MiniMed (MMED) Q4 2026: Strong Growth Continues — Positive Outlook

MiniMed (Nasdaq: MMED) reported a robust fourth quarter for fiscal year 2026, with net sales reaching $837 million, an increase of $113 million or +15.6% compared to the same quarter last year. This growth reflects a solid performance, particularly in international markets, where sales surged by 22.4% to $599 million. Overall, this quarter demonstrates continued momentum for MiniMed, making it a favorable outcome for shareholders.

Key Financial Metrics

• Q4 2026 Net Sales: $837 million, up $113 million or +15.6% YoY
• Q4 2026 Organic Growth: 9%
• International Net Sales: $599 million, up $109 million or +22.4% YoY
• U.S. Net Sales: $238 million, up $3 million or +1.5% YoY
• Worldwide New Pumps Sold: ~42,000, an increase of 7.4% quarter-over-quarter
• Worldwide CGM Attachment Rate: 68%, up 100 bps quarter-over-quarter

Fiscal Year 2026 Overview

For the full fiscal year 2026, MiniMed achieved record net sales of $3.102 billion, growing $387 million or +14.2% compared to fiscal year 2025. The organic growth for the year was 8.0%. Notably, international sales reached $2.185 billion, reflecting a significant increase of 20.6% YoY, while U.S. sales remained relatively flat at $917 million, growing only 1.5%.

Shareholder Perspective

This quarter's results are a positive sign for shareholders, showcasing MiniMed's ability to drive growth, particularly in international markets. The company’s strategic focus on new product launches, such as the MiniMed Flex™ and MiniMed Go™, is expected to further enhance its market position and revenue potential. The slight decline in U.S. sales growth may raise some concerns, but the overall performance indicates a strong trajectory.

Dividend and Share Buyback

There were no announcements regarding dividends or share buybacks in this release, which may be a point of interest for investors looking for immediate returns.

Guidance for Fiscal Year 2027

Looking ahead, MiniMed anticipates organic revenue growth of approximately 10% for fiscal year 2027, which includes a 1.0 to 1.5% expected benefit from an extra week in the fiscal year. The company also projects an adjusted EBITDA margin of approximately 16%. This guidance reflects confidence in the ongoing demand for its products and the successful execution of its growth strategy.

Forward-Looking Catalysts

Investors should keep an eye on the upcoming product launches, particularly the MiniMed Flex™ and MiniMed Go™, which are expected to drive further growth. Additionally, the anticipated FDA clearances and international expansions will be critical to sustaining momentum in both domestic and global markets. The performance of these new products in the next quarter will be a key indicator of MiniMed's ability to capitalize on its growth opportunities.

In conclusion, MiniMed's fourth quarter results and fiscal year outlook present a compelling case for continued investment, supported by strong sales growth and a promising product pipeline.

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

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three months ended	Fiscal Year Ended
	April 24, 2026	April 24, 2026
	April 25, 2025	April 25, 2025
Net sales	$837	$3,102
Cost of products sold	357	1,422
Gross Profit	480	1,680
Operating Expenses:
Research and development expense	99	448
Selling, general, and administrative expense	299	1,183
Certain litigation charges, net	5	16
Other operating (income) expense, net	168	221
Operating loss	-91	-188
Other non-oper income, net	-1	-1
Income before income taxes	-90	-187
Income tax provision	93	128
Net loss	-183	-315
Net income attributable to noncontrolling interests	—	-16
Net loss attributable to the Company	-183	-331
Basic and diluted loss per share	-0.68	-1.29
Basic and diluted weighted average shares outstanding	268.1	256.6

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

CONSOLIDATED BALANCE SHEETS

	April 24, 2026	April 25, 2025
Assets
Current Assets:
Cash and cash equivalents
Accounts receivable
Inventory
Other current assets
Total Current Assets
Non-current Assets:
Property, plant, and equipment
Goodwill
Intangible assets
Other non-current assets
Total Assets
Liabilities
Current Liabilities:
Accounts payable
Accrued liabilities
Current portion of long-term debt
Total Current Liabilities
Non-current Liabilities:
Long-term debt
Other non-current liabilities
Total Liabilities
Equity
Common stock and additional paid-in capital
Retained earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity

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