Medtronic announces filing of IPO registration statement for Diabetes business, MiniMed

Rhea-AI Summary

Medtronic (NYSE: MDT) announced that its Diabetes business, to be named MiniMed, filed a registration statement on Form S-1 with the U.S. SEC on Dec. 19, 2025 for a proposed initial public offering of newly issued common stock.

MiniMed said it intends to list on the Nasdaq Global Select Market under the symbol MMED, prefers a path of an IPO followed by a split-off, and expects the offering to commence after SEC review and subject to market conditions. The number of shares and price range are not yet determined. Securities may not be sold until the registration becomes effective.

Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley are the active bookrunners; several banks will act as joint bookrunning managers and co-managers.

Positive

• Filed a Form S-1 for a proposed IPO on Dec. 19, 2025
• Plans to list on Nasdaq Global Select under symbol MMED
• Preferred transaction path: IPO then split-off
• Top-tier banks named as active bookrunners: Goldman Sachs, BofA, Citi, Morgan Stanley

Negative

• Number of shares and price range not yet determined
• Offering subject to SEC review and market conditions
• Securities cannot be sold until registration is effective

Market Reality Check

$98.63 Last Close

Volume Volume 4,734,767 is at 0.72x the 20-day average, indicating subdued trading ahead of the IPO filing. normal

Technical Shares trade above the 200-day MA, with price at $98.48 versus MA(200) at $91.13.

Peers on Argus

MDT was up 0.18% while key peers were mixed: EW +0.56% versus SYK -0.21%, BSX -1.28%, ZBH -1.51%, PHG -0.30%, suggesting a company-specific focus on the MiniMed IPO news.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Dividend declaration	Positive	-0.6%	Board declared a $0.71 Q3 FY26 cash dividend, extending dividend streak.
Dec 03	Regulatory clearance	Positive	+0.0%	FDA cleared Hugo RAS system for minimally invasive urologic procedures.
Dec 02	Product launch	Positive	-1.3%	Began U.S. commercial launch of MiniMed 780G with Abbott Instinct sensor.
Nov 18	Earnings results	Positive	+4.7%	Reported Q2 FY26 revenue and EPS growth and raised FY26 guidance.
Nov 05	Earnings preview	Neutral	-0.4%	Announced timing and access details for upcoming Q2 FY26 results release.

Pattern Detected

Recent positive operational and earnings news often produced mixed price reactions, with both aligned gains and divergences on strong updates.

Recent Company History

Over the past two months, Medtronic reported strong Q2 FY26 results on Nov 18 with higher revenue, EPS, and raised guidance, which was followed by a 4.69% gain. Subsequent news included MiniMed 780G U.S. launch on Dec 2 and FDA clearance for the Hugo RAS system on Dec 3, both strategically positive but met with muted or negative moves. A dividend declaration on Dec 4 also saw a slight decline. Today’s MiniMed IPO filing adds a structural corporate action to this sequence of operational milestones.

Market Pulse Summary

This announcement details Medtronic’s plan to separate its Diabetes business via a MiniMed IPO on the Nasdaq Global Select Market under symbol MMED, following recent MiniMed product launches and solid Q2 FY26 financial results. Investors may track future SEC filings on the Form S-1 process, transaction structure, and any updated segment disclosures. Attention to subsequent earnings, regulatory updates, and capital allocation decisions will be important for assessing the long-term impact of this separation.

Key Terms

form s-1 regulatory

"has filed a registration statement on Form S-1 with the U.S. Securities"

A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.

initial public offering financial

"for a proposed initial public offering (IPO) of newly issued common stock."

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

nasdaq global select market financial

"listed on the Nasdaq Global Select Market under the symbol MMED."

A Nasdaq Global Select Market listing is the highest tier of stocks on the Nasdaq exchange, reserved for companies that meet the strictest financial, reporting and governance standards. For investors, it acts like a premium quality label—signaling larger, more transparent and better-governed companies that tend to offer greater liquidity and lower perceived risk compared with lower-tier listings, making it easier to buy, sell and evaluate shares.

prospectus regulatory

"The proposed offering will be made only by means of a prospectus."

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

AI-generated analysis. Not financial advice.

GALWAY, Ireland, Dec. 19, 2025 /PRNewswire/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced that its Diabetes business, which as previously announced will operate under the name MiniMed, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of newly issued common stock. The separation is expected to be completed through a series of capital markets transactions, with a preferred path of an IPO and subsequent split-off. 

MiniMed intends to apply to have its common stock listed on the Nasdaq Global Select Market under the symbol MMED. The number of shares to be offered and the price range for the offering have not yet been determined. The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions.

A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations, or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").

Goldman Sachs & Co. LLC, BofA Securities, Citigroup and Morgan Stanley will act as the active bookrunners for the proposed offering. Barclays Capital Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Wells Fargo Securities, Evercore ISI and Piper Sandler & Co. will also act as joint bookrunning managers and BTIG, LLC and William Blair & Company, L.L.C. will act as co-managers. The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the proposed IPO may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at +1-866-471-2526, by facsimile at +1-212-902-9316 or by email at prospectus-ny@ny.email.gs.com; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, by email at dg.prospectus_requests@bofa.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; and Citigroup, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, telephone at +1-800-831-9146.

About the Diabetes Business at Medtronic
Medtronic Diabetes is on a mission to make diabetes more predictable, so everyone can embrace life to the fullest with the most advanced diabetes technology and always-on support when and how they need it. We've pioneered first-of-its-kind innovations for over 40 years and are committed to designing the future of diabetes management through next-generation sensors (CGM), intelligent dosing systems, and the power of data science and AI while always putting the customer experience at the forefront.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary.

Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to Medtronic's ability to satisfy the necessary conditions to consummate the separation of its Diabetes business on a timely basis or at all, Medtronic's ability to successfully separate its Diabetes business and realize the anticipated benefits from the separation (including consummating the transaction on a basis that is generally tax-free to shareholders), MiniMed's ability to succeed as a standalone publicly traded company, competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances. While a split-off is the company's current preferred separation structure, a final decision has not been reached at this time. The separation is expected to occur through a series of capital markets transactions, which may include a spin-off, split-off, offering, or combination thereof, of the company's remaining shareholding in MiniMed. 

Medtronic Contacts
Erika Winkels
Public Relations
+1-763-526-8478

Ingrid Goldberg
Investor Relations
ingrid.goldberg@medtronic.com

Diabetes Contacts
Janet Cho
Global Communications
+1-818-403-7028

Ryan Weispfenning
Investor Relations 
+1-763-505-4626 

 

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SOURCE Medtronic plc

FAQ

What did Medtronic announce about MiniMed on Dec. 19, 2025 (MDT)?

Medtronic announced MiniMed filed a Form S-1 with the SEC for a proposed IPO of newly issued common stock.

What stock symbol will MiniMed use and where will it list (MDT spin-off)?

MiniMed intends to list on the Nasdaq Global Select Market under the proposed symbol MMED.

Has MiniMed set the number of shares or price range for the IPO (MDT)?

No; the press release says the number of shares and the price range have not yet been determined.

When will the MiniMed IPO occur and what conditions apply (MDT)?

The IPO is expected to commence after SEC review, and is subject to market and other conditions.

Who are the lead banks managing the proposed MiniMed offering (MDT)?

Active bookrunners named are Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley.

Will MiniMed shares be immediately tradable after the filing (MDT)?

No; the securities may not be sold and offers to buy cannot be accepted until the registration becomes effective.