The US Food and Drug Administration has cleared the next version of Abbott's Freestyle Libre continuous glucose monitor for people with diabetes, Abbott said Tuesday. It will become available later in 2022. 

The Freestyle Libre 3, which received honors at CES 2022, is the size of two stacked pennies, and it's smaller, thinner and more accurate than the earlier versions, Abbott said.

The pricing will match that of the previous models. According to Abbott, patients with commercial insurance generally pay between $0 and $60 per month for sensors. The Freestyle Libre 3 is not eligible for Medicare reimbursement at the moment.

"I applaud Abbott for making their CGM system the most affordable and addressing disparities in care so patients living with diabetes can avoid complications and optimize their quality of life," Duke University Department of Medicine's Dr. Eugene E. Wright, Jr. said in Abbott's press release.

Abbott has been in the spotlight recently for its role in an ongoing baby formula shortage in the US. In February, Abbott recalled a number of batches of its Similac, Alimentum and EleCare infant formula brands after reports of infections. Abbott also ceased production at the Michigan factory where the possibly contaminated formula was produced. 

Read more: Best Continuous Glucose Monitors for 2022

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