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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Medline (MDLN) investor relations material
Medline Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Registration Filing summary8 Dec, 2025
Company overview and business model
Largest provider of medical-surgical products and supply chain solutions, serving all points of care globally.
Offers ~335,000 products through two segments: Medline Brand (manufactured/sourced) and Supply Chain Solutions (third-party products, logistics, consulting).
Integrated model combines manufacturing, distribution, and logistics, enabling 95% next-day delivery to U.S. customers via 69 distribution centers and 2,000+ trucks.
Prime Vendor model underpins recurring revenue, with 1,300+ long-term agreements and >98% retention rate over five years.
Customer-centric culture and innovation drive product launches and high retention.
Financial performance and metrics
2024 net sales: $25.5 billion; net income: $1.2 billion; Adjusted EBITDA: $3.4 billion (13.2% margin).
Nine months ended Sept 27, 2025: net sales $20.6 billion, net income $1.0 billion, Adjusted EBITDA $2.7 billion (12.9% margin).
Medline Brand segment: $12.5 billion net sales, 26.1% EBITDA margin; Supply Chain Solutions: $13.0 billion net sales, 5.0% margin (2024).
50+ years of consecutive annual net sales growth at 18% CAGR since 1966; ~14% CAGR over past 10 years, with 90% of growth organic.
Cash and cash equivalents as of Sept 27, 2025: $952 million; total assets: $38.2 billion; total debt: $16.8 billion.
Use of proceeds and capital allocation
Estimated net proceeds of $4.9 billion (at $28/share) to be used to acquire newly issued Common Units from Medline Holdings.
Medline Holdings will use ~$729 million to repay New Euro Term Loan Facility, ~$3.28 billion to repay part of 2028 Refinancing Term Loan Facility, remainder for general corporate purposes and offering expenses.
Any proceeds from underwriters’ option ($735 million) will be used to purchase or redeem equity interests from certain pre-IPO owners.
Medline Brand conversion strategy for Prime Vendors
TRA payment risk to Medline Inc. liquidity
Defending market share amid pricing pressure
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