ABT's FreeStyle Libre 3 Plus Now Available in Canada: Stock to Rise?

Abbott Laboratories ABT recently made its FreeStyle Libre 3 Plus sensor available to Canadians living with diabetes. This latest generation glucose monitoring device features the world's smallest glucose sensor.The latest development is expected to bolster the company’s Diabetes Care business.ABT Stock’s Likely Trend Following the NewsFollowing the announcement, Abbott’s shares moved down slightly 0.2%, finishing at $133.36 on Tuesday. On a positive note, Abbott’s Diabetes Care business continued to benefit from the growing sales of its flagship, sensor-based continuous glucose monitoring system, FreeStyle Libre. In a relatively short span, FreeStyle Libre has achieved global leadership among continuous glucose monitoring (CGM) systems for both Type 1 and Type 2 users. Hence, we expect the market sentiment toward ABT stock to turn positive surrounding the latest approval.Abbott has a market capitalization of $231.78 billion. The company’s earnings yield of 3.9% surpasses the industry’s 0.6%. ABT delivered an average earnings beat of 1.6% in the trailing four quarters. Significance of ABT’s FreeStyle Libre 3 Plus Earlier, people living with diabetes had to monitor their glucose levels by pricking their finger to draw blood and then test it with a glucose meter. It can be painful and inconvenient. Approximately 12 million Canadians are living with diabetes, with around 90% or more having type 2 diabetes. Glucose monitoring is crucial to effective diabetes management, as it enables individuals with diabetes to understand how their body responds to food, exercise and medication. Abbott has revolutionized diabetes care with its world-leading FreeStyle Libre continuous glucose monitoring portfolio. The latest FreeStyle Libre 3 Plus makes glucose monitoring simpler and more user-friendly. It measures glucose levels in interstitial fluid through a small sensor worn on the back of the upper arm. The sensor sends glucose data to an accompanying smartphone app, allowing users to track their glucose levels in real-time and manage diabetes more effectively. There is full or partial reimbursement for Libre systems in more than 40 countries. Industry Prospects Favor AbbottPer a Grand View Research report, the global CGM devices market size is projected to reach $7.51 billion by 2030, at a CAGR of 7.19% from 2024 to 2030. The market growth is propelled by the rising prevalence of diabetes due to aging, obesity, and unhealthy lifestyle and increasing demand for the treatment and preventive measures across the globe. Image Source: Zacks Investment ResearchOther Recent Developments by AbbottIn May, the FDA approved Abbott’s Tendyne transcatheter mitral valve replacement (TMVR) system to treat people with mitral valve disease. This life-changing therapy is available for patients whose mitral valves are not functioning properly due to severe mitral annular calcification. Additionally, in April, the company launched a next-generation delivery system for its neuromodulation business, designed to simplify electrode implantation for the Proclaim DRG neurostimulation system. ABT Stock Price PerformanceOver the past year, Abbott’s shares have risen 29.3%, surpassing the industry’s 11.6% growth.ABT’s Zacks Rank and Other Key PicksAbbott currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the broader medical space are Align Technology ALGN, Boston Scientific BSX and Cencora COR.Align Technology has an estimated long-term earnings growth rate of 11.2% compared with the industry’s 9.9% rise. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 3.4%. Its shares have lost 27.7% compared with the industry’s 3.3% decline in the past year.ALGN carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Boston Scientific, currently carrying a Zacks Rank #2, has an earnings yield of 2.8% compared with the industry’s 0.6%. Shares of the company have surged 129.7% compared with the industry’s 35.9% growth. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.8%.Cencora, carrying a Zacks Rank #2 at present, has an earnings yield of 5.4% compared with the industry’s 3.8%. Shares of the company have rallied 25.9% against the industry’s 14.4% decline. COR’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6%.Higher. Faster. Sooner. Buy These Stocks NowA small number of stocks are primed for a breakout, and you have a chance to get in before they take off.At any given time, there are only 220 Zacks Rank #1 Strong Buys. On average, this list more than doubles the S&P 500. We’ve combed through the latest Strong Buys and selected 7 compelling companies likely to jump sooner and climb higher than any other stock you could buy this month.You'll learn everything you need to know about these exciting trades in our brand-new Special Report, 7 Best Stocks for the Next 30 Days.Download the report free now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Abbott Laboratories (ABT): Free Stock Analysis Report Boston Scientific Corporation (BSX): Free Stock Analysis Report Align Technology, Inc. (ALGN): Free Stock Analysis Report Cencora, Inc. (COR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks