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The case for MiniMed (MMED) after its fiscal first-quarter print is straightforward: $843 million in revenue, 16% organic growth, and a product pipeline executing ahead of schedule.
What complicates it is a 9.9% adjusted EBITDA margin that, taken at face value, looks like a business burning oxygen while it scales. Strip out two items and the picture shifts.
A $12 million foreign exchange remeasurement charge consumed roughly 140 basis points of margin, and an $8 million pull-forward of investment spending tied to the MiniMed Fit FDA submission and the Flex commercial launch took another 90.
CFO Chad Spooner said neither item is structural. Excluding both, adjusted EBITDA margin would have been 12.2%.
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