MiniMed Group, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements MINIMED GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended (in millions, except per share data) July 31, 2026 July 25, 2025 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 — — Income (loss) before income taxes 4 ( 13 ) Income tax provision 4 3 Net income (loss) — ( 16 ) Net income attributable to noncontrolling interests — ( 3 ) Net income (loss) attributable to the Company $ — $ ( 19 ) Earnings (loss) per share: Basic and diluted $ 0.00 $ ( 0.08 ) Weighted-average shares outstanding Basic and diluted 281.0 252.8 The accompanying notes are an integral part of these condensed consolidated financial statements . 1 MINIMED GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended (in millions) July 31, 2026 July 25, 2025 Net income (loss) $ — $ ( 16 ) Other comprehensive income (loss): Translation adjustment ( 2 ) 11 Comprehensive loss: $ ( 2 ) $ ( 5 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 2 MINIMED GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) July 31, 2026 April 24, 2026 ASSETS (Unaudited) 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 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 251 $ 163 Due to Medtronic 178 137 Accrued compensation 126 163 Accrued rebates 42 45 Other accrued expenses 185 194 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,