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Medtronic's CE Marked MiniMed 780G to Aid Diabetes Management
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Medtronic plc (MDT - Free Report) recently announced the receipt of the CE Mark for its next generation closed loop insulin pump system, MiniMed 780G, for the treatment of type 1 diabetes in the age range of 7 to 80 years. Notably, the system will leverage the company’s SmartGuard algorithm, thus automating the delivery of both basal insulin and correction boluses every five minutes to enable the diabetic patients to seamlessly avoid glucose level fluctuations.
The MiniMed 780G system, an advanced hybrid closed loop system for easier diabetes management, includes technology from DreaMed Diabetes apart from the automated algorithm. For investors’ note, Medtronic and DreaMed Diabetes have been collaborating since April 2015.
The company expects to begin shipping in select European countries from this Fall. Further, the system is available for investigational use only in the U.K. and is not approved for sale.
With the recent milestone, Medtronic aims to strengthen its Diabetes Group’s foothold across the globe.
Significance of the Approval
The MiniMed 780G system is enabled with a Bluetooth connectivity, thus enabling the users and their care givers to obtain real-time glucose data and trends on compatible iOS and Android smartphones through apps. Further, the healthcare providers will be able to better manage their patients via the system due to its simple settings, enabling efficient use of the technology.
Further, favorable customer response was received from participants in the clinical study provided for the MiniMed 780G system.
Other Insulin Pumps Currently on Offer
Medtronic’s insulin pumps portfolio currently includes the MiniMed 780G system having smartphone connectivity via Bluetooth. Other CE Marked systems include the MiniMed 770G and MiniMed 720G.
The MiniMed 770G system uses the same hybrid closed loop technology as the current MiniMed 670G system, which is available across the world. These MiniMed 700 series pumps will be made available in other countries based on local market approvals and regulations.
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 expand at 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.
Given the market potential, this well-timed clearance 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 its business arm.
The company in May received the 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 be able to now receive a 3-month supply of glucose sensors, infusion sets and reservoirs free of charge.
During fourth-quarter earnings call for fiscal 2020 in May, Medtronic confirmed recording 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 6.8% in the past year compared with the industry’s 7.5% fall and against the S&P 500's 3.9% rise.
Zacks Rank & Stocks to Consider
Currently, Medtronic carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are Aphria Inc. , Hologic, Inc. (HOLX - Free Report) and QIAGEN N.V. (QGEN - Free Report) .
Hologic’s long-term earnings growth rate is estimated at 7%. The company presently has a Zacks Rank #2.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
Medtronic's CE Marked MiniMed 780G to Aid Diabetes Management
Medtronic plc (MDT - Free Report) recently announced the receipt of the CE Mark for its next generation closed loop insulin pump system, MiniMed 780G, for the treatment of type 1 diabetes in the age range of 7 to 80 years. Notably, the system will leverage the company’s SmartGuard algorithm, thus automating the delivery of both basal insulin and correction boluses every five minutes to enable the diabetic patients to seamlessly avoid glucose level fluctuations.
The MiniMed 780G system, an advanced hybrid closed loop system for easier diabetes management, includes technology from DreaMed Diabetes apart from the automated algorithm. For investors’ note, Medtronic and DreaMed Diabetes have been collaborating since April 2015.
The company expects to begin shipping in select European countries from this Fall. Further, the system is available for investigational use only in the U.K. and is not approved for sale.
With the recent milestone, Medtronic aims to strengthen its Diabetes Group’s foothold across the globe.
Significance of the Approval
The MiniMed 780G system is enabled with a Bluetooth connectivity, thus enabling the users and their care givers to obtain real-time glucose data and trends on compatible iOS and Android smartphones through apps. Further, the healthcare providers will be able to better manage their patients via the system due to its simple settings, enabling efficient use of the technology.
Further, favorable customer response was received from participants in the clinical study provided for the MiniMed 780G system.
Other Insulin Pumps Currently on Offer
Medtronic’s insulin pumps portfolio currently includes the MiniMed 780G system having smartphone connectivity via Bluetooth. Other CE Marked systems include the MiniMed 770G and MiniMed 720G.
The MiniMed 770G system uses the same hybrid closed loop technology as the current MiniMed 670G system, which is available across the world. These MiniMed 700 series pumps will be made available in other countries based on local market approvals and regulations.
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 expand at 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.
Given the market potential, this well-timed clearance 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 its business arm.
The company in May received the 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 be able to now receive a 3-month supply of glucose sensors, infusion sets and reservoirs free of charge.
During fourth-quarter earnings call for fiscal 2020 in May, Medtronic confirmed recording 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 6.8% in the past year compared with the industry’s 7.5% fall and against the S&P 500's 3.9% rise.
Zacks Rank & Stocks to Consider
Currently, Medtronic carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are Aphria Inc. , Hologic, Inc. (HOLX - Free Report) and QIAGEN N.V. (QGEN - Free Report) .
Aphria’s long-term earnings growth rate is projected at 24.6%. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic’s long-term earnings growth rate is estimated at 7%. The company presently has a Zacks Rank #2.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>