These developments in diabetes care will shape the industry next year
How Medtronic's MiniMed 670G grows
Production delays hobbled the June launch of Medtronic's hybrid closed-loop system.
The technology has been hailed as a milestone because it's the first insulin pump that delivers insulin somewhat automatically. The system combines a continuous glucose monitor, an algorithm and a pump. They work together to measure and analyze glucose levels to adjust the amount of insulin delivered accordingly.
Medtronic's system is considered a hybrid closed-loop because although the Guardian Sensor 3 and MiniMed 670G pump work together, they still require some patient input. For example, patients need to enter information about what they're eating and calibrate their pumps using fingerstick testing.
The Food and Drug Administration approved the system in September 2016, months earlier than expected. Medtronic had recently introduced the MiniMed 630G system, meaning a number of patients had just purchased a new device. The number of people wanting the new system caused a spike in demand that slowed production, creating a backlog of people waiting to buy it.
The slowdown weighed on Medtronic's total diabetes segment, which accounts for about 7 percent of its total revenue. The category declined 2 percent in constant currency last quarter. It rose 4 percent last fiscal year, which ended in April.
The company does not break out the total diabetes segment revenue by category, but intensive insulin management represents the bulk of its sales. That group declined low single digits last quarter. Last fiscal year, it grew high single digits.
Medtronic expects to Continue reading