Medtronic Plc's diabetes business MiniMed (MMED.US) has submitted an IPO application, aiming to raise up to $100 million.

Last Friday, MiniMed, a business division of Medtronic Plc (MDT.US) focusing on diabetes management devices and technology, officially submitted relevant documents to the U.S. Securities and Exchange Commission to raise funds of up to 100 million dollars through an Initial Public Offering (IPO). MiniMed plans to list on the Nasdaq Stock Exchange under the stock symbol "MMED". In this transaction, Goldman Sachs Group, Inc., Bank of America Securities, Citigroup, and Morgan Stanley will jointly serve as co-managers. However, the specific pricing terms have not been disclosed. This move marks the start of the independent listing process for this 40-year-old diabetes care business. The division began in May 2025 when Medtronic Plc announced a strategic realignment, planning to complete the separation within the next 18 months to create a "more focused Medtronic Plc" and an independent operation in the diabetes technology sector. From announcing the plan to submitting the application, the road to independence for Medtronic Plc's diabetes business has been progressing step by step. At the beginning of September, during the Morgan Stanley Global Healthcare Conference, the management of Medtronic Plc stated that the IPO for the diabetes business is expected to take place in early 2026, with the separation to follow about six months after the IPO. However, based on the latest information as of December 19, this process seems to be moving faster than expected. Medtronic Plc stated that the IPO is expected to launch after completion of the review process by the U.S. Securities and Exchange Commission, with the specific timing depending on market conditions and other relevant factors. Financial data shows that in the six months ending on October 24, 2025, MiniMed reported net sales of 1.48 billion dollars and a net loss of 21 million dollars; compared to the previous year's net sales of 1.3 billion dollars and a net loss of 23 million dollars, revenue has increased slightly while losses have narrowed. As a company spun off from Medtronic Plc, MiniMed focuses on comprehensive diabetes management, including insulin delivery devices, continuous glucose monitoring (CGM) systems, infusion pumps, reservoirs, pen systems, and related software and services. As of October 2025, the company has over 640,000 insulin pump users, and in the six months ending on October 24, the CGM adoption rate reached 65%, up from 58% in the previous period. Approximately 83% of total revenue comes from CGM, other consumables, software, and services, reflecting the stability of their recurring sales model. The new company's headquarters will remain in Northridge, California, with over 8,000 employees. In the 2025 fiscal year, Medtronic Plc's diabetes business had sales of 2.75 billion dollars, accounting for only 8% of the total revenue of 33.63 billion dollars. Despite achieving a 10.7% revenue growth in the 2025 fiscal year, this business segment only contributed 4% to the company's operating profit. Following the spin-off, Medtronic Plc expects an increase of 50 basis points in overall adjusted gross margin and an increase of 100 basis points in operating profit margin.