This article first appeared on GuruFocus .
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Q4 Revenue:$837 million, up 8.7% organic growth.
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International Revenue Growth:12.2% in Q4.
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US Revenue Growth:1.5% in Q4.
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Fiscal 2026 Revenue:Over $3 billion, 8% organic growth.
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Q4 Adjusted Stand-alone EBITDA:$154 million, 18.4% of revenue, 32% growth.
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Q4 Adjusted Stand-alone Gross Margin:58.6%, up 40 basis points.
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Q4 Adjusted Stand-alone SG&A:33.9% of revenue, improved by 140 basis points.
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Q4 Adjusted Stand-alone R&D:11.6% of revenue.
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Fiscal 2026 Adjusted Stand-alone EBITDA:$482 million, 15.6% of revenue, 27% growth.
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Fiscal 2026 Adjusted Stand-alone Gross Margin:59.2%, up 50 basis points.
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Fiscal 2026 Adjusted Stand-alone SG&A:35.2% of revenue, improved by 200 basis points.
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Fiscal 2026 Adjusted Stand-alone R&D:13.6% of revenue, decreased by 150 basis points.
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Cash Balance:$298 million, no long-term debt.
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Q4 New Pumps Sold (NPS):42,000, down low single-digits year-over-year.
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Q4 CGM Attachment Rate:68%, up 100 basis points from Q3.
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Fiscal 2026 New Pumps Sold:145,000, stable year-over-year.
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Fiscal 2026 Average CGM Attachment Rate:66%, up 700 basis points year-over-year.
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Global Pump Users:659,000, up 4% year-over-year.
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Fiscal 2027 Revenue Growth Guidance:Approximately 10% organic growth.
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Fiscal 2027 Adjusted EBITDA Margin Guidance:Approximately 16%.
Release Date: June 03, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Minimed Group Inc ( NASDAQ:MMED ) achieved record revenue, crossing the $3 billion threshold for the first time in fiscal 2026.
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The company experienced strong international growth, with a 12% organic increase in Q4, driven by new product launches and increased sensor availability.
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Minimed Group Inc ( NASDAQ:MMED ) launched several new products, including MiniMed Flex, MiniMed Go, and the Instinct sensor, which are expected to drive future growth.
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The company reported a significant increase in adjusted standalone EBITDA, growing 32% in Q4, indicating strong operational efficiency.
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Minimed Group Inc ( NASDAQ:MMED ) has a robust product pipeline, including the upcoming Minimed Fit patch pump and Vivera closed-loop algorithm, which are on track for clearance next year.
Negative Points
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US revenue growth was below initial expectations, with only a 1.5% increase in Q4, partly due to customers delaying purchases in anticipation of new product launches.
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The company faced challenges with the timing of product launches, which affected short-term revenue dynamics.
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There was a decline in new pump sales year-over-year, attributed to tough comparisons and market dynamics.
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The Simplera sensor currently has a lower gross margin compared to other products, impacting overall profitability.
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Minimed Group Inc ( NASDAQ:MMED ) is still in the process of exiting approximately 160 Transition Service Agreements (TSAs) with Medtronic, which may pose operational challenges.
Q & A Highlights
Q: Can you explain the discrepancy between strong new start metrics and lighter pump revenues, and how the timing of the Flex launch impacts this? A: Que Dallara, Chief Executive Officer : The discrepancy is primarily due to the timing of the Flex launch. Customers are waiting for the new system, which is a rational decision. This timing issue affected pump revenues, but we have started taking pre-orders for Flex, and demand is robust.
Q: How should we interpret your FY27 guidance in light of product momentum and operational drivers? Is there conservatism in your outlook? A: Chad Spooner, Chief Financial Officer : Our guidance reflects a plan we are confident in achieving. Product launches were initially forecasted for later in the year, but have been pulled forward. We expect to show execution and results, and the plan is solid with opportunities from early product launches.
Q: How do you position Simplera, Instinct, and the upcoming dual analyte sensor, and is there a financial preference among them? A: Que Dallara, Chief Executive Officer : We offer choice between Simplera and Instinct to meet different patient needs. Simplera aligns with a weekly routine, while Instinct offers longer wear. Financially, Instinct and Simplera are comparable, and we let patients choose based on their preferences.
Q: Can you provide more color on the 10% organic growth outlook for FY27, particularly between US and international markets? A: Chad Spooner, Chief Financial Officer : International markets will continue strong growth, while US growth will accelerate throughout the year. The US will see progressive growth with the launch of Flex and new sensors, leading to increased sales and market penetration.
Q: What are the expectations for MiniMed Go's initial uptake, and how are you addressing formulary access and reimbursement? A: Que Dallara, Chief Executive Officer : MiniMed Go launched last week and is targeting a new patient segment. We have a dedicated primary care sales team for market development. Reimbursement is well-positioned, and we are focusing on market education to drive demand.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
