MiniMed Group, a carve-out of Medtronic’s diabetes management devices and technology business, has set terms for a $742 million initial public offering. The Northridge, California-based company plans to offer 28 million shares at a price range of $25 to $28, with pricing expected during the week of March 2, 2026.
The company intends to list on the Nasdaq under the ticker MMED, marking one of the largest medical device IPOs in recent years and a significant restructuring move for Medtronic.
A Focused Diabetes Technology Platform
MiniMed operates as a pure-play diabetes management company, offering integrated solutions that include insulin pumps, continuous glucose monitors, infusion sets, reservoirs, pen systems, and supporting software and services.
The company serves more than 640,000 insulin pump users as of October 2025, underscoring its substantial installed base. Importantly, MiniMed’s CGM attachment rate reached 65% in the six months ended October 24, 2025, up from 58% in the prior period. This increase reflects growing adoption of integrated pump-and-sensor ecosystems, a key driver of patient retention and recurring revenue.
Management has emphasized the value of combining hardware, consumables, and digital health tools into a cohesive system designed to improve glycemic control and enhance patient engagement.
Recurring Revenue Model Strength
Approximately 83% of MiniMed’s total revenue is generated from continuous glucose monitors, other consumables, software, and services. This revenue mix highlights the durability of its business model, as recurring sales of sensors, infusion sets, and related supplies create predictable cash flow streams.
For the 12 months ended October 31, 2025, MiniMed generated $2.9 billion in revenue, positioning it as a sizable standalone medical technology company at the time of listing.
The carve-out structure allows the diabetes business to operate with greater strategic focus, capital allocation flexibility, and potential acquisition agility, while Medtronic streamlines its broader portfolio.
Competitive Landscape and Market Position
The diabetes technology market is highly competitive, with established players in insulin pumps and continuous glucose monitoring racing to integrate artificial intelligence, predictive algorithms, and automated insulin delivery systems.
MiniMed’s scale, installed base, and integrated product ecosystem provide meaningful competitive advantages. However, investors will closely monitor innovation cycles, reimbursement trends, pricing pressures, and competitive advancements in hybrid closed-loop systems.
The shift toward automated insulin delivery and data-driven care platforms remains central to long-term growth in the sector.
IPO Structure and Institutional Support
The offering is being led by a broad syndicate of underwriters, including Goldman Sachs, BofA Securities, Citi, Morgan Stanley, Barclays, Deutsche Bank, Mizuho Securities, Wells Fargo Securities, Evercore ISI, and Piper Sandler. The depth of the underwriting group reflects the size and strategic importance of the transaction.
At the midpoint of the proposed price range, MiniMed would raise approximately $742 million in gross proceeds, strengthening its balance sheet as an independent entity and providing capital to support innovation and market expansion.
Investment Considerations
MiniMed offers investors exposure to a large, established medical device franchise with a recurring revenue base and expanding digital health integration. The carve-out also creates a clearer operational focus, which may unlock valuation re-rating potential relative to its former parent structure.
Nevertheless, risks include regulatory oversight, product development cycles, competitive innovation, and reimbursement dynamics.
The IPO represents a significant milestone both for MiniMed and for Medtronic’s broader strategic repositioning.
