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 and Supply Chain Solutions.

• Integrated model combines manufacturing, distribution, and logistics, with 69 global distribution centers and 33 manufacturing facilities.

• Prime Vendor model drives recurring revenue and high customer retention, with over 1,300 Prime Vendor relationships and >98% retention rate.

• Focus on innovation, customer-centric culture, and operational excellence, with 2,100+ patents and 268 new products launched in the last three years.

Financial performance and metrics

• Net sales grew at an 18% CAGR since inception, with 50+ consecutive years of annual growth.

• 2024 net sales: $25.5B; net income: $1.2B; Adjusted EBITDA: $3.4B (13.2% margin).

• For the nine months ended September 27, 2025: net sales $20.6B, net income $1.0B, Adjusted EBITDA $2.7B.

• 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.

• Organic growth accounted for nearly 90% of growth over the past decade; 2024 international sales were 6.9% of total.

Use of proceeds and capital allocation

• IPO proceeds (net of underwriting discounts/commissions) will be used to acquire newly issued Common Units from Medline Holdings.

• Medline Holdings will use proceeds to repay outstanding indebtedness (New Euro Term Loan Facility and part of 2028 Refinancing Term Loan Facility), with the remainder for general corporate purposes and offering expenses.

• Proceeds from underwriters’ option exercise will be used to purchase or redeem equity interests from certain pre-IPO owners.