Financial Analysis

Debt Supplier Financing Arrangements The Company participates in a supplier financing program that provides participating suppliers the ability to finance payment obligations from the Company with third-party financial institutions in order to receive earlier payment. The Companys standard payment term is 90 days. The Companys outstanding payables to its suppliers, including amounts due and payment terms, are not affected by a suppliers participation in the program. At April 24, 2026 and April 25, 2025, the Company had $15 million and $25 million, respectively, of outstanding payables associated with the supplier financing program recorded in Accounts payable in the consolidated balance sheets. The historical financial statements previously reported by the Company covering periods prior to the Separation included the supplier financing arrangements of $9 million as of April 25, 2025 which did not convey to the Company following the Separation. The following table presents a roll-forward of outstanding payables confirmed as valid associated with the program during fiscal year 2026: Fiscal Year (in millions) 2026 Beginning Balance $ 25 Adjustments for non-conveying balances at Separation (9) Invoices confirmed during the year 73 Confirmed invoices paid during the year (74) Ending Balance $ 15 Revolving Credit Facility On January 15, 2026, the Company entered into a credit agreement that provides for a five-year senior secured revolving credit facility (the Revolving Credit Faci …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The table below includes net sales by geography for the fiscal years ended April 24, 2026, April 25, 2025, and April 26, 2024: Fiscal Year (in millions) 2026 2025 2024 U.S. (1) $ 917 $ 903 $ 833 International (2) 2,185 1,812 1,636 Total $ 3,102 $ 2,715 $ 2,469 (1) U.S. includes the United States and U.S. territories. (2) International includes all other non-U.S. countries. The table below includes net sales by product category for the fiscal years ended April 24, 2026, April 25, 2025, and April 26, 2024: Fiscal Year (in millions) 2026 2025 2024 Pumps $ 546 $ 541 $ 540 Consumables 956 854 777 CGM 1,553 1,313 1,117 Other (1) 46 6 34 Total $ 3,102 $ 2,715 $ 2,469 (1) Primarily includes revenue generated from the sale of smart insulin pens and services. Amounts in this line also reflect adjustments to the Company's Italian payback accruals resulting from two rulings in 2024 by the Constitutional Court of Italy and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. Refer to Note 12. Commitments and Contingencies, for more information. Fiscal Year (in millions) 2026 2025 2024 Pumps $ 546 $ 541 $ 540 Consumables 956 854 777 CGM 1,553 1,313 1,117 Other (1) 46 6 34 Total $ 3,102 $ 2,715 $ 2,469 (1) Primarily includes revenue generated from the sale of smart insulin pens and services. Amounts in this line also reflect adjustments to the Company's Italian payback accruals resulting from two rulings in 2024 by the Constitutiona …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-based Compensation Medtronic Plans and Conversion of Medtronic Awards Prior to the Separation, Medtronic granted stock awards under the 2021 Medtronic plc Long Term Incentive Plan (Medtronic 2021 Plan). The Medtronic 2021 Plan provides for the grant of stock options, restricted stock units (RSUs), performance share units (PSUs), other stock-based awards, and cash awards to employees and directors, including the Companys personnel. Stock-based compensation granted pursuant to the Medtronic 2021 Plan was denominated in shares of Medtronics common stock. As such, all awards granted prior to the Companys completion of its IPO on March 9, 2026, (the Conversion Date) were issued under the Medtronic 2021 Plan. In connection with the Separation, on the Conversion Date, Medtronic outstanding RSUs and certain PSUs held by MiniMed employees were converted to MiniMed RSUs under the 2026 MiniMed Long-Term Incentive Plan. The awards were converted using the conversion ratio that was determined in accordance with the Employee Matters Agreement (as defined in Note 14. Related Party Transactions). The conversion ratio was based on the average closing prices of the Medtronic common stock for the last three trading days prior to the Separation and the Companys common stock for the first three trading days following the Separation. Additionally, as part of the conversion, one of the Medtronic PSU awards was deemed satisfied at the target level, and one was deemed satisfied at the latest fo …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Incomes Taxes The income tax provision is based on income before income taxes reported for financial statement purposes. Prior to the Separation, income taxes have been calculated using a separate return method. The separate return method applies the accounting guidance for income taxes to the standalone financial statements as if the Company were a separate taxpayer and a standalone entity. For all periods prior to the Separation, the Company was part of Medtronics consolidated U.S. federal income tax return, as well as Medtronics separate and combined income tax returns in numerous state and international jurisdictions. The Companys current tax liabilities computed under the separate return method are considered to be effectively settled in the Consolidated Financial Statements at the time the transaction is recorded, with the offset recorded against Net Parent investment from Medtronic. The components of income/(loss) before income taxes, based on tax jurisdiction, are as follows: Fiscal Year (in millions) 2026 2025 2024 U.S. $ (381) $ (281) $ (176) International 192 134 106 Loss before income taxes $ (189) $ (147) $ (70) The income tax provision consists of the following: Fiscal Year (in millions) 2026 2025 2024 Current tax expense: Federal $ 23 $ 24 $ 11 State 2 2 2 International 153 28 21 Total current tax expense 178 54 34 Deferred tax expense (benefit): Federal 2 State International (52) (2) 3 Net deferred tax expense (benefit) (50) (2) 3 Income tax provision $ 128 $ …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases office, manufacturing, and research facilities and warehouses, as well as transportation and other equipment. The Company determines whether a contract is a lease or contains a lease at inception date. Right-of-use assets represent the Company's right to use the underlying asset for the lease term. Lease liabilities are the Company's obligation to make the lease payments arising from a lease. As the Companys leases typically do not provide an implicit rate, the Companys lease liabilities are measured on a discounted basis using the Company's incremental borrowing rate. Lease terms used in the recognition of right-of-use assets and lease liabilities include only options to extend the lease that are reasonably certain to be exercised. Additionally, lease terms underlying the right-of-use assets and lease liabilities consider terminations that are reasonably certain to be executed. The Company's lease agreements include leases that have both lease and associated nonlease components. The Company has elected to account for lease components and the associated nonlease components as a single lease component. The combined balance sheets do not include recognized assets or liabilities for leases that, at the commencement date, have a term of twelve months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised. The Company recognizes such leases in the consolidated statements of operations on a straight …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Standards Income Taxes In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires incremental annual disclosures on income taxes, including rate reconciliations, income taxes paid, and other disclosures. The Company adopted this guidance prospectively beginning in the fourth quarter of fiscal year 2026 for the annual report. The adoption of this guidance did not have a material impact to the Companys consolidated financial statements but did require additional disclosures. Refer to Note 8. Income Taxes, for additional information. Accounting Pronouncements Issued and Not Yet Adopted Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220-40), which requires tabular disclosures disaggregating certain costs and expenses within relevant income statement captions. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2028 for its annual reports and for interim periods starting in fiscal year 2029. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures. Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40), to increase the operability of the recognition guidance by removing all …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension Historically, certain employees of MiniMed participated in retirement plans sponsored by Medtronic. In connection with the Separation, MiniMed assumed certain non-U.S. defined benefit pension plan obligations and, for certain plans, plan assets related to active MiniMed employees that were legally transferred from Medtronic to MiniMed. These amounts are disclosed as Transfers from Medtronic in the following tables, and the net periodic benefit costs are included in the consolidated statement of operations. Prior to these employee transfers, these plans were accounted for as multi-employer plans and a proportionate allocation of service costs associated with MiniMed employees was reflected in the consolidated statements of operations. As the plans are now sponsored by MiniMed, the Company accounts for these plans as single-employer plans. The funded status of the plans is recognized on the consolidated balance sheet, and the net periodic benefit costs are reflected in the consolidated statements of operations. The Company makes deposits for certain funded defined benefit plans with independent trustees. Trust funds and/or deposit with insurance companies are maintained to provide pension benefits to plan participants and their beneficiaries. Certain plans are unfunded in nature and therefore have no plan assets. Net periodic benefit costs for the fiscal years ended April 24, 2026, April 25, 2025, and April 26, 2024 were approximately $7 million, $8 million, and $8 mill …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Separation from Medtronic and Related Transactions On March 6, 2026, the Company initiated its IPO pursuant to which 28,000,000 shares of its common stock were issued, at an offering price of $20.00 per share. The IPO closed on March 9, 2026. In connection with the IPO and the Separation, the Company entered into a series of transactions with Medtronic pursuant to which Medtronic transferred the assets and liabilities comprising Medtronics Diabetes Business to the Company, and the Company issued shares of common stock to Medtronic. Immediately prior to the IPO, on March 5, 2026, the Companys outstanding common stock was converted from 100 shares of common stock to 252,813,348 shares of common stock. The Company (i) retained approximately $309 million of the net proceeds from the IPO, for general corporate purposes, and (ii) used the excess of the net proceeds to repay intercompany indebtedness owed to Medtronic under an intercompany note. Following the IPO, Medtronic owned 90% of the outstanding shares of the Companys outstanding common stock. Medtronic has informed the Company that it intends to make a generally tax-free distribution to its shareholders of all or a portion of its remaining equity interest in the Company, but Medtronic has no obligation to complete such distribution. In connection with the Separation, the Company entered into a series of agreements with Medtronic that establish the framework for the ongoing relationship between the parties, including: a separ …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring Total restructuring, associated, and other costs for the fiscal years ended April 24, 2026, April 25, 2025, April 26, 2024 were $142 million, $25 million and $29 million, respectively. Contract Termination Activity In December 2025, management approved and committed to a plan to terminate a third-party manufacturing agreement. In conjunction with this plan, the Company recorded pre-tax charges of $ 118 million during the fiscal year ended April 24, 2026, including $84 million recognized within cost of products sold related to asset write-offs and $34 million recognized within other operating expense (income), net related to contract termination costs in the consolidated statements of operations. As of April 24, 2026, $24 million and $10 million were recorded within other accrued expenses and other liabilities, respectively, in the consolidated balance sheet. There were no comparable liabilities recorded in the consolidated balance sheets as of April 25, 2025. Other Restructuring Activities The Company also incurred restructuring charges during the fiscal years ended April 24, 2026 and April 25, 2025 for individually immaterial restructuring activities. The restructuring, associated, and other costs for these activities primarily related to employee termination benefits provided to employees who have been involuntarily terminated, facility related and asset write-offs. The following table presents the classification of these restructuring, associated, and other c …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue The Company's revenues are principally derived from the sale of reusable and single-use products which together comprise automated insulin delivery (AID) systems and smart multiple daily injection (MDI) systems for diabetes management to individuals, distributors, healthcare providers, and other institutions globally. The table below includes net sales by geography for the fiscal years ended April 24, 2026, April 25, 2025, and April 26, 2024: Fiscal Year (in millions) 2026 2025 2024 U.S. (1) $ 917 $ 903 $ 833 International (2) 2,185 1,812 1,636 Total $ 3,102 $ 2,715 $ 2,469 (1) U.S. includes the United States and U.S. territories. (2) International includes all other non-U.S. countries. The table below includes net sales by product category for the fiscal years ended April 24, 2026, April 25, 2025, and April 26, 2024: Fiscal Year (in millions) 2026 2025 2024 Pumps $ 546 $ 541 $ 540 Consumables 956 854 777 CGM 1,553 1,313 1,117 Other (1) 46 6 34 Total $ 3,102 $ 2,715 $ 2,469 (1) Primarily includes revenue generated from the sale of smart insulin pens and services. Amounts in this line also reflect adjustments to the Company's Italian payback accruals resulting from two rulings in 2024 by the Constitutional Court of Italy and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. Refer to Note 12. Commitments and Contingencies, for more information. At April 24, 2026, $45 million of rebates and other adjustments w …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment and Geographic Data The Company derives its revenue primarily from sale of products focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens. The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment. The Companys chief operating decision maker (CODM) is the Companys Chief Executive Officer. The CODM makes decisions about resource allocation, assesses performance of the business, and monitors budget versus actual results using net income (loss). Income or loss from operations is also considered when monitoring budget versus actual results. Significant expenses include cost of products sold, research and development expenses, selling, general and administrative expenses, and certain litigation charges, which are each separately presented on the Companys consolidated statements of operations. Other segment items include other operating expense (income), net, non-operating expense (income),net, and income tax provision. The Companys CODM is provided with segment assets information on a consolidated basis for the evaluation of Company performance. Total segment assets were consistent with total assets reported in the Companys consolidated balance sheets for the fiscal years ended April 24, 2026 and April 25, 2025. Sales by Geographic Region and Customer Sales Channel Net sales are attributed to the country based on the location of the cu …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used when accounting for items such as income taxes, contingencies, goodwill and intangible assets, equity investments, rebates, and liability valuations. Actual results may or may not differ from those estimates. Fiscal Year-End The Company utilizes a 52/53-week fiscal year, ending the last Friday in April, for the presentation of its consolidated financial statements and related notes thereto at April 24, 2026 and April 25, 2025, and for each of the fiscal years ended April 24, 2026 (fiscal year 2026), April 25, 2025 (fiscal year 2025) and April 26, 2024 (fiscal year 2024). Cash Equivalents The Company considers highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. Investments The Company invests in marketable equity securities, including investments that do not have readily determinable fair values and investments accounted for under the equity method. Certain of the Companys investments in marketable equity securities are long-term, strategic investments in companies that are in various stages of development and are included in other a …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Debt Supplier Financing Arrangements The Company participates in a supplier financing program that provides participating suppliers the ability to finance payment obligations from the Company with a third-party financial institution in order to receive earlier payment. The Companys standard payment term is 90 days. The Companys outstanding payables to its suppliers, including amounts due and payment terms, are not affected by a suppliers participation in the program. At July 31, 2026 and April 24, 2026, the Company had $10 million and $15 million, respectively, of outstanding payables associated with the supplier financing program recorded in Accounts payable in the condensed consolidated balance sheets. Revolving Credit Facility During fiscal 2026, the Company entered into a credit agreement that provides for a five-year senior secured revolving credit facility (the Revolving Credit Facility) with an aggregate available principal amount of up to $500 million. The Revolving Credit Facility became available upon the completion of the Companys IPO on March 9, 2026, and matures in March 2031. The Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants, and events of default. As of July 31, 2026, no amounts were outstanding under the Revolving Credit Facility, and the Company was in compliance with all applicable covenants. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The table below includes net sales by geography for the three months ended July 31, 2026 and July 25, 2025: Three Months Ended (in millions) July 31, 2026 July 25, 2025 U.S. (1) $ 240 $ 212 International (2) 603 511 Total $ 843 $ 723 (1) U.S. includes the United States and U.S. territories. (2) International includes all other non-U.S. countries. The table below includes net sales by product category for the three months ended July 31, 2026 and July 25, 2025: Three Months Ended (in millions) July 31, 2026 July 25, 2025 Pumps $ 144 $ 119 Consumables 261 229 CGM 431 360 Other (1) 7 15 Total $ 843 $ 723 (1) Primarily includes revenue generated from the sale of smart insulin pens and services. Amounts in this line also reflect adjustments to the Company's Italian payback accruals resulting from two rulings in 2024 by the Constitutional Court of Italy and the Legislative Decree published by the Italian government in 2025. Refer to Note 12, Commitments and Contingencies, for more information.

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Stock-based Compensation The following table presents the expense classification of stock-based compensation expense recognized by the Company for stock options, restricted stock units, performance share units, and employee stock purchase plans for the three months ended July 31, 2026 and July 25, 2025: Three Months Ended (in millions) July 31, 2026 July 25, 2025 Stock options $ $ 1 Restricted stock units 9 5 Performance share units 2 Employee stock purchase plan 1 1 Total stock-based compensation expense $ 10 $ 9 Cost of products sold $ 1 $ 1 Research and development expense 4 2 Selling, general, and administrative expense 5 6 Total stock-based compensation expense 10 9 During the three months ended July 31, 2026, there was no stock-based compensation expense related to allocations of expense from Medtronic. During the three months ended July 25, 2025, the Company recognized $6 million of stock-based compensation expense related to direct Company employees, and $3 million of stock compensation expense related to allocations of Medtronics corporate and shared employee stock-based compensation expenses. During the three months ended July 31, 2026, the Company granted restricted stock units and performance share units (PSU) to employees under the Company's existing equity incentive plans. The aggregate grant date fair value of RSUs granted during the period was $46 million. The PSUs granted included an embedded market condition and the related grant date fair value was calculat …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Income Taxes For the three months ended July 31, 2026, the Company recognized income tax expense of $4 million on a pre-tax income of $4 million. For the three months ended July 25, 2025, the Company recognized income tax expense of $3 million on a pre-tax loss of $13 million. The Company's effective tax rate for the three months ended July 31, 2026 was 96.7% as compared to negative 27.8% for the three months ended July 25, 2025, respectively. The increase in the effective tax rate for the three months ended July 31, 2026 primarily relates to year-over-year changes in operational results by jurisdiction and the impact of valuation allowances in certain jurisdictions. The Companys effective tax rate for the three months ended July 31, 2026 was higher than the U.S. federal statutory rate primarily due to the mix of pre-tax income and losses earned across jurisdictions and the impact of valuation allowances in certain jurisdictions. In addition, pursuant to U.S. GAAP interim reporting guidance, certain losses were required to be excluded from the tax rate calculation. These factors increased the Companys effective tax rate for the quarter. The Companys effective tax rate for the three months ended July 25, 2025 was lower than the U.S. federal statutory rate primarily due to one-time restructuring charges that generated tax benefits, partially offset by the impact of valuation allowances in certain jurisdictions. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases office, manufacturing, and research facilities and warehouses, as well as transportation and other equipment. The Company determines whether a contract is a lease or contains a lease at inception date. The right-of-use assets, lease liabilities, lease costs, cash flows, and lease maturities associated with finance leases were not material to the condensed consolidated financial statements at July 31, 2026 and April 24, 2026. The following table summarizes the balance sheet classification of the Company's operating leases, including the amounts of the right-of-use assets and lease liabilities at July 31, 2026 and April 24, 2026: (in millions) Balance Sheet Classification July 31, 2026 April 24, 2026 Right-of-use assets Other assets $ 57 $ 52 Current liability Other accrued expenses $ 9 $ 8 Non-current liability Other liabilities $ 50 $ 45

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Recently Adopted Accounting Standards For the three months ended July 31, 2026, there were no newly adopted accounting pronouncements that materially impacted the Companys condensed consolidated financial statements. Accounting Pronouncements Issued and Not Yet Adopted The Company considers the applicability and impact of all accounting standards updates issued by the Financial Accounting Standards Board (FASB). There have been no material updates to the accounting pronouncements previously disclosed in the Annual Report on Form 10-K for the fiscal year ended April 24, 2026, and the Company does not expect any other recently issued accounting pronouncements to have a material impact on its condensed consolidated financial statements. For a discussion of accounting pronouncements issued but not yet adopted, refer to Note 2. Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company's most recently filed Annual Report on Form 10-K. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions Separation from Medtronic and Related Transactions The Company completed its separation from Medtronic on March 9, 2026 in connection with its IPO. The Company continues to engage in transactions with Medtronic under various separation-related agreements, including transition services, manufacturing and supply, tax, employee matters and intellectual property agreements as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended April 24, 2026. Consideration and costs for the transition services are determined using several billing methodologies as described in the agreements, including customary billing, pass-through billing, percent of sales billing or fixed fee billing. Costs for transition services provided by Medtronic, including a mark-up on those services, are recorded within the consolidated statements of operations based on the nature of the services. Consideration for transition services provided to Medtronic are recorded within the consolidated statements of operations based on the nature of the services and as an offset to expenses incurred to provide the services. During the three months ended July 31, 2026, the Company recognized $1 million of consideration for services provided to Medtronic and recognized costs of $95 million for services provided by Medtronic pursuant to the transitional arrangements between the parties. Total amounts due from Medtronic of $602 million as of July 31, 2026 primarily consisted of …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring The Company incurred certain restructuring charges during the three months ended July 31, 2026 and July 25, 2025 for individually immaterial restructuring activities. The restructuring, associated, and other costs for these activities primarily related to employee termination benefits provided to employees who had been involuntarily terminated. The following table presents the classification of these restructuring, associated, and other costs in the condensed consolidated statements of operations for the restructuring activities for the three months ended July 31, 2026 and July 25, 2025: Three Months Ended (in millions) July 31, 2026 July 25, 2025 Cost of products sold $ $ Selling, general, and administrative expenses Other operating expense (income), net 2 2 Total $ 2 3 For reported periods prior to the Separation, the Companys financial statements included certain corporate allocations from Medtronic, including allocations for restructuring costs. Allocations of corporate restructuring activities for the three months ended July 25, 2025 are included within Note 14. Related Party Transactions. As of July 31, 2026 and April 24, 2026, the restructuring liabilities recognized primarily in other accrued expenses were $22 million and $36 million, respectively. The following table provides a reconciliation of the beginning and ending restructuring liability balances. (in millions) Total April 24, 2026 $ 36 Charges 2 Cash payments (16) July 31, 2026 $ 22 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue The Company's revenues are principally derived from the sale of reusable and single-use products which together comprise automated insulin delivery (AID) systems and smart multiple daily injection (MDI) systems for diabetes management to individuals, distributors, healthcare providers, and other institutions globally. The table below includes net sales by geography for the three months ended July 31, 2026 and July 25, 2025: Three Months Ended (in millions) July 31, 2026 July 25, 2025 U.S. (1) $ 240 $ 212 International (2) 603 511 Total $ 843 $ 723 (1) U.S. includes the United States and U.S. territories. (2) International includes all other non-U.S. countries. The table below includes net sales by product category for the three months ended July 31, 2026 and July 25, 2025: Three Months Ended (in millions) July 31, 2026 July 25, 2025 Pumps $ 144 $ 119 Consumables 261 229 CGM 431 360 Other (1) 7 15 Total $ 843 $ 723 (1) Primarily includes revenue generated from the sale of smart insulin pens and services. Amounts in this line also reflect adjustments to the Company's Italian payback accruals resulting from two rulings in 2024 by the Constitutional Court of Italy and the Legislative Decree published by the Italian government in 2025. Refer to Note 12, Commitments and Contingencies, for more information. At July 31, 2026, $42 million of rebates and other adjustments were classified as accrued rebates in the condensed consolidated balance sheets. At April 24, 2026, $45 mil …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company derives its revenue primarily from the sale of products focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens. The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment. Disaggregated revenue by geographic region and product type is presented in Note 3. Revenue. The Companys chief operating decision maker (CODM) is the Companys Chief Executive Officer. The CODM makes decisions about resource allocation, assesses performance of the business, and monitors budget versus actual results using net income (loss). Income or loss from operations is also considered when monitoring budget versus actual results. Significant expenses include cost of products sold, research and development expenses, selling, general and administrative expenses, and certain litigation charges, which are each separately presented on the Companys condensed consolidated statements of operations. Other segment items include other operating expense (income), net, non-operating expense (income),net, and income tax provision, which are consistent with those items presented on the Companys condensed consolidated statements of operations. The Companys CODM is provided with segment assets information on a consolidated basis for the evaluation of Company performance. Total segment assets were consistent with total assets reported in the Companys con …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Except as described below for derivatives, there have been no material changes to the Companys significant accounting policies, during the three months ended July 31, 2026, as compared to those disclosed in the Companys Annual Report on Form 10-K for the fiscal year ended April 24, 2026. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are used when accounting for items such as income taxes, contingencies, goodwill and intangible assets, equity investments, rebates, and liability valuations. Actual results may or may not differ from those estimates. Derivatives The Company uses derivative financial instruments to mitigate exposures to changes in foreign currency exchange rates. The duration of these contracts is generally less than 12 months. Derivative instruments are used solely for risk management purposes and are not entered into for trading or speculative purposes. The Company's foreign currency forward contracts are primarily used to economically hedge monetary assets and liabilities denominated in currencies other than the functional currency of the respective entity. The Company may designate certain derivative instruments as accounting hedges under ASC 815 when specific hedge accounting criter …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing