Abbott Laboratories, Inc. ABT recently announced the receipt of the FDA approval for its Assert-IQTM insertable cardiac monitor (ICM), giving doctors a new choice for the diagnostic assessment and ongoing monitoring of patients with irregular heartbeats. This approval adds to Abbott's line-up of remote patient management and treatment tools that can support doctors more effectively.
The latest approval bolster Abbott’s cardiac rhythm management business.
More on Assert-IQ
Abbott's Assert-IQ ICM uses Bluetooth® technology to stay linked to a transmitter, typically the patient's own cell phone, where it continuously monitors heart rhythms and sends real-time results to the clinic's portal. Assert-IQ ICM models can also be remotely programmed, which enables doctors to change the associated device's settings, improve performance and reduce pointless warnings or transmissions — without needing the patient to come to the clinic.
The Assert-IQ ICM increased diagnostic capabilities to give doctors more clinically applicable knowledge about the patient's cardiovascular health and facilitate quicker clinical decisions.
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The Assert-IQ helps doctors monitor for at least six years by providing a lengthy battery life. That is especially useful when providing care for patients who are receiving therapy, have recently undergone cardiac ablation or may be at risk of developing new arrhythmias, such as AFib.
Benefits of Assert-IQ
When compared with other diagnostic techniques in the market for diagnosing abnormal cardiac rhythms, the Assert-IQ ICM marks a major improvement. Patients can go about their regular lives and engage in the activities they enjoy while the ICM performs its function. The device is tiny and implanted just beneath the skin. With the use of Assert-IQ ICM's sophisticated algorithms, doctors can choose a course of therapy for even difficult-to-find anomalies. It can be a very useful technique for managing cardiac arrhythmia diseases both temporarily and permanently.
More physicians are using ICM technology to remotely monitor their patients to better identify the underlying causes of symptoms that may have an impact on general health and the quality of life as the prevalence of irregular cardiac rhythms like atrial fibrillation rises. The Assert-IQ test by Abbott ICM provides doctors with a linked health tool so they can give their patients the best care possible and make more accurate and knowledgeable treatment decisions.
Per a report by Grand View Research, the global cardiac rhythm management devices market size was valued at USD 18.8 billion in 2022 and is estimated to expand at a CAGR of 5.50% by 2030. The growing prevalence of various cardiovascular diseases, such as arrhythmia and atrial fibrillation, are driving the market.
In May 2023, Abbott unveiled several new programs within the framework of its multimillion-dollar drive to broaden participation in clinical trials and enhance care for underserved communities. The latest additions to Abbott's Diversity in Clinical Trials effort expand upon the alliances, awards and the emphasis on diverse participation in the business's own clinical trials during the initiative's first year.
In March 2023, Abbott’s latest addition to the Epic surgical valve platform, the Epi Max stented tissue valve, received FDA approval. The design of the device is optimized to improve valve blood flow and will be used to treat aortic regurgitation or stenosis.
In the past year, Abbott’s shares declined up 4.2% compared with the industry’s fall of 28.9%.
Zacks Rank & Other Key Picks
Abbott currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Addus Homecare Corporation ADUS, Merit Medical Systems, Inc. MMSI and Davita Inc DVA.
The Zacks Consensus Estimate for Addus Homecare’s 2023 earnings indicates 10.9% year-over-year growth. The Zacks Consensus Estimate for ADUS’s 2023 earnings has moved 0.5% north in the past 30 days.
Addus Homecare has a long-term estimated growth rate of 11.8%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Merit Medical reported a first-quarter 2023 adjusted EPS of 64 cents, beating the Zacks Consensus Estimate by 16.4%. Revenues of $297.6 million surpassed the Zacks Consensus Estimate by 5.9%. It currently carries a Zacks Rank #2.
Merit Medical has a long-term estimated growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
DaVita, carrying a Zacks Rank #2 at present, has a long-term estimated growth rate of 14.6%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 17.3%.
DaVita has lost 1.9% compared with the industry’s 18% decline over the past year.
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