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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.

By no means is MiniMed the only company having trouble meeting the formidable challenge of continuous monitoring. Skin irritation and...

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