MiniMed Group (MMED) Q4 2026 earnings summary

Executive summary

• Achieved record annual revenue surpassing $3 billion in fiscal 2026, up 14% as reported and 8% organically year-over-year, with strong Q4 performance and significant product launches including MiniMed 780G, Flex, and Go systems.

• International segment delivered double-digit growth, while U.S. growth was modest but showed sequential momentum, impacted by timing of new product launches.

• Transitioned to a standalone public company after IPO in March, with accelerated product pipeline and regulatory milestones including FDA and CE Mark clearances.

• Expanded partnership with Abbott for a dual glucose-ketone sensor and announced launches of MiniMed Go and Flex in the U.S. and Europe.

Financial highlights

• FY26 revenue reached $3,102 million, up 8.0% organically and 14.2% reported year-over-year; Q4 revenue was $837 million, up 8.7% organically and 15.6% reported.

• FY26 adjusted standalone EBITDA was $482 million (15.6% margin), up 27% year-over-year; Q4 adjusted standalone EBITDA was $154 million (18.4% margin), up 32%.

• Adjusted standalone gross margin for FY26 was 59.2%; Q4 gross margin was 58.6%.

• Worldwide CGM attachment rate reached 66% for the year, up 700 basis points year-over-year; Q4 rate was 68%, up 500 basis points.

• Ended the year with $298 million in cash and no long-term debt.

Outlook and guidance

• Fiscal 2027 organic revenue growth expected at approximately 10%, including a 1–1.5% benefit from an extra week.

• Adjusted EBITDA margin guidance for FY27 is approximately 16%, driven by OpEx leverage and product launches.

• Key product launches in FY27 include MiniMed Flex (U.S.), MiniMed Go (global), and Instinct (international), with U.S. growth expected to accelerate.

• Q1 FY27 organic growth projected to be well above Q4, with margin improvement throughout the year.