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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
23-05-2025
- Business
- Yahoo
Medtronic Announces Separation From Diabetes Business, CEO Says it's 'In a Really Good Spot'
On Wednesday, Medtronic (NYSE:MDT) announced its intention to separate its diabetes business into a new, standalone company, to enhance focus on high-margin growth drivers for Medtronic and accelerate innovation for the new entity. The diabetes unit, which manufactures insulin pumps and other wearable devices, has recently returned to growth after struggling for several years due to regulatory and cybersecurity concerns. Medtronic CEO Geoff Martha stated the diabetes business is 'in a really good spot right now,' with 6 consecutive quarters of double-digit growth and a robust product pipeline. A surgeon in a modern operating room holding advanced medical devices with a sense of purpose and accuracy. The separation is expected to be completed within 18 months and will involve a series of capital markets transactions, with a preferred path of an IPO of less than 20% of the new company, followed by a split-off of the remaining 80%. Medtronic anticipates this move to be immediately accretive to its gross margin (~0.05%), operating margin (~1%), and earnings per share. The new entity, headquartered in California, will be led by Que Dallara, who is the current head of Medtronic's diabetes unit. While we acknowledge the potential of MDT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MDT and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Medtronic Announces Separation From Diabetes Business, CEO Says it's 'In a Really Good Spot'
On Wednesday, Medtronic (NYSE:MDT) announced its intention to separate its diabetes business into a new, standalone company, to enhance focus on high-margin growth drivers for Medtronic and accelerate innovation for the new entity. The diabetes unit, which manufactures insulin pumps and other wearable devices, has recently returned to growth after struggling for several years due to regulatory and cybersecurity concerns. Medtronic CEO Geoff Martha stated the diabetes business is 'in a really good spot right now,' with 6 consecutive quarters of double-digit growth and a robust product pipeline. A surgeon in a modern operating room holding advanced medical devices with a sense of purpose and accuracy. The separation is expected to be completed within 18 months and will involve a series of capital markets transactions, with a preferred path of an IPO of less than 20% of the new company, followed by a split-off of the remaining 80%. Medtronic anticipates this move to be immediately accretive to its gross margin (~0.05%), operating margin (~1%), and earnings per share. The new entity, headquartered in California, will be led by Que Dallara, who is the current head of Medtronic's diabetes unit. While we acknowledge the potential of MDT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MDT and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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.
Time of India
21-05-2025
- Business
- Time of India
Medtronic to separate diabetes business into standalone company
Bengaluru: Medical device maker Medtronic said on Wednesday it plans to separate its diabetes business, which houses its insulin pumps and other wearable devices, into a stand-alone company. The new company will be headed by Que Dallara, the current chief of Medtronic's diabetes division , and will house about 8,000 employees and be headquartered in Northridge, California. The diabetes unit has recently struggled after a 2021 warning by regulators about the company's MiniMed 600 insulin pumps. The spin off would allow Medtronic to focus on more profitable businesses such as heart devices , its biggest revenue driver. The spin off is expected to be complete within the next 18 months through a series of capital markets deals, with a preferred path of an initial public offering and subsequent split-off. The separation was first reported by the Wall Street Journal earlier on Wednesday. In 2022, the U.S. Food and Drug Administration flagged a cybersecurity risk for the MiniMed 600 Series insulin pump system, cautioning that the device was susceptible to cyberattacks that could potentially disrupt insulin delivery. The decision to separate the diabetes business follows years of restructuring efforts, which included a delay in the FDA clearance for the MiniMed 780G insulin pump until 2023. Separately, the company posted an adjusted profit of $1.62 per share for the fourth quarter ended April 25, ahead of Wall Street estimates of $1.58 per share, according to LSEG data. Its revenue of $8.93 billion also beat estimates of $8.82 billion, driven by sales of both heart devices and diabetes devices. Shares in the Ireland-based company were up marginally in pre-market trading.
