Medtronic(US:MDT) Zhi Tong Cai Jing·2025-12-22 08:40Core Viewpoint - Medtronic's subsidiary MiniMed, focused on diabetes management devices and technologies, has filed for an IPO to raise up to $100 million, marking the beginning of its independent listing process [1] Group 1: Company Background - MiniMed was founded in 1983 by Alfred E. Mann, focusing on developing insulin pumps and diabetes management technologies [2] - Medtronic acquired MiniMed in 2001 for approximately $3.7 billion, entering the diabetes care sector [2] - From 2001 to 2025, MiniMed operated as part of Medtronic, continuously launching innovative products [2] Group 2: IPO and Separation Process - The IPO is expected to occur in early 2026, with the separation process to follow approximately six months after the IPO completion [2] - The recent filing with the SEC indicates that the process is moving faster than initially anticipated, with the IPO starting after the SEC review [3] Group 3: Financial Performance - For the six months ending October 24, 2025, MiniMed reported net sales of $1.48 billion and a net loss of $21 million, showing growth from $1.3 billion in net sales and a loss of $23 million in the same period last year [3] - MiniMed's product offerings include insulin delivery devices, continuous glucose monitors (CGM), and related software and services, with over 640,000 insulin pump users as of October 2025 [3] - Approximately 83% of total revenue comes from CGM, consumables, software, and services, indicating a stable recurring revenue model [3] Group 4: Operational Insights - The new company's headquarters will be located in Northridge, California, employing over 8,000 staff [4] - In fiscal year 2025, Medtronic's diabetes business generated $2.75 billion in sales, accounting for 8% of the company's total revenue of $33.63 billion [4] - The diabetes business achieved a revenue growth of 10.7% in fiscal year 2025 but contributed only 4% to the company's segment operating profit [4] - Post-separation, Medtronic expects an increase of 50 basis points in adjusted gross margin and 100 basis points in operating margin [4]