MiniMed (Nasdaq:MMED) issued an SEC filing stating that it doesn’t expect to be affected by the recent cybersecurity breach at parent company Medtronic.
On April 24, Medtronic issued a statement saying that it determined that an unauthorized party accessed data in certain corporate IT systems. The company identified no impact to products, patient safety, connections to customers, manufacturing and distribution, financial reporting systems or its ability to meet patient needs.
The networks that support its corporate IT systems remains separate from systems supporting products, manufacturing and distribution. Hospital netowrks also remain separate from Medtronic IT networks. Medtronic said it took immediate steps to contain the incident. It activated its incident response protocols and engaged leading cybersecurity experts to support its investigation and remediation efforts. The company said it continues to work to identify any potential access to personal information.
Medtronic remains the parent company of MiniMed, its former Diabetes unit, following its March initial public offering (IPO). It owned approximately 90.03% of the outstanding shares of common stock ahead of a final split-off as of the date of the IPO’s closing. The company is still financially impacted by MiniMed, lowering its 2026 guidance as a result of a one-time charge related to the IPO.
However, MiniMed said it is not aware of any compromises to its own IT systems as a result of the Medtronic breach. It does not currently expect a material impact on its business for financial results at this time.
MiniMed continues to build on its separation from Medtronic, with analysts optimistic over the company’s future. It already ticked one major regulatory milestone, earning FDA clearance for its next-generation Flex automated insulin delivery system in March.
