MiniMed Group Inc (NASDAQ:MMED) on Tuesday reported better-than-expected first-quarter sales results.

Minimed Group reported quarterly sales of $843.000 million which beat the analyst consensus estimate of $827.065 million, representing a 16.6% increase over sales of $723.000 million in the year-ago period.

“MiniMed delivered an excellent start to our fiscal year, with accelerating U.S. growth, continued double-digit international growth, and strong execution across our innovation pipeline,” said MiniMed Chief Executive Officer Que Dallara. “The U.S. launch of MiniMed Flex™ is doing exactly what we designed it to do: bringing new patients into the MiniMed ecosystem, driving competitive conversions, and generating significant new account growth. As our ecosystem continues to come together, we are well positioned to accelerate growth, strengthen our leadership in automated insulin delivery, and create long-term shareholder value.”

MiniMed shares jumped 7.1% to trade at $24.01 on Wednesday.

These analysts made changes to their price targets on MiniMed following the announcement.

  • B of A Securities analyst Travis Steed maintained the stock with a Buy and raised the price target from $24 to $28.
  • Mizuho analyst Anthony Petrone maintained the stock with an Outperform rating and raised the price target from $21 to $26.
  • UBS analyst Patrick Wood maintained the stock with a Buy and boosted the price target from $25 to $28.

Considering buying MMED stock? Here’s what analysts think:

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