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Medtronic (MDT) Integrates InPen With Guardian Connect
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Medtronic plc (MDT - Free Report) recently combined InPen, the smart insulin pen, with its Guardian Connect continuous glucose monitoring system. This follows the company’s acquisition of connected insulin pen company and manufacturer of Inpen, Companion Medical in September.
InPen is currently the only FDA-cleared smart insulin pen available for patients who require multiple daily injections (MDI). On the other hand, the Guardian Connect CGM system, a standalone CGM system, is useful in alerting patients of glucose level fluctuations up to 60 minutes in advance.
With the latest integration with Guardian Connect, the Inpen system will now provide real-time glucose readings and insulin dose information to the user. This will help them with smarter dosing decisions to manage their sugar levels in one view rather than taking the help of different apps.
A Glimpse into Medtronic’s Strategic Buyout of Companion Medical
Medtronic’s strategic acquisition of Companion Medical came on the heels of the buyouts of Nutrino (an AI powered personalized nutrition firm) and Klue (an AI-based behavior tracking company). According to Medtronic, these two purchases were the stepping stones to strengthen the company’s data science and AI capabilities, which helped it in designing powerful algorithm. Companion Medical purchase undoubtedly has furthered the company’s big data and AI foothold.
Medtronic’s acquisition of Companion Medical, integration of InPen in its diabetes management line and simplification of insulin delivery are expected to broaden its customer base in this competitive market.
Industry Prospects
Per a report by Fior Markets, the global insulin pen market is expected to reach $42.11 billion at a CAGR of 4.82% between 2019 and 2026. Factors like rising incidences of diabetes in various age groups and increasing usage of insulin pen in medical application are expected to drive the market.
Given the market potential, the acquisition seems to have been timed well.
Recent Developments in Diabetes Group
Of late, Medtronic has been witnessing a slew of developments in this business arm.
In September 2020, Medtronic received FDA approval for its MiniMed 770G hybrid closed loop system, which offers the company’s SmartGuard technology, as featured in the MiniMed 670G system, with the added benefits of smartphone connectivity and an expanded age indication to children as young as 2.
In July 2020, the company announced a non-exclusive patent cross-license agreement with Tandem Diabetes Care for certain technologies in diabetes management. In the same month, Medtronic launched an easy-to-use insulin infusion set, MiniMed Mio Advance, for insulin-dependent diabetic patients in the United States.
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 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 approval for the Android version of its Guardian Connect continuous glucose monitoring system.
In the same month, the company 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 losses. Current eligible customers in the United States will receive a three-month supply of glucose sensors, infusion sets and reservoirs free of charge.
Price Performance
Shares of the company have gained 8.8% in the past three months compared with the industry’s 8.1% growth.
Zacks Rank and Stocks to Consider
Medtronic carries a Zacks Rank #3 (Hold)
A few better-ranked stocks from the broader medical space are Hologic (HOLX - Free Report) , BioRad Laboratories (BIO - Free Report) and IDEXX Laboratories (IDXX - Free Report) .
BioRad’s historical long-term earnings growth rate remains at 14.4%. The company currently carries a Zacks Rank #2 (Buy).
Vapotherm’s long-term historical earnings growth rate is 19.9%. It currently holds a Zacks Rank of 2.
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Image: Bigstock
Medtronic (MDT) Integrates InPen With Guardian Connect
Medtronic plc (MDT - Free Report) recently combined InPen, the smart insulin pen, with its Guardian Connect continuous glucose monitoring system. This follows the company’s acquisition of connected insulin pen company and manufacturer of Inpen, Companion Medical in September.
InPen is currently the only FDA-cleared smart insulin pen available for patients who require multiple daily injections (MDI). On the other hand, the Guardian Connect CGM system, a standalone CGM system, is useful in alerting patients of glucose level fluctuations up to 60 minutes in advance.
With the latest integration with Guardian Connect, the Inpen system will now provide real-time glucose readings and insulin dose information to the user. This will help them with smarter dosing decisions to manage their sugar levels in one view rather than taking the help of different apps.
A Glimpse into Medtronic’s Strategic Buyout of Companion Medical
Medtronic’s strategic acquisition of Companion Medical came on the heels of the buyouts of Nutrino (an AI powered personalized nutrition firm) and Klue (an AI-based behavior tracking company). According to Medtronic, these two purchases were the stepping stones to strengthen the company’s data science and AI capabilities, which helped it in designing powerful algorithm. Companion Medical purchase undoubtedly has furthered the company’s big data and AI foothold.
Medtronic’s acquisition of Companion Medical, integration of InPen in its diabetes management line and simplification of insulin delivery are expected to broaden its customer base in this competitive market.
Industry Prospects
Per a report by Fior Markets, the global insulin pen market is expected to reach $42.11 billion at a CAGR of 4.82% between 2019 and 2026. Factors like rising incidences of diabetes in various age groups and increasing usage of insulin pen in medical application are expected to drive the market.
Given the market potential, the acquisition seems to have been timed well.
Recent Developments in Diabetes Group
Of late, Medtronic has been witnessing a slew of developments in this business arm.
In September 2020, Medtronic received FDA approval for its MiniMed 770G hybrid closed loop system, which offers the company’s SmartGuard technology, as featured in the MiniMed 670G system, with the added benefits of smartphone connectivity and an expanded age indication to children as young as 2.
In July 2020, the company announced a non-exclusive patent cross-license agreement with Tandem Diabetes Care for certain technologies in diabetes management. In the same month, Medtronic launched an easy-to-use insulin infusion set, MiniMed Mio Advance, for insulin-dependent diabetic patients in the United States.
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 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 approval for the Android version of its Guardian Connect continuous glucose monitoring system.
In the same month, the company 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 losses. Current eligible customers in the United States will receive a three-month supply of glucose sensors, infusion sets and reservoirs free of charge.
Price Performance
Shares of the company have gained 8.8% in the past three months compared with the industry’s 8.1% growth.
Zacks Rank and Stocks to Consider
Medtronic carries a Zacks Rank #3 (Hold)
A few better-ranked stocks from the broader medical space are Hologic (HOLX - Free Report) , BioRad Laboratories (BIO - Free Report) and IDEXX Laboratories (IDXX - Free Report) .
Hologic currently has a Zacks Rank #1 (Strong Buy) and a historical long-term earnings growth rate of 18.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.
BioRad’s historical long-term earnings growth rate remains at 14.4%. The company currently carries a Zacks Rank #2 (Buy).
Vapotherm’s long-term historical earnings growth rate is 19.9%. It currently holds a Zacks Rank of 2.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>