MiniMed Files Form S-4 Registration Statement in Connection with Medtronic Exchange Offer Announcement

Medtronic (NYSE: MDT) launched an exchange offer to separate MiniMed (Nasdaq: MMED), allowing shareholders to exchange Medtronic shares for MiniMed stock at a 7% discount. The offer aims to complete the split of at least 80.1% of MiniMed shares, with Medtronic retaining the rest. The exchange is expected to be tax-free for U.S. federal income tax purposes. The final exchange ratio will be announced on October 8, 2026, based on the average share prices of the preceding three trading days.

Medtronic initiated an exchange offer allowing shareholders to swap Medtronic shares for MiniMed Group stock at a 7% discount. Up to 225.4 million MiniMed shares will be exchanged, with a ratio cap of 4.5939 MiniMed shares per Medtronic share. Medtronic shares rose 2.8% on the news. The company aims to divest at least 80.1% of MiniMed shares through this offer.

Edwards Lifesciences (EW) and Medtronic (MDT) welcomed CMS's decision to expand Medicare coverage for TAVR to asymptomatic severe aortic stenosis patients, citing improved access and streamlined care. EW shares fell 2% to $84.31, MDT dropped 1% to $90.70. CMS's decision was based on EW's Early TAVR trial data, showing lower adverse outcomes for prompt TAVR. Analysts view the decision as positive for TAVR growth.

MiniMed (MMED) reported Q3 revenue growth of 15.8% to $843M, driven by strong sales of its new Flex insulin pump. US pump sales rose over 20% YoY, and international markets saw significant growth. The company raised its full-year revenue growth outlook to 10.5%. However, adjusted EBITDA margin was 9.9%, and free cash flow was negative $90M due to separation costs and other expenses. Management expects future product launches and continued growth.

Medtronic (MDT) reported Q1 2027 revenue of $9.8B, up 13.7% organically, and raised full-year guidance. Jim Cramer called the company a 'quandary' due to strong growth and the planned separation of its diabetes division. The stock has not moved despite the positive results. Medtronic also announced investments in surgical robotics.

Medtronic (MDT) reported Q1 fiscal 2027 revenue of $9.8B, beating guidance. Cardiovascular revenue grew 18.9%, with Cardiac Ablation Solutions up 88%. Management raised full-year guidance. Neuromodulation and Structural Heart lagged. Shares trade at a forward P/E of 15.46.