Abbott wins FDA nod for glucose monitor
The device keeps tabs on blood sugar and beta-ketone levels at hospital bedsides, and it's the only technology of its kind to use individually foil-wrapped test strips, drastically cutting the risk of cross-contamination, Abbott said. The device is outfitted with wireless connectivity, sending test data straight from a handheld monitor to hospital staff.
"The FreeStyle Precision Pro system represents a significant step forward as we work to provide tools to improve the way hospitals manage patients' glucose levels," Abbott Diabetes Care Senior Vice President Heather Mason said in a statement.
And any step forward would be a benefit for Abbott's slumping medical device business. Last quarter, the company's diabetes device revenue slid 1.3% to $326 million, dragged down by pricing and reimbursement pressures in the U.S. However, Abbott has seen a strong uptick for its FreeStyle InsuLinx meter in emerging markets, the company said, and it's still doing well with hospital-based technologies like the FreeStyle Precision Pro.
But diabetes tech wasn't the biggest contributor to Abbott's 1.6% Q2 slump in medical devices. The company's vascular business is still enduring a decline in demand for stents, dropping 2% to $750 million on the quarter. Medical optics, which includes intraocular lenses and eye surgery devices, fell 1.2% to $280 million.
- read Abbott's announcement