MiniMed Group (NASDAQ:MMED) reported record fiscal 2026 revenue and outlined a slate of product launches it said will support faster growth in fiscal 2027, as management held the company’s first earnings call as a standalone public company following its March IPO.
Chief Executive Officer Que Dallara said MiniMed crossed the $3 billion annual revenue threshold for the first time in fiscal 2026, with organic revenue growth of 8%. The company ended the year with 659,000 global pump users, up 4% year over year.
Fourth-Quarter Revenue Rises on International Strength
For the fourth quarter, MiniMed reported revenue of $837 million, up 8.7% organically. Chief Financial Officer Chad Spooner said growth was led by international markets, where revenue rose 12.2%. U.S. revenue increased 1.5%.
Dallara said U.S. growth was below the company’s initial expectations, primarily because the early FDA clearance of MiniMed Flex caused some customers to delay pump decisions ahead of the new system’s launch. He described the issue as “a timing issue, not a demand issue.”
MiniMed’s recurring revenue streams remained the main driver of growth. Spooner said continuous glucose monitoring, or CGM, revenue grew in the mid-teens in the fourth quarter, while consumables grew in the mid-single digits. These recurring revenue categories make up about 80% of the company’s business.
For fiscal 2026, international revenue grew 11.2%, while CGM revenue grew in the low double digits as MiniMed launched new sensors globally.
Margins Improve as Standalone Company
MiniMed reported fourth-quarter adjusted standalone EBITDA of $154 million, up 32% from the prior year. Adjusted standalone EBITDA margin was 18.4%, an increase of 220 basis points year over year.
Spooner said adjusted standalone gross margin in the quarter was 58.6%, up 40 basis points, supported by manufacturing efficiencies and foreign exchange benefits. Those gains were partly offset by a higher mix of Simplera, which currently carries a lower margin than legacy sensors and Instinct.
For the full fiscal year, adjusted standalone EBITDA was $482 million, up 27%. Adjusted standalone EBITDA margin was 15.6%, up 160 basis points. Spooner said the company improved operating leverage through lower SG&A as a percentage of revenue and lower R&D spending as a percentage of revenue, although R&D increased by $11 million on a dollar basis.
MiniMed ended the quarter with $298 million in cash and no long-term debt. Spooner said that cash balance was ahead of the company’s expectations.
New Pump Sales and CGM Attachment Rates Improve Sequentially
MiniMed said it will provide quarterly updates on new pumps sold, or NPS, and global CGM attachment rates. The company sold 42,000 new pumps in the fourth quarter, down low single digits from a year earlier but up 740 basis points sequentially from the third quarter.
Spooner said the year-over-year decline reflected two dynamics: the early U.S. clearance of Flex and a difficult international comparison against the prior-year Simplera launch. For fiscal 2026, MiniMed sold 145,000 new pumps, roughly stable from the prior year, with sequential growth each quarter. New pump sales in the second half were 26% higher than in the first half.
The fourth-quarter CGM attachment rate was 68%, up 100 basis points sequentially and 500 basis points year over year. The fiscal 2026 average attachment rate was 66%, up 700 basis points from the prior year.
Dallara said the company is seeing most switching activity from its legacy Guardian 3 and Guardian 4 sensors to Simplera and Instinct. He also said new sensors are bringing new patients to MiniMed, including patients coming from multiple daily injections, competitive switches and patients coming out of warranty.
Product Launches Anchor Fiscal 2027 Outlook
MiniMed guided for approximately 10% organic revenue growth in fiscal 2027, including a 1% to 1.5% benefit from an extra week. Excluding the extra week, Spooner said first-quarter growth is expected to be roughly similar to the fourth quarter, while including the extra week, growth should be “well above” the fourth quarter.
The company expects adjusted EBITDA margin of approximately 16% in fiscal 2027. Spooner said margin improvement is expected to come from operating expense leverage, R&D leverage from common platform components and software, and continued efficiencies in support functions.
Management pointed to three product launches supporting the fiscal 2027 outlook:
- MiniMed Flex: Pre-orders began this week in the U.S., with shipments expected later this month. The product is described as half the size of the 780G, with a 300-unit reservoir and app-based control.
- MiniMed Go: The smart multiple daily injection system launched in Europe earlier this year and in the U.S. last week.
- Instinct and Simplera sensors: Instinct is expected to begin rolling out in Europe later this month, while Simplera availability has expanded.
Dallara said Flex will launch initially with integration to the Simplera Sync sensor, followed by integration with Instinct in the company’s second quarter. MiniMed has also submitted Flex for international clearance and expects CE mark approval by the end of the calendar year.
Dallara said MiniMed Fit, the company’s next-generation patch pump, remains on track for FDA submission by the fall and commercial launch next calendar year. He said the company expects initial manufacturing capacity to serve 20,000 patients at launch and is scaling production capacity.
The company’s Vivera fully closed-loop algorithm for type 1 and type 2 diabetes is also on track for launch next calendar year, according to Dallara. He said enrollment in the U.S. pivotal trial began in February and is about 50% complete.
Abbott Partnership Expanded
Dallara also said MiniMed has extended its partnership with Abbott to commercialize a dual glucose-ketone sensor designed to integrate with MiniMed smart dosing systems. He noted during the question-and-answer session that the dual analyte sensor is not yet commercially available and that the company is still waiting for FDA approval.
Management said MiniMed is continuing work to exit roughly 160 transition service agreements with Medtronic, most of which are expected to conclude in calendar 2027. Spooner said the company is confident it will complete those exits on its established timelines.
“We are in the middle of a complete portfolio transformation,” Dallara said, describing a future lineup that includes InPen, MiniMed Go, MiniMed Fit and durable pump systems using the company’s SmartGuard algorithm within a single ecosystem.
About MiniMed Group (NASDAQ:MMED)
We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Since our founding more than 40 years ago, we have pioneered groundbreaking innovation and served the needs of our customers across the globe in service of our mission to make every day a better day for people with diabetes. Today, we are the only player in the market that commercializes all parts of an integrated diabetes management system.
