Medtronic has entered into a definitive agreement to acquire Nutrino Health Ltd., a leading provider of nutrition-related data services, analytics, and technologies.
Given that food and nutrition are central components in effective diabetes management, the companies recognized an opportunity to improve clinical outcomes for people with diabetes by integrating Nutrino’s extensive food analysis infrastructure, nutrition science expertise and AI-driven personalized insights with Medtronic’s technology and future innovations.
Upon closing of the transaction, Medtronic will integrate Nutrino’s comprehensive food database, food analysis system and nutrition-science expertise into its Diabetes Group.
In addition, Nutrino has been developing algorithms to predict glycemic responses to food. By leveraging Nutrino’s technology and infrastructure with continuous glucose monitoring (CGM) and industry-leading closed loop systems, Medtronic can help reduce the substantial physical and mental burden of food and nutrition management for people with diabetes.
“Bringing Nutrino and their nutrition-related expertise into our organization will give us a substantial differentiator in the diabetes industry and accelerate our progress to help people with diabetes live with greater freedom and better health,” Hooman Hakami, executive vice president and president of the Diabetes Group at Medtronic, said in a statement. “The Nutrino team has been an outstanding partner over the past few years. We are excited to welcome them to our team, and I have no doubt that, together, we will make a profound impact on the lives of people with diabetes.”
This transaction will build on a relationship originated in June 2016. Nutrino played a role in recent U.S. product introductions from Medtronic, including the updated iPro2 myLog app used with professional CGM solutions as well as the Sugar.IQ diabetes assistant app used with the Guardian Connect smart CGM system.
The acquisition is expected to close in Medtronic’s third fiscal quarter, ending January 25, 2019, subject to the satisfaction of certain customary closing conditions. The transaction is expected to be neutral to fiscal year 2019 earnings per share and meet Medtronic’s long-term financial metrics for acquisitions. Additional terms of the transaction were not disclosed.