MiniMed Group (MMED) Q3 2026 earnings summary

Executive summary

• Completed IPO and separation from former parent, now operating as a standalone public company with new capital structure and transition agreements in place.

• Net sales grew 15% year-over-year for the quarter and 13.7% for the nine months, driven by international growth and increased CGM adoption.

• U.S. FDA cleared the MiniMed Flex insulin pump, triggering a $157 million one-time royalty charge in Q4 under a Blackstone R&D funding agreement.

Financial highlights

• Q3 net sales: $790M (up 15% YoY); nine months: $2.27B (up 13.7% YoY).

• Q3 net loss: $(111)M vs. $(7)M prior year; nine months net loss: $(132)M vs. $(30)M prior year.

• Gross profit for Q3: $362M (down from $395M YoY); nine months: $1.2B (up from $1.12B YoY).

• Adjusted EBITDA for Q3: $89M (up from $73M YoY); nine months: $218M (up from $170M YoY).

• International sales grew 20% in Q3 and 19.9% for nine months; U.S. sales up 4.7% in Q3, 1.5% for nine months.

Outlook and guidance

• Management expects increased standalone public company costs and evolving capital structure post-separation.

• Future periods will reflect higher costs, changes in commercial/manufacturing strategies, and expiration of transition services.

• Ongoing investments in R&D and product launches, including MiniMed Flex and new CGM sensors.