MiniMed beats, ups FY27 outlook as growth accelerates, pipeline milestones arrive early

 

MiniMed beats Q2 2026 estimates and raises FY27 outlook as growth accelerates and pipeline milestones arrive early

• Q2 2026 EPS $0.12 and revenue $843M, both beating estimates.
• Q1 revenue $843m, +15.8% organic, with low double-digit growth excluding extra week.
• US revenue grew 13.1%, rebounding from 1.5% in Q4 on Flex launch.
• International organic revenue +16.9%, led by Western Europe; France pumps +20%, UK +50%.
• Adjusted EBITDA margin 9.9% (12.2% excluding pulled-forward investments and FX remeasurement); FY27 16% reiterated.
• FY27 organic growth outlook raised to ~10.5% from ~10%, including extra week contribution.
• MiniMed Flex, Go, and new sensors are boosting new pumps, attachment, and prescriber base.
• Fit patch pump 510(k) filed early; US launch expected summer 2027 with 20k-patient capacity.
• Vivera fully closed-loop algorithm pivotal completed enrollment; US launch targeted 2H 2027 via over-the-air upgrade.
• Underlying free cash flow positive $21m excluding $111m separation costs; balance sheet remains debt-free.
• Main risks: FX volatility, separation-related cash burn, and intensifying global competition in pumps and CGM.
• Main concern: FX headwinds, separation cash outflows, and execution risk on ambitious margin-expansion targets.
• Strong quarter, driven by accelerating pump and CGM adoption and ahead-of-plan pipeline execution.

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