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Abbott Laboratories (NYSE:ABT) CEO Robert Ford said the company will use a mix of TV advertisements and guerilla marketing to promote the U.S. launch of Lingo, its glucose monitoring device.
This device targets consumers without diabetes, aiming to personalize health data and enhance understanding of their health metrics.
Also Read: Similac Baby Formula Maker Abbott And Reckitt Face Hundreds Of Baby Formula Lawsuits.
Ford projected that Lingo could become a multi-billion-dollar product, although it is still in its nascent stage.
Lingo, an over-the-counter device, is scheduled to launch this year alongside Libre Rio, which received FDA clearance last month.
Abbott’s consumer biowearable, Lingo, is designed for consumers 18 years and older looking to improve their overall health and wellness.
Lingo will track glucose and provide personalized insights and customized coaching to help people create healthy habits, retrain their metabolism, and improve their overall well-being.
Libre Rio Libre Rio will be Abbott’s first over-the-counter CGM system for people with diabetes in the U.S.
It is designed for people ages 18 and older with Type 2 diabetes who do not use insulin and typically manage their diabetes through lifestyle modifications.
In continuous glucose monitoring, Abbott competes with DexCom Inc (NASDAQ:DXCM) and Medtronic Plc (NYSE:MDT).
During the second quarter, FreeStyle Libre, Abbott’s prescription blood sugar monitor, achieved $1.6 billion in global sales, up 18.4% year over year.
Reuters notes that the company acknowledges that marketing a consumer product like Lingo will differ significantly from promoting a medical device.
Ford emphasized the importance of guerilla marketing, which includes on-ground outreach and social media campaigns, to drive adoption.
Sourcing an RBC Capital Markets analyst, Reuters noted that while current sales projections for Abbott and DexCom’s OTC products are modest, the potential market is significant.
Singh highlighted that Abbott is just beginning to launch Lingo this summer, presenting substantial opportunities for both companies.
Ford anticipates that sales growth for Lingo will gradually increase as Abbott establishes the market and learns from its early efforts.
Price Action: ABT stock is up 1.38% at $101.44 at the last check on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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