MiniMed Group (MMED) Registration Filing summary

Company overview and business model

• Develops, manufactures, and markets integrated diabetes management solutions, including insulin pumps, smart pens, CGMs, 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 leverages a large proprietary dataset for algorithm development.

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 (9% of revenue); Net Loss: $198 million (7% of revenue).

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

• 83% of revenue in the latest six months from CGMs, consumables, software, and services; 70% of revenue from outside the U.S.

• Over 640,000 pump users globally as of October 2025.

Use of proceeds and capital allocation

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

• Plans to invest in R&D, manufacturing automation, and global commercial expansion.