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• Grainger for hospitals
• Sysco for healthcare
• Amazon for medical supplies

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• Medical and Surgical Supplies: Manufactures and distributes a wide array of products essential for patient care, including gloves, gowns, wound care, and diagnostic instruments.
• Durable Medical Equipment (DME): Provides a range of equipment such as wheelchairs, walkers, and hospital beds for use in healthcare facilities and home settings.
• Supply Chain and Distribution Services: Offers integrated logistics and inventory management solutions to optimize the delivery and utilization of medical supplies for healthcare providers.
• Clinical Programs and Solutions: Delivers services, education, and consulting to help healthcare organizations enhance patient outcomes, improve operational efficiency, and manage costs.

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Medline Industries, Inc. (Medline) primarily sells to other companies and organizations within the healthcare industry. While the company was involved in discussions regarding a potential public listing or SPAC merger in recent years, Medline is currently a privately held company, owned by the Ricketts family and a consortium of private equity firms (Blackstone, Carlyle, Hellman & Friedman). Therefore, it does not currently trade under the symbol MDLN, and detailed lists of specific customer company names are not publicly disclosed.

However, based on its role as a leading global manufacturer and distributor of medical supplies and equipment, Medline serves a broad range of healthcare providers. Its major customer categories include:

• Hospitals and Integrated Delivery Networks (IDNs): This segment includes acute care hospitals, large hospital systems, and networks that integrate various healthcare services. These entities purchase a comprehensive array of medical and surgical supplies, pharmaceuticals, and healthcare equipment.
• Long-Term Care Facilities: This category encompasses skilled nursing facilities, nursing homes, assisted living facilities, and other post-acute care providers that require medical supplies, incontinence products, nutritional support, and other essential items for patient care.
• Physician Offices, Clinics, and Ambulatory Surgery Centers (ASCs): This broad segment includes private physician practices, specialty clinics (e.g., cardiology, orthopedics), urgent care centers, and outpatient surgical facilities. They procure a variety of examination supplies, instruments, diagnostic kits, and operational supplies.

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Jim Boyle, Chief Executive Officer

Jim Boyle joined Medline in 1996, serving as Executive Vice President from 2018 to 2023, where he managed a customer base of over 5,000 healthcare providers and oversaw more than $21 billion in annual sales. He was responsible for the strategic direction and execution of commercial functions across healthcare segments, as well as marketing, operations, and logistics departments. Before this role, he was Senior Vice President of acute care sales and national sales director, leading the company's strategy and sales for its largest customers and more than doubling annual sales during his tenure. Boyle was named CEO in 2023. He earned a Bachelor of Science in industrial distribution from Texas A&M University. He has been recognized twice on Modern Healthcare's "100 Most Influential People in Healthcare" list.

Mike Drazin, Chief Financial Officer

Mike Drazin joined Medline as Chief Financial Officer in 2018, overseeing all finance, accounting, tax, treasury, and corporate development. In 2021, he led Medline through a leveraged buyout by a consortium of private equity firms, including Blackstone, Carlyle, and Hellman & Friedman, which acquired a majority stake for over $30 billion. Prior to Medline, Drazin spent more than a decade at Illinois Tool Works (ITW), serving as a group controller for various business segments and later heading global financial planning and analysis and investor relations. He began his finance career in Arthur Andersen's audit practice in 1996 and held financial oversight roles with early-stage technology companies. His past experience also includes serving as Group Controller at Click Commerce, Inc. and Chief Financial Officer at Presutti Laboratories, as well as Controller at CloudShield Technologies, Inc. Drazin holds a Bachelor of Science in accounting from the University of Illinois Urbana-Champaign and an MBA from Northwestern University's Kellogg School of Management.

Jim Pigott, President & Chief Operating Officer

Jim Pigott joined Medline in 1992 and has held various leadership roles in strategy, products, global sourcing, inventory management, and Medline Asia. He has served as Medline's President and Chief Operating Officer since October 2023 and is slated to retire at the end of 2025. Earlier in his career, he worked at Pigott Electric Co.

Marshall Lancaster, Chief Information Officer

Marshall Lancaster joined Medline in 2020 as Chief Information Officer. Before Medline, he held similar roles at companies such as Essendant, Collegis Education, Hyatt Hotels Corp., and Carnival Corp. His experience also includes serving as VP:IT Enterprise Applications at Essendant and Satellite Communications Supervisor at the United States Air Force. Lancaster is an alumnus of the United States Air Force, Harvard Business School, and Louisiana State University - LSU.

Amanda Laabs, Chief Product Officer

Amanda Laabs joined Medline in 2006 and has advanced through several product management leadership roles. Most recently, she was Executive Vice President of Medline Brands in 2023. Effective January 1, 2025, as Medline's first Chief Product Officer, she will lead all product divisions, international markets, and the global sourcing organization.

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• Substantial Debt Load: Medline carries a significant debt burden, estimated at around $17 billion following its 2021 leveraged buyout. A primary objective of the initial public offering (IPO) is to utilize the proceeds to reduce this substantial indebtedness. The high debt level could strain the company's financial flexibility and incur significant interest payments.
• "Up-C" Organizational Structure and Tax Receivable Agreement (TRA): Medline operates under an "Up-C" structure, which allows pre-IPO owners to retain voting control. This structure includes a Tax Receivable Agreement (TRA) that obligates the public company to pay its private equity sponsors a percentage of future tax savings. The S-1 filing explicitly warns of "substantial cash leakage" resulting from this arrangement, which could dilute the financial benefits for public shareholders.
• Product Safety Issues and Regulatory Scrutiny: Medline has faced specific product safety challenges, including a major recall in 2024 of 1.5 million adult bed rails linked to two reported deaths. Such incidents highlight the inherent risks associated with product liability, potential regulatory fines, and damage to the company's reputation and brand trust within the healthcare industry.

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• Increased Competition from Technology-Driven E-commerce Giants: The expansion of e-commerce platforms, particularly from giants like Amazon (e.g., Amazon Business, potential deeper foray into medical-surgical supplies), poses a significant emerging threat. These companies leverage advanced logistics, technological prowess, data analytics, and a consumer-centric purchasing experience to offer competitive pricing and streamlined procurement. This could disrupt traditional distributor relationships, especially for commoditized or less specialized medical supplies, by offering healthcare providers a more direct and potentially lower-cost purchasing channel that bypasses established distributors like Medline. This parallels the threat Netflix posed to Blockbuster by offering a fundamentally different and often more convenient service model.

• Accelerated Vertical Integration and Direct Sourcing by Healthcare Providers and GPOs: Large Integrated Delivery Networks (IDNs) and Group Purchasing Organizations (GPOs) are increasingly focusing on supply chain optimization through direct sourcing from manufacturers, developing their own distribution capabilities, and even investing in captive manufacturing for certain high-volume items. This trend, intensified by post-pandemic supply chain vulnerabilities and persistent cost pressures in healthcare, aims to reduce reliance on traditional distributors to control costs and enhance resilience. If major healthcare systems continue to bypass or significantly reduce their engagement with third-party distributors, it directly erodes Medline’s market share and profitability by cutting out the middleman in the supply chain.

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Medline (MDLN) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market tailwinds. The company, which is expected to have completed its Initial Public Offering (IPO) in 2025, is focusing on expanding its market presence and optimizing its operations.

Here are key drivers of future revenue growth for Medline:

1. Product Portfolio Expansion and Innovation: Medline is actively growing its product offerings through both organic innovation and strategic acquisitions. The company launched 268 new products over the last three years and has expanded its portfolio through significant acquisitions, such as Ecolab Inc.'s global surgical solutions business in August 2024, which integrated sterile drape solutions and fluid temperature-management systems. Another key acquisition was United MedCo in January 2024, which bolstered Medline's health plans segment. These moves are designed to enhance its product offerings and introduce innovative solutions to the healthcare market.
2. Enhanced Supply Chain Resilience and Efficiency: Medline has made substantial investments, totaling nearly $3 billion since 2018, in its Healthcare Resilience Initiative. These investments target new distribution centers, enhanced manufacturing capabilities, and significant IT upgrades to improve supply chain visibility and robustness. The company also leverages advanced technologies, including a 2024 partnership with Microsoft for AI-generated insights in inventory management. These efforts are expected to improve operational efficiency and ensure dependable delivery of medical supplies.
3. Expansion of Prime Vendor Relationships: A significant growth driver for Medline is its Prime Vendor program, which secures long-term agreements with healthcare organizations, positioning Medline as their primary consolidated logistics partner. This strategy is crucial for customer retention and is expected to drive the adoption of Medline Brand products, contributing to increased sales volumes. New prime vendor wins are specifically identified as a factor for projected revenue growth.
4. Growth in the Health Plans Business: Medline is strategically expanding its health plans segment to access new customer demographics and diversify its revenue streams. The acquisition of United MedCo in January 2024 significantly enhanced Medline's capabilities as a supplemental benefits administrator, targeting key insurance markets such as Medicare Advantage, Managed Medicaid, and commercial insurance. This expansion aims to meet the evolving needs of health plans and their members.
5. International Market Expansion: Medline is focused on geographical expansion to bolster its global market presence. With operations in over 100 countries, the international market represents a substantial addressable opportunity. The company is undertaking strategic investments like the construction of a new warehouse near Madrid, Spain, expected to be operational by summer 2025, to enhance service delivery and increase its global footprint.

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Share Issuance

• Medline is preparing for an Initial Public Offering (IPO) on the Nasdaq Global Select Market under the ticker symbol "MDLN", with pricing expected around December 16, 2025.
• The company plans to offer 179 million shares at an anticipated price range of $26 to $30 per share, aiming to raise up to $5.37 billion.
• The IPO could value Medline at up to $55.3 billion, and the Mills family, the founders, may acquire up to $250 million of shares in the offering.

Inbound Investments

• In June 2021, a consortium of private equity firms, including Blackstone, Carlyle, and Hellman & Friedman, acquired a majority stake in Medline in a leveraged buyout.
• This transaction was valued at over $30 billion, or as much as $34 billion including debt, with a $17 billion equity check.
• Following the investment, Medline remained a privately held, family-led company, with the Mills family retaining the largest single shareholder position.

Outbound Investments

• Since its acquisition by private equity firms in 2021, Medline has expanded through acquisitions, including Ecolab's surgical solutions unit for $905 million in 2024.

Capital Expenditures

• Medline planned to invest an additional $500 million in 2021, which included opening seven medical-grade distribution centers.
• The company has invested $1.6 billion into its distribution network since the 2021 private equity acquisition.
• Medline expects tariff-related costs of $325 million to $375 million in fiscal year 2025 and a further $150 million to $200 million in 2026.