MiniMed Delivers Strong Start to Fiscal Year 2027 with U.S. Growth Acceleration
Rhea-AI Summary
MiniMed (Nasdaq: MMED) reported Q1 FY27 net sales of $843 million, up 16.6% as reported and 15.8% organic, including an estimated 4–6% benefit from an extra week in the 52–53 week fiscal calendar. Excluding this benefit, MiniMed achieved low double-digit organic growth.
International net sales rose to $603 million, up 18.1% reported and 16.9% organic, supported by Simplera capacity expansion and the Instinct sensor. U.S. net sales reached $240 million, up 13.1%, with U.S. New Pumps Sold growing over 20% year over year and worldwide NPS of ~34,000 (+7.7%). The worldwide CGM attachment rate increased to 69%, about 100 bps higher quarter over quarter.
MiniMed advanced its pipeline with a U.S. FDA submission for the MiniMed Fit patch pump, CE Mark for MiniMed Flex with a November EU launch expected, completion of enrollment in the Vivera fully-closed loop U.S. pivotal trial, and IDE approval for a next‑gen extended wear sensor. For FY27, MiniMed now expects organic revenue growth of ~10.5%, including a 1.0–1.5% extra-week benefit, up from ~10%, and reaffirms an adjusted EBITDA margin outlook of ~16%.
Positive
- Q1 FY27 net sales $843m, up 16.6% YoY reported and 15.8% organic
- International revenue $603m, up 18.1% reported and 16.9% organic
- U.S. revenue $240m, up 13.1% with U.S. NPS >20% YoY
- Worldwide NPS ~34,000, growing 7.7% year over year
- CGM attachment rate 69%, increasing ~100 bps quarter over quarter
- GAAP operating income improved to $5m from a $13m loss
- Net income moved to breakeven from a $19m loss prior year
- FY27 organic revenue growth guidance raised to ~10.5% including 1.0–1.5% extra-week benefit
- Adjusted EBITDA margin guidance of approximately 16% reaffirmed
- Pipeline milestones: Fit FDA submission, Flex CE Mark, Vivera pivotal enrollment complete, next‑gen sensor IDE approved
Negative
- Q1 net income only breakeven ($0m), despite strong revenue growth
- Operating income just $5m on $843m sales, indicating limited GAAP profitability
- Extra week contributed an estimated 4–6% benefit to Q1 growth
- Other revenue declined to $7m from $15m, down 57.1% YoY
- Selling, general, and administrative expense increased to $312m from $283m year over year
News Explained
The quarter reached break-even; latest supplied liquidity equals 199.8 days of prior-quarter operating cash use.
The company has reported Q1 FY27 results for the quarter ended
MiniMed defines organic revenue growth as a non-GAAP measure that excludes foreign-currency effects and certain Italian payback-accrual adjustments, so the raised FY27 outlook is not a GAAP revenue forecast.
For liquidity context, the latest supplied balance-sheet figures, as of
Sources and calculations
- MiniMed Q1 FY27 results release (2026-09-01)
- MiniMed latest supplied quarterly fundamentals (2026Q4)
- Available liquidity against the last reported quarterly operating outflow, in days at that rate $298,000,000 / ($170,000,000 / 114) = 199.8 days
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 25 | Investor conferences | Neutral | -5.1% | Management announced participation in two upcoming healthcare investor conferences. |
| Aug 17 | Product launch | Positive | -3.1% | MiniMed Flex began commercial U.S. shipping with Abbott's Instinct sensor. |
| Jul 22 | Coverage expansion | Positive | -2.2% | MiniMed Flex became available to Medicare and Medicare Advantage beneficiaries. |
| Jul 20 | Earnings scheduling | Neutral | -0.1% | MiniMed scheduled its fiscal 2027 first-quarter results announcement. |
| Jun 29 | Board appointments | Positive | +4.5% | MiniMed appointed David Endicott and Linnea Burman to its board. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent positive product news diverged from price reactions, while the prior board appointment aligned positively.
Key Terms
organic revenue growth financial
adjusted ebitda margin financial
ce mark regulatory
ide approval regulatory
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Strong start to fiscal year with net sales of
$843 million 17% as reported and16% organic U.S . net sales growth accelerated to13% ; continued robust international net sales growth of18% as reported,17% organic- Advanced global pipeline ahead of schedule with FDA submission for MiniMed Fit™, CE Mark for MiniMed Flex™, Vivera™ FCL
U.S . pivotal trial enrollment completion, and IDE approval for next-gen extended wear MiniMed sensor - Raises fiscal year 2027 organic revenue growth guidance
"MiniMed delivered an excellent start to our fiscal year, with accelerating
Q1 Results
- Strong double-digit net sales growth, ahead of expectations, on
U.S . net sales growth acceleration and continued robust international net sales growth, even when excluding extra week benefit - Worldwide net sales of
$843 million 16.6% as reported and15.8% organic; included an approximate 4-6% benefit from extra week as a result of 52-53 week fiscal calendar, consistent with prior estimate; excluding extra week benefit, the Company generated low-double digit organic growth- International net sales of
$603 million 18.1% as reported and16.9% organic, driven by Simplera™ capacity expansion and the launch of the Instinct sensor, made by Abbott U.S . net sales of$240 million 13.1% as reported and organic.U.S . New Pumps Sold (NPS) grew over20% year over year, driven by MiniMed Flex™ and new sensor launches
- International net sales of
- Worldwide NPS of ~34,000, an increase of
7.7% year over year - Worldwide CGM Attachment Rate of
69% , an increase of ~100 bps quarter over quarter
Q1 Highlights
- MiniMed Flex™ with Simplera™ launched in the
U.S . - MiniMed Flex™
U.S . coverage expanded to Medicare and Medicare Advantage beneficiaries - MiniMed™ 780G system with Instinct and MiniMed Go™ with Instinct Go launched in
Europe
New Announcements
- Announced August 17: MiniMed Flex™ with Instinct
U.S . launch started - Announced today:
- MiniMed Fit™ patch pump submitted to
U.S . FDA, ahead of Fall target; fullU.S . launch expected Summer 2027 - MiniMed Flex™ received CE Mark, well ahead of calendar 2026 year end target; commercial launch expected in November
- Vivera™ fully-closed loop algorithm
U.S . pivotal trial for T1 and T2 enrollment complete; on track for second half calendar 2027 U.S. launch - Next-gen MiniMed extended wear sensor
U.S . IDE approved; expect first enrollment in pivotal trial this Fall
- MiniMed Fit™ patch pump submitted to
FY27 Outlook
For the fiscal year 2027 ending April 30, 2027, MiniMed expects:
- Organic revenue growth of approximately
10.5% , which includes the approximate 1.0 to1.5% benefit from the extra week in Q1 FY27, a raise from the prior guidance of approximately10% ; and - Adjusted EBITDA margin of approximately
16% , reaffirming prior guidance.
Conference Call Details
MiniMed will host a conference call at 5:45 a.m. Pacific Daylight Time (PDT) today, Tuesday, September 1, 2026, to discuss its first quarter financial results. The live audio webcast will be available on the Investor Relations section of MiniMed's website at investors.minimed.com. Within 24 hours of the webcast, an archived replay will be available for a minimum of 12 months following the call.
Investor First Quarter Earnings Presentation
An investor presentation providing additional information and analysis on fiscal first quarter results and guidance can be found on the Investor Relations section of MiniMed's website at investors.minimed.com.
Non-GAAP Financial Measures
In addition to our financial results determined in accordance with
In particular, we believe that the use of Organic Revenue Growth is helpful to our investors as it is a metric used by management to assess the health of our business and our operating performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with
In the tables included at the end of this earnings press release, a reconciliation is provided for each historical non-GAAP financial measure included in this release to the most directly comparable financial measure stated in accordance with
MiniMed calculates forward-looking Organic Revenue Growth and Adjusted EBITDA margin, which are non-GAAP financial measures, based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. MiniMed does not provide a reconciliation of forward-looking Non-GAAP measures to the comparable GAAP measure because certain items cannot be reasonably predicted without reasonable effort. Such items could have a substantial impact on GAAP measures of financial performance.
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 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 filings with the
About MiniMed
MiniMed is a global leader in insulin delivery, constantly advancing therapies that support people with diabetes in more than 80 countries. Our full-stack, integrated ecosystem, including our insulin delivery systems, CGMs, algorithms, and easy-to-use app experience, is designed to work seamlessly together, supported by white-glove, wrap-around service. For over 40 years, we've pioneered therapies people can rely on by anticipating needs, reducing burden, and helping make life with diabetes easier. Our mission is to make every day a better day for people with diabetes.
MINIMED GROUP INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Three months ended (Unaudited) | |||
(in millions, except per share data) | 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 | $ (0.08) | ||
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. | |||
MINIMED GROUP INC WORLDWIDE REVENUE(1) (Unaudited) | |||||
FIRST QUARTER | |||||
(in millions) | Q1 2027 | Q1 2026 | Growth | ||
Pumps | $ 144 | $ 119 | 21.5 % | ||
Consumables | 261 | 229 | 13.8 % | ||
CGM | 431 | 360 | 19.9 % | ||
Other(2) | 7 | 15 | (57.1) % | ||
Total | $ 843 | $ 723 | 16.6 % | ||
(1) | The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(2) | Primarily includes revenue generated from the sale of smart insulin pens and services. Amounts in this line also reflect a |
MINIMED GROUP INC GAAP TO NON-GAAP RECONCILIATIONS
| |||||||||||||||
Organic Revenue Growth(1) | |||||||||||||||
Three Months Ended | |||||||||||||||
Reported net sales | Adjustments | Organic Revenue | |||||||||||||
(in millions) | July 31, 2026 | July 25, 2025 | Growth | July 31, 2026(3) | July 25, 2025 | July 31, 2026(3) | July 25, 2025 | Growth | |||||||
$ 240 | $ 212 | 13.1 % | $ — | $ — | $ 240 | $ 212 | 13.1 % | ||||||||
International(2) | 603 | 511 | 18.1 % | 14 | 7 | 589 | 504 | 16.9 % | |||||||
Total | $ 843 | $ 723 | 16.6 % | $ 14 | $ 7 | $ 829 | $ 716 | 15.8 % | |||||||
(1) | Organic Revenue Growth measures revenue growth trends excluding the impacts of foreign currency rate fluctuations and adjustments to MiniMed's Italian payback accrual for certain prior years since 2015. We use Organic Revenue Growth to assess our performance on a consistent basis by removing the impacts of foreign currency rate fluctuations and adjustments to the Italian payback accrual that we believe do not directly reflect our underlying operations. The data in the schedules above have been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(2) | |
(3) | The three months ended July 31, 2026, excludes |
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SOURCE MiniMed