MiniMed Q1 FY27 sales beat; analysts raise price targets
- MiniMed Q1 FY27 net sales hit $843 million, beating consensus of $827.065 million
- Organic revenue growth accelerated to 15.8%, driven by U.S. pump sales and international expansion
- Analysts from B of A, Mizuho, and UBS raised price targets following the results
- Company raised full-year organic revenue growth guidance to approximately 10.5%
- Shares rose 7.1% to $24.01 on Wednesday after the earnings release
*this image is generated using AI for illustrative purposes only.
MiniMed Group (NASDAQ: MMED) reported first quarter fiscal year 2027 net sales of $843 million, surpassing analyst consensus estimates of $827.065 million. The Northridge, California-based diabetes technology leader posted organic revenue growth of 15.8% and raised its fiscal year 2027 organic revenue growth guidance to approximately 10.5%.
Shares of MiniMed Group rose 7.1% to trade at $24.01 on Wednesday following the results.
The company’s adjusted EBITDA for the quarter was $83 million, resulting in a margin of 9.9%. This figure was impacted by a $12 million non-operational foreign exchange remeasurement charge and an acceleration of planned investments totaling approximately $8 million to support key growth initiatives, including the MiniMed Flex launch and the accelerated FDA submission for MiniMed Fit.
Financial Performance
Worldwide net sales grew 16.6% as reported to $843 million, up from $723 million in the same quarter last year. The company benefited from an approximate 4-6% extra week advantage due to its 52-53 week fiscal calendar. Excluding this benefit, MiniMed generated low-double digit organic growth, accelerating from 8.7% in the prior quarter.
| Metric | Q1 FY27 | Q1 FY26 | Growth |
|---|---|---|---|
| Net Sales | $843 million | $723 million | 16.6% |
| U.S. Net Sales | $240 million | $212 million | 13.1% |
| International Net Sales | $603 million | $511 million | 18.1% |
U.S. New Pumps Sold grew over 20% year-over-year, driven by the launch of MiniMed Flex and new sensors. Worldwide New Pumps Sold reached approximately 34,000 units, a 7.7% increase. The worldwide Continuous Glucose Monitor (CGM) attachment rate rose to 69%, an increase of approximately 100 basis points quarter-over-quarter.
Analyst Outlook and Ratings
Prior to the release, analysts had expected quarterly earnings of 9 cents per share, a decline from 35 cents per share in the year-ago period. The actual GAAP net income attributable to the company was breakeven ($0), compared to a loss of $19 million in the prior year period.
Several major Wall Street analysts have adjusted their outlooks for MiniMed Group in recent months:
| Analyst | Firm | Rating | Price Target | Date |
|---|---|---|---|---|
| Larry Biegelsen | Wells Fargo | Overweight | $22 | June 4, 2026 |
| Travis Steed | B of A Securities | Buy | $28 | May 18, 2026 |
| Matt Miksic | Barclays | Overweight | $26 | April 1, 2026 |
| Joanee Wuensch | Citigroup | Buy | $23 | March 31, 2026 |
| Steven Lichtman | William Blair | Outperform | N/A | March 31, 2026 |
Following the announcement, additional analysts revised their forecasts:
- B of A Securities analyst Travis Steed maintained the stock with a Buy rating and raised the price target from $24 to $28.
- Mizuho analyst Anthony Petrone maintained the stock with an Outperform rating and raised the price target from $21 to $26.
- UBS analyst Patrick Wood maintained the stock with a Buy rating and boosted the price target from $25 to $28.
Pipeline and Guidance Updates
MiniMed raised its fiscal year 2027 organic revenue growth guidance to approximately 10.5%, up from prior guidance of approximately 10%. The company reaffirmed its adjusted EBITDA margin guidance of approximately 16% for the full year.
Key pipeline developments include:
- MiniMed Fit patch pump submitted to the U.S. FDA ahead of the fall target, with a full U.S. launch expected in summer 2027.
- MiniMed Flex received CE Mark well ahead of the calendar 2026 year-end target, with commercial launch expected in November.
- Vivera fully-closed loop algorithm U.S. pivotal trial enrollment completed, on track for second half calendar 2027 U.S. launch.
- Next-generation MiniMed extended wear sensor U.S. Investigational Device Exemption approved, with first enrollment in pivotal trial expected this fall.
Corporate Developments
On June 29, MiniMed named Alcon CEO David Endicott and Linnea Burman to its board of directors.
What the Numbers Show
The divergence between GAAP profitability and adjusted operational metrics highlights the transitional nature of MiniMed’s standalone operations. While GAAP net income was breakeven, adjusted EBITDA margin would have been 12.2% excluding the one-time FX charge and accelerated investments. Furthermore, consumables and CGM together represented 82% of total revenue, underscoring the durability of the company’s recurring revenue stream as it expands its installed base through new pump sales.
How will the accelerated launch of MiniMed Fit in summer 2027 impact market share against competitors like Omnipod and Insulet in the patch pump segment?
What is the expected timeline for MiniMed to achieve its full-year adjusted EBITDA margin guidance of 16% given the current 9.9% margin and recent investment accelerations?
How might the completion of the Vivera fully-closed loop algorithm pivotal trial influence MiniMed's valuation relative to other diabetes tech companies with similar AI-driven automation capabilities?
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