MiniMed Announces 2-for-1 Stock Split

MiniMed Inc. of Sylmar reported net income of $8.6 million for the second quarter that ended June 30, up from $4.9 million for the like quarter last year. Revenues rose to $69.4 million from $49.1 million.

The company also announced a two-for-one stock split in the form of a stock dividend, resulting in the issue of one additional share for every share of common stock outstanding Aug. 2. The move increases the total number of shares outstanding to 67 million.

MiniMed designs, develops, manufactures and markets advanced infusion systems to deliver compounds in the treatment of medical conditions, primarily diabetes.