The news — posted in the evening on April 21 — has MDT shares up more than 4% to $89.36 apiece in afternoon trading today. (MassDevice’s MedTech 100 Index is up slightly.) The positive news for the business unit follows some challenges in recent years. Analysts also reacted well to the news, as Wells Fargo and Barclays upgraded MDT stock.
The MiniMed 780G features the latest Guardian 4 technology, requiring no fingersticks while in SmartGuard mode. Approval makes it the only system with meal detection technology providing automatic adjustments and corrections to sugar levels every five minutes. This occurs for both basal (background) and bolus (mealtime) insulin needs.
MiniMed 780G with Guardian 4 offers insulin to account for when users forget to bolus or underestimate the number of carbs in their meal.
FDA approval covers users seven years old and above with type 1 diabetes. Medtronic plans to begin taking pre-orders on May 15, 2023. It expects the first shipments to come in the summer.
Users of the MiniMed 770G system can upgrade to 780G through a no-cost, remote software upgrade.
Get the full story at our sister site, Drug Delivery Business News.
This story originally ran on April 21, 2023. Updated April 24 with reaction from investors and analysts.