MiniMed Announces 71% Increase in Profit

MiniMed Inc., a Sylmar company that makes portable insulin pumps for people with diabetes, said its profit for the third quarter that ended Sept. 30 was $703,000, up 71% from $410,000 last year. Sales for the third quarter were up 12% to $11 million from $9.8 million in the third quarter last year.

For the first nine months of this year, the company’s profit was $352,000 compared to a loss of $1.03 million last year. Year-to-date sales were up 21% to $30.3 million from $25 million at this time last year.

The company attributed its increased sales for the quarter and the year-to-date turnaround to growing acceptance of its products, which offer some diabetes patients alternatives to daily injections of insulin.