologies with remote monitoring capabilities such as CGMs. For instance, during the public health emergency, CMS is giving healthcare professionals more flexibility to prescribe CGMs9 to those who qualify. Additionally, the U.S. Food and Drug Administration (FDA) is allowing the FreeStyle Libre system to be used in hospital settings10 during the pandemic, making Abbott's diabetes technology more easily accessible.

As the #1 sensor-based glucose monitoring system used in the U.S. and worldwide,4 Abbott's FreeStyle Libre portfolio has changed the lives of more than 2 million people across more than 50 countries6 by providing breakthrough technology that is accessible and affordable.3 Abbott has secured partial or full reimbursement for the FreeStyle Libre portfolio in 37 countries, including Canada, France, Germany, Japan, the United Kingdom and the U.S.

About Abbott

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 107,000 colleagues serve people in more than 160 countries.

Contact:

Jennifer Heth

Tel: (510) 206-6428

Email: jennifer.chanheth@abbott.com

(C) 2020 Electronic News Publishing, source ENP Newswire


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Financials (USD)
Sales 2020 33 885 M - -
Net income 2020 4 415 M - -
Net Debt 2020 11 438 M - -
P/E ratio 2020 44,0x
Yield 2020 1,34%
Capitalization 191 B 191 B -
EV / Sales 2020 5,97x
EV / Sales 2021 5,21x
Nbr of Employees 107 000
Free-Float 88,8%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 117,78 $
Last Close Price 107,79 $
Spread / Highest target 20,6%
Spread / Average Target 9,27%
Spread / Lowest Target -23,9%
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Robert B. Ford President, CEO, Chief Operating Officer & Director
Miles D. White Executive Chairman
Robert E. Funck Chief Financial Officer & Executive Vice President
Roxanne Schuh Austin Independent Director
Samuel C. Scott Independent Director
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