MiniMed, the insulin pump company that was born in Northridge and later folded into Medtronic, has officially come full circle. The company completed an initial public offering earlier this month and marked the milestone with a hometown ceremony at its Northridge campus. Last Wednesday, the U.S. Food and Drug Administration cleared MiniMed Flex, a smaller, smartphone-controlled insulin pump, giving the newly public company an early regulatory win.
IPO and market debut
MiniMed priced 28,000,000 shares at $20 a share, raising roughly $560 million and beginning trading on the Nasdaq Global Select Market under the ticker MMED on March 6. The offering came in below the $25 to $28 range that the company had marketed and left a relatively small public float. The deal capped months of preparation around MiniMed’s separation from Medtronic. According to PR Newswire, the offering was expected to close in early March.
Spinout terms and finances
Medtronic first announced plans to separate the Diabetes business in May 2025 and structured the move so it would remain the controlling shareholder after the IPO. MiniMed’s prospectus shows about $2.72 billion in revenue for the fiscal year ending April 2025 and a pro forma net loss of roughly $250 million. The company lists its Northridge address on SEC filings as 18000 Devonshire St., and says it employs roughly 1,500 people at the headquarters and about 8,000 globally. These details are reported by Medtronic, summarized in the Los Angeles Business Journal, and shown in SEC filings.
MiniMed Flex wins FDA clearance
Last Wednesday, MiniMed announced U.S. FDA clearance of MiniMed Flex, a screenless, smartphone-controlled pump the company says is about half the size of its previous device and uses advanced automation to adapt to glucose changes. The company framed the clearance as the first product milestone as an independent public company and said commercial rollout would begin with a customer experience phase this spring, followed by a broader summer launch. In a company release, CEO Que Dallara said the new pump “embodies that promise.” The clearance and product details were outlined in a MiniMed announcement via PR Newswire.
Local reaction and what’s next
Local industry leaders welcomed the return of a multibillion-dollar medtech name to the region, saying a Northridge-based public company should boost Southern California’s biomedical ecosystem. Executives quoted by the Los Angeles Business Journal noted the symbolic and practical value of reestablishing MiniMed as a homegrown public company. Management also told attendees the company is starting clinical trials for its next-generation algorithm and that further product investments will be a near-term focus.
Where the company stands
The IPO and the Flex clearance give MiniMed both capital and a regulatory foothold, but the company begins its public life with Medtronic as the majority owner and a pro forma loss on its books. Medtronic has said the preferred completion path for the separation is an IPO followed by a split-off, a sequence that will be watched closely by local industry groups and investors alike. For now, MiniMed’s ability to convert product approvals into sales and margin improvement will determine whether the Northridge comeback turns into sustained growth. See Medtronic’s announcement for more on the separation plan.
