Abbott Laboratories Explores Consumer Wearables Market As COVID Testing Sales Dwindle: CEO
Portfolio Pulse from Vandana Singh
Abbott Laboratories (ABT) is planning to enter the consumer wearables market as COVID-19 testing sales decline. The company's CEO, Robert Ford, announced the strategic move at the HLTH conference in Las Vegas. Abbott's latest wearable sensor, Lingo, which tracks glucose levels and offers personalized coaching recommendations, is set to be released in the U.S. next year. The company is preparing to submit its Lingo filing to the FDA by the end of the year.
October 11, 2023 | 1:29 pm
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POSITIVE IMPACT
Abbott Laboratories is diversifying its product portfolio by entering the consumer wearables market. This move could potentially offset the decline in COVID-19 testing sales.
Abbott Laboratories' move into the consumer wearables market is a strategic decision to diversify its revenue streams as COVID-19 testing sales decline. The success of this move will depend on the acceptance and adoption of their new product, Lingo, by consumers.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100