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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
MiniMed reported revenue of $3.1B in the fiscal year ended Apr 2026, up 14.3% from the year before. Operating income was −$190M, an operating margin of −6.1%, and net income was −$333M. Operating cash flow of −$197M less capital expenditure of $223M left free cash flow of −$420M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|
| Revenue | 2,469 | 2,715 | 3,102 |
| Cost of revenue | 1,032 | 1,187 | 1,422 |
| Gross profit | 1,436 | 1,528 | 1,680 |
| Research & development | 437 | 436 | 448 |
| Selling, general & admin | 1,057 | 1,080 | 1,183 |
| Operating income | −69.0 | −146 | −190 |
| Pre-tax income | −70.0 | −147 | −189 |
| Income tax | 38.0 | 52.0 | 128 |
| Net income | −112 | −213 | −333 |
| Diluted EPS | −0.44 | −0.84 | −1.30 |
| Diluted shares | 253 | 253 | 257 |
| Fiscal year | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|
| Cash & equivalents | 54.0 | 11.0 | 298 |
| Receivables | – | 570 | 200 |
| Inventory | – | 311 | 341 |
| Current assets | – | 939 | 1,348 |
| Net PP&E | – | 706 | 711 |
| Goodwill | – | 2,255 | 2,256 |
| Total assets | – | 4,201 | 4,630 |
| Payables | – | 205 | 163 |
| Deferred revenue | – | 11.0 | 15.0 |
| Current liabilities | – | 710 | 702 |
| Total liabilities | – | 871 | 1,019 |
| Shareholders' equity | 3,448 | 3,330 | 3,611 |
| Fiscal year | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|
| Operating cash flow | 41.0 | 140 | −197 |
| Capital expenditure | 148 | 193 | 223 |
| Free cash flow | −107 | −53.0 | −420 |
| Depreciation & amortisation | 129 | 143 | 156 |
| Stock-based compensation | 38.0 | 41.0 | 46.0 |
| Fiscal year | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|
| Revenue growth (YoY) | – | 10.0% | 14.3% |
| Gross margin | 58.2% | 56.3% | 54.2% |
| Operating margin | −2.8% | −5.4% | −6.1% |
| Net margin | −4.5% | −7.8% | −10.7% |
| Return on equityBlank when equity is negative | −3.2% | −6.4% | −9.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −4.2% | −4.8% |
| Free cash flow margin | −4.3% | −2.0% | −13.5% |
| Cash conversion (CFO ÷ net income) | −0.37x | −0.66x | 0.59x |
| Receivable days | – | 77 | 24 |
| Inventory days | – | 96 | 88 |
| Payable days | – | 63 | 42 |
| Current ratio | – | 1.32x | 1.92x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.