MINIMED INC.'S SALES SOAR.Byline: Gregory J. Wilcox Staff Writer NORTHRIDGE - Sales at medical device maker MiniMed Inc. increased 32.6 percent during the first quarter and income jumped 56 percent, the company said Wednesday. For the quarter ended March 31, MiniMed reported net income of $9.8 million, or 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on sales of $80 million. This compares with net income of $6.2 million, or 9 cents, on sales of $60.3 million in the like period a year ago. The 2001 results include a long-term capital gain Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. of $4.9 million that after taxes contributed $3.4 million to net income. Absent this, net income increased to $6.4 million, or 10 cents a share, which met Wall Street's expectations. The gain came from MiniMed selling stock it owned in Trimeris, a company that makes an AIDS drug. At one point, the company was going to use a MiniMed pump to deliver the drug, but it turned out it could be administered by conventional injections, said MiniMed chief financial officer Kevin R. Sayer. MiniMed bought the stock at about $3 a share and it has traded as high as $70 a share. Company executive chairman Alfred E. Mann Alfred E. Mann (born 1925, Portland, OR), who is also known as Al Mann, is an American entrepreneur and philanthropist. He is a billionaire. Born and raised in Portland, his father was English and mother Polish. noted in a statement that the first quarter ``demonstrates the continued strength of our business, particularly in the current business environment.'' Michael Weinstein Michael L. "Mikey" Weinstein is an attorney, businessman and former Air Force officer. He is founder and president of the Military Religious Freedom Foundation and author of With God on Our Side: One Man's War Against an Evangelical Coup in America's Military , an analyst at J.P Morgan, said it was a strong quarter. ``They are on the comeback. They are doing a lot of spending for the longer term and they presented fairly solid sales growth,'' he said. MiniMed designs, develops, manufactures and markets advanced infusion systems primarily for treating diabetes. The company's products include external pumps and a first-generation continuous glucose monitoring glucose monitoring Lab medicine The periodic evaluation of any analyte abnormal in Pts with DM, to assess short and long-term control with antiglycemic agents. See Glucose, Glycated hemoglobin. system. MiniMed also has exclusive marketing rights to an implantable insulin pump insulin pump n. A portable device for people with diabetes that injects insulin at programmed intervals in order to regulate blood sugar levels. , which is currently approved for distribution in Europe but has not been approved by regulators in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Analyst Sandra Hollenhorst at Prudential Securities Inc. said the sales growth was especially impressive. MiniMed had predicted sales in the $72 million to $76 million range. |
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