Medline (MDLN) Registration Filing summary

Company overview and business model

• Operates as the largest provider of medical-surgical products and supply chain solutions, serving all points of care globally.

• Offers approximately 335,000 products through two segments: Medline Brand (manufactured and sourced) and Supply Chain Solutions (third-party products and logistics services).

• Maintains a vertically integrated model with 33 manufacturing facilities, 69 distribution centers, and an owned fleet, enabling 95% next-day delivery to U.S. customers.

• Business model is built on recurring revenue, long-term Prime Vendor agreements, and a customer-centric culture.

Financial performance and metrics

• Achieved net sales of $25.5 billion, net income of $1.2 billion, and Adjusted EBITDA of $3.4 billion for the year ended December 31, 2024.

• Net income margin was 4.7% and Adjusted EBITDA margin was 13.2% in 2024.

• For the six months ended June 28, 2025, net sales were $13.5 billion, net income $0.7 billion, and Adjusted EBITDA $1.8 billion.

• Medline Brand segment contributed 49.1% of 2024 net sales and 83.5% of segment Adjusted EBITDA; Supply Chain Solutions contributed 50.9% of net sales and 16.5% of segment Adjusted EBITDA.

• Demonstrated 50+ years of consecutive annual net sales growth at an 18% CAGR since 1966.

Use of proceeds and capital allocation

• Net proceeds from the IPO (excluding underwriter option) will be used to acquire newly issued Common Units from Medline Holdings, which will be used for general corporate purposes, including debt repayment and offering expenses.

• Any proceeds from the underwriters’ option will be used to purchase or redeem equity interests from certain pre-IPO owners at the IPO price less underwriting discounts.