MiniMed Group, Inc. Common Stock Bank of America Global Healthcare Conference

Excellent. Welcome everybody. Day 2 of the London Healthcare Conference for Bank of America. I'm Dan Loquis, the global healthcare specialist based in New York, and very pleased today to have MiniMed with me. We have Q Dallara, Chief Executive Officer, and Chad Spooner, Chief Financial Officer, with me up here for a fireside chat. So with that, let me kick off. Maybe first, just touching on post the initial spinoff, MiniMed's entering a new phase with recent innovation, reaching patients in the broader portfolio, moving increasingly towards commercialization. What's changed the most fundamentally? Why should investors view MiniMed as a growth company today? Maybe we'll start with Q.

Yeah. Well, Dan, thanks for having us.

What's really fundamentally changed, I would say, is really two things. One is we've really kicked it up a gear. You can see that in our last 12 consecutive quarters of high single digits, low double-digit growth. We've pushed a lot of the pipeline that we committed to at the IPO to the left. So we're ahead of schedule. I think that's a lot more visible. Being a public company, we're able to talk about it a bit more now. So I think those two things have been pronounced. This market is huge. It's $19 billion, growing double digit. So we're playing in a very attractive space. Got an incredible pipeline that we're executing on right now. We're seeing U.S., for example, accelerate. Our international business continues to perform consistently. When you take all those elements together, we're not a mature business in a middling market.

We've got an unbelievable pipeline and growth market, and really what you're looking at is the next phase of growth for MiniMed.

You have seen an acceleration in the U.S. business. Just maybe touching on that, it began with the launch of Simplera Sync sensor. You have launched now Instinct, which is the 15-day CGM from Abbott. You will have Flex coming, which is a new durable pump. It launched with Simplera a few months ago, and with Instinct last month. How should investors think about the durability of the growth? I think that has been a big theme within the med tech world is not just acceleration durability of that acceleration.

I think it is a great question how you phrased it. If we take a step back, the way I think about it is, what you are seeing in the U.S. is really an early step in a cascade of launches that are happening. You kind of rattled down the list. It is not a single product. We just launched Simplera Sync with Flex really for 5 weeks of Q1. We are just really in the early innings. As we execute on the pipeline, and certainly as we roll this out around the world, that is what is really fueling the growth and our confidence in the future.

I believe you have called it third generation of MiniMed.

Maybe you can talk about how you brought together smart MDI, durable pumps, patch pumps soon to come.

Sensor choice, one app. CareLink.

There's a lot that you've brought together in that ecosystem. Why is it so important to have all of those pieces within the single ecosystem rather than as standalone products?

Look, I think when you list all the products, it can often sound like a laundry list. I think maybe I can help with a governing thought of there are really two axioms, like why we have the portfolio we have. There are two fundamental things that are true today and will be true in the future. The first one is the fact that not everyone who has diabetes wants the same thing. People have different lifestyles, they have different needs. They have different things they respond to that fit into their lives. We don't believe in force-fitting people with diabetes to one single product. We think we need to offer choice for the thing that fits their lives. So that's the first thing. That's not going to change because it's different strokes for different folks.

The second one is that the direction of travel for where the industry is going is simplification. People want a simpler user experience. Diabetes is hard enough, let alone making technology yet another burden someone has to deal with. So the user experience needs to be easier. More of the automation needs to happen in the background, less burden on the part of the patient. Those things are true today, and they will be true tomorrow. So in the context of that, when you think about the portfolio that we offer, we are really providing a very compelling value proposition in that you do not need to leave MiniMed to pick a therapy that works for you. We have 3 different dosing hardware options, whether that is a smart pen, you do not want to be on a pump at all. A durable pump for when you want to disconnect.

A patch pump that we have in development. Then we have one single app that drives all of that. We have one support phone number, one algorithm, one CareLink healthcare portal for patients and providers. So you do not need to leave MiniMed if you want to pick any of those options. So that is fundamentally the portfolio we have. It allows us to address pretty much everybody in type 1 and type 2, and allow them to have an incredible experience with less burden and the great outcomes that we are known for.

Maybe shifting to some of the different products within your portfolio. So the Flex launch. You newly launched Durable Pump, the first major pump hardware and software refresh in more than a decade. What are the early indicators telling you about the ability for this to expand the U.S. market position?