MiniMed (MMED) — after 30 seconds of work, here are my cliff notes:

• busted IPO down ~20% from initial trading

• mid-cap diabetes medtech company being spun from Medtronic (MDT)

• MDT still owns ~90%, will separate via split off later this year

• 280m s/o x $15.75 = ~$4.5bn market cap

• Trades at ~1.7x ev/sales vs. comps at 4-5x sales

• Organic growth HSD/LDD

• huge divergence from segment EBITDA ($600m) vs. carve-out EBITDA ($254m)

Hmm…

Anyone else working on this one?