Minimed Posts 61% Rise in 2nd-Quarter Profit

Minimed Inc. posted a 61% increase in its second-quarter net income on a 28% jump in revenues.

For the quarter that ended June 27, Minimed earned $1.5 million, compared with a $932,000 profit a year earlier. Sales for the latest quarter rose to $17.0 million, compared with $13.3 million last year.

The Sylmar-based concern makes infusion systems used in treating diabetes.

For the six months, Minimed posted a profit of $2.6 million, compared with $1.6 million a year ago. Six-month sales rose 23% to $32.3 million, up from $26.5 million a year earlier.

Commenting on the results, Minimed CEO Alfred E. Mann said that the worldwide market for insulin pumps remains largely untapped, with significant potential for growth.