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Medtronic Launches User-Friendly Insulin Infusion Set in US
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Medtronic plc (MDT - Free Report) recently launched an easy-to-use insulin infusion set, MiniMed Mio Advance, for the insulin-dependent diabetic patients in the United States. The launch expands Medtronic’s existing MiniMed portfolio of infusion sets along with simplifying diabetes management.
Notably, the MiniMed Mio Advance infusion set has already been launched in select countries outside the United States in 2018, with a strong customer adoption unlike the previous infusion sets. The set is manufactured by ConvaTec’s Unomedical subsidiary and is only available from Medtronic.
With the latest portfolio expansion, Medtronic aims to strengthen its diabetes management business’ global foothold.
Significance of the Launch
Per management, the simplified design of the latest infusion set will enable diabetic patients to better manage their insulin intake and diabetes level. The company, on receiving favorable customer feedback for its MiniMed Mio Advance infusion set, is making it widely available.
Industry Prospects
Per a report by Grand View Research, the global insulin pump market size was valued at $3.30 billion in 2018 and is anticipated to witness a CAGR of 9.6% between 2019 and 2026. Factors like technological advancements, adoption of insulin pumps over traditional methods, and growing prevalence of diabetes and obesity are expected to drive the market.
Considering the market potential, this well-timed launch will provide a boost to the company’s business.
Recent Developments in Diabetes Group
Of late, Medtronic has been witnessing a slew of developments in this business arm.
In June, the company presented favorable results from its U.S. pivotal trial of its investigational MiniMed 780G Advanced Hybrid Closed Loop (“AHCL”) system at the American Diabetes Association’s session.
In the same month, Medtronic announced the receipt of the CE Mark for its next generation closed loop insulin pump system, MiniMed 780G AHCL, for the treatment of type 1 diabetes in the age range of seven to 80 years.
In May, Medtronic received FDA’s approval for the Android version of its Guardian Connect continuous glucose monitoring system.
In the same month, the company also announced an expansion of the Medtronic Assurance program with a new option to support diabetics who have lost their health insurance due to COVID-19 related job loss. Current eligible customers in the United States will receive a three-month supply of glucose sensors, infusion sets and reservoirs free of charge.
During its fourth-quarter fiscal 2020 earnings call in May, Medtronic confirmed increased customer demands for diabetes supplies, including continuous glucose sensors and infusion sets, especially in the international markets.
Price Performance
Shares of the company have lost 6.9% in the past year compared with the industry’s 7.2% fall and against the S&P 500's 7.2% rise.
Zacks Rank & Stocks to Consider
Currently, Medtronic carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Quest Diagnostics Incorporated (DGX - Free Report) , Laboratory Corporation of America Holdings (LH - Free Report) or LabCorp and QIAGEN N.V. (QGEN - Free Report) .
LabCorp’s long-term earnings growth rate is estimated at 6.1%. The company presently sports a Zacks Rank #1.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently flaunts a Zacks Rank #1.
5 Stocks to Soar Past the Pandemic: In addition to the companies you learned about above, we invite you to learn about 5 cutting-edge stocks that could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of the decade.
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Medtronic Launches User-Friendly Insulin Infusion Set in US
Medtronic plc (MDT - Free Report) recently launched an easy-to-use insulin infusion set, MiniMed Mio Advance, for the insulin-dependent diabetic patients in the United States. The launch expands Medtronic’s existing MiniMed portfolio of infusion sets along with simplifying diabetes management.
Notably, the MiniMed Mio Advance infusion set has already been launched in select countries outside the United States in 2018, with a strong customer adoption unlike the previous infusion sets. The set is manufactured by ConvaTec’s Unomedical subsidiary and is only available from Medtronic.
With the latest portfolio expansion, Medtronic aims to strengthen its diabetes management business’ global foothold.
Significance of the Launch
Per management, the simplified design of the latest infusion set will enable diabetic patients to better manage their insulin intake and diabetes level. The company, on receiving favorable customer feedback for its MiniMed Mio Advance infusion set, is making it widely available.
Industry Prospects
Per a report by Grand View Research, the global insulin pump market size was valued at $3.30 billion in 2018 and is anticipated to witness a CAGR of 9.6% between 2019 and 2026. Factors like technological advancements, adoption of insulin pumps over traditional methods, and growing prevalence of diabetes and obesity are expected to drive the market.
Considering the market potential, this well-timed launch will provide a boost to the company’s business.
Recent Developments in Diabetes Group
Of late, Medtronic has been witnessing a slew of developments in this business arm.
In June, the company presented favorable results from its U.S. pivotal trial of its investigational MiniMed 780G Advanced Hybrid Closed Loop (“AHCL”) system at the American Diabetes Association’s session.
In the same month, Medtronic announced the receipt of the CE Mark for its next generation closed loop insulin pump system, MiniMed 780G AHCL, for the treatment of type 1 diabetes in the age range of seven to 80 years.
In May, Medtronic received FDA’s approval for the Android version of its Guardian Connect continuous glucose monitoring system.
In the same month, the company also announced an expansion of the Medtronic Assurance program with a new option to support diabetics who have lost their health insurance due to COVID-19 related job loss. Current eligible customers in the United States will receive a three-month supply of glucose sensors, infusion sets and reservoirs free of charge.
During its fourth-quarter fiscal 2020 earnings call in May, Medtronic confirmed increased customer demands for diabetes supplies, including continuous glucose sensors and infusion sets, especially in the international markets.
Price Performance
Shares of the company have lost 6.9% in the past year compared with the industry’s 7.2% fall and against the S&P 500's 7.2% rise.
Zacks Rank & Stocks to Consider
Currently, Medtronic carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Quest Diagnostics Incorporated (DGX - Free Report) , Laboratory Corporation of America Holdings (LH - Free Report) or LabCorp and QIAGEN N.V. (QGEN - Free Report) .
Quest Diagnostics’ long-term earnings growth rate is projected at 7.6%. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
LabCorp’s long-term earnings growth rate is estimated at 6.1%. The company presently sports a Zacks Rank #1.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently flaunts a Zacks Rank #1.
5 Stocks to Soar Past the Pandemic: In addition to the companies you learned about above, we invite you to learn about 5 cutting-edge stocks that could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of the decade.
See the 5 high-tech stocks now>>