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 a dual-channel distribution model in the U.S. (DME and pharmacy channels).

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

• Holds a leading position in insulin pumps by user base and has a robust intellectual property portfolio with over 2,500 patents.

Financial performance and metrics

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

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

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

• 80%+ of revenue from CGMs, consumables, software, and services; 70%+ of revenue generated outside the U.S.

• Double-digit net sales growth in the last two fiscal years, driven by MiniMed 780G and new CGM launches.

Use of proceeds and capital allocation

• Proceeds from the IPO will be used to repay intercompany debt to Medtronic and for general corporate purposes.

• Entered into a $500 million revolving credit facility for working capital and general corporate needs.

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