MiniMed, the diabetes management device and technology business spun off from Medtronic PLC (MDT.US), officially submitted IPO documents to the U.S. Securities and Exchange Commission last Friday, seeking to raise up to $100 million. The company plans to list on the Nasdaq under the ticker "MMED." Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley will serve as joint bookrunners, though specific pricing terms remain undisclosed.
This move marks the beginning of an independent listing process for the 40-year-old diabetes care business. The spin-off was initiated as part of Medtronic's strategic restructuring announced in May 2025, with full separation expected within 18 months to create a "more focused Medtronic" alongside an independent diabetes technology company.
At the Morgan Stanley Global Healthcare Conference in early September, Medtronic management indicated that the diabetes unit's IPO was expected in early 2026, with the spin-off following about six months later. However, the latest update on December 19 suggests the timeline may be accelerating. Medtronic stated that the IPO will proceed after SEC review, contingent on market conditions.
Financial reports show that in the six months ended October 24, 2025, MiniMed recorded net sales of $1.48 billion with a net loss of $21 million—an improvement from the prior year's $1.3 billion in sales and $23 million loss.
Specializing in integrated diabetes management, MiniMed's product portfolio includes insulin delivery devices, continuous glucose monitors (CGMs), infusion sets, reservoirs, pen systems, and related software/services. As of October 2025, the company served over 640,000 insulin pump users, with CGM adoption reaching 65% in the latest six-month period (up from 58%). Approximately 83% of total revenue comes from CGMs, consumables, software, and services, reflecting stable recurring sales.
Headquartered in Northridge, California, MiniMed employs over 8,000 people. In fiscal 2025, Medtronic's diabetes segment generated $2.75 billion in sales (8% of the company's $33.63 billion total revenue), contributing just 4% of divisional operating profit despite 10.7% revenue growth. Post-spin-off, Medtronic expects adjusted gross margins to rise by 50 basis points and operating margins by 100 basis points.
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