Core Viewpoint - MiniMed has launched an initial public offering (IPO) to strengthen its capital reserves as it separates from parent company Medtronic, with shares expected to be priced between $25 and $28 [1]. Group 1: IPO Details - MiniMed will offer 28 million shares of common stock on the Nasdaq Global Select Market under the ticker "MMED" [1]. - Underwriters will have a 30-day option to purchase up to 4.2 million additional shares at the IPO price minus underwriting discounts and commissions [2]. - Post-IPO, Medtronic will retain ownership of 88.70% to 90.03% of MiniMed's shares, depending on underwriter purchases [2]. Group 2: Financial Use of Proceeds - Medtronic plans to allocate approximately $350 million of the net proceeds from the IPO for general corporate purposes, with the remainder directed towards repaying MiniMed's intercompany debt [3]. - The intercompany debt was incurred after Medtronic transferred assets to MiniMed following their strategic split in May 2025 [3][4]. Group 3: Company Performance - MiniMed reported $2.7 billion in annual revenue for fiscal year 2025, alongside a net loss of $198 million [4]. Group 4: Competitive Positioning - As MiniMed aims to establish itself as a leading diabetes device provider, it faces competition from Abbott Laboratories and Dexcom but may benefit from its comprehensive insulin management ecosystem [5]. - The company has made advancements in its insulin delivery system, MiniMed 780G, which received FDA clearance and Medicare access in February 2026 [6]. Group 5: Future Developments - MiniMed is developing third-generation automated insulin delivery systems, including the MiniMed Flex insulin pump, which has been submitted for FDA approval [7]. - The company anticipates filing for CE mark approval for the insulin pump in Q1 2026 and plans to seek FDA approval for its Fit patch pump in the fall of 2026 [7].

2026年2月24日， 美敦力 Medtronic 旗下糖尿病业务MiniMed 更新美国SEC招股书，正式披露 IPO定价 区间为25–28美元/股 ，拟发行2800万股，募资规模最高可达7.84亿美元，对应整体估值约78.6亿美元。 公司计划以"MMED"为代码登陆纳斯达克，并在IPO完成后通过后续split-off实现与母公司的完全剥离。 （定价="可比公司估值参考 + 当前市场情绪 + 路演需求" 的谈判结果。 从财务表现看，这一业务正处于一个典型的 "增长修复期" 。2025财年收入达到 27.5亿美元， 同比 增长 10.7%； 2026财年上半年收入 继续增长13.8%， 同时亏损逐步收窄。也就是说，MiniMed正在从此前的 增长承压阶段，逐步过渡到盈利能力改善阶段。 这正是资本市场窗口期的典型特征：增长恢复、亏损收敛、路径清晰。 # 从设备到系统：技术路径已经发生根本变化 目标是既能顺利募资7.84亿（高价端），又不让新投资者觉得太贵，同时为美敦力后续完全剥离创造良好开局。最终成交价 要等3月初定价日才知道，通常会在区间内或略高，如果需求火爆的话。 ） 这一动作意味着，始于2024年的分拆计 ...

Group 1: MiniMed IPO Details - MiniMed, a spin-off from Medtronic focused on integrated diabetes management, plans to raise $742 million through an IPO by issuing 28 million shares priced between $25 and $28 each [1][2] - The company reported a revenue of $2.9 billion for the 12 months ending October 31, 2025, and aims to list on NASDAQ under the ticker symbol MMED [2] - As of October 2025, MiniMed has over 640,000 insulin pump users, with a continuous glucose monitoring (CGM) installation rate of 65%, up from 58% year-over-year [1] Group 2: Dune Acquisition III IPO Details - Dune Acquisition III, a SPAC targeting investments in digital assets, sports entertainment, SaaS, and AI, has filed for an IPO to raise up to $150 million by issuing 15 million shares at $10 each [3] - Each share unit will include one common share and one-third of a warrant, with an exercise price of $11.50 per share [3] - The SPAC is led by CEO Carter Glatt and CFO Jeron Smith, with a focus on sectors such as digital assets and artificial intelligence [3]

Group 1 - MiniMed Group, a subsidiary of Medtronic, aims for a maximum valuation of $7.86 billion in its upcoming IPO, marking a significant step in the plan to spin off its diabetes business [1] - The IPO plans to issue 28 million shares at a price range of $25 to $28 per share, with a maximum fundraising target of $784 million [1] - MiniMed is a leader in diabetes care, producing insulin pumps, blood glucose monitoring systems, and sensors, and has over 40 years of experience in insulin pump manufacturing [1] Group 2 - Medtronic's decision to spin off MiniMed comes nearly 25 years after acquiring the business for approximately $3.3 billion, with the division facing regulatory concerns over quality management and cybersecurity in recent years [2] - Despite strong revenue growth driven by the 780G insulin pump and sensor upgrades, MiniMed has recorded net losses for three consecutive years, indicating that investors will seek a clear path to profitability [2] - Medtronic plans to fully spin off MiniMed six months after the IPO, with Goldman Sachs, Bank of America Securities, Citigroup, and Morgan Stanley serving as joint book-running managers for the IPO [2]

Core Viewpoint - Medtronic's MiniMed Group is targeting a valuation of up to $7.86 billion in its upcoming U.S. initial public offering (IPO), as part of its strategy to separate its diabetes business from the parent company [1]. Group 1: IPO Details - The Northridge, California-based MiniMed unit aims to raise up to $784 million by offering 28 million shares priced between $25 and $28 each [2]. - MiniMed is entering the market as an established business with over 40 years of experience in insulin pump manufacturing, allowing it to attract investors interested in diabetes technology [3]. Group 2: Business Strategy - The separation of the diabetes business is intended to simplify Medtronic's portfolio and focus on high-margin growth markets, as MiniMed is the smallest segment by revenue [3]. - Medtronic has also streamlined operations by carving out its kidney care portfolio through the Mozarc Medical joint venture in 2023 and exiting the ventilator business in 2024 [4]. Group 3: Historical Context and Challenges - The decision to separate MiniMed comes nearly 25 years after Medtronic acquired the business for approximately $3.3 billion [5]. - MiniMed has faced regulatory concerns regarding quality management and cybersecurity issues in recent years, but it has returned to growth, aided by advancements in its 780G insulin pump and sensor technology [5]. Group 4: Financial Considerations - Despite showing strong revenue growth, MiniMed has reported net losses for three consecutive years, which may lead investors to seek a clear path to profitability post-separation [6]. - Medtronic plans to execute a subsequent split-off of MiniMed six months after the IPO [6]. Group 5: Underwriters and Listing - The active bookrunners for the IPO include Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley, with MiniMed aiming to list on the Nasdaq under the symbol "MMED" [7].

Group 1 - Medtronic's MiniMed Group has taken a significant step towards independent listing with plans to go public on the Nasdaq under the ticker "MMED" [1] - The IPO aims to issue 28 million shares priced between $25 and $28 each, potentially raising up to $784 million and valuing the business at approximately $7.86 billion [1] - Post-IPO, Medtronic is expected to retain about 90% ownership of MiniMed, which may decrease to around 89% if underwriters fully exercise their over-allotment option [1] Group 2 - This IPO marks a crucial milestone since Medtronic announced its strategic shift in May 2024, aiming to streamline its corporate structure by spinning off the diabetes division [2] - MiniMed has a long history as a leader in the insulin pump market, having been acquired by Medtronic in 2001 for approximately $3.3 billion [2] - Despite generating annual revenues of about $2.7 billion to $2.9 billion in fiscal year 2025, MiniMed is currently operating at a net loss [2]

Group 1 - Medtronic's MiniMed Group is taking a significant step towards independent listing with plans to go public on NASDAQ under the ticker "MMED" [1] - The IPO aims to issue 28 million shares priced between $25 and $28 each, potentially raising $784 million and valuing the business at approximately $7.86 billion [1] - Post-IPO, Medtronic is expected to retain about 90% ownership of MiniMed, which may decrease to around 89% if underwriters fully exercise their over-allotment option [1] Group 2 - This IPO marks a crucial milestone since Medtronic announced its strategic shift in May 2024, aiming to simplify its corporate structure by spinning off the diabetes division [2] - MiniMed has a historical presence in the insulin pump market since 1983 and was acquired by Medtronic for approximately $3.3 billion in 2001 [2] - Despite generating annual revenues of about $2.7 to $2.9 billion in fiscal year 2025, MiniMed is currently operating at a net loss [2]

Core Viewpoint - MiniMed Group, Inc. has launched a roadshow for its initial public offering (IPO) of 28 million shares, as part of Medtronic's plan to separate its Diabetes business into an independent public company, with an expected IPO price between $25.00 and $28.00 per share [1] Group 1: IPO Details - The IPO will consist of 28,000,000 shares of common stock, with an additional 4,200,000 shares available for underwriters to purchase within 30 days at the IPO price [1] - MiniMed plans to list its common stock on the Nasdaq Global Select Market under the symbol "MMED" [1] - Upon completion of the IPO, Medtronic will retain approximately 90.03% of MiniMed, or 88.70% if the over-allotment option is fully exercised [1] Group 2: Use of Proceeds - MiniMed intends to use a portion of the net proceeds from the IPO for general corporate purposes [1] - The remaining proceeds will be allocated to repay intercompany debt owed to Medtronic and as additional consideration for certain assets transferred to MiniMed during the separation [1] Group 3: Underwriters - The active bookrunners for the proposed offering include Goldman Sachs & Co. LLC, BofA Securities, Citigroup, and Morgan Stanley [1] - Additional joint book running managers are Barclays, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Evercore ISI, and Piper Sandler & Co. [1] Group 4: Company Background - MiniMed is a global leader in insulin delivery, providing therapies for diabetes management in over 80 countries [1] - The company has been a pioneer in developing integrated ecosystems for insulin delivery, including systems, continuous glucose monitors (CGMs), algorithms, and user-friendly applications [1] - Medtronic, headquartered in Galway, Ireland, is a leading global healthcare technology company focused on addressing significant health challenges [1]

Registration No. 333-292284 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 As filed with the Securities and Exchange Commission on February 24, 2026. MiniMed Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3841 33-3985981 (I.R.S. Employer Identification N ...

As filed with the Securities and Exchange Commission on January 23, 2026. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MiniMed Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3841 33-3985981 (I.R.S. Employer Identification Number) 18000 Devonshire St. N ...