Latest news with #MiniMed
Globe and Mail
12-06-2025
- Business
- Globe and Mail
Medtronic announces MiniMed as name for planned New Diabetes Company
GALWAY, Ireland, June 12, 2025 /CNW/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced MiniMed as the name for the planned New Diabetes Company following the intended separation. The name honors the company's roots, reflecting its original name prior to its acquisition by Medtronic in 2001, and a deep 40-year history of being at the forefront of transforming diabetes care around the world.
Cision Canada
12-06-2025
- Health
- Cision Canada
Medtronic announces MiniMed as name for planned New Diabetes Company
GALWAY, Ireland, June 12, 2025 /CNW/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced MiniMed as the name for the planned New Diabetes Company following the intended separation. The name honors the company's roots, reflecting its original name prior to its acquisition by Medtronic in 2001, and a deep 40-year history of being at the forefront of transforming diabetes care around the world. "Our journey began in 1983, when visionary entrepreneur Alfred E. Mann founded MiniMed and revolutionized diabetes care with many first-of-its-kind innovations that pushed the boundaries of care and helped simplify life with diabetes for countless people around the world," said Que Dallara, current EVP and President of Medtronic Diabetes and Chief Executive Officer designate of MiniMed. "We're thrilled to honor this rich 40-year legacy with a name that carries deep meaning and trust. As we step forward into this new and exciting chapter, we'll focus relentlessly on fulfilling our Mission to make diabetes more predictable so everyone can embrace life to the fullest." Managing diabetes can feel draining and exhausting due to the constant mental and physical demands to keep glucose levels in a healthy range. Every meal and activity requires careful calculation — counting carbs, adjusting insulin, and monitoring levels to prevent dangerous low and high blood sugars that can result in both short- and long-term complications. The company's Mission is inspired by the desire to introduce more stability and predictability with technology that helps push diabetes management into the background. For many employees, the Mission hits close to home—over 70% of those surveyed have a personal connection to diabetes. That includes Key Payton, who has been with the company for over a decade and was diagnosed with type 1 diabetes in 1960. "When I was just three years old, doctors told my parents I likely wouldn't live past 10. But here I am, 65 years later, defying the odds and living my best life. I've experienced firsthand how the company has transformed diabetes care and personally helped me beat those early odds in astounding ways," said Payton. "I'm forever grateful for the hope and support they've given me every day for nearly three decades. Today, I'm a proud user of the MiniMed™ 780G system,** and my Time in Range § has never been better. I'm finally sleeping through the night and worrying less about my diabetes — it's freeing." Based in Northridge, California, the Diabetes business is a passionate team of more than 8,000 employees dedicated to pushing the boundaries of innovation, developing breakthrough technologies that reduce burden, enhance quality of life, improve health outcomes, and redefine standards of care. Medtronic is targeting completion of the planned separation within 18 months of the initial announcement, subject to customary conditions and legal requirements including consultations with works councils and other employee representative bodies. Cautions Regarding Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to Medtronic's ability to satisfy the necessary conditions to consummate the separation of its Diabetes business on a timely basis or at all, Medtronic's ability to successfully separate its Diabetes business and realize the anticipated benefits from the separation (including consummating the transaction on a basis that is generally tax-free to shareholders), MiniMed's ability to succeed as a standalone publicly traded company, competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of Medtronic. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances. While a split-off is Medtronic's current preferred separation structure, a final decision has not been reached at this time. The separation is expected to occur through a series of capital markets transactions, which may include a spin-off, split-off, offering, or combination thereof, of the company's remaining shareholding in MiniMed. **MiniMed™ 780G system is for type 1 ages 7 and over. Prescription required. WARNING: Do not use SmartGuard™ feature for people who require less than 8 units or more than 250 units of insulin/day. For details, see § Refers to SmartGuard™ feature. Individual results may vary. Ryan Weispfenning Investor Relations +1-763-505-4626 SOURCE Medtronic plc
Yahoo
22-05-2025
- Business
- Yahoo
Medtronic to split diabetes business into separate entity, targets IPO
Medtronic has announced plans to separate out its diabetes business into a new standalone company. The separation will serve to create an 'independent, scaled leader in diabetes' that boasts an ecosystem of insulin management devices including pumps and continuous glucose monitors, Medtronic said. The split will also in turn create a wholly 'more focused' Medtronic, with a more simplified portfolio in high margin growth markets. Medtronic's shares on the New York Stock Exchange (NYSE) fell by 2.27% at market close following the announcement on 21 May. 'It's going to give Medtronic some significant capital to increase their presence in other, more interventional, areas, especially in cardiovascular. They have a history of inorganic expansion, so I can see this as providing ammunition for a big acquisition in 2026-7,' said Dr Andrew Thompson, director of therapy research and analysis in medical devices for GlobalData reacting to the separation. With a preferred path of an initial public offering (IPO) and subsequent split-off, Medtronic anticipates the split to complete within 18 months through a series of capital markets transactions. Medtronic describes the vision for the new diabetes standalone as being a 'scaled, direct-to-consumer' business that is positioned positioned as 'the only company to commercialise a complete intensive insulin management ecosystem'. In addition, Medtronic anticipates that the separation will enable more focused investment into the new diabetes business's pipeline and manufacturing scale and automation, thereby positioning it for success in Automated Insulin Delivery and Smart MDI as it drives margin expansion over time. 'As for the spin out, it might not remain a spin out for that long. Medtronic recently gained US Food and Drug Administration (FDA) 510k approval on a new CGM sensor that is interoperable with Abbott devices, and both companies have an agreement. Abbott might be wishing to preserve that relationship. I wonder if the standalone company might be something that is a joint venture between the two,' Thompson commented. Medtronic's diabetes business represented 8% of its total revenues in FY 2025 at around $2.75bn, denoting a 10.7% year over year rise. However, the business unit's performance has recently been hampered by the FDA Class I recall of its MiniMed insulin pump system in 2024, resulting in a dent to consumer confidence amid tightening competition and mounting operational losses for the unit since 2022. According to a GlobalData market model, in 2024, Medtronic held respective US market share of around 6% and 7.3% in the insulin delivery and glucose monitoring segments. Medtronic Diabetes, umbrellaed under the wider Medtronic business, currently has 8,000 employees globally, with Que Dallara currently serving as the unit's executive vice president and CEO. Dallara is set to continue in such role once the diabetes unit has spun out. Medtronic CEO and chairman, Geoff Martha said: 'Active portfolio management is an important lever to delivering on our ongoing growth and success, and this decision shifts the Medtronic portfolio to have intense focus on our highest margin growth drivers where we have our strongest core competencies. 'I'm also excited about what the future holds for the Diabetes business. Que's impressive track record in driving growth and innovation has set Diabetes on a path to continued success, ensuring the needs of individuals with diabetes are met around the globe." Medtronic anticipates that its diabetes business separation will improve its adjusted gross margin by around 50 basis points, adjusted operating margins by around 100 basis points, and be 'immediately accretive' to adjusted EPS. "Medtronic to split diabetes business into separate entity, targets IPO" was originally created and published by Medical Device Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
22-05-2025
- Business
- Yahoo
Medtronic is spinning off its diabetes business into standalone company
Medtronic announced Wednesday that it will spin off its diabetes business into a standalone company. The medical device giant, which is domiciled in Dublin, Ireland but has its main office in Fridley, Minnesota, confirmed that it is making the "strategic decision" to split off its diabetes arm to "create a more focused Medtronic, more simplified portfolio in high margin growth markets." The diabetes business currently employs 8,000 people and generates annual sales of around $2.5 billion, representing 8% of Medtronic revenue albeit only 4% of its operating profit. The split is anticipated to increase Medtronic's profit margins. The Wall Street Journal reports the move will allow the company to "focus on its more-profitable segments making devices for cardiovascular, neuroscience and medical surgery." While its diabetes business has been growing at a strong pace, it comes after a period of recovery when its MiniMed insulin pumps suffered product safety issues that sparked a warning from the Food and Drug Administration, and led to a delay in FDA clearance of MiniMed 780G pump, the Journal notes. The announcement came on a day the company said the tariff war enacted by the Trump administration could cost it between $200 million and $350 million over fiscal year 2026. The new company will be led by current Medtronic Diabetes president Que Dallara, and will be based in California, where Medtronic's diabetes business is currently located. "This marks a significant milestone in driving both Medtronic and the Diabetes business to achieve lasting value for Medtronic, our shareholders, customers, and patients," said Geoff Martha, chairman and CEO of Medtronic. "Active portfolio management is an important lever to delivering on our ongoing growth and success, and this decision shifts the Medtronic portfolio to have intense focus on our highest margin growth drivers where we have our strongest core competencies. I'm also excited about what the future holds for the Diabetes business. Que's impressive track record in driving growth and innovation has set Diabetes on a path to continued success, ensuring the needs of individuals with diabetes are met around the globe." The spinoff is expected to be completed in 18 months.
Irish Independent
21-05-2025
- Business
- Irish Independent
‘She has a great future' – Wexford student who did work experience with local TD wins national skills competition
The competition, which is run by CareersPortal, encourages Transition Year and Leaving Cert students who have completed work experience as part of their programmes to reflect on the skills which they have developed as well as exploring a future career. The competition, now in its 15th year, is a national event and had over 1,400 secondary school students take part this year. A number of RCS students entered the competition but just two, Colleen Waters (TY) and Valeriia Stepanenko (5th Year), were shortlisted for awards along with 27 students from other schools across the country. The ceremony began with Eimear Sinnott, CEO of CareersPortal, welcoming the students and also thanking them for their insight into the bright future with this generation enthusiastic young people. As part of the competition, the students had to write a diary evaluating their work experience, analysing skills they learned and improved on. They then had to conduct a career investigation into a career of their interest. Finally, they reflected on how the skills they learned during work experience could help them in their future career. Colleen received a highly commendable award in the Transition Year category, as she investigated a career in medicine after her work experience with RCSI Mini Med programme earlier this year, and she was awarded with a certificate and a Bluetooth speaker. Valeriia Stepanenko received the overall winner, ranking first place in the Leaving Certificate competition, as she investigated a career in diplomacy. Valeriia has huge interest in this area and completed her work experience with Wexford TD, George Lawlor, in the Dáil back in March. Valeriia was awarded a trophy and a MacBook Air laptop for first prize. The organisers of the competition commended her project, making a special mention on the fact of how her journey is a powerful example of the competition's impact on real-life aspirations. She was joined by her family in celebrating this momentous achievement at the awards ceremony. Accompanying the two students at the ceremony was the school's Guidance Councillor, Ms. Hayley Miller, who commented: 'It was a pleasure to have two students represent RCS at such a prestigious competition, we are so very proud.' 'It was a very proud moment for us as the girls worked exceptionally hard on finding work experience to suit their interests and got into the Dáil and St. Vincent's Hospital with RCSI because of their hard work and dedication. It was a pleasure to join them and see their work being celebrated on a national stage.' Deputy Lawlor, with whom Valeriia completed her work experience, could not attend the ceremony due to last minute Dáil commitments, however he said he is 'so delighted that Valeriia has received this recognition.' "Valeriia is a great young women with a great future ahead,' Deputy Lawlor added.
