MiniMed Group, Inc. Common Stock Wells Fargo 21st Annual Healthcare Conference
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Thanks for having us. Larry, let's start with the U.S. business, the Q1 results just reported.
That business has been weaker than the international business.
It saw a nice acceleration in the first quarter, high single-digit growth on an underlying basis, more than 20% growth in U.S. new pump sold. Keith, what's driving the acceleration, and what gives you the confidence it's sustainable?
We really see traction. One of the things we look at is we look at our daily orders and our daily shipments and our account activity. We've seen a progressive tick-up as we've been releasing new products. If I zoom out, saying that what's happened in the last 18 months, you go back to the first half of fiscal year 2026, U.S. was pretty flat. When we introduced CGM towards December last year, we saw a bit of an uptick. We got to low single digit, mid single digit growth. In this past quarter, with Flex coming in, with Simplera, which represented only five weeks of the quarter, we saw another uptick. Since Instinct has come out with Flex, we're seeing another uptick. It's not one product that's doing it.
It's the fact that we are having this cascading release of new products that's really getting people excited and generating a lot of activity that we see.
And the sustainability? That's what's sustaining it.
It's not just one thing, but it's the fact that CGM, it's been our Achilles heel for a long time. The new pump is getting a lot of excitement. It's the first hardware refresh in over a decade. We see it in our daily numbers.
All right. Let's talk about your patch pump. You filed it for FDA approval, Fit. It was pulled forward. Yep I think, the filing.
You plan to launch it, I think, summer of next year.
Yep. When you launch it, you could be the fourth patch pump to market, depending on the cadence of the competition.
Do you think Fit can be a strong number 2, and if so, why?
Look, we think there's every prospect of Fit being a very strong number 2 contender, and I think in the long run, the number 1 AID system. There's a lot of companies that have got patch pump approval, but it's a different kettle of fish to actually launch the product. What I love about our patch pump is that it's not a me too. It's got up to 7 days of wear. It has a 300-unit reservoir, and it has our world-class SmartGuard, our automation. These are the three trade-offs that a lot of, when we do customer surveys, people complain about in terms of what's available in the patch market today. We're going to be delivering all of that in addition to customer ease of use with Fit. It'll really be the first to market with that feature set that addresses the trade-offs today.
The 300 units is more than the competition.
Is there It is 50% more than the competition.
Is there a trade-off on size?
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