CEO and Chair Robert B. Ford said on the company’s second-quarter earnings call that Abbott expects the launch in a few months, following CE mark approval for the multi-analyte sensor in May.
Branded as Libre Duo and Libre Duo 10 Day, the sensors provide real-time visibility into glucose levels as a standard continuous glucose monitor (CGM) like Abbott’s FreeStyle Libre system does, but also into rising ketones that can lead to a diabetic ketoacidosis (DKA) emergency.
Libre Duo systems continuously monitor both glucose and ketone levels to reduce the reliance on tests that capture a single moment in time. This helps people monitor their glucose levels while alerting them to rising ketones so they can act sooner to avoid a potential emergency.
Abbott said this clearance marks the first time people with diabetes can monitor ketones without traditional blood or urine tests.
Ford said the company has its eyes on bringing Libre Duo to the U.S., once it obtains FDA approval, but did not provide a timeline or expectations on that front.
More on Abbott and its Diabetes business
Ford continues to maintain a “bullish” outlook on the company’s CGM business, as he outlined in last quarter’s earnings call.
“As I’ve said in the past, you’ve got 75-80 million people around the world that could realistically be on a CGM,” Ford said. “But you’ve only got 15 million so far. There’s still plenty of opportunity for growth and growth acceleration.”
Ford said Abbott’s most immediate route to unlocking that opportunity comes in the form of reimbursement. CGM makers expect Medicare coverage for people with type 2 diabetes not on insulin soon, on top of other global opportunities.
“We have a lot of reimbursement expansion opportunities in the funnel,” Ford said. “We’re in active discussions with a dozen or so countries that are either looking to introduce or to expand reimbursement.
“The challenge is actually trying to pinpoint the exact month or quarter as to when that reimbursement expansion is going to happen.”
According to Ford, going through a significant stretch of time without reimbursement expansion leads to a slight “plateau.” While the plateau still has a fair amount of growth, it slows things down for a period. However, Ford expects a drastic acceleration once that reimbursement comes, especially with the type 2 diabetes opportunity.
“This could be a multi-billion dollar opportunity, and it could happen in the fall,” Ford said. “I just can’t forecast exactly when it’s going to happen. When it does happen, it is going to definitely accelerate our sales, and we’re planning and positioning ourselves to be in the best possible position as it relates to sales force, distribution, etc., to be able to capitalize on that opportunity.
“I feel good about this market. We’re making the investments. We believe in the growth trajectory and the potential that exists and we’re full speed in execution.”
