(Bloomberg) — MiniMed Group Inc., a diabetes management firm that will be separated from health care giant Medtronic Plc, filed for an initial public offering, disclosing growing revenue and a shrinking net loss.
The Northridge, California-based company had a net loss of $21 million on revenue of $1.5 billion for the six months ended October 24, compared with a net loss of $23 million on revenue of $1.3 billion in the corresponding period a year earlier, according to its filing Friday with the US Securities and Exchange Commission.
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The filing positions the company to join a busy slate of possible debuts in the first months of 2026. Construction equipment rental company EquipmentShare.com Inc. and Arko Petroleum Corp. have filed for IPOs in December, while insurance tech firm Ethos Technologies Inc., crypto ETF specialist Grayscale Investments Inc. and space and defense contractor York Space Systems Inc. could list as soon as early next year.
The diabetes company’s separation comes after operating as part of Medtronic for nearly 25 years. MiniMed sells a full ecosystem of automated insulin pumps, continuous glucose monitors and smart insulin pens, according to a letter from Chief Executive Officer Que Dallara. The company generated roughly $2.7 billion in annual revenue in fiscal year 2025 with recent double-digit percentage growth, the letter shows.
Medtronic announced plans to separate the business in May, with the device heavyweight continuing to own at least 80.1% of the voting power, the filing shows. Following the IPO, Medtronic plans to distribute its shares to investors in a generally tax-free way that may be structured as a spin-off.
MiniMed expects to use part of the proceeds to repay intercompany debt owed to Medtronic, the filing shows.
Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Morgan Stanley are leading the offering. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol MMED.
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