Medline (MDLN) Registration Filing summary

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.