Key insights
- MiniMed reported strong Q4 FY2026 results with 8.7% organic growth, driven by international markets. Despite slower US growth due to FDA timing, profitability improved significantly. Analysts maintain a strong buy rating with substantial upside potential, projecting continued EPS and revenue growth for FY2027. The stock's positive premarket reaction and undervaluation suggest potential for further gains, though US market specific growth was modest.
MiniMed Group Inc. (MMED) reported robust financial results for the fourth quarter of fiscal 2026, with revenue reaching $837 million, marking an 8.7% organic growth. The company’s stock responded positively, rising 2.44% in premarket trading to $12.6, following a 10.2% increase from the previous close. The stock has delivered a remarkable 13.89% return over the past week, currently trading at $13.55 with a market capitalization of $3.45 billion. According to InvestingPro analysis, the stock appears undervalued at current levels based on its Fair Value assessment. International markets were a key driver, with a 12.2% organic growth, while U.S. growth lagged at 1.5% due to timing issues with the MiniMed Flex’s early FDA clearance.
MiniMed’s Q4 fiscal 2026 results showcased strong performance, particularly in international markets, which saw a 12.2% growth. The company’s total revenue for the fiscal year surpassed $3 billion for the first time, driven by an overall organic growth of 8%. Despite the U.S. market’s slower growth at 1.5%, the company managed to achieve significant profitability improvements, with adjusted EBITDA growing by 32%.
- Gross profit margin: 56.74% for the last twelve months
InvestingPro Tips highlight that net income is expected to grow this year, with analysts predicting the company will turn profitable. Access 4 additional exclusive ProTips and comprehensive Pro Research Reports covering MMED and 1,400+ other US equities on the platform.
Looking ahead, MiniMed projects continued growth with EPS forecasts for fiscal 2027 ranging from $0.1 in Q1 to $0.23 in Q4. Revenue forecasts are also optimistic, with projections reaching $903.54 million by Q4 FY2027. Wall Street analysts maintain a strong buy consensus rating of 1.25, with price targets ranging from $16 to $26, suggesting significant upside potential. Investors can explore more investment opportunities using InvestingPro’s advanced stock screener and ProPicks for AI-selected winning stocks. The company plans to expand its product offerings, including launching the MiniMed Flex with Simplera Sync sensor integration and the MiniMed Fit patch pump.
CEO of MiniMed highlighted, "Our record-breaking revenue and significant profitability improvements underscore the strength of our international markets and our innovative product pipeline." The early FDA clearance for MiniMed Flex was noted as a strategic advantage, albeit impacting U.S. sales timing.
During the earnings call, analysts inquired about the impact of the early FDA clearance on U.S. sales and the company’s strategies to boost domestic growth. Executives emphasized ongoing efforts to enhance market penetration and leverage new product launches to drive future performance.
Operator: Good day, thank you for standing by. Welcome to the MiniMed fourth quarter and fiscal year 2026 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there’ll be a question-and-answer session. To ask a question during the session, you’ll need to press star 11 on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Ryan Weispfenning, Head of MiniMed Investor Relations. Please go ahead.
Ryan Weispfenning, Vice President and Head of Investor Relations, MiniMed: Hello, everyone, and thanks for joining us today for our fiscal 2026 fourth quarter earnings webcast. I’m Ryan Weispfenning, Vice President and Head of MiniMed Investor Relations. Joining me today are Que Dallara, Chief Executive Officer, and Chad Spooner, Chief Financial Officer. Today’s program will last no longer than 45 minutes so that we may complete the call before the market opens. Earlier this morning, we issued a press release discussing our results and containing several financial schedules. We also posted an earnings presentation to our website that provides additional details on our performance. Both can be accessed on our website at investors.minimed.com. During today’s program, many of the statements we make may be considered forward-looking statements, which are subject to risks and uncertainties, and actual results may differ materially from those projected in any forward-looking statement.
Please take a moment to review the cautionary statements regarding forward-looking statements, including in our earnings press release and the presentation. Additional information concerning factors that could cause our actual results to differ is contained in the filings we make with the SEC, and we do not undertake to update any forward-looking statement or any of the information contained in this presentation. In this presentation, we reference organic revenue growth, a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP financial measure is included in today’s earnings press release. With our organic revenue growth and adjusted EBITDA margin guidance, we do not provide reconciliations to comparable GAAP measures because certain items in these forward-looking non-GAAP measures cannot be predicted without unreasonable effort. We operated as part of Medtronic until our IPO in early March.
Our GAAP financial statements were therefore prepared on a carve-out basis and include certain historical cost allocations from Medtronic for centralized support functions. We refer to certain financial information for MiniMed on a standalone basis. This replaces those Medtronic historical cost allocations with the expected run rate cost structure for standalone MiniMed. This information also eliminates the impact of certain incremental non-recurring costs. These non-GAAP standalone financial measures are included to provide consistency and comparability while evaluating operational performance on a run-rate standalone basis for reporting periods after MiniMed’s fiscal year 2026. A reconciliation of these standalone non-GAAP financial measures to their most directly comparable GAAP financial measures is included in today’s earnings presentation. Over to you, Que.
Que Dallara, Chief Executive Officer, MiniMed: Thank you, Ryan. Good morning, everyone. It’s good to be speaking with you today on our first earnings call as a standalone, publicly traded MiniMed. Before we go into the details, let me start with who we are and why we exist. MiniMed exists to give people living with insulin-dependent diabetes more time in range, more freedom from the daily grind of managing their condition, and more time to simply live their lives. We do that today for 659,000 pump users around the world through the most complete, most clinically validated automated insulin delivery platform available anywhere. That has been our North Star for more than 40 years. We went public in early March. The week after, we received CE mark for the Instinct sensor made by Abbott with the MiniMed 780G a year ahead of schedule.
The week after that, we received FDA clearance for MiniMed Flex two quarters ahead of expectations. For fiscal 2026, we had record revenue crossing the $3 billion threshold for the first time with another year of high single-digit growth. These milestones reflect the acute focus we’ve had on driving pipeline execution over the last few years. In Q4, we finished fiscal 2026 strong, and we’re carrying that momentum into fiscal 2027. Our Q4 revenue growth was driven by continued strength in international markets and sequential pump adoption momentum in the U.S. New sensors were a meaningful driver throughout the entire second half. Let me address U.S. performance directly. Growth of 1.5% in Q4 was below our initial expectations, and I want to be clear about what drove it. FDA clearance of MiniMed Flex came six months early.
This is clearly positive news for us and a significant milestone, but it did create a short-term dynamic where some customers who were close to a pump decision chose to wait for the new system. That’s a timing issue, not a demand issue. MiniMed Flex is the most substantial hardware and software pump update in a decade, and we’re excited with what we’re hearing in the market about Flex’s launch later this month. In addition to Flex, we pulled forward two more launches. The MiniMed 780G with Instinct starts rolling out internationally later this month, giving our international pump users more sensor choice. MiniMed Go, our smart MDI system for the 15 million people worldwide on multiple daily injections, launched in Europe earlier this year and in the U.S. just this week. It is these three products that underpin our confidence in our fiscal 2027 growth.
Behind these three, the pipeline is just as exciting. MiniMed Fit, our next-generation patch pump, and Vivera, our fully closed-loop algorithm for type 1 and type 2, both on track for clearance next year. Now looking at Q4 in more detail, starting with international. As I mentioned earlier, our international business delivered a strong quarter, growing 12% organic, an acceleration from Q3. Increased Simplera availability drove a high single-digit sequential increase in new pumps sold, or NPS, and 100 basis point sequential increase in CGM attachments. On a year-over-year basis, NPS were down mid-single digits, primarily due to a tough comparison in Q4 of last year. That period benefited from the initial launch of Simplera, which drove a meaningful acceleration in NPS and set a high baseline. We delivered strong international growth even before the Instinct sensor entered these markets.
The EU Instinct launch opens up the MiniMed 780G to more than 4 and a half million Abbott sensor users on insulin-intensive therapy, a population we haven’t been able to reach until now. Turning to the U.S., with the context on overall U.S. performance that I covered earlier, let me walk you through two compo