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 globally.

• Operates in approximately 80 countries, with 70% of revenue generated outside the U.S.; over 640,000 pump users as of October 2025.

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

• Focuses on reducing the burden of diabetes management through automation, data integration, and a broad product ecosystem.

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 represented 67% of FY25 total; CGMs, consumables, software, and services accounted for 80% of FY25 revenue.

• Organic revenue growth: 11.5% in FY25; 7.4% in the six months ended October 24, 2025.

Use of proceeds and capital allocation

• Net proceeds of ~$712 million expected, with $350 million retained for general corporate purposes.

• Excess proceeds to repay intercompany debt to Medtronic; any remaining to pay for assets transferred in the separation.

• Entered into a $500 million revolving credit facility, undrawn at offering.