As Covid testing business drops, Abbott searches for new line of business with consumer wearables

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Abbott is working to bring a new glucose-tracking wearable called Lingo to U.S. consumers next year

Abbott Laboratories is hoping to broaden its reach by appealing to healthy consumers with its new wearable device called Lingo.

The health-care company offers a range of products, but derives the bulk of its revenue from medical devices and diagnostic tools. Its 15-minute$263 million in Covid test sales, which is a notable decrease from the $2.3 billion it reported during the same period last year. Margaret Kaczor Andrew, a partner and research analyst at William Blair, told CNBC's Erin Black in May that Abbott has aroundof the global CGM market. FreeStyle Libre alone generated more than $1.3 billion in sales for Abbott during its second quarter, according to the company'sBut although the device is meant for patients with diabetes, it has also attracted a surprising new demographic.

But for a company that's spent the last 135 years working closely with doctors, researchers and other health-care experts, simple messaging can be a challenge. He said the experience forced him to learn to communicate with consumers better, which has helped inform his approach at Abbott going forward.

 

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