MiniMed (MMED) Fiscal Q1 2027 Earnings Call: Growth Guidance Raised
Source Tradingkey
Key Takeaways
- Fiscal Q1 2027 revenue was $843 million, up 15.8% organically. The extra fiscal week contributed an estimated 4 to 6 percentage points; excluding it, growth remained in the low double digits.
- U.S. organic revenue increased 13.1%, accelerating from 1.5% in Q4. U.S. new pumps sold rose more than 20%, supported by the MiniMed Flex launch.
- International organic revenue grew 16.9%, with Western Europe up in the high teens. Increased Simplera supply and the Instinct launch supported pump and CGM demand.
- Adjusted EBITDA was $83 million, representing a 9.9% margin. Excluding accelerated investments and an FX remeasurement charge, the margin would have been 12.2%.
- MiniMed raised its fiscal 2027 organic revenue growth outlook to approximately 10.5% from approximately 10%, while reaffirming adjusted EBITDA margin guidance of approximately 16%.
- The company advanced several pipeline programs: MiniMed Flex received CE Mark approval, MiniMed Fit was submitted to the FDA, Vivera completed pivotal-trial enrollment, and the next-generation extended-wear sensor received IDE approval.
Core Financial Data
| Metric | Fiscal Q1 2027 result | Change or context |
|---|---|---|
| Revenue | $843 million | Organic growth of 15.8% |
| U.S. revenue growth | 13.1% | High single digits excluding the extra week |
| International revenue growth | 16.9% | Low double digits excluding the extra week |
| Adjusted gross margin | 55.9% | Ahead of management’s expectations |
| Adjusted EBITDA | $83 million | Adjusted EBITDA margin of 9.9% |
| Underlying adjusted EBITDA margin | 12.2% | Excludes accelerated investment and FX remeasurement items |
| New pumps sold | 34,000 | Up 7.7% year over year |
| CGM attachment rate | 69% | Up 500 basis points year over year and 100 basis points sequentially |
| CGM and consumables revenue mix | 82% | Represents recurring revenue streams |
| Cash | Approximately $207 million | No debt; $500 million revolver remained undrawn |
| Operating cash flow | $(49) million | A use of cash |
| Capital expenditures | $41 million | — |
| Free cash flow | $(90) million | Excluding separation and stand-up items, positive $21 million |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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