MiniMed Reports Revenue Growth, Price Target Raised Despite Unprofitable Performance
MiniMed (NASDAQ:MMED) saw its share price rise by 10.66% to $22.42 on Tuesday following strong first-quarter revenue growth and a raised price target from BTIG. The company reported revenues of $843 million for the quarter, up 16.6% year-over-year, driven by robust sales in both domestic and international markets. Despite this positive performance, MiniMed remains unprofitable but managed to eliminate its previous net loss of $19 million. BTIG raised its price target from $25 to $28 while maintaining a 'buy' recommendation due to the company's outperformance against consensus estimates. StoneX Group also reiterated its buy rating with a $20 price target, citing optimism around pent-up demand for MiniMed’s Flex product and an expected adjusted EBITDA of $117 million on revenues of $829 million. MiniMed raised its full-year FY27 revenue growth forecast to 10.5% from 10%, factoring in the extra week in Q1, while reaffirming a 16% adjusted EBITDA margin target.
Tickers: $MMED
Topics: financial performance medical technology price target upgrade