MiniMed Expands Abbott Collaboration with New Dual-Function Glucose-Ketone Sensor
MiniMed held its first earnings call since going public in March on Wednesday. Company executives shared updates on new products, the expanded glucose sensor collaboration with Abbott, and progress in advancing its separation from Medtronic. MiniMed also reported fiscal fourth-quarter revenue of $837 million (up 16% year-over-year) and a net loss of $183 million.
Key Financial Data
MiniMed, a diabetes technology spinoff from Medtronic, held its first earnings call on Wednesday (June 3) since its IPO in Marchsince its listing in March. During the call, company executives shared updates on new product progress, expanded glucose sensor collaboration with Abbott, and the separation from Medtronic.
MiniMed also stated it will expand its existing collaboration with Abbott. Abbott currently exclusively produces for MiniMed a device called Instinctcontinuous glucose monitoring system. The two companies plan tojointly develop a dual-function glucose-ketone sensor, designed to integrate with MiniMed's smart delivery system.
Abbott received European CE marking for the dual-function glucose-ketone sensor last week, but the device has not yet been approved by the U.S. Food and Drug Administration (FDA).
In addition to the Abbott collaboration, MiniMed is also advancing development of new insulin pumps and diabetes management software.
Product Pipeline Updates
In March of this year, MiniMed'ssmaller durable insulin pump MiniMed Flex received FDA approval. CEO Que Dallara told investors on the call that the device will launch later this month. Last week, the company launched in the U.S.the MiniMed Go system, which targets patients on multiple daily injections, combining a smart insulin pen with a glucose sensor.
MiniMed is also developing its first insulin patch pump, aiming to compete with Insulet, which has a strong position in the patch pump market, and other diabetes technology companies entering this technology for the first time.
Dallara said MiniMed plans to submit the patch pump application to the FDA this fall, with a commercial launch planned for next year. The company is currently expanding capacity for the planned launch.
Additionally, MiniMed is advancing clinical studies for Vivera, an automated insulin delivery algorithm that eliminates the need for meal announcements or carbohydrate counting. Dallara revealed that the company began patient enrollment for the U.S. pivotal trial in February and is now halfway to its enrollment target.
"We are in the middle of a full product portfolio transformation," the CEO said, adding that MiniMed is currently focused on building products patients have been asking for.
CFO Chad Spooner also provided updates on MiniMed's separation from its former parent company. MiniMed currently has about 160 transition service agreements with Medtronic, and expects to exit most of these by 2027.