Medline (MDLN) Barclays 28th Annual Global Healthcare Conference summary

Business overview and differentiation

• Largest vertically integrated medical-surgical manufacturer and supply chain provider, serving all healthcare settings.

• Manufactures 190,000 branded products, with a core focus on manufacturing over distribution.

• Operates 29 million sq ft of distribution space, owns a fleet of 2,000 trucks, and maintains $4.5 billion in inventory for 98%-99% fill rates.

• 59 years of consecutive growth, with an 18% CAGR and 2023 revenue of $28.5 billion.

Financial performance and guidance

• Q4 revenue reached $7.8 billion, up 15% year-over-year (13% adjusted for extra day), with $805 million in adjusted EBITDA.

• $2.4 billion in new customer signings, exceeding the $1 billion annual goal.

• 2026 guidance projects 8%-9% organic sales growth and $3.5-$3.6 billion in adjusted EBITDA.

• Tariff headwinds totaled $490 million, with $290 million in 2025 and $200 million expected in 2026.

Competitive landscape and growth drivers

• Market share gains driven by supply chain resilience, high fill rates, and ability to serve all care settings.

• Customers value stability amid competitor uncertainty and financial pressures in healthcare.

• Conservative approach to tariff increases opened new customer opportunities.

• Consolidation in healthcare favors providers able to serve all points of care.