Takeaways from our meetings with MMED CEO, CFO and IR

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Takeaways from our meetings with MMED CEO, CFO and IR

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MiniMed Group Inc

Takeaways from our meetings with MMED

CEO, CFO and IR

Maintain Rating: BUY | PO: 20.00 USD | Price: 15.04 USD

Meetings with CEO, CFO, and IR; all key topics discussed 15 July 2026

We hosted MMED CEO Que Dallara, CFO Chad Spooner and IR Ryan Weispfenning for Equity

investor meetings in NYC this week. The discussion focused on MMED as a standalone

company, Flex launch, pipeline (Vivera and Fit), pharmacy, margins and FCF. We think Travis Steed Research Analyst

MMED could set up as one of the better ideas in diabetes over time as the pipeline BofAS

accelerates new start growth and separation from Medtronic is complete. We believe +1travis.steed@bofa.com404 607 3251

MMED has real needle-moving catalysts and is trading at a depressed valuation that is Stephanie Elghazi

not reflective of underlying earnings and long-term FCF potential. Maintain Buy rating. Research Analyst

BofAS

MMED fit with Vivera Algo likely drives new start growth +1stephanie.elghazi@bofa.com646 855 4568

With Fit and Vivera, MMED’s goal is to be the market leader and MMED believes Gracia Mahoney

preference share will shift to the MMED system. MMED feels Fit is de-risked and it is Research Analyst

mostly about execution now (wrapping up and getting ready to submit this fall). MMED +1 646 855 1136

says Fit manufacturing lines are already in place for the manufacturing to be ready at gracia.mahoney@bofa.com

launch (20k patients at launch even if approval is early). The gating factor is formulary. Enjia Cao

Research Analyst

Vivera will launch first in the US, which is expected in CY2027 and Vivera is considered a BofAS

platform change, not a feature change.