Global medical device company Medtronic announced Wednesday that it intends to separate its diabetes business into a standalone company.
The new diabetes company will focus on accelerating innovation and addressing intensive insulin management, according to a news release from Fridley-based Medtronic.
“This marks a significant milestone in driving both Medtronic and the Diabetes business to achieve lasting value for Medtronic, our shareholders, customers and patients,” said Geoff Martha, chairman and CEO of Medtronic, in the release.
Que Dallara, current president of Medtronic Diabetes, will become the CEO of the new company, which will have a global team of more than 8,000 employees.
“As we embark on this exciting new chapter, we celebrate the tireless efforts and dedication of our teams. Their passion and perseverance have brought us to this pivotal moment. Together, we’re poised to transform lives, giving people the freedom to forget diabetes and live their best lives,” Dallara said in the release.
The separation is expected to be completed in 18 months.
Medtronic reported a fourth quarter global revenue of nearly $9 billion on Wednesday, totaling more than $33.5 billion globally for fiscal year 2025.
Diabetes business accounted for more than $2.75 billion in fiscal year 2025, representing 8% of Medtronic’s revenue. In the fourth quarter alone, diabetes business brought in $728 million, up 10% compared to last year’s fourth quarter, which brought in $660 million.
A spokesperson for Medtronic declined to comment on how Minnesota jobs would be impacted.
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