Minimed (MMED)
Market Price (6/4/2026): $14.24 | Market Cap: $4.0 BilSector: Health Care | Industry: Health Care Equipment
Minimed (MMED)
Market Price (6/4/2026): $14.24Market Cap: $4.0 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Psychedelic & Neurological Therapeutics. Themes include Psychedelic-Assisted Therapy, Novel Mental Health Treatments, and Neuroplasticity Research. | Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -102% | Key risksMMED key risks include [1] navigating significant regulatory hurdles for its Schedule I lead candidate, Show more. |
| Megatrend and thematic driversMegatrends include Psychedelic & Neurological Therapeutics. Themes include Psychedelic-Assisted Therapy, Novel Mental Health Treatments, and Neuroplasticity Research. |
| Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -102% |
| Key risksMMED key risks include [1] navigating significant regulatory hurdles for its Schedule I lead candidate, Show more. |
Qualitative Assessment
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Minimed (MMED) stock has lost about 25% since it went public on 3/6/2026 because of the following key factors:
1. MiniMed's IPO priced 20% below its target range and saw an immediate decline on its trading debut.
MiniMed Group Inc. (MMED) initially aimed to price its shares between $25 and $28 per share, but ultimately priced its initial public offering (IPO) at $20.00 per share on March 5, 2026. This was a 20% reduction from the low end of its anticipated range. On its first day of trading, March 6, 2026, the stock opened at $19.05 and closed at $18.49, marking a 7.55% drop from its IPO price on its debut.
2. The company reported widening net losses despite revenue growth.
For its full fiscal year 2026, which ended April 24, 2026, MiniMed reported a net loss attributable to the company of $331 million. This loss was significantly wider than the $213 million net loss reported for fiscal year 2025. This increasing unprofitability occurred even as the company achieved record annual net sales of $3.102 billion, representing a 14.2% reported growth year-over-year.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
2/28/2026 to 6/3/2026| Return | Correlation | |
|---|---|---|
| MMED | ||
| Market (SPY) | 10.2% | 30.3% |
| Sector (XLV) | -7.5% | 44.8% |
Fundamental Drivers
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Market Drivers
11/30/2025 to 6/3/2026| Return | Correlation | |
|---|---|---|
| MMED | ||
| Market (SPY) | 11.0% | 30.3% |
| Sector (XLV) | -5.6% | 44.8% |
Fundamental Drivers
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Market Drivers
5/31/2025 to 6/3/2026| Return | Correlation | |
|---|---|---|
| MMED | ||
| Market (SPY) | 29.4% | 30.3% |
| Sector (XLV) | 13.2% | 44.8% |
Fundamental Drivers
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Market Drivers
5/31/2023 to 6/3/2026| Return | Correlation | |
|---|---|---|
| MMED | ||
| Market (SPY) | 87.6% | 30.3% |
| Sector (XLV) | 21.3% | 44.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MMED Return | - | - | - | - | - | -33% | -33% |
| Peers Return | 34% | -24% | -12% | 2% | -8% | -21% | -33% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| MMED Win Rate | - | - | - | - | - | 25% | |
| Peers Win Rate | 62% | 46% | 42% | 50% | 50% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| MMED Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -23% | -48% | -49% | -36% | -36% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DXCM, PODD, TNDM, ABT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/3/2026 (YTD)
How Low Can It Go
MMED has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
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MMED has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Minimed (MMED)
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The company trading under the symbol MMED is MindMed Inc., a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies for psychiatric and neurological disorders. It appears there may be a slight discrepancy with the name "Minimed" provided in the background, as "MiniMed" is a brand associated with Medtronic (MDT).
As a clinical-stage biopharmaceutical company, MindMed Inc. does not currently have approved products available for commercial sale. Therefore, it does not have major customers in the traditional sense of companies or individuals purchasing its products.
Should MindMed Inc. successfully develop and receive regulatory approval for its therapies in the future, its major customers would primarily be other companies within the healthcare ecosystem. These would typically include:
- Pharmaceutical Distributors and Wholesalers: Companies that manage the distribution of pharmaceutical products from manufacturers to pharmacies and hospitals. Examples of such public companies include Cardinal Health (CAH), McKesson Corporation (MCK), and AmerisourceBergen (ABC).
- Healthcare Providers and Systems: Hospitals, clinics, and large integrated health systems that would purchase and administer the therapies to patients.
- Pharmacies: Retail and institutional pharmacies that would dispense the prescribed medications to patients.
The ultimate end-users for these therapies would be individual patients suffering from psychiatric and neurological disorders, who would receive the treatments through prescriptions and care from healthcare professionals.
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Que Dallara, Chief Executive Officer
Que Dallara serves as the Chief Executive Officer and a Director of Minimed Group, Inc. since March 2026. Prior to leading MiniMed as a standalone public company following its spin-off from Medtronic, Ms. Dallara was the Executive Vice President and President of the Diabetes Operating Unit at Medtronic plc.
Chad Spooner, EVP, Chief Financial Officer
Chad Spooner was appointed Chief Financial Officer of MiniMed Group, Inc., effective March 6, 2026, in connection with the company's separation from Medtronic plc. He joined MiniMed in July 2025 in anticipation of the separation. Mr. Spooner brings over 25 years of financial leadership experience across healthcare, consumer, and industrial sectors. His previous roles include serving as CFO at BIC, a publicly traded global consumer goods company, and holding CFO roles at Raffaela Apparel Group (a Cerberus Capital Management portfolio company) and Slingshot Health. He also co-founded Tenex Capital Management, a middle-market private equity firm where he held senior operational finance roles.
Ali Dianaty, EVP, Chief Product & Technology Officer
Ali Dianaty is the Executive Vice President, Chief Product & Technology Officer for MiniMed Group, Inc.
Courtney Nelson Wills, SVP, General Counsel and Corporate Secretary
Courtney Nelson Wills serves as the Senior Vice President, General Counsel and Corporate Secretary for MiniMed Group, Inc.
Gillian Chandrasena, SVP, Chief Human Resources Officer
Gillian Chandrasena is the Senior Vice President, Chief Human Resources Officer at MiniMed Group, Inc.
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MiniMed Group Inc. (NASDAQ: MMED) faces several key business risks, primarily centered around its financial performance, its relationship with its former parent company, and the competitive landscape of the medical device industry for diabetes management. The most significant risk to MiniMed is its **struggle with persistent operating losses**. Despite achieving 10-15% annual revenue growth, the company has been unable to turn a profit. This ongoing unprofitability raises concerns about its long-term financial viability and ability to generate positive returns for investors. Further highlighting these financial challenges, MiniMed's initial public offering (IPO) priced below its suggested range. Another key risk stems from **Medtronic's substantial retained ownership** in MiniMed. Following the IPO, Medtronic plc, the former parent company, still holds approximately 90% of MiniMed's shares. While the spin-off was intended to allow MiniMed to operate with greater agility, this high level of ownership by Medtronic could lead to potential conflicts of interest or limit MiniMed's complete strategic and operational independence. Finally, MiniMed operates in a **highly competitive market for diabetes management devices**. As a provider of insulin delivery systems and continuous glucose monitors, the company is susceptible to pressures from existing competitors and new entrants, as well as rapid technological advancements. The persistent operating losses, even with revenue growth, suggest that MiniMed may be facing significant pricing pressures or high costs associated with maintaining its competitive position in this dynamic industry.AI Analysis | Feedback
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Minimed Group Inc. (MMED) is a medical technology company focused on diabetes management solutions, including automated insulin delivery (AID) systems and continuous glucose monitoring (CGM) devices.
Addressable Markets for Minimed's Main Products and Services (Global)
Automated Insulin Delivery (AID) Systems
The global market for Automated Insulin Delivery (AID) systems, which includes products like Minimed's 780G system, was valued at approximately USD 3.29 billion in 2024. This market is projected to reach about USD 7.83 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 11.43% from 2025 to 2032. Another estimate places the AID system market at USD 5.56 billion in 2026, with an anticipated growth to USD 16.32 billion by 2035, at a CAGR of 12.7% from 2026 to 2035.
Continuous Glucose Monitoring (CGM) Devices
The global Continuous Glucose Monitoring (CGM) market, which encompasses products like Minimed's Simplera Sync CGM sensor, was valued at approximately USD 10.9 billion in 2024. This market is projected to grow from USD 12.4 billion in 2025 to USD 47.1 billion by 2034, with a CAGR of 16% during this forecast period. Other estimates indicate the CGM market was valued at USD 1.27 billion in 2025, expected to reach USD 4.08 billion by 2033 with a 15.7% CAGR, or USD 13.28 billion in 2025, estimated to grow to USD 31.38 billion by 2031 at a CAGR of 15.42%.
Smart Multiple Daily Injection (MDI) Systems (Smart Insulin Pens)
The global market for Smart Insulin Pens, which aligns with Minimed's Smart Multiple Daily Injection (MDI) System, was valued at approximately USD 877.26 million in 2024. This market is expected to grow to USD 1.82 billion by 2032, at a CAGR of 9.57% from 2025 to 2032. Another source states the smart insulin pens market size in 2026 is estimated at USD 1.03 billion, growing to USD 1.85 billion by 2031 with a 12.32% CAGR. A more optimistic projection indicates a market size of USD 4.31 billion in 2024, reaching USD 10.36 billion by 2035, exhibiting a CAGR of 8.30%.
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Minimed Group Inc. (Nasdaq: MMED), a medical technology company specializing in diabetes management devices, is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Growing User Base and Increased Adoption of Diabetes Management Systems: The company has a significant and expanding user base for its insulin pumps, continuous glucose monitors (CGMs), and integrated diabetes management solutions. As of October 2025, MiniMed's user base for insulin pumps exceeded 640,000 individuals, demonstrating increasing market penetration in diabetes management. The rising CGM attachment rate, reaching 65% in the six months ending October 2025, further indicates growing adoption of its integrated systems. This growth in its installed base provides a foundation for continued revenue generation from both initial device sales and recurring consumables.
- Launch and Commercialization of New and Enhanced Products: MiniMed has recently launched and is actively expanding the commercial availability of new products and integrated systems. The broad U.S. commercial launch of the MiniMed™ 780G system integrated with the Instinct™ sensor, made by Abbott, in December 2025, is a significant driver. Additionally, the Simplera Sync and Instinct sensors have shown to drive acceleration in the U.S. market. The FDA approval of the MiniMed™ 780G system for integration with Abbott's Instinct sensor and its expanded use in type 2 diabetes patients also opens up new market opportunities and is expected to boost access to CGMs.
- Advancement of its Product Pipeline and Innovation: The company is focused on continuous innovation in its diabetes management technology. MiniMed is actively developing new products, such as its MiniMed Fit patch pump, which it aims to file for FDA approval by the fall of calendar year 2026. This commitment to developing next-generation sensors (CGM), intelligent dosing systems, and improving the overall user experience is crucial for maintaining a competitive edge and capturing new market share.
- Expansion in International Markets: International markets represent a significant growth opportunity for MiniMed. In a February 2026 earnings call, the company reported double-digit strength in international markets, contributing to its overall organic growth. With approximately two-thirds of its sales generated abroad, continued expansion and increased market penetration in these regions will be a key revenue driver.
- Leveraging a Recurring Revenue Model: A substantial portion of MiniMed's revenue comes from a recurring sales model. Approximately 83% of its total revenue is generated by CGMs, other consumables, software, and services. As the company expands its installed base of insulin pumps and continuous glucose monitors globally, the recurring sales of associated consumables and services are expected to provide a stable and growing revenue stream.
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 72.77 |
| Mkt Cap | 10.0 |
| Rev LTM | 3,859 |
| Op Inc LTM | 770 |
| FCF LTM | 909 |
| FCF 3Y Avg | 566 |
| CFO LTM | 1,201 |
| CFO 3Y Avg | 801 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.4% |
| Rev Chg 3Y Avg | 13.4% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 56.1% |
| Op Inc Chg 3Y Avg | 32.6% |
| Op Mgn LTM | 17.3% |
| Op Mgn 3Y Avg | 16.1% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 21.2% |
| CFO/Rev 3Y Avg | 18.8% |
| FCF/Rev LTM | 14.9% |
| FCF/Rev 3Y Avg | 13.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.0 |
| P/S | 3.4 |
| P/Op Inc | 19.7 |
| P/EBIT | 19.4 |
| P/E | 27.1 |
| P/CFO | 16.1 |
| Total Yield | 3.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.6% |
| 3M Rtn | -22.9% |
| 6M Rtn | -22.9% |
| 12M Rtn | -22.9% |
| 3Y Rtn | -27.2% |
| 1M Excs Rtn | -5.5% |
| 3M Excs Rtn | -32.8% |
| 6M Excs Rtn | -33.8% |
| 12M Excs Rtn | -50.1% |
| 3Y Excs Rtn | -111.8% |
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
External Quote Links
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| SeekingAlpha | ValueLine |
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
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