Abbott Laboratories Receives FDA Approval for Insertable Cardiac Monitor Assert-IQ

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Abbott Laboratories ($NYSE:ABT) recently received approval from the US Food and Drug Administration (FDA) for its insertable cardiac monitor, Assert-IQ. The device is part of a suite of products offered by the company that is designed to detect and diagnose cardiac conditions. Its product lines are divided into four major categories: pharmaceuticals, diagnostics, nutritionals, and medical devices. The newly-approved Assert-IQ device is the first implantable cardiac monitor that can assess and diagnose cardiac arrhythmias. It is a miniaturized device that is inserted subcutaneously and provides long-term monitoring of the heart.

The device will provide physicians with critical information that can help them diagnose and treat cardiac conditions more effectively. Overall, Abbott Laboratories’ new Assert-IQ device has been granted FDA approval and is part of its suite of products designed to detect and diagnose cardiac conditions. This new product should prove to be a significant advancement in the company’s ability to provide physicians with the information they need to make informed decisions about their patients’ care.

Stock Price

This device is designed to detect irregular heartbeats in patients who are at risk for developing life-threatening arrhythmias. The approval of this device marks a major milestone for the company, as it demonstrates the ability of Abbott’s technology to meet the highest safety and efficacy standards set by the FDA. Abbott Laboratories‘ stock opened at $108.7 and closed at $108.5, down by 0.3% from its previous closing price of 108.8. Nevertheless, the approval of the ICM marks an overall positive step forward for Abbott Laboratories, and investors are likely to benefit from the long-term growth potential of this newly approved device. Live Quote…

About the Company

Income Snapshot

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Analysis

As GoodWhale, we recently analyzed the financials of ABBOTT LABORATORIES using our Star Chart. According to our analysis, ABBOTT LABORATORIES is classified as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. Based on this, we can conclude that investors looking for moderate growth may be interested in such a company. Furthermore, ABBOTT LABORATORIES has a high health score of 9/10 with regard to its cashflows and debt. This indicates that the company is capable of safely riding out any crisis without the risk of bankruptcy. In addition, ABBOTT LABORATORIES is strong in dividend, profitability, and medium in asset and growth. This makes it an attractive option for investors who are looking for moderate growth and a good dividend yield. More…

Peers

Abbott Laboratories is a large, publicly traded company that manufactures and sells medical products, including diagnostics, devices, and branded generic pharmaceuticals. The company has a diversified product portfolio and a strong presence in multiple global markets. However, Abbott Laboratories faces stiff competition from other large medical companies, such as OraSure Technologies Inc, Quidel Corp, and Lucira Health Inc.

– OraSure Technologies Inc ($NASDAQ:OSUR)

OraSure Technologies Inc is a leader in developing, manufacturing, and marketing oral fluid diagnostic products. The company’s products are used for the detection of antibodies to HIV and HCV, as well as for the detection of drugs of abuse. OraSure’s products are sold in over 60 countries worldwide. The company has a market cap of 283.94M as of 2022, a Return on Equity of -8.39%.

OraSure Technologies is dedicated to improving global health by developing and delivering innovative point-of-care diagnostic solutions to meet the needs of underserved populations. The company’s products are used for the detection of infectious diseases, such as HIV and HCV, as well as for the detection of drugs of abuse. OraSure’s products are sold in over 60 countries worldwide.

– Quidel Corp ($NASDAQ:QDEL)

Quidel Corporation is a molecular diagnostics company, providing diagnostic solutions that empower patients and physicians to make better healthcare decisions. The company has a market cap of $5.18 billion and a return on equity of 22.75%. Quidel’s products are used in a variety of settings, including hospitals, physician offices, and retail pharmacies. Quidel’s products are used to diagnose a wide range of conditions, including influenza, respiratory syncytial virus, and tuberculosis. Quidel also offers a variety of point-of-care tests, including tests for pregnancy, ovulation, and infectious diseases.

– Lucira Health Inc ($NASDAQ:LHDX)

Lucira Health Inc is a medical technology company that develops and commercializes molecular diagnostics products. The company’s products are designed to enable earlier and more accurate detection of infectious diseases. Lucira Health’s products include the Lucira COVID-19 All-In-One Test Kit, which is the first FDA-cleared molecular test for the self-collection and detection of COVID-19. The company has a market cap of $46.12 million and a return on equity of -13.64%.

Summary

Abbott Laboratories is an American medical device company that recently gained approval from the US Food and Drug Administration (FDA) for its Assert-IQ Insertable Cardiac Monitor. This new device provides the ability to detect and monitor abnormal heart rhythms, making it an attractive investment for those interested in medical technology. Abbott also offers a wide range of diagnostic tests, drugs, and medical devices across several areas of healthcare, including cardiovascular, metabolic, and neurologic diseases.

Its strong financials, innovative products, and competitive advantage in the healthcare industry are just some of the reasons why investors should consider investing in the company. As it continues to develop new technologies and expand its product portfolio, Abbott Laboratories is likely to remain an attractive investment opportunity for the years to come.