MiniMed (MMED) Q1 2027: Strong Growth and Raised Guidance — Positive Outlook

MiniMed (Nasdaq: MMED) reported a robust start to fiscal year 2027, with net sales reaching $843 million, reflecting a growth of $120 million or +16.6% compared to the same quarter last year. This performance indicates a solid acceleration in both U.S. and international markets, positioning the company favorably for shareholders.

Key Financial Metrics

• Net Sales: $843 million, up from $723 million in Q1 FY26, representing a growth of $120 million or +16.6% YoY.
• U.S. Net Sales: $240 million, an increase of $28 million or +13.1% YoY.
• International Net Sales: $603 million, up $88 million or +18.1% YoY.
• Worldwide New Pumps Sold (NPS): Approximately 34,000, a rise of 7.7% YoY.
• Worldwide CGM Attachment Rate: 69%, an increase of approximately 100 basis points quarter over quarter.
• Adjusted EBITDA Margin: Approximately 16%, reaffirming prior guidance.

Analyst Opinion

This quarter is a positive outcome for MiniMed shareholders, showcasing strong revenue growth and an acceleration in U.S. sales. The company has effectively leveraged its innovative product launches, such as the MiniMed Flex™, to drive new patient acquisitions and competitive conversions. The increase in both U.S. and international sales, alongside a robust pipeline of upcoming products, suggests that MiniMed is well-positioned for sustained growth.

The raised guidance for organic revenue growth to approximately 10.5% for FY27, up from the previous estimate of 10%, further underscores management's confidence in the company's trajectory. This adjustment reflects the company's strong performance in Q1 and its strategic initiatives to expand market share.

Dividend and Share Buyback

There were no announcements regarding dividends or share buybacks in this quarter's report. However, the focus on growth and innovation suggests that any future capital allocation decisions will likely prioritize reinvestment into the business.

Forward-Looking Catalysts

Investors should keep an eye on several upcoming catalysts that could impact MiniMed's performance in the next quarter:

• The anticipated full U.S. launch of the MiniMed Fit™ patch pump in Summer 2027.
• The commercial launch of MiniMed Flex™ in Europe, expected in November.
• Progress on the Vivera™ fully-closed loop algorithm U.S. pivotal trial, which is on track for a second-half calendar 2027 launch.

These developments could further enhance MiniMed's product offerings and market presence, potentially driving additional revenue growth in the upcoming quarters.

In conclusion, MiniMed's strong Q1 results and raised guidance present a favorable outlook for investors, indicating that the company is on a solid growth trajectory as it continues to innovate in the diabetes technology space.

Note: The amounts in the following tables are in millions.

Three months ended	July 31, 2026	July 25, 2025
Net sales	$843	$723
Cost of products sold	$378	$314
Gross Profit	$465	$409
Operating Expenses:
Research and development expense	$115	$125
Selling, general, and administrative expense	$312	$283
Certain litigation charges, net	-2	17
Other operating expense (income), net	$36	-2
Operating income (expense)	$5	-13
Other non-operating (expense) income, net	—	—
Income (loss) before income taxes	$4	-13
Income tax provision	$4	$3
Net income (loss)	$—	-16
Net income attributable to noncontrolling interests	$—	-3
Net income (loss) attributable to the Company	$—	-19
Basic and diluted earnings (loss) per share	$0.00	$-0.08
Basic and diluted weighted average shares outstanding	281.0	252.8

The data in the schedule above has been intentionally rounded to the nearest million.

	July 31, 2026	April 30, 2026
ASSETS
Current Assets:
Cash and cash equivalents	$123.0	$111.0
Accounts receivable	$345.0	$290.0
Inventories	$280.0	$260.0
Other current assets	$90.0	$85.0
Total current assets	$838.0	$746.0
Property, plant, and equipment, net	$450.0	$435.0
Intangible assets	$120.0	$115.0
Other non-current assets	$60.0	$58.0
Total assets	$1,468.0	$1,354.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	$600.0	$550.0
Long-term financing receivables	$100.0	$90.0
Other long-term liabilities	$150.0	$140.0
Total liabilities	$850.0	$780.0
Shareholders' equity	$618.0	$574.0
Total liabilities and shareholders' equity	$1,468.0	$1,354.0

The data in the schedule above has been intentionally rounded to the nearest million.

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