MiniMed Shares Tumble After Report

MiniMed Inc., a maker of products used to treat diabetes, said fourth-quarter profit fell below its previous forecast because the company sold fewer insulin pumps than expected. Shares of Northridge-based MiniMed fell 7.6% to a 52-week low of $30.50 in after-hours trading. Before the announcement, made after the markets had closed, the shares had fallen $3.50 to $33 on Nasdaq. MiniMed said it expects to report earnings of 17 cents a share on sales of about $92 million. The company had been projected to earn 19 cents, the average estimate of analysts polled by First Call/Thomson Financial. MiniMed had previously told analysts it expected sales of $88 million to $98 million. A year ago, the company earned 11 cents a share on sales of $70.9 million. The company also said the Food and Drug Administration will require a panel review of its application for a consumer model of a glucose-monitoring system. The date hasn’t been set. MiniMed had previously expected approval of the device this quarter. MiniMed is scheduled to report full financial results Feb. 7.