Company Reports

MiniMed reported fiscal first-quarter results that included constant-currency revenue growth of 16% and positive operating income of $5 million, reflecting double-digit growth across pumps, consumables, and continuous glucose monitors.

We are initiating coverage of insulin pump leader MiniMed. Recently spun out of Medtronic, MiniMed enjoys an estimated user base of close to 650,000 people with diabetes, primarily Type 1. It pioneered the hybrid closed-loop algorithm that drives its automated insulin delivery system.

Newly spun out from Medtronic, diabetes pure play MiniMed relies on innovation in pursuit of the larger objective to lessen the burden of disease management for people with diabetes. This has been a through line since the firm’s inception more than 40 years ago. For most of its history, including under Medtronic’s ownership from 2001 through 2026, MiniMed focused on traditional durable, tubed insulin pumps aimed at the Type 1 diabetes patient segment. The firm continues to lead in this part of the pump market, despite the emergence of new competition from Tandem Diabetes and Insulet since 2005.