Medtronic MDT continues to grab headlines with respect to its Diabetes management business update. Following two back-to-back European approvals last month for its InPen smart insulin pen as well as Guardian 4 sensor, this time the company has come up with favorable real-world clinical results for InPen again.
As stated by the company, the real-world data presented at the American Diabetes Association 81st Scientific Sessions illustrated “increases in Time in Range when using an InPen smart insulin pen, safety of an extended-wear infusion set that lasts up to 7 days, and patient satisfaction with the longer-wear infusion set.”
More on the Study
For investors’ note, InPen is a FDA as well as CE Mark-cleared smart insulin pen available for patients who require multiple daily injections (MDI).
The real-world clinical results compared glycemic outcomes for 1,736 individuals before and after using the InPen smart insulin pen for 90 days with a glucose monitor (CGM). The data showed a 2.3% rise in Time in Range for patients whose glucose management indicator (GMI) was >8%. The same rose 5% when GMI was >9.5%.
Added to this, the data also showed that when InPen smart insulin pen is used there has been improved insulin dosing decision support. This is demonstrated by fewer total doses per day with simultaneously improved glycemic control.
Smart Insulin Pen Marketin Focus Amid Pandemic
The global smart insulin pen market,which consists of sales of smart insulin pens and related services,is hugely untapped with a small number of players. A Jun 23 article of The Business Research Company states that the global smart insulin pens market is expected to grow from $3.6 billion in 2020 to $5.9 billion in 2025 at a compound annual growth rate (CAGR) of 10.1%. This can be attributed to an increasing geriatric population,prone to various chronic ailments,and technological enhancements.
In fact, during the pandemic, demand for smart insulin pens has increased enormously. As diabetics are at a higher risk of contracting the COVID-19 infection, scientists continued to resort to smart diabetes management devices that can lessen chances of hospitalizations since the virus outbreak.
At this point of time, the latest real-world data by Medtronic is expected to help bolster the company’sInPen customer base significantly.
Recent Development in Diabetes Management
In Diabetes, the company reported 9% growth in the fourth quarter of fiscal 2021 based on strong execution of its turnaround strategy. The company’s new Minimed 770G and 780G insulin pumps gained momentum, resulting in strong double-digit global insulin pump growth.
In the fiscal fourth quarter, the company received CE Mark for ZEUS CGM sensor, which the company is marketing as the Guardian 4 sensor.
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On May 26, the company’s InPen smart insulin pen as well as Guardian 4 sensor both received CE Mark. InPen got expanded approval for MDI. The latest CE Mark approval for the Guardian 4 sensor 3 enables it to be integrated with the MiniMed 780G insulin pump system or InPen or stand-alone CGM use.
Share Price Performance
The stock has outperformed its industry over the past six months. It has risen 8% compared with the industry’s 2.7% rise.
Zacks Rank and Key Picks
Currently, Medtronic carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the Medical-Products industry include PetIQ, Inc. PETQ, National Vision Holdings, Inc. EYE and Envista Holdings Corporation NVST.
PetIQ,currently sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 25.00%. You can see the complete list of today’s Zacks #1 Rank stocks here.
National Vision Holdings, which carries a Zacks Rank #1, has a long-term earnings growth rate of 23.00%.
Envista Holdings, which carries a Zacks Rank # 2 (Buy), has a long-term earnings growth rate of 26.40%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.