Medtronic diabetes business carve-out MiniMed Group files for a $100 million IPO
MiniMed Group, a carve-out of Medtronic’s diabetes management devices and technology business, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
About the Company
Being carved out of Medtronic, MiniMed focuses on integrated diabetes management, including insulin delivery devices, continuous glucose monitors （CGMs）， infusion sets, reservoirs, pen systems, and related software and services. The company’s user base exceeds 640,000 individuals on insulin pumps as of October 2025 and its CGM attachment rate reached 65% in the six months ended October 24, 2025 （versus 58% in the prior period）。 Approximately 83% of total revenue is generated by CGMs, other consumables, software, and services, which reflects the durability of its recurring sales model.
The Northbridge, CA-based company was founded in 1983 and booked $2.9 billion in sales for the 12 months ended October 24, 2025. It plans to list on the Nasdaq under the symbol MMED. Goldman Sachs, BofA Securities, Citi, and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
Further Reading
“Our journey began in 1983, when visionary entrepreneur Alfred E. Mann founded MiniMed and revolutionized diabetes care with many first-of-its-kind innovations that pushed the boundaries of care and helped simplify life with diabetes for countless people around the world,” said Que Dallara, current EVP and President of Medtronic Diabetes and Chief Executive Officer designate of MiniMed. “We’re thrilled to honor this rich 40-year legacy with a name that carries deep meaning and trust. As we step forward into this new and exciting chapter, we’ll focus relentlessly on fulfilling our Mission to make diabetes more predictable so everyone can embrace life to the fullest.”
For many employees, this mission is personal. Over 70% of those surveyed have a direct connection to diabetes, including Key Payton, who has been with the company for over ten years and was diagnosed with type 1 diabetes in 1960. “When I was just three years old, doctors told my parents I likely wouldn’t live past 10. But here I am, 65 years later, defying the odds and living my best life. I’ve experienced firsthand how the company has transformed diabetes care and personally helped me beat those early odds in astounding ways,” said Payton. “I’m forever grateful for the hope and support they’ve given me every day for nearly three decades. Today, I’m a proud user of the MiniMed™ 780G system,** and my Time in Range§ has never been better. I’m finally sleeping through the night and worrying less about my diabetes — it’s freeing.”
The Diabetes business, based in Northridge, California, is driven by a team of over 8,000 passionate employees. They are committed to advancing innovation, creating breakthrough technologies that reduce the burden of diabetes, improve health outcomes, enhance quality of life, and redefine care standards.