Q1 FY27
Filed Sep 1, 2026MiniMed Delivers Strong Start to Fiscal Year 2027 with U.S. Growth Acceleration
Worldwide net sales grew 16.6% as reported and 15.8% organic, U.S. net sales growth accelerated to 13.1%, international net sales grew 18.1%, and the company raised fiscal 2027 organic revenue growth guidance to approximately 10.5% while reaffirming adjusted EBITDA margin guidance of approximately 16%.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Worldwide net salesGAAP | $843 million | – | 16.6% |
| Worldwide organic revenuenon-GAAP | $829 million | – | 15.8% |
| Cost of products soldGAAP | $378 million | – | – |
| Gross profitGAAP | $465 million | – | – |
| Research and development expenseGAAP | $115 million | – | – |
| Selling, general, and administrative expenseGAAP | $312 million | – | – |
| Certain litigation charges, netGAAP | $(2) million | – | – |
| Other operating expense (income), netGAAP | $36 million | – | – |
| Operating income (expense)GAAP | $5 million | – | – |
| Other non-operating (expense) income, netGAAP | — | – | – |
| Income (loss) before income taxesGAAP | $4 million | – | – |
| Income tax provisionGAAP | $4 million | – | – |
| Net income (loss)GAAP | $— | – | – |
| Net income attributable to noncontrolling interestsGAAP | — | – | – |
| Net income (loss) attributable to the CompanyGAAP | $— | – | – |
| Basic and diluted earnings (loss) per shareGAAP | $0.00 | – | – |
| Basic and diluted weighted average shares outstandingGAAP | 281.0 million | – | – |
| Worldwide New Pumps Soldother | ~34,000 | – | 7.7% |
| Worldwide CGM Attachment Rateother | 69% | ~100 bps | – |
| Favorable currency impact on net salesother | $14 million | – | – |
| Italian payback accrual benefit in Q1 FY26other | $7 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. net salesU.S. New Pumps Sold grew over 20% year over year, driven by MiniMed Flex™ and new sensor launches. | $240 million | – | 13.1% |
| International net salesDriven by Simplera™ capacity expansion and the launch of the Instinct sensor, made by Abbott. | $603 million | – | 18.1% |
| PumpsNot provided. | $144 million | – | 21.5% |
| ConsumablesNot provided. | $261 million | – | 13.8% |
| CGMNot provided. | $431 million | – | 19.9% |
| OtherPrimarily includes revenue generated from the sale of smart insulin pens and services. Q1 2026 included a $7 million benefit related to adjustments to the Company's Italian payback accruals. | $7 million | – | (57.1)% |
fiscal year 2027 ending April 30, 2027 outlook
- RevenueOrganic revenue growth of approximately 10.5%
- NoteOrganic revenue growth includes the approximate 1.0 to 1.5% benefit from the extra week in Q1 FY27.
- NoteAdjusted EBITDA margin of approximately 16%.
What drove it
- Worldwide net sales of $843 million grew 16.6% as reported and 15.8% organic.
- U.S. net sales of $240 million grew 13.1% as reported and organic.
- International net sales of $603 million grew 18.1% as reported and 16.9% organic.
- International growth was driven by Simplera™ capacity expansion and the launch of the Instinct sensor, made by Abbott.
- MiniMed Flex™ with Simplera™ launched in the U.S., and U.S. coverage expanded to Medicare and Medicare Advantage beneficiaries.
- MiniMed™ 780G system with Instinct and MiniMed Go™ with Instinct Go launched in Europe.
- MiniMed Fit™ patch pump was submitted to the U.S. FDA ahead of the Fall target, and MiniMed Flex™ received CE Mark well ahead of the calendar 2026 year end target.
Concerns
- The company stated that Q1 FY27 organic revenue growth included an approximate 4-6% benefit from the extra week resulting from its 52-53 week fiscal calendar.
- Other revenue was $7 million, down (57.1)% from $15 million, which included a $7 million Q1 FY26 benefit related to Italian payback accrual adjustments.
- Other operating expense (income), net was $36 million, compared with $(2) million in the prior-year period.
- GAAP net income attributable to the Company was $— and basic and diluted earnings per share was $0.00.
What to watch
- The full U.S. launch of MiniMed Fit™ is expected Summer 2027.
- The commercial launch of MiniMed Flex™ following CE Mark is expected in November.
- The Vivera™ fully-closed loop algorithm U.S. pivotal trial for T1 and T2 completed enrollment; the company remains on track for a second half calendar 2027 U.S. launch.
- The next-gen MiniMed extended wear sensor received U.S. IDE approval, with first pivotal-trial enrollment expected this Fall.
- Execution toward organic revenue growth of approximately 10.5% and adjusted EBITDA margin of approximately 16% for fiscal 2027.
Analysis
MiniMed opened FY27 with worldwide net sales of $843 million, up 16.6% as reported from $723 million, and organic revenue of $829 million, up 15.8% from $716 million. The company said the quarter included an approximate 4-6% benefit from the extra week in its 52-53 week fiscal calendar. Excluding that benefit, management said it generated low-double digit organic growth. The company raised its FY27 organic revenue growth outlook to approximately 10.5% from prior guidance of approximately 10%.
Geographically, the U.S. generated $240 million of net sales, up 13.1%, while international net sales were $603 million, up 18.1% as reported and 16.9% organic. U.S. New Pumps Sold grew over 20% year over year, with MiniMed Flex™ and new sensor launches identified as drivers. International growth reflected Simplera™ capacity expansion and the launch of the Instinct sensor, made by Abbott. Product revenue growth was led by Pumps at 21.5% and CGM at 19.9%, while Consumables increased 13.8%.
Gross profit was $465 million compared with $409 million in the prior-year quarter. Operating income was $5 million compared with an operating expense of $(13) million, while net income attributable to the Company was $— compared with a loss of $(19) million. Research and development expense was $115 million versus $125 million, whereas selling, general, and administrative expense increased to $312 million from $283 million. Other operating expense (income), net was $36 million versus $(2) million.
The company reported worldwide New Pumps Sold of approximately 34,000, up 7.7% year over year, and a worldwide CGM Attachment Rate of 69%, up approximately 100 basis points quarter over quarter. MiniMed Flex™ received CE Mark, MiniMed Fit™ was submitted to the U.S. FDA, Vivera™ pivotal-trial enrollment was completed, and the next-generation extended wear sensor received U.S. IDE approval. The guide also reaffirmed adjusted EBITDA margin of approximately 16%, while no GAAP profitability outlook was provided.
Management, verbatim
MiniMed delivered an excellent start to our fiscal year, with accelerating U.S. growth, continued double-digit international growth, and strong execution across our innovation pipeline.
Que Dallara, MiniMed Chief Executive Officer
The U.S. launch of MiniMed Flex™ is doing exactly what we designed it to do: bringing new patients into the MiniMed ecosystem, driving competitive conversions, and generating significant new account growth.
Que Dallara, MiniMed Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin
- GAAP revenue guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- GAAP operating income guidance
- GAAP net income guidance
- GAAP EPS guidance
- Historical adjusted EBITDA and adjusted EBITDA margin
- Non-GAAP operating income, net income, and EPS
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Prior-quarter financial comparisons for revenue, expenses, profitability, and EPS
- Previous-release outlook for comparison with actual reported results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.