Northridge, California, October 18, 2000 - MiniMed Inc. (Nasdaq: MNMD) today announced financial results for the third quarter and nine months ended September 29, 2000. For the third quarter of 2000 revenues grew to $72.1 million, 40% over the $51.4 million reported in the comparable quarter of 1999. Net income increased at a rate of 64% to $9.5 million, or $0.14 per share on a diluted basis, compared to net income of $5.8 million, or $0.09 per share on a diluted basis, reported in last year's comparable quarter. For the nine months ended September 29, 2000, revenues grew 43% to $201.9 million compared to $141.4 million in the comparable 1999 period. Net income increased at a rate of 69% to $24.4 million, or $0.36 per share on a diluted basis, compared to net income of approximately $14.5 million, or $0.23 per share on a diluted basis, reported in first nine months of fiscal 1999.
Commenting on the quarter, Alfred E. Mann, Chairman and Chief Executive Officer stated, "We are pleased to report another outstanding quarter for MiniMed. The 2000 third quarter is the strongest in our history with respect to both sales and profitability. We also achieved our major product development objective this quarter, as the supplemental PMA for the consumer version of our continuous glucose monitoring system was filed with the FDA in August. We have accomplished these results while devoting significant time and resources to the preparation, qualification and initial occupation of our new worldwide headquarters in Northridge. We plan to complete the majority of our move into this facility by February of next year with no impact to our day-to-day operations."
Terrance H. Gregg, President and Chief Operating Officer, commented, "Acceptance of our products as the preferred method for the intensive management of Type 1 diabetes continues to gain momentum, as we have an installed base of over 100,000 MiniMed pump patients, with over 60% of these patients being added during the last three years. We also continue to gain momentum in strategic reimbursement for both insulin pumps and our Continuous Glucose Monitoring System (CGMS). Physician use of our CGMS has been approved for reimbursement by several key health plans and by Medicare in certain regions. Additionally, we have been very successful in renewing our largest managed care contracts for insulin pumps and supplies."
Fourth Quarter Outlook
Analysts' fourth quarter revenue estimates for the company range from approximately $88.0 million to $98.0 million, with analysts' earnings per share estimates ranging from $0.18 to $0.22 per share. Based upon current plans and expectations, the company believes fourth quarter revenues and profitability will be within these ranges. Actual results could differ materially from these estimates. MiniMed Inc. designs, develops, manufactures and markets advanced infusion systems with a primary emphasis on the intensive management of diabetes. The Company's products include external pumps and related disposables, a first generation continuous glucose monitoring system 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. The Company is also developing new infusion systems to deliver compounds designed to treat a variety of medical conditions.
This Press Release contains statements that are forward-looking, including statements relating to future results of operations, including revenues and profitability, the development, regulatory approval, manufacture, introduction, distribution, and commercial acceptance of new products, the timing of any regulatory filings or approvals relating to new products (including, without limitation, MiniMed's consumer sensor, the timing of MiniMed's move to new facilities and such move's impact on a day-to-day operations and the impact of our continuous glucose monitoring system on the treatment of diabetes), are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that, although MiniMed believes that its expectations are based on reasonable assumptions, forward-looking statements involve risks and uncertainties which may affect MiniMed's business and prospects, including changes in economic and market conditions, the results of clinical trials, acceptance of MiniMed's products by the health care and reimbursement communities, health care legislation and regulation, new developments in diabetes therapy, the ability to obtain administrative and regulatory approvals for products currently in development, competitive developments, changes in MiniMed's capital requirements, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
MiniMed Inc.
Condensed Consolidated Income Statement
(In thousands, except share and per share amounts)
Three Months Ended Six Months Ended
September 29, 2000 October 1, 1999 September 29, 2000 October 1, 1999
(unaudited) (unaudited) (unaudited) (unaudited)
Net sales $ 72,138 $ 51,400 $ 201,887 $141,394
Cost of sales 22,459 16,502 64,205 46,620
Gross profit 46,679 34,898 137,682 94,774
Operating expenses:
Selling, general and administrative 30,208 22,809 85,312 60,344
Research and development 8,381 6,394 23,599 18,262
Research and development contract -- (1,500) -- (4,500)
Total operating expenses 38,589 27,703 108,911 74,106
Operating income 11,090 7,195 28,771 20,668
Other income 2,920 2,110 7,679 2,847
Pretax income 14,010 9,305 36,450 23,515
Provision for income taxes 4,485 3,489 12,054 9,044
Net income $ 9,525 $ 5,816 $ 24,396 $ 14,471
Basic earnings per share $ 0.15 $ 0.09 $ 0.38 $ 0.25
Basic weighted average shares outstanding 64,102,000 61,788,000 63,501,000 58,332,000
Diluted earnings per share $ 0.14 $ 0.09 $ 0.36 $ 0.23
Diluted weighted average shares outstanding 67,824,000 65,516,000 67,102,000 62,056,000
MiniMed Inc.
Condensed Consolidated Balance Sheet
(In thousands)
September 29, 2000 December 31, 1999
Assets (unaudited)
Current assets
Cash, cash equivalents and short-term investments $ 175,640 $ 170,434
Accounts receivable, net of allowances 75,064 65,938
Inventories 36,003 19,338
Deferred income taxes 9,559 9,973
Income taxes receivable 4,010 5,761
Prepaid expenses and other current assets 8,774 7,602
Total current assets 309,050 279,046
Note receivable from affiliate 3,600 3,600
Long-term investments 21,970 8,552
Property and equipment, net 65,175 44,631
Other assets 19,028 17,969
Total Assets $ 418,823 $ 353,798
Liabilities and Stockholders' Equity
Current liabilities
Notes payable-current portion $ 1,000 $ 1,000
Accounts payable 7,963 3,573
Accrued payroll and related expenses 8,149 10,713
Accrued warranties 3,460 3,859
Other accrued expenses 4,332 6,010
Total current liabilities 24,904 25,155
Deferred income taxes 5,339 1,545
Stockholders' equity
Common stock 660 317
Paid in capital 310,729 280,825
Accumulated other comprehensive income 9,770 2,931
Retained earnings 67,421 43,025
Total stockholders' equity 388,580 327,098
Total Liabilities and Stockholders' Equity $ 418,823 $ 353,798
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