MMED MiniMed Group, Inc.
Price Chart
Executive Summary
MiniMed reported Q4 FY2026 net sales of $837M (+15.6% YoY as reported, +8.7% organic), surpassing $3B in annual revenue for the first time. The company guided FY2027 organic revenue growth of ~10% and adjusted EBITDA margin of ~16%. However, GAAP net loss widened to -$183M in Q4 (from -$168M a year ago) and EPS was -$0.68, significantly below the -$0.22 consensus estimate, driven by $168M in other operating expense and a $93M income tax provision. The combination of strong top-line growth and expanding product pipeline with deteriorating GAAP profitability and a massive EPS miss creates a mixed picture.
Key Financial Metrics
Actionable Insight
The massive GAAP EPS miss (-$0.68 vs -$0.22 consensus) driven by $168M other operating expense and a $93M tax provision will likely pressure the stock near-term despite the revenue beat and strong guidance. Watch the earnings call for clarity on the other operating expense line and whether the FY2027 adjusted EBITDA margin guidance of ~16% implies meaningful GAAP improvement. The MiniMed Flex launch this month and Abbott partnership extension are positive catalysts but may take time to flow through to GAAP profitability.
Key Facts
- Q4 FY2026 net sales $837M, +15.6% as reported YoY, +8.7% organic
- Full-year FY2026 net sales $3.102B, +14.2% as reported, +8.0% organic (first time above $3B)
- GAAP net loss attributable to company Q4: -$183M vs -$172M YoY; FY: -$331M vs -$213M YoY
- GAAP diluted EPS Q4: -$0.68 (vs consensus -$0.22); FY: -$1.29 vs -$0.84
- FY2027 guidance: organic revenue growth ~10% (incl. 1.0-1.5% extra-week benefit), adjusted EBITDA margin ~16%
- CGM revenue grew 21.6% in Q4 to $420M; pumps declined 5.5% to $146M due to MiniMed Flex launch timing
- International net sales grew 22.4% as reported in Q4; U.S. grew only 1.5% as customers waited for Flex launch
- Abbott partnership extended to develop dual glucose-ketone sensors for MiniMed systems
Financial Impact
Q4 GAAP EPS -$0.68 vs consensus -$0.22 (miss of -209%); Q4 revenue $837M vs consensus $826.5M (beat of +1.3%)
Risk Factors
- GAAP profitability continues to deteriorate with operating loss widening to -$91M in Q4 from -$148M a year ago
- U.S. revenue growth stalled at 1.5% as customers delayed purchases for MiniMed Flex — execution risk on new product ramp
- Other operating expense surged to $168M in Q4 from $4M a year ago — unclear if this is recurring
- Income tax provision of $93M on a pre-tax loss of -$90M is unusual and may raise questions about deferred tax valuation allowances
- Pump sales declined 5.5% YoY in Q4 — core hardware business under pressure from CGM shift
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-040036 |
| Document: mmed-20260603.htm | 0001628280-26-040036 |
| Document: 0001628280-26-040036-index-headers.html | 0001628280-26-040036 |
| Document: 0001628280-26-040036-index.html | 0001628280-26-040036 |
| Document: 0001628280-26-040036.txt | 0001628280-26-040036 |
| 8-K Data (Synthetic) | 0001628280-26-040036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
3d ago
|
8-K
| — | awaiting T+20 | — | — |
|
May 18, 2026
19d ago
|
8-K
| — | awaiting T+20 | — | — |
|
Apr 27, 2026
5w ago
|
8-K
| $12.92 $11.18 | ▼ −13.47% | ▼ −18.42% | $14.23 (+10.14%) |
|
Mar 6, 2026
13w ago
|
424B4
| $18.00 $13.20 | ▼ −26.67% | ▼ −23.86% | $14.23 (−20.94%) |
|
Mar 6, 2026
13w ago
|
EFFECT
| $18.49 $13.23 | ▼ −28.45% | ▼ −26.40% | $14.23 (−23.04%) |
|
Feb 27, 2026
14w ago
|
S-1/A
| — | awaiting T+20 | — | — |
US Market Status
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