MiniMed Group (MMED) Registration Filing summary

Company overview and business model

• Develops, manufactures, and markets integrated diabetes management solutions, including insulin pumps, CGMs, smart pens, and dosing algorithms, serving people with Type 1 and insulin-dependent Type 2 diabetes in over 80 countries.

• Only company commercializing all components of an automated insulin delivery (AID) system, offering a unified user experience and data-driven dosing.

• Operates a dual-channel distribution model in the U.S. (DME and pharmacy) and maintains a global commercial and manufacturing footprint.

• Holds over 2,500 patents and leverages a proprietary Virtual Patient Model with 430 million data points to drive innovation.

Financial performance and metrics

• Fiscal year 2025 revenue: $2.7 billion; six months ended October 24, 2025: $1.5 billion.

• Net loss: $198 million in FY25; $21 million in the six months ended October 24, 2025.

• Adjusted EBITDA: $253 million in FY25; $128 million in the six months ended October 24, 2025.

• International revenue accounted for 67% in FY25 and 70% in the six months ended October 24, 2025.

• Double-digit net sales growth in the last two fiscal years, with 11.5% organic revenue growth in FY25.

• 83% of revenue in the six months ended October 24, 2025, and 80% in FY25 came from CGMs, consumables, software, and services.

Use of proceeds and capital allocation

• Estimated net proceeds of $712 million from the IPO at a midpoint price of $26.50 per share.

• $350 million of cash to be retained for general corporate purposes; excess proceeds to repay intercompany debt to Medtronic and, if applicable, pay additional consideration for transferred assets.

• No dividends expected for the foreseeable future; earnings to be reinvested in operations and growth.