Abbott Laboratories Recalls Some Sensors For Its Popular FreeStyle Libre 3 Glucose Monitoring System
Portfolio Pulse from Vandana Singh
Abbott Laboratories is recalling some FreeStyle Libre 3 sensors due to incorrect high glucose readings, which could lead to serious health issues. The recall does not affect the FreeStyle Libre 3 reader or app. Abbott also announced the U.S. availability of Lingo, a new glucose monitoring system without a prescription.
September 05, 2024 | 6:45 pm
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Abbott Laboratories is recalling certain FreeStyle Libre 3 sensors due to incorrect glucose readings, which could lead to serious health issues. This recall may impact Abbott's reputation and sales. However, the launch of Lingo, a new glucose monitoring system, could offset some negative impacts.
The recall of FreeStyle Libre 3 sensors due to potential health risks is likely to negatively impact Abbott's stock in the short term due to potential reputational damage and regulatory scrutiny. However, the simultaneous launch of Lingo, a new glucose monitoring system, could mitigate some of the negative impacts by providing a new revenue stream and demonstrating innovation. The stock price is already down 0.82%, indicating market reaction to the news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100