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Masen, MiniMed Flex user Investor Presentation September 2026 Investor contacts: Ryan Weispfenning, VP, Head of Investor Relations ryan.weispfenning@medtronic.com John Hsu, CFA, Sr. Director, Investor Relations – Strategic Finance john.hsu@medtronic.com
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Disclaimer Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, general economic conditions, and other risks and uncertainties described in MiniMed’s filings with the US Securities and Exchange Commission. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. MiniMed does not undertake to update its forward-looking statements or any of the information contained in this presentation, including to reflect future events or circumstances. Non-GAAP financial measures In this presentation MiniMed includes certain financial measures not presented in accordance with U.S. GAAP. These “non-GAAP financial measures” are intended to supplement, and should not be considered as superior to, or substitutes for, financial measures presented in accordance with U.S. GAAP. These non-GAAP financial measures include Organic Revenue Growth, Adjusted Standalone EBITDA and Adjusted Standalone EBITDA Margin. MiniMed believes that these non-GAAP financial measures provide information useful to investors in understanding MiniMed’s underlying operational performance and trends and may facilitate comparisons with the performance of other companies in the medical technologies industry. See “Non-GAAP to GAAP Reconciliations” and “Non-GAAP to GAAP Reconciliations for Financials on Standalone Basis” for reconciliations for each of these non-GAAP financial measures to the most directly comparable GAAP measures. MiniMed does not provide a reconciliation to the comparable GAAP measure of fiscal year 2027 Organic Revenue Growth and fiscal year 2027 Adjusted EBITDA Margin which are forward-looking Non-GAAP measures, because certain items cannot be reasonably predicted without unreasonable effort. Such items could have a substantial impact on GAAP measures of financial performance. Market and Industry Data This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. The material that follows and the accompanying oral presentation present general background information about the Company as of the date of the presentation. This information consists of publicly available information concerning the Company and the industries in which it participates. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company's internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources. In addition, the information contained in this presentation is as of the date hereof (except where otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change. Subsequent materials may be provided by or on behalf of the Company in its discretion and such information may supplement, modify or supersede the information in these materials. Neither the Company, nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials. Financial Presentation The Company utilizes a 52/53-week fiscal year, ending the last Friday in April each year. Accordingly, references to fiscal years are to the Company's fiscal year ended on the last Friday in April of such year (e.g. FY25 refers to the Company's fiscal year ended April 25, 2025). Trademarks, Trade Names, and Service Marks The trademarks, trade names, and service marks of MiniMed appearing in this presentation are, as applicable, our property, licensed to us, or the property of Medtronic MiniMed, Inc. The name and mark, Medtronic, and other trademarks, trade names, and service marks of Medtronic appearing in this presentation are the property of Medtronic, Inc. The sensor shape and appearance, Abbott, and “a” logo, are marks and/or designs of Abbott Diabetes Care Inc. and used under license. Solely for convenience, trademarks, trade names, and service marks referred to in this presentation may appear without the "®," "TM," or "SM" symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names, and service marks. This presentation also contains additional trademarks, trade names, and service marks belonging to other parties. Third-party brands are trademarks of their respective owners. We do not intend our use or display of these other parties' trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of us by, such other parties. September 2026 Investor Presentation 2
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Providing full stack diabetes technology platform for large and underpenetrated insulin-intensive market; 38M+ patients global TAM Proven innovation engine with an established track record of delivering growth A complete portfolio refresh by end of CY’27; poised to set new bar for outcomes and ease of use across every patient cohort Unmatched global commercial scale and reach to drive growth Targeting accelerating sales growth and expanding margins with robust free cash flow 1 2 3 4 5 Invest in better patient days with MiniMed Deance, MiniMed Flex user September 2026 Investor Presentation 3
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New MiniMed is a full-stack insulin delivery company… $3.1 billion FY26 net sales 659K+ Total active pump users ~80 Countries served ~80% FY26 net sales of CGMs, other consumables, software and services 80% MiniMed 780G users who achieve Time in Range (TIR)a 40K+ Prescribing HCPs ... and leading the way into the ‘hands-free’ era HSD/LDD Organic revenue growth for 12 consecutive quarters as of Q1 FY27b #1 Pump satisfaction in the US (MiniMed 780G) CGM Insulin delivery Dosing algorithm Unified digital experience Full-stack Automated Insulin Delivery (AID) therapy partner a patients on recommended optimal settings. b per Medtronic public filings. † The sensor shape and appearance is a mark of Abbott. † September 2026 Investor Presentation 4
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Vivera FCL Algo Trial Enrolled Fully closed loop algorithm for T1 and T2 children and adults US pivotal enrollment complete; Launch H2 CY27 MiniMed Flex CE Mark Secured Early customer pilot starting this Fall with Simplera Sync Full launch Nov’26 Breaking news: accelerating the pipeline MiniMed Flex US Launch Launched with Simplera Sync late-June Received Medicare approval late July Launched with Instinct mid- August MiniMed Next-Gen Extended Wear CGM IDE approved Enhanced chemistry Uses existing Simplera manufacturing lines US IDE approved; enrollment starts Oct’26 MiniMed Fit FDA 510(k) Submitted 300-unit reservoir Up to 7 days wear SmartGuard algorithm at launch Full launch Summer’27 Announced on Q1 Earnings Call – Sept. 1Announced Aug. 17 September 2026 Investor Presentation 5
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Significant growth headroom as AID becomes the standard of care Non-insulin type 2 Basal insulin type 2 Intensive insulin type 2 Type 1 Worldwide population 304M 33M 20M 18M Developed markets populationa 67M 9M 5M 5M Our focus - the intensive insulin population Expected to grow double digits a Developed markets defined as countries with sizeable diabetes populations and established diabetes reimbursement, including United States, Canada, Australia, New Zealand, Japan, S. Korea, Israel and major countries in Western Europe. Based on last twelve months ended September 2025 revenue from public filings of leading diabetes device manufacturers as identified by Seagrove Partners. ~7% Global insulin pump adoption Fueled by expected +10% annual total patient growth1 through 2030 $19B TAM 2,3 All figures are rounded to the nearest full number. Biggest opportunity: great outcomes with highest freedom for PWDs September 2026 Investor Presentation 6
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Capitalizing on innovation super-cycle to deliver for all patient cohorts Multiple daily injections (MDI) Opportunities for future AID adoption only ~7% of eligible patients are using a pump system today4 Used by over 30 million patients4 that could benefit from AID in the future Used by over 1.5 million patients4 across the world Used by over 500k patients4 across the world Durable pumps Patch pumps New therapy, low adoption but growing Smart MDI September 2026 Investor Presentation 7
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Instinct sensor Quick sensor insertion. Wear for up to 15 days. SmartGuard Meal Detection technology detects missed doses and delivers automatic corrections up to every five minutes MiniMed 780G with SmartGuard algorithm drives consistent, sensor-agnostic performance An AID system that delivers consistent performance T1D: Indicated for 7+ years of age for all sensors.T2D: Indicated for 18+ years of age with Simplera Sync and Guardian 4 sensor. † The sensor shape and appearance is a mark of Abbott. Due to inherent data limitations, caution is advised when attempting to extrapolate these results to new patients. There could be significant differences. Extended infusion set The first commercialized infusion set designed for up to 7 days of wear time † Smartwatch display Discreetly monitor values on your watch face Simplera Sync sensor All-in-one easy-to-insert disposable continuous glucose monitor MiniMed 780G insulin pump Flexible targets as low as 100mg/dL 75-78% Avg TIR6 Randomized crossover study5 showed virtually identical glycemic outcomes with the MiniMed 780G using either the Simplera Sync sensor or Instinct sensor, made by Abbott September 2026 Investor Presentation 8
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SmartGuard algorithm delivers best-in-class real-world clinical outcomes 35 55 75 95 Time in Range (%) Mean Acrossa 34 studies totaling 635,463 users on 8 AID systems Omnipod 5 670/770G 780G 670G AID system Study population size 90,000 120,000 30,000 60,000< 15,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 a. Pöhlmann J, Smith-Palmer J, Serné EH, et al. A Systematic literature review and meta-analysis of real-world evidence on automated insulin deliver1 Laron-Hirsch, M., et al. Glycemic concordance of Simplera Sync and Instinct sensors in MiniMed 780G system users: > 70% TIR ADA recommended guideline DBLG1 Control-IQ CamAPS Loop Not shown due to lack of data September 2026 Investor Presentation 9
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~2x more users at TIR goal with MiniMed 780G vs. Omnipod 5 Real world evidence from hundreds of thousands of patients N= 65,788 7 All usersUsers with optimal settings 80% of users reaching TIR target 61% of users reaching TIR target N= 397,810 7 Users meet ADA guidelines TIR target of >70% 8/10a 5/10b Users meet ADA guidelines TIR target of >70% N= 37,640 8 All usersUsers with optimal settings 46% of users reaching TIR target 33% of users reaching TIR target N= 69,902 8 a 100 mg/dL & 2hrs AIT. b 110mg/dL target. September 2026 Investor Presentation 10
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MiniMed 780G mimics how a pancreas works to drive the highest TIR Other Gen 1 AID keeps people with diabetes (PWD) higher for longer Omnipod 5 only delivers discrete boluses Tandem CIQ can only deliver corrections once every 60 min. A healthy pancreas provides continuous insulin 95%+ Real World TIR11 61-70% Real World TIR9 61-72% Real World TIR10 Glucose level Insulin delivery High glucose (>180 mg/dL) Low glucose Meal consumed 1 hr 2 hrs Meal consumed 1 hr 2 hrs Manual bolus by user Meal consumed 1 hr 2 hrs Manual bolus by user MiniMed 780G automatically adjusts and correctsa every 5 minb 75-78%c Real World TIR6 Meal consumed 1 hr 2 hrs Meal detected Auto correction with Meal Detection tech Auto correction a Refers to auto correct, which provides bolus assistance. Can deliver all correction doses automatically without user interaction, feature can be turned on and off. b Refers to SmartGaurd Technology. Individual results may vary. c Range between all users and optimal settings. September 2026 Investor Presentation 11
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Julia, MiniMed Go user Pipeline: Rolling thunder with waves of innovation over the next 14 months
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MiniMed Go EU launch Q1 CY26 Feb 2026 Timelines at IPO / S-1 (Say) Updates since IPO (Do) Change MiniMed 780G with Instinct EU launch CY27 July 2026 +4Q MiniMed Flex EU CE Mark End of CY261 July 2026 +2Q Delivering our pipeline ahead of expectations Vivera gen 3 algorithm US pivotal study Start by Feb 2026 Started Feb 2026. Completed enrollment August 2026. ~ MiniMed Flex with Simplera US launch Fall CY26 June 2026 +2Q MiniMed Fit US submission Fall CY26 August 2026 +1Q 1: Timeline provided during Q4 FY26 earnings call MiniMed Flex with Instinct US launch Fall CY26 August 2026 +1Q+1Q MiniMed Go US launch Spring CY26 May 2026 September 2026 Investor Presentation 13
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Gen 3 portfolio raises the bar on outcomes and user freedom… Expected features. Flex is still in development and has not been submitted for FDA clearance or CE Mark approval. Unified digital experienceInsulin delivery optionsCGM options Single User App MiniMed Fit Simplera Launched US launched June ‘26 EU launched Feb ‘26 Vivera Algorithm US submitted Aug’26; expected Summer’27 launch EU TBA US pivotal trial started Feb.’26, fully enrolled Aug.’26, expect H2 CY27 launch EU TBA Caregiver App Launched US launch June’26 (with Simplera ), Instinct Aug.’26 EU launch expected Nov.’26 Cleared by FDA Approved in EU CareLink Clinic (HCP) Launched† a Regulatory milestones relate to MiniMed Go app. † The sensor shape and appearance is a mark of Abbott. …with one unified experience Instinct MiniMed Flex MiniMed Go September 2026 Investor Presentation 14
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MiniMed Go 30M+ MDI patients Simple self-start, integrated Smart MDI system • Single app, real-time integration with CGM • Automatic measuring, tracking, and dosing • Takes the guesswork out of MDI therapy • Integration with Carelink for HCPs † The sensor shape and appearance is a mark of Abbott. † Strategic advantage • For PWDs with HbA1c >8.0% who refuse AID • Easy start therapy, familiar for MDI users. Simple. Affordable. • “Patient finder” gateway to AID • AID backup that grows revenue per patient “Real-world evidence showed that users who responded more consistently and quickly to actionable alerts with an insulin bolus had better glycemic outcomes, achieving more than 70% time in range among those who responded to these alerts within less than 10 minutes.” Andrea Laurenzi, MD (Italy) EU launched Feb ‘26 US launched June ‘26 Launch Update September 2026 Investor Presentation 15
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Slim and compact tubed pump AID system • 300-unit reservoir for higher insulin needs • Clean and modern waterproof design • iOS and Android at launch with optional app manager (locked phone) • SmartGuard algorithm with Meal Detection tech MiniMed Flex 1.5M users on durable pumps † The sensor shape and appearance is a mark of Abbott. † Strategic advantage • Next-Gen sleek design and smart phone control • Minimal interruptions: as few as 6 pokes a month vs. 12-18 of other AID systems • 7-day battery life: charges in just 30 minutes • Highly durable with no screen that can crack • Compatible with existing reservoirs and sets • Leading clinical outcomes with proven algorithm US launch with Simplera June’26, with Instinct Aug’26 EU launch expected Nov’26 Launch Update September 2026 Investor Presentation 16
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MiniMed Fit * Up to seven-day wear patch pump system • 300-unit reservoir for higher insulin needs • Disposable, sustainable waterproof 2-piece design • Internal serter is part of the consumable • 2 reusables per patient, 3-year longevity • SmartGuard algorithm with Meal Detection tech 0.5M on patch pumps † Strategic advantage • Differentiated reservoir size and wear life • Proven seven-day cannula technology • Persistent BLE connectivity and Field Upgradeable • Simple consumable component design enables high volume manufacturing (no electronics) • Ships 6 consumables per month vs 10 for PODD • Leading clinical outcomes with proven algorithm *Expected features † The sensor shape and appearance is a mark of Abbott. US submitted Aug’26, launch expected Summer‘27 EU TBA Launch Update September 2026 Investor Presentation 17
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MiniMed Fit is highly differentiated for Type 1 and Type 2… MiniMed Fit * Insulet Omnipod 5 Other future competitors12 Algorithm with class-leading TIR 300-unit reservoir Disposable, 7-days wear time Persistent Bluetooth connectivity Scaled manufacturing / economics Scaled sterilization capability Proven soft cannula tech (comfort) US pharmacy channel access *Expected features September 2026 Investor Presentation 18
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MiniMed Fit Low-volume components contain electronics, high-volume components are entirely mechanical and simple to make Cannula and reservoir designs leverage technology to make a low-cost product and scalable Designed for low unit costs: nearly twice the wear while not throwing away electronics Initial capacity at launch will be ~20k patients with plans to scale rapidly for additional demand …and designed for high volume manufacturing, ready to scale Consumable Reusable Common components with MiniMed 780G/MiniMed Flex systems: • 7-day cannula • Software, electronics, connectivity • Algorithm, CareLink , single app • Ready for iOS/Android at launch Only 6 units per month vs. 10 for Omnipod September 2026 Investor Presentation 19
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Clinical outcomes >80% TIR 70% TIR <60% TIR Complicated Manageable Simple Ease of use Vivera is a “level 5” self-driving algorithm Vivera has shown higher TIR and simplicity than Gen 1 competitor algorithms that all require meal announcements (or carb counting)a If users choose to announce meals with Vivera , TIR is expected to be better than MiniMed 780G is todaya True hands-free fully closed loop algorithm • No carb counting • No meal announcement • Easy setup with just TDDb input • At least +70% TIRa • Engaged users can achieve higher TIR • For Type 1 and Type 2ii populations a Expected based on feasibility data Vivera Gen 3 algorithm is a fully closed loop for type 1 and type 2 b Total Daily Dose (of insulin) ADA Guideline Automated Insulin Delivery (AID) US pivotal trial fully enrolled Aug’26; expect H2 CY27 launch EU TBA Launch Update September 2026 Investor Presentation 20
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Commercial Growth Strategy Jon, MiniMed 780G user
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Our model is primarily direct-to-patient for selling and fulfilment Experienced global commercial team with reach and depth • 3,000+ dedicated commercial professionals as of May 2025 • 1,100+ dedicated customer care staff • Decades of experience in emerging markets Direct Hybrid Distributor 19 countriesc 23 countriesb 16 countriesb 1 countryb ~80 countries ~70% Direct to patient 659K Global pump users 40k+ Prescribing HCPs 67% 33% $3.1B OUS US FY26 revenue mix a Pump system patients only, not including Smart MDI b Sourced from March 2026 Seagrove market report. c Company data September 2026 Investor Presentation 22
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Established dedicated U.S. sales team and white-glove service Highest density of insulin prescriptions Lowest density of insulin prescriptions Density of sales teams Tech-enabled, dedicated commercial teams >1,200 FTEs Dedicated MiniMed professionals across ~170 US territories 25k+ prescribing HCPs (endos & PCPs) Dual channel sales model Including market access specialists, dedicated pharmacy team, clinical specialists, educators, and inside sales Commercial geographic presence Comprehensive fulfillment model Live benefit verifications Real-time coverage optimization across both pharmacy and DME White glove service Single point customer service for 24/7/365 in at least 25 languages Financial assistance programs Supporting patients at every step September 2026 Investor Presentation 23
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Our business model is direct-to-patient for sales and fulfilment Enabled by our DME supplier accreditation and pharmacy license More than 500 direct contracts for DME & Pharmacy Unique value proposition for payors • Our products are for insulin- dependent members only → minimize net cost to plan • Sell value of the “Full Stack” simplicity → drives higher patient adherence • Outcomes higher than national averagea → lower health care consumption • Carelink data enables health economics analysis on claims made by members Collect insurance, verify benefits (DME or Pharmacy), provide lowest out-of-pocket co-pay options We ship products direct, data connection via CareLink , provide training, service, support for entire system Long term customer relationship DME Pharmacy Unique value proposition for patients September 2026 Investor Presentation 24
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Customer Success Financials Liang, MiniMed Go user
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Q1 FY27 results Revenue $843M Adjusted EBITDA1 $83.1M CGM attachment rate2 69% New pumps sold 34k Product revenue mix Geographic revenue mix Consumables $261M l 31% +Low-double digits% Org Y/Y 1 Other3Pumps $144M l 17% +Low-20s% Org Y/Y1 CGM $431M l 51% +High-teens% Org Y/Y 1 United States $240M l 28% +13.1% Org Y/Y 1 International $603M l 72% +16.9% Org Y/Y 1 1. See “Appendix—GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measure. 2. Q1 average, for pumps only 3. Other $7M | Low-single digit% org y/y +16.6% reported +15.8% organic1 9.9% margin +100 bps Q/Q +500 bps Y/Y -17.9% Q/Q +7.7% Y/Y September 2026 Investor Presentation 26
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FY26 results Product revenue mix Geographic revenue mix Consumables $956M l 31% +HSD% Org Y/Y Other3Pumps $546M l 18% -LSD% Org Y/Y CGM $1,553M l 50% +LDD% Org Y/Y United States $917M l 30% +LSD% Org Y/Y International $2,185M l 70% +LDD% Org Y/Y 1. See “Non-GAAP to GAAP Reconciliations for Financials on a Standalone Basis” for a reconciliation to Net Income, the most directly comparable GAAP financial measure. 2. Q4 average c. Other $22M | 3% | >+800% Org Y/Y Revenue $3,102M Adjusted standalone EBITDA1 $482M CGM attachment rate2 66% New pumps sold 145k +8.0% organic +14.2% reported1 15.6% margin +700 bps Y/Y Unchanged Y/Y September 2026 Investor Presentation 27
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New product introductions are driving both New Pumps Sold and CGM attachment rate, resulting in Q1 growth acceleration New pumps sold grew 8% y/y • US: Q1 NPS >20% y/y • OUS: W. Europe NPS grew healthy DD CGM attachment rate grew 100 bps compared to Q4FY26 and is up 500 bps y/y Growth acceleration in Q1 FY27 1. See “Appendix— GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measure. 2. Note: Q1 FY27 had an extra week, with an estimated benefit to organic revenue growth of approximately 4 to 6%. 3. Growth rates exclude the extra week benefit. WW International US Approx. Extra Week2 New pumps sold (NPS), WW +8% y/y 32K Q1FY26 34K Q1FY27 CGM attachment rate, WW +100 bps q/q 68% Q4FY26 69% Q1 FY27 Organic revenue growth1 Acceleration 7.4% 11.1% (0.1%) 8.6% 11.4% 3.1% 15.8% 16.9% 13.1% LDD growth3LDD growth3 HSD growth3 H1FY26 H2FY26 Q1FY27 H1FY26 H2FY26 Q1FY27 H1FY26 H2FY26 Q1FY27 September 2026 Investor Presentation 28
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FY27 guidance As presented on Sept. 1, 2026 Margin expansion Original assumption (Q4 Call): Continued OpEx leverage expected to more than offset Simplera-related gross margin pressure Update (Q1 Call): Gross margin performance trending ahead of prior assumptions, offsetting Q1 FX impact; continued OpEx leverage Raising revenue on strong Q1 performance, reaffirming EBITDA margin Key Assumptions: Revenue growth MiniMed Flex US launch ramps through FY27 MiniMed Flex Europe launch begins in November (Q3 FY27) Instinct and Simplera global roll-out 1. Q1 FY26 included $7 million benefit from Italian payback, which needs to be removed from the FY26 base when calculating FY27 organic revenue growth 2. Includes 1–1.5% extra week benefit, which occurred in Q1 FY27 3. Based on recent rates Includes 1–1.5% extra week benefit3 Ambar, MiniMed Champion Organic revenue growth Organic Revenue Growth Guidance¹,² FX³ Implied FY27 Reported Revenue Q4 FY26 Earnings Call ~10% ~+50 bps ~$3.42B Q1 FY27 Earnings Call ~10.5% ~+30 bps ~$3.43B Adjusted EBITDA margin Adj. EBITDA Margin Guidance Q4 FY26 Earnings Call ~16% Q1 FY27 Earnings Call ~16% September 2026 Investor Presentation 29
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Strong margin expansion and robust balance sheet a. See “Non-GAAP to GAAP Reconciliations for Financials on a Standalone Basis” for a reconciliation to Net Income, the most directly comparable GAAP financial measure. b. No reconciliation for the forward-looking non-GAAP measure fiscal year 2027, provided on September 1, 2027 Consistent EBITDA standalone margin expansion, Net Cash $207M as of Q1 FY27 14.0% 15.6% FY25 Adj. Standalone EBITDAa FY26 Adj. Standalone EBITDAa ~16% FY27 Adj. EBITDA guidanceb Robust Cash Position and No Long-Term Debt As of quarter end Q1 FY27 $207M Undrawn $500M revolver September 2026 Investor Presentation 30
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Q1 FY27 balance sheet and cash flow Q1 FCF of $21M excluding separation and standup use of cash -$90M +$38M +$23M +$50M $21M +$41M $62M Conveyed B/S ImpactFree Cash Flow Adj. for Extended Net Cash Terms Separation / Standup Costs Free Cash Flow (ex-separation/standup) Capex Operating Cash Flow (ex-separation/standup) Underlying cash generation and operating leverage position MMED for free cash flow improvement over time Separation/Standup Use of Cash: $111M 1. See “Appendix—GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measure. September 2026 Investor Presentation 31
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Appendix
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Blackstone co-development overview Funding Provided • $324M total Blackstone funding recognized as of April 25, 2025 (fully funded) • Includes $212M of funding for MiniMed Flex and MiniMed Fit Products Covered • MiniMed Flex insulin pump • MiniMed Fit patch pump • MiniMed Duo infusion set with CGM/transmitter • An undisclosed development program Royalty / Payment Terms • First 2 years following US regulatory approval and launch of each product: Blackstone receives greater of 1) mid-to-high single digit % of net sales for each product; and 2) specified minimum payments up to $162M for each product • After 2 years, mid-to-high single digit royalty % of net sales until aggregate royalty payments since launch reach a certain threshold (low-single digit multiple of aggregate funding) • Once threshold reached, which threshold is a low-single digit royalty % of net sales for 5 years IP & Ownership • MiniMed retains all IP; Blackstone has no equity or IP rights Current Status • No Blackstone-funded products currently launched: MiniMed Flex submitted to FDA, expecting Fall ‘26 US launch; MiniMed Fit expecting to submit to FDA in Fall ‘26 and US launch in CY27 • MiniMed Duo terminated for technical infeasibility prior to full funding by Blackstone; royalty obligations survive if the product is commercialized in the future • Settlement reached that terminated the agreement on the undisclosed program September 2026 Investor Presentation 33
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Historical revenue by geography and product category and key business metrics Additional historical financials on a standalone basis (non-GAAP) can be found in the MiniMed Q4 FY26 earnings presentation, slides 20-28: https://filecache.investorroom.com/mr5ir_minimed/329/Earnings-Presentation-FY26Q4-FINAL.pdf (in millions) FY25 - Q1 FY25 - Q2 FY25 - Q3 FY25 - Q4 FY25 FY26 - Q1 FY26 - Q2 FY26 - Q3 FY26 - Q4 FY26 FY27 - Q1 Revenue U.S. $211 $227 $231 $234 $903 $212 $224 $242 $238 $917 $240 International $412 $455 $456 $489 $1,812 $511 $527 $548 $599 $2,185 $603 Total $623 $682 $687 $724 $2,715 $723 $752 $790 $837 $3,102 $843 Pumps $123 $128 $136 $154 $541 $119 $131 $151 $146 $546 $144 Consumables $209 $210 $213 $223 $854 $229 $234 $244 $249 $956 $261 CGM $304 $334 $330 $345 $1,313 $360 $383 $390 $420 $1,553 $431 Other ($13) $9 $8 $2 $6 $15 $4 $5 $22 $46 $7 Total $623 $682 $687 $724 $2,715 $723 $752 $790 $837 $3,102 $843 Key Business Metrics New Pumps Sold 31.5k 33.9k 36.9k 43.0k 145.3k 31.9k 32.1k 39.0k 41.9k 144.9k 34.4k Global CGM Attachment Rate 57% 59% 61% 63% 59% 64% 65% 67% 68% 66% 69% Note: U.S. includes the United States and U.S. territories; International includes all other non-U.S. countries Note: "Other" Primarily includes net sales generated from the sales of smart insulin pens and services. Amounts in this line also reflect adjustments to the Company's Italian payback accruals resulting from two rulings in 2024 by the Constitutional Court of Italy and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. For the three months ended April 24, 2026 and April 25, 2025, there were no adjustments to the Italian payback accruals. For the full year ended April 24, 2026 and April 25, 2025, adjustments to the Italian payback accruals were $7 million and ($20) million, respectively. September 2026 Investor Presentation 34
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Non-GAAP to GAAP Reconciliations
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Historical financials on standalone basis (Non-GAAP) Basis of presentation MiniMed’s fiscal year ends on the last Friday of April, following a 52/53-week calendar. The “Income Statement – Standalone Basis” and the “Adjusted Standalone EBITDA” financial measure presented on the following slides are aligned to this convention and are reported in actual currency, consistent with the historical financial information presented in MiniMed’s SEC filings. However, for each period presented in the “Income Statement – Standalone Basis” and the “Adjusted Standalone EBITDA” financial measure, certain historical cost allocations related to centralized support functions that were originally allocated from Medtronic to MiniMed on a GAAP basis have been replaced with the expected run-rate cost structure for MiniMed as a standalone entity allowing for a comparable analysis of reporting periods after MiniMed’s fiscal year ended April 24, 2026. In addition, the “Adjusted Standalone EBITDA” financial measure excludes interest expense, provision for income taxes, and depreciation and amortization, other non-operational items and excludes a one-time charge of $157 million during the fourth quarter of fiscal year 2026 related to future minimum royalty payment obligations under our research and development funding arrangement with Blackstone in connection with MiniMed Flex. Except for “Net Sales” and “Interest Expense”, each of the line items in the “Income Statement – Standalone Basis”, as well as the “Adjusted Standalone EBITDA” financial measure, were not prepared in accordance with U.S. GAAP and are therefore non-GAAP financial measures. These non-GAAP financial measures are presented to provide consistency and comparability while evaluating operational performance of the business on a run-rate standalone basis for reporting periods after MiniMed’s fiscal year ended April 24, 2026, but they should not be viewed as a substitute for GAAP financial measures. Although our management uses these non-GAAP financial measures when planning, monitoring, and evaluating our performance, any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies. September 2026 Investor Presentation 36
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Numbers may not tie due to rounding. Organic Revenue Growth measures our revenue growth trends excluding the impacts of foreign currency rate fluctuations and adjustments to the Company’s Italian payback accrual for certain years since 2015. Organic Revenue Growth excluded the impact of foreign currency rate fluctuations by calculating current period revenue at prior period actual foreign exchange rates. a YoY growth calculated as organic revenue from current year compared to revenue from previous year. Reconciliation of organic revenue growth to net sales $ in millions Current Year Dollars Prior Year Dollars Revenue Growth (YoY) Period Reported New Sales Currency Impact Organic Revenue Reported Net Sales Reported Organic Q1 $843 $14 $829 647 17% 16% Q4 837 50 787 724 16% 9% Q3 790 44 746 687 15% 9% Q2 757 22 735 686 10% 7% Q1 721 23 698 647 12% 8% Q4 728 (11) 739 660 10% 12% Q3 694 (12) 706 640 8% 10% Q2 686 9 678 610 12% 11% Q1 647 (4) 651 578 12% 13% Q4 660 (1) 661 595 11% 11% Q3 640 12 628 570 12% 10% Q2 610 17 593 556 10% 7% Q1 578 3 575 541 7% 6% Q4 595 (20) 615 597 0% 3% Q3 570 (33) 603 584 (2)% 3% Q2 556 (47) 603 585 (5)% 3% Q1 541 (33) 574 572 (5)% 0% Q4 597 (19) 616 647 (8)% (5)% Q3 584 (12) 596 630 (7)% (5)% Q2 585 3 582 574 2% 1% Q1 572 26 546 562 2% (3)% FY24 FY25 FY23 FY22 FY26 Quarterly FY27 September 2026 Investor Presentation 37
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Organic revenue: GAAP to non-GAAP reconciliations Q1 FY27 Earnings 38 Organic Revenue Growth 1Q FY26 (ending July 31, 2026) and 1Q FY27 (ending July 25, 2025)
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EBITDA: GAAP to non-GAAP reconciliations (1) Charges primarily relate to the Diabetes Pump Retainer Ring litigation and accruals associated with other legal proceedings, including matters resolved during the period. (2) All periods presented include charges related to employee termination benefits and consulting expenses directly related to th e restructuring efforts. (3) Reflects adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. (4) These charges represent costs incurred associated with the Separation. Net Income to Adj. Standalone EBITDA Q1 FY26 Net Income to Adj. EBITDA Q1 FY27 (in millions, except where noted) Q1 FY26 (in millions, except where noted) Q1 FY27 Net Income ($16) Net Income $0 (+) Taxes, Interest and Other 3 (+) Taxes, Interest and Other 4 (+) D&A 39 (+) D&A 41 (+) Stock-Based Compensation 9 (+) Stock-Based Compensation 10 (+) Certain Litigation Charges (1) 17 (+) Certain Litigation Charges (1) (2) (+) Restructuring and Other Associated Costs (2) 3 (+) Restructuring and Other Associated Costs (2) 2 (+) Other Adjustments (3) (7) (+) Other Adjustments (3) 0 (+) Transaction Costs (4) 2 (+) Transaction Costs (4) 27 Adj. EBITDA $50 Adj. EBITDA $83 (+) Corp Allocations 47 (+) IDD Allocations 42 (-) Net Standalone costs (excl. SBC) (54) (+) Blackstone Minimum Royalty Expense 0 Adj. Standalone EBITDA $85 September 2026 Investor Presentation 39
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EBITDA: GAAP to non-GAAP reconciliations Net Income to Adj. Standalone EBITDA FY25 and FY26 September 2026 Investor Presentation 40 (1) Charges primarily relate to the Diabetes Pump Retainer Ring litigation and accruals associated with other legal proceedings, including matters resolved during the period. (2) All periods presented include charges related to employee termination benefits and consulting expenses directly related to th e restructuring efforts. (3) Reflects adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. (4) These charges represent costs incurred associated with the Separation.
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Cash flow: GAAP to non-GAAP reconciliations (in millions, except where noted) Q1 FY27 Net Cash Used in Operating Activities - GAAP (49) Additions to property, plant and equipment (41) Free Cash Flow ($90) Conveyed Balance Sheet Impact (1) 38 Separation Costs (2) 23 Adj. for Exended Net Cash Terms (3) 50 Free Cash Flow (ex-transition uses of cash) $21 Cash spent on Capex 41 Operating Cash Flow (ex-transition uses of cash) $62 Free Cash Flow 1. Reflects management estimates of incremental FY ’27 Q1 net cash flow if the balance sheet items generated by MiniMed’s international business prior to separation were conveyed to MiniMed at separation. 2. Separation-related costs primarily include costs incurred to support the Company’s separation from Medtronic, including costs associated with TSA and other arrangements with Medtronic following the separation 3. Estimate based on an anticipated net favorable change in working capital settlement terms that management expects to occur when the Company is no longer subject to TSA arrangements whereby Medtronic collects certain incoming customer receipts on behalf of the Company and makes certain supplier payments on behalf of the Company. Q1 FY27 Net Cash Used in Operating Activities to Free Cash Flow, Free Cash Flow (ex-transition uses of cash) and Operating Cash Flow (ex-transition uses of cash) September 2026 Investor Presentation 41
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Endnotes and Citations 1. Diabetes organic revenue growth reported by Medtronic. 2. Seagrove partners’ SeaTRAKMonitor Q3 2025 data (estimating the compound annual growth rate of the market for our products from 2025 to 2030). 3. MED estimates <$1B of total $19B revenue from patients outside of intensive insulin population. 4. Seagrove Partners’ SeaTRAKMonitor Q2 2026 data (estimating the compound annual growth rate of the market for our products from 2025 to 2030). 5. Values obtained from Seagrove Market Reporting of global, and country-level PWD prevalence and therapy adoption (Q3 2025), including over 5 million patients in defined developed markets. 6. Laron-Hirsch, M., et al. Glycemic concordance of Simplera Sync and Instinct sensors in MiniMed 780G system users: A randomized crossover feasibility study. Diabetes Technology and Therapeutics. DOI:10.1177/15209156261449884. 7. MiniMed 780G Real World Evidence uploaded to CareLink as of September 30, 2025 for users on recommended settings. 8. MiniMed MM780G Global RWE as of Sept 2025. 9. Forlenza et al. (2024) doi:10.1089/dia.2023.0578. 10. Published Insulet Omnipod 5 Real World Evidence (Forlenza 2024). 11. Published Tandem Control IQ Real World Evidence (Graham 2024 and Messer 2023). 12. NHS England, National Diabetes Audit 2023–24. 13. Based on external statements and releases from competitors, subject to change; competitors include Beta Bionics (Mint) and Tandem (Mobi Tubeless and Sigi). September 2026 Investor Presentation 42