MiniMed reported its first full quarter as a stand-alone public company on September 1, with revenue rising 15.8% to $843 million and management raising its full-year organic revenue growth guidance to roughly 10.5% from 10%. US revenue grew 13.1%, a sharp acceleration from the 1.5% growth posted in the prior quarter, as the MiniMed Flex insulin pump that began shipping in late June drove new US pump sales up more than 20% year over year and new prescribers writing for Flex up 24%. International revenue grew 16.9%, helped by a threefold increase in Simplera sensor manufacturing output, with new pump sales jumping 50% in the UK and 20% in France after the region gained access to the 15-day Instinct sensor. Profitability lagged the top line: adjusted EBITDA margin was 9.9% and free cash flow was negative $90 million, including $111 million in separation and standup costs, without which free cash flow would have been positive $21 million, while only 17 of 160 transition service agreements with Medtronic have been exited. MiniMed also flagged that an extra week in its fiscal calendar added 4 to 6 percentage points to the quarter's growth rate, and noted that hedge fund ownership rose from 22 funds to 26 while short interest stands at 20.66% of float.
MiniMed Group, Inc. Common StockRevenue rose 15.8% to $843M and management raised full-year organic revenue growth guidance to ~10.5% from 10%.
Medtronic PLC
