MiniMed Inc. (Sylmar, CA) announced financial results for the first quarter ended April 2. For the first quarter, sales increased approximately 55.2% to $40.9 million. Net income grew 64.1% to approximately $3.8 million, or $0.13 per share on a diluted basis.
All per share amounts reflect the company's recently completed 2-for-1 stock split. On a pre-split basis, the company's earnings per share on a diluted basis for the quarter would have been $0.25 per share compared to $0.17 for the 1998 first quarter.
Terrance H. Gregg, president and COO, said, "Acceptance of insulin pump therapy as the most effective method to intensively manage diabetes continues to gain momentum worldwide. Domestic new pump placements continued to grow at an accelerated rate during the quarter, with international new pump placements increasing slightly under the domestic growth rate."
MiniMed Inc. manufactures advanced infusion systems with a primary emphasis on the intensive management of diabetes. The company's products include external pumps and related disposables, as well as exclusive marketing rights to an implantable insulin pump, which is currently approved for distribution in the European Community and has not yet been cleared for marketing in the U.S.