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Medtronic and MiniMed: Stuck on the Balance Sheet

MiniMed's growth rate has been slipping down through the teens for some time: the introduction of long-acting basal insulin is slowing growth of its core insulin pump business, and development of a continuous glucose monitoring system has seemingly slowed to a snail's pace. And the dynamic growth opportunity envisioned two years ago, when Medtronic bought MiniMed, is now impinging on the parent corporation's balance sheet.

Medtronic Inc. 's fourth quarter and year-end results, announced in May, gave little comfort to anyone hoping to see a rebound at its MiniMed Inc. diabetes management unit, which reported revenue growth of 12% in the quarter, significantly under the company's 20% overall growth rate. Indeed, MiniMed's growth rate has been slipping down through the teens for some time: the introduction of long-acting basal insulin is slowing growth of its core insulin pump business, and development of a continuous glucose monitoring system (CGMS) has seemingly slowed to a snail's pace. The dynamic growth opportunity envisioned two years ago, when Medtronic bought MiniMed, is now impinging on the parent corporation's balance sheet.

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