$MMED

MiniMed Group, Inc.

CIK:0002062583|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 25, 2025
Income Statement [Abstract]
Net sales	$ 843	$ 723
Cost of products sold	378	314
Gross profit	465	409
Operating expenses:
Research and development expense	115	125
Selling, general, and administrative expense	312	283
Certain litigation charges, net	(2)	17
Other operating expense (income), net	36	(2)
Operating income (expense)	5	(13)
Other non-operating expense (income), net	0	0
Income (loss) before income taxes	4	(13)
Income tax provision	4	3
Net income (loss)	0	(16)
Net income attributable to noncontrolling interests	0	(3)
Net income (loss) attributable to the Company	$ 0	$ (19)
Earnings (loss) per share:
Earnings (loss) per share, basic (in dollars per share)	$ 0.00	$ (0.08)
Earnings (loss) per share, diluted (in dollars per share)	$ 0.00	$ (0.08)
Weighted-average shares outstanding
Basic weighted average shares outstanding (in shares)	281.0	252.8
Diluted weighted average shares outstanding (in shares)	281.0	252.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 25, 2025
Operating Activities:
Net income (loss)	$ 0	$ (16)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	41	39
Provision for credit losses	6	3
Deferred income taxes	2	0
Stock-based compensation	10	9
Postretirement benefit plan expense	0	2
Other, net	1	11
Change in operating assets and liabilities:
Inventories	(15)	(30)
Other operating assets and liabilities	(25)	18
Net cash used in operating activities	(49)	(141)
Investing Activities:
Additions to property, plant, and equipment	(41)	(53)
Other investing activities, net	0	(10)
Net cash used in investing activities	(41)	(63)
Financing Activities:
Net transfers from Parent	0	202
Net cash provided by financing activities	0	202
Effect of exchange rate changes on cash and cash equivalents	(1)	0
Net change in cash and cash equivalents	(91)	(2)
Cash and cash equivalents at beginning of period	298	11
Cash and cash equivalents at end of period	207	9
Supplemental Cash Flow Information
Capitalized costs in accounts payable and accrued liabilities	42	25
Related Party
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation		9
Change in operating assets and liabilities:
Accounts receivable, net	13	(5)
Accounts payable and accrued liabilities	25	(171)
Financing Activities:
Net transfers from Parent		202
Nonrelated Party
Change in operating assets and liabilities:
Accounts receivable, net	(161)	0
Accounts payable and accrued liabilities	$ 53	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 31, 2026	Apr. 24, 2026
Current assets:
Cash and cash equivalents	$ 207	$ 298
Accounts receivable, less allowance for credit losses of $28 and $26, respectively	180	200
Due from Medtronic	602	455
Inventories	356	341
Other current assets	72	54
Total current assets	1,417	1,348
Property, plant, and equipment, net	736	711
Goodwill	2,255	2,256
Other intangible assets, net	100	107
Tax assets	58	61
Other assets	152	147
Total assets	4,718	4,630
Current liabilities:
Accounts payable	251	163
Accrued compensation	126	163
Accrued rebates	42	45
Total current liabilities	782	702
Other liabilities	316	317
Total liabilities	1,098	1,019
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, par value $0.01, 1,000,000,000 shares authorized, 281,205,548 and 280,819,988 shares issued and outstanding, at July 31, 2026 and April 24, 2026, respectively	3	3
Preferred stock, par value $0.01, 100,000,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	3,747	3,736
Accumulated deficit	(116)	(116)
Accumulated other comprehensive income	(14)	(12)
Total stockholders’ equity	3,620	3,611
Total liabilities and stockholders’ equity	4,718	4,630
Related Party
Current liabilities:
Other accrued expenses	178	137
Nonrelated Party
Current liabilities:
Other accrued expenses	$ 185	$ 194