William Blair analyst Margaret Kaczor reported surprise at the increase in users of CGM within the non-insulin and basal insulin populations.
Kaczor expects Dexcom and Abbott to benefit from the trend with their next-generation CGM offerings after meetings with both companies’ management.
Both companies launched next-gen CGMs in recent years (Dexcom G7 and Abbott FreeStyle Libre 3). Dexcom also began rolling out its Stelo over-the-counter non-insulin CGM and Abbott has its Lingo non-insulin biowearable coming to the U.S. soon.
According to Kaczor, the number of non-insulin patient adds in 2023 proved surprising and came in above expectations. William Blair estimates nearly 300,000 new non-insulin CGM users, compared to a projection of 200,000. She sees this as an additive to the still-underpenetrated opportunity in the insulin-using diabetic patient population.
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