Yahoo Finance Medtronic's (MDT) MiniMed 780G AID System Wins New Accolade
Medtronic plc’s MDT most advanced automated insulin delivery (AID) system, MiniMed 780G, was recently recognized by the Fast Company in the Best World-Changing Idea, North America category as part of the 2024 World Changing Ideas Awards. This marks the fourth consecutive year the company has been featured on the list, with previous honors received for GI Genius, the Micra leadless pacemaker and Medtronic LABS.
Fast Company's annual World Changing Ideas list celebrates organizations that pursue innovation for good. The latest development is expected to significantly boost Medtronic’s Diabetes business.
Importance of MiniMed 780G
Mealtimes prove to be one of the biggest challenges for people living with type 1 diabetes. Medtronic’s MiniMed 780G stands out as the only system to feature meal detection technology that automatically adjusts and corrects sugar levels every five minutes. The system provides insulin to help account for when users occasionally forget to bolus or underestimate the number of carbs in their meals.
The pump is compatible with an infusion set that can be worn for up to seven days, doubling the wear time of current infusion sets. The MiniMed 780G offers one of the lowest glucose target settings (as low as 100 mg/dL) of any AID system. With this "treat to target" approach, the system more closely mirrors the glucose levels of someone not living with diabetes.
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Available in Europe since 2020, the system is said to deliver the strongest clinical outcomes and the best user experience to date within the Medtronic family of pumps. In late April 2023, the MiniMed 780G insulin pump system received the FDA’s approval with the Guardian 4 sensor, which requires no fingersticks while in SmartGuard technology.
In January 2024, the MiniMed 780G with the Simplera Sync sensor received CE Mark approval. The disposable, all-in-one continuous glucose monitor is half the size of previous Medtronic sensors and features an improved user experience with a simple, two-step insertion process. Similar to the Guardian 4 sensor, Simplera Sync requires no fingersticks or overtape.
More on the News
A progressive business media brand, Fast Company’s World Changing Ideas Awards this year showcased innovations from around the world across health, education, energy, AI and more. Winners and finalists were selected by a panel of editors and reporters from a pool of more than 1,300 entries across 50 categories. Understanding the personal nature of diabetes, the design of the MiniMed 780G system is tailored to adapt to each individual's unique needs and goals to help reduce the burden of diabetes management.
Medtronic Diabetes’ spokesperson expressed pleasure in receiving this acknowledgment and asserted the company’s dedication to continuing to empower individuals with the technology they need to thrive with type 1 diabetes.
Industry Prospects
The global diabetes device market was valued at $33.9 billion in 2023 and is expected to witness a CAGR of 6.5% by 2032, according to a Precedence Research report.
The growing prevalence of diabetes among the global population is the primary factor propelling the market’s growth. Other key factors include a rising prevalence of obesity among the population, growing health consciousness, increasing awareness regarding diabetes, technological advancements in diabetes monitoring devices, easy availability of diabetes devices and rising personal disposable income.
Progress in the Diabetes Business
In the last reported third quarter of fiscal 2024, Medtronic’s Diabetes business returned to double-digit growth, mainly from the robust global adoption of the MiniMed 780G system. The business marked a return to growth in the United States with mid-single digits, driven by nearly 50% revenue growth in insulin pumps. 780G’s highly differentiated outcomes are leading to growth in new users, from both multiple daily injections as well as users of competitor systems.
In March 2024, a robust set of new clinical and real-world evidence on the MiniMed 780G system from around the world was presented at the 17th International Conference on Advanced Technologies and Treatments for Diabetes in Florence, Italy. The data demonstrated that the system's ability to help individuals with type 1 diabetes exceeded the international targets on outcome measures.
Price Performance
In the past year, MDT shares have dropped 4.8% compared with the industry’s decline of 1.3%.
Zacks Rank and Key Picks
Medtronic currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are Hims & Hers Health HIMS, ResMed RMD and Medpace MEDP. Each of them sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Hims & Hers Heath stock has surged 84.8% in the past year. Estimates for the company’s earnings have risen from 10 cents to 18 cents in 2024 and from 23 cents to 32 cents in 2025 in the past 30 days.
HIMS’ earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 79.2%. In the last reported quarter, it posted an earnings surprise of a staggering 150%.
Estimates for ResMed’s fiscal 2024 earnings per share have moved to $7.64 from $7.43 in the past 30 days. Shares of the company decreased 3.2% in the past year compared with the industry’s fall of 1.3%.
RMD’s earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 2.8%. In the last reported quarter, it delivered an earnings surprise of 10.9%.
Estimates for Medpace’s 2024 earnings per share have moved up to $11.29 from $10.53 in the past 30 days. Shares of the company have surged 87.6% in the past year compared with the industry’s 5% growth.
MEDP’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 12.8%. In the last reported quarter, it delivered an average earnings surprise of 30.6%.
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