MiniMed Group, Inc. (MMED)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$5.4B

Cash

$207.0M

Debt

$0

Debt to equity

0.00

Shares outstanding

281.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the first quarter of fiscal year 2027 results, filed 1 September 2026.

• Net sales rose 16.6% as reported. Net sales were $843 million against $723 million a year earlier, up 16.6% as reported and 15.8% organic.
• Extra week added about 4-6%. The fiscal calendar is 52-53 weeks. Management put the extra week's benefit at about 4-6% of net sales, consistent with its prior estimate.
• Growth excluding extra week. Excluding the extra week benefit, management described low-double digit organic growth for the quarter.
• Operating income of $5 million. Operating income was $5 million against an operating loss of $13 million a year earlier. Basic and diluted EPS was $0.00, against $(0.08).
• Weighted share count higher. Weighted average shares outstanding were 281.0 million, up from 252.8 million a year earlier.
• International net sales up 18.1%. International net sales were $603 million, up 18.1% as reported and 16.9% organic. Management cited Simplera capacity expansion and the Abbott-made Instinct sensor launch.
• U.S. growth accelerated to 13%. U.S. net sales were $240 million, up 13.1% as reported and organic. The previous release reported U.S. growth of 1.5% for the prior quarter.
• Year-earlier regional base. The organic reconciliation shows year-earlier U.S. net sales of $212 million and international net sales of $511 million.
• Pumps revenue up 21.5%. Pumps revenue was $144 million against $119 million a year earlier, an increase of 21.5%.
• Consumables revenue up 13.8%. Consumables revenue was $261 million against $229 million a year earlier, an increase of 13.8%.
• CGM revenue up 19.9%. CGM revenue was $431 million against $360 million, an increase of 19.9%. Total worldwide revenue is shown in the same table.
• Gross profit rose to $465 million. Cost of products sold was $378 million against $314 million. Gross profit was $465 million against $409 million.
• R&D down, SG&A up. Research and development expense was $115 million against $125 million. Selling, general and administrative expense was $312 million against $283 million.
• Litigation and other operating items. Certain litigation charges, net were $(2) million against $17 million. Other operating expense (income), net was $36 million against $(2) million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2026

By region, FY2026

Company events

The newest 8-K filings of 11 held.

Every filing

The newest filings with the SEC of 39 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

111 funds held it at 30 Jun 2026: 73 added and 14 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Stryker Corp. (SYK): revenue $25.8B, market value $116.7B
• 3M Co. (MMM): revenue $25.2B, market value $89.3B
• Boston Scientific Corp. (BSX): revenue $21.0B, market value $61.4B
• Becton Dickinson & Co. (BDX): revenue $20.8B, market value $53.2B
• Resmed Inc. (RMD): revenue $5.7B, market value $36.1B
• Dexcom Inc. (DXCM): revenue $5.0B, market value $29.7B
• West Pharmaceutical Services Inc. (WST): revenue $3.3B, market value $28.4B
• Medline Inc. (MDLN): revenue –, market value $27.9B
• Solventum Corp. (SOLV): revenue $8.3B, market value $13.9B
• Baxter International Inc. (BAX): revenue $11.5B, market value $13.2B

What the company does

MiniMed Group, Inc. develops, manufactures and markets products for the management of diabetes, with corporate headquarters in Northridge, California. Its products include insulin pumps, smart insulin pens, continuous glucose monitoring (CGM) sensors, consumables, software and services. It has more than 640,000 pump users as of April 2026 and ships products to over 80 countries.

What it sells

The company offers two types of system for people who need intensive insulin therapy. The first is its Automated Insulin Delivery (AID) systems. Each one combines an insulin pump, infusion sets and reservoirs, a CGM sensor and a dosing algorithm that adjusts pump dosing every five minutes. The current system is the MiniMed 780G, and the company also offers older MiniMed 770G, 740G, 720G and 630G systems in select markets.

The second is the Smart Multiple Daily Injection system, called MiniMed Go. It pairs the InPen smart insulin pen with a CGM sensor and a mobile app that suggests doses.

The MiniMed Flex pump received FDA clearance in March 2026 and launched in the United States in June 2026.

How it earns its money

About 82% of total revenue in fiscal year 2026 came from CGMs, other consumables, software and services. Pumps are the base, and the company sells the supplies and services that go with them to its pump users.

In the United States, most products go through the durable medical equipment channel and a small share through the pharmacy channel. About 72% of its United States business shipped directly to patients and about 28% went through distributor partners. The company manages over 25 distributor relationships and operates MiniMed Pharmacy, licensed in approximately 40 states. It estimates that about 69% of its direct-to-patient customers are covered by commercial insurance plans.

Who buys and prescribes

Its customers are people with type 1 diabetes and people with type 2 diabetes who take insulin. The main prescribers are endocrinologists, diabetologists, nurse practitioners, physician assistants and primary care physicians. The United States sales organisation has over 1,000 professionals across approximately 170 territories, supporting over 20,000 prescribing healthcare professionals.

In the United States, the MiniMed 780G is indicated for type 1 patients aged seven and older and insulin-requiring type 2 patients aged 18 and older. In the EU, it is indicated for type 1 and insulin-requiring type 2 patients aged two and older, as well as pregnant women.

Where it operates

Sales channels differ by country. In Italy, procurement runs through regional tenders. In France, private service providers handle procurement, fulfilment and training. Argentina and Brazil use direct distribution, Poland uses hospital tenders with government reimbursement, and Russia uses a national tender framework.

The company has two primary manufacturing facilities, in Northridge, California and Juncos, Puerto Rico. Contract manufacturers handle other work. Two main distribution hubs are in Louisville, Kentucky and Heerlen, Netherlands, with 26 additional distribution facilities. Research and development sits mainly in Northridge, with staff also in Minneapolis, San Diego and Israel.

Partners and competitors

Under a supply agreement with Abbott, Abbott supplies the Instinct sensor in exchange for a formula-based payment per unit. Abbott is the exclusive supplier of third-party CGMs for certain MiniMed systems. The initial term runs seven years from 1 June 2026, and MiniMed agreed not to buy CGMs from certain Abbott competitors.

Affiliates of Blackstone Life Sciences Advisors L.L.C. have funded development of the MiniMed Flex pump and the MiniMed Fit patch pump, and receive royalties on their sales.

Medtronic acquired MiniMed Inc. in 2001 and granted licenses, including to the Medtronic name and logo, for a limited period after the separation. The filing names Beta Bionics, Inc.; Dexcom, Inc.; Insulet Corporation; Sequel Med Tech, LLC; and Tandem Diabetes Care, Inc. as competitors.

Research, pipeline and people

The company has over 1,100 research and development professionals and over 2,800 commercial employees. Its call centres run 24 hours a day, every day, in 25 languages. It owns or has rights to over 2,000 patents and patent applications and over 350 trademark registrations and applications.

The pipeline includes the MiniMed Fit patch pump with up to seven days of wear and the Vivera dosing algorithm, which is designed to remove carbohydrate counting and manual meal doses. The company says it aims to submit MiniMed Fit to the FDA by fall of calendar year 2026. The Vivera United States pivotal trial began in February 2026.

*From MiniMed's annual report on Form 10-K for the year ended 24 April 2026. [The filing](https://www.sec.gov/Archives/edgar/data/2062583/000162828026045915/mdt-20260424.htm)*

From the company's 10-K.