) recently announced that the company is initiating a voluntary
recall of its FreeStyle InsuLinx Blood Glucose Meters in the
Abbott Labs decided to recall the its FreeStyle InsuLinx Blood
Glucose Meters as it found that the device displayed and stored
wrong test results in patients with extremely high blood glucose
Abbott Labs estimates that there are approximately 50,000
active FreeStyle InsuLinx Meter users in the US and asked them to
take appropriate measures.
Following the identification of the deficiency, the company
has started the process of informing the concerned persons about
Abbott Labs has also notified the US Food and Drug
Administration (FDA) and all relevant healthcare authorities in
the other countries about the defect.
We note that Abbott Labs obtained U.S. regulatory approval for
its FreeStyle InsuLinx Meter in the first quarter of 2013.
Earlier in 2011, the company obtained CE mark and Health Canada
approval for ts FreeStyle InsuLinx Blood Glucose Meters. The CE
mark is a mandatory confirmation for products placed in the
We remind investors that in Jan 2013, Abbott Labs separated
its research-based pharmaceuticals business by creating a new
). The decision to spin off the business was taken in Oct 2011
when Abbott decided to separate its business into two publicly
traded companies - one in diversified medical products and the
other in research-based pharmaceuticals.
Following the move, Abbott Labs became a diversified medical
products company including branded generic pharmaceutical,
devices, diagnostic and nutritional businesses.
Abbott intends to increase its presence in emerging markets,
which provide a substantial opportunity for growth, given the
rise in middle-class income and aging population. The
diversification should enable Abbott to penetrate these markets
and capture market share.
In particular, the nutrition and diagnostics business should
maintain momentum and boost the bottom line due to an improvement
in operating margins.
Abbott Labs currently carries a Zacks Rank #3 (Hold). As of
) looks attractive with a Zacks Rank #1 (Strong Buy).
) also looks well placed with a Zacks Rank #2 (Buy).
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