MiniMed Group (MMED) PT Raised to $28 at BTIG

BTIG analyst Marie Thibault raised the price target on MiniMed Group (NASDAQ: MMED) to $28.00 (from $25.00) while maintaining a Buy rating.

The analyst comments "MiniMed keeps hitting its product pipeline goals ahead of schedule, setting up a catalyst-rich FY2027. MMED reported F1Q revenue of $843M (+15.8% y/y org., +16.6% y/y rep.), a ~$16M beat on consensus ($826.8M), including an approximate 4-6% benefit from the extra selling week. Excluding the extra week, the company generated low-double digit organic growth. Both U.S. and OUS revenue exceeded expectations, with U.S. $240M vs. cons. $236.0M and OUS $603M vs. cons. $588.1M. U.S. sales growth accelerated to 13.1% and OUS revenue grew 18.1% reported, 16.9% organic. By segment, MMED beat on both Pumps and CGM revenue. Adj. EBITDA was $83.1M (~9.9% margin) vs. cons. $116.8M (14.1%); excluding timing items and FX remeasurement, adj. EBITDA was $103M (~12.2% margin). On the pipeline, MMED announced several milestones ahead of schedule: MiniMed Fit was submitted to the FDA (full U.S. launch expected Summer 2027), MiniMed Flex received CE Mark (commercial launch expected November), the U.S. pivotal trial for the Vivera fully closed loop algorithm has completed enrollment (on track for 2H CY27 U.S. launch), and the next-gen extended wear sensor has IDE approval. MMED raised its FY27 organic revenue growth outlook to ~10.5% (from ~10%), including a 1.0-1.5% benefit from the extra week, implying full-year sales of ~$3.43B (cons. $3.421B, +10.3% y/y rep.), and reaffirmed its full-year adj. EBITDA margin guidance of ~16% (cons. ~16.0%) as gross margins are tracking ahead of expectations. We see room for sales beats in the fiscal year ahead, as key metrics like NPS and CGM attach rate remain encouraging. We increase our PT from $25 to $28, using a 10x EV/adj. EBITDA multiple (prior 9x) on our 12-24 month forecast. Reiterate Buy."

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