Shares of Medtronic gained 0.6% in premarket trading on Tuesday, the day after the Food and Drug Administration approved the company’s new Type 1 diabetes management device for children between the ages of 2 and 6 years old. The bluetooth-enabled device dispenses insulin with “little or no input” from caregivers. Medronic had anticipated the approval at this time, according to comments made by CEO Geoffrey Martha during an earnings call last week, according to a FactSet transcript. Medtronic’s stock is down 5.2% so far this year, while the S&P 500 has gained 8.3%.
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