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Here are 1-2 brief analogies for Solventum:

• Medtronic, but also a leader in dental supplies and healthcare software.
• A blend of Medtronic (medical devices) and Dentsply Sirona (dental products), also providing health IT solutions.

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• Advanced Wound Care: Products and therapies designed to promote healing and manage various types of acute and chronic wounds.
• Surgical Solutions: Technologies and products focused on improving patient safety and outcomes during and after surgical procedures.
• Dental Solutions: A comprehensive portfolio of orthodontic, restorative, and digital products for dental professionals and their patients.
• Health Information Systems: Software and services that enable healthcare organizations to manage clinical data, optimize workflows, and improve care delivery.
• Separation and Purification: Advanced filtration and purification technologies essential for biopharmaceutical manufacturing and industrial applications.

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Solventum (SOLV) primarily sells its products and solutions to other companies and healthcare institutions, operating on a business-to-business (B2B) model. Given the diversified nature of its business across medical surgical, dental solutions, health information systems, and purification and filtration, Solventum does not typically disclose a short list of specific "major customers" that account for a significant portion of its revenue in its public filings. Instead, its customer base is broad and includes:

• Major Healthcare Distributors: Solventum sells a significant portion of its medical and dental products through large national and regional healthcare distributors. These distributors then supply hospitals, clinics, dental practices, and other healthcare providers. Major public companies in this category that are likely direct customers include:
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • Cencora, Inc. (formerly AmerisourceBergen) (COR)
• Hospitals and Healthcare Systems: For products such as advanced wound care, surgical solutions, patient monitoring, and health information systems (software and services), Solventum sells directly to or through distributors to hospitals, integrated delivery networks, surgical centers, and other healthcare providers. While no single system is typically named as a dominant customer, these institutions collectively represent a significant customer segment.
• Dental Professionals and Laboratories: Dentists, orthodontists, and dental laboratories are direct or indirect customers for Solventum's dental solutions.
• Biopharmaceutical Manufacturers: For its purification and filtration technologies, Solventum sells to companies involved in the biopharmaceutical and plasma processing industries.

Due to the competitive nature of the healthcare industry and the breadth of its customer base, Solventum generally does not publicly identify specific end-user hospital systems, dental chains, or biopharmaceutical companies as major individual customers that constitute a reportable percentage of their revenue.

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Bryan Hanson Chief Executive Officer

Bryan Hanson is the CEO of Solventum, leading the $8.2 billion independent healthcare company. He has served in this role since September 2023, prior to Solventum's spin-off from 3M in April 2024. Throughout his 33+ year career, he has successfully led and transformed global medical device businesses to achieve greater innovation and commercial success. Prior to joining Solventum, Hanson served as President and Chief Executive Officer of Zimmer Biomet, and Chairman since 2021. Before Zimmer Biomet, he was Executive Vice President and President of Medtronic’s Minimally Invasive Therapies Group. He also held various executive roles of increasing responsibility at Covidien, including Group President of Medical Devices and Surgical Solutions Group President, prior to Medtronic's acquisition of Covidien. He currently serves on the board of directors of Walgreens Boots Alliance, Inc.

Wayde McMillan Chief Financial Officer

Wayde McMillan serves as the Chief Financial Officer of Solventum, bringing over 25 years of finance expertise and a deep understanding of the medtech industry. He is focused on positioning Solventum for long-term success and creating shareholder value. Prior to Solventum, McMillan was Executive Vice President, CFO, and Treasurer of Insulet, an innovative medical device company, from March 2019 to November 2023. From January 2015 to February 2019, he served as CFO and Vice President of Finance of the Minimally Invasive Therapies Group at Medtronic plc. He also held numerous leadership positions at Covidien from November 2006 until Medtronic's acquisition of the company in January 2015. McMillan began his career in accounting, audit, financial analysis, and investor relations.

Heather Knight Chief Commercial Officer

Heather Knight will assume the role of Chief Commercial Officer, effective November 10, 2025, overseeing global commercial and R&D operations across Solventum's MedSurg, Dental Solutions, and Health Information Systems segments. She brings over 30 years of leadership experience in the MedTech industry. Most recently, she was the Chief Operating Officer at Baxter International, where she was responsible for global sales, R&D, supply chain, and medical and regulatory affairs. Her career also includes various leadership roles in general management, global upstream, and commercial capacities at companies such as Medtronic, Covidien, Tyco Healthcare, and Kendall. Ms. Knight currently serves on the Board of Directors of Waters Corporation.

Rachel Ellingson Chief Strategy & Corporate Development Officer

Rachel Ellingson is a seasoned healthcare executive and former investment banker with over 30 years of experience. She is recognized for her expertise in strategy and active portfolio management, as well as her ability to build strong, high-impact teams. Her background includes significant leadership experience in leading strategy, mergers and acquisitions (M&A), and divestiture execution.

Tammy Gomez Chief Human Resources Officer

Tammy Gomez leads Solventum's company-wide policies and programs designed to attract, support, motivate, and develop its team members, leveraging more than two decades of human resources experience in healthcare. Before joining Solventum, she served as Executive Vice President and Chief Human Resource Officer at Owens & Minor. She also spent over 20 years at Cardinal Health in various roles of increasing responsibility, including leading the Global HR Center of Excellence & HR Services team. Gomez began her career in finance.

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The key risks to Solventum (SOLV) are:

1. Highly Competitive Healthcare Market and Regulatory Risks: Solventum operates in an intensely competitive healthcare industry characterized by rapid technological advancements and evolving customer preferences. To maintain its market position, the company must continuously innovate and adapt. Furthermore, the healthcare sector is subject to stringent regulations, and changes in healthcare laws, compliance requirements, or adverse legal outcomes could lead to financial penalties or damage the company's reputation.
2. Dependency on 3M for Transition Services and Costs Associated with the Spin-Off: As a recently spun-off entity from 3M, Solventum faces increased operating expenses and ongoing separation costs that could impact its profitability. The company also relies on 3M for various transition services and supply agreements, which may affect its financial flexibility and operational continuity.
3. Significant Debt Load: Solventum carries a substantial amount of debt. A heavy debt load can become risky if the company struggles to fulfill its obligations through free cash flow or by raising capital on favorable terms. Recent reports indicate a decrease in the company's earnings before interest and taxes (EBIT), which could make managing this debt more challenging.

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Solventum (SOLV) operates across four main segments: Medical Surgical (MedSurg), Dental Solutions, Health Information Systems (HIS), and Purification and Filtration. However, Solventum has announced the sale of its Purification and Filtration business, expected to close by the end of fiscal year 2025. Therefore, the addressable market sizes will focus on its remaining core segments.

MedSurg

The MedSurg segment provides wound care and surgical solutions, including advanced wound care and negative pressure wound therapy (NPWT).

• The global wound care market was estimated at approximately USD 24.9 billion in 2024 and is projected to reach USD 44.2 billion by 2034, with a compound annual growth rate (CAGR) of 5.9%. Other estimates place the global market at USD 23.66 billion in 2023, growing to USD 38.39 billion by 2034 at a CAGR of 4.5%.
• The U.S. wound care market is projected to reach approximately USD 11.9 billion by 2034.

Dental Solutions

The Dental Solutions segment offers dental prevention, procedure, and orthodontic solutions.

• The global digital dentistry market is projected to reach USD 19.66 billion by 2034, growing at a CAGR of +12.6% from 2024.

Health Information Systems (HIS)

The Health Information Systems segment provides software solutions focused on clinical intelligence, revenue cycle management (RCM), and automated healthcare coding.

• The global healthcare IT market was valued at approximately USD 420.23 billion in 2024 and is projected to reach USD 834.35 billion by 2029, with a CAGR of 14.7%. Another source estimates the global market at USD 374.0 billion in 2023, expected to reach USD 1,797.8 billion by 2033, growing at a CAGR of 17% from 2024 to 2033.
• North America accounts for 41.24% of the global Healthcare Information Technology market share, with regional spending forecasted to reach USD 819 billion by 2027.

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Solventum (SOLV) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Strategic Focus on High-Potential Growth Drivers: Solventum has identified five core growth drivers across its segments that are projected to contribute to over 80% of its long-range plan growth. These include specific areas such as advanced wound care, infection prevention, and surgical solutions within its MedSurg segment, core restoratives and new product innovation in Dental Solutions, and the revenue cycle management platform within Health Information Systems.
2. New Product Innovation and Launches: The company is prioritizing a revitalized innovation process, which has nearly doubled its forecasted vitality index. Recent product launches, such as Clinpro Clear and Filtek Easy Match in Dental Solutions, and advanced wound care solutions, are expected to fuel growth.
3. Commercial Restructuring and Enhanced Sales Channels: Solventum has implemented commercial restructuring efforts aimed at improving specialization and leadership within its sales organization. This initiative is already yielding positive results and is expected to further drive revenue through more focused and effective sales channels, particularly in the Dental segment.
4. Portfolio Optimization and Strategic Mergers & Acquisitions: The divestiture of the Purification and Filtration business has strategically refined Solventum's focus and provided capital. The company plans to utilize these proceeds to accelerate growth through disciplined "tuck-in" acquisitions valued under $1 billion, aiming to build scale in promising markets.
5. Operational Efficiencies and "Transform for the Future" Initiative: Solventum launched a four-year "Transform for the Future" initiative designed to reshape its cost structure and enhance operational efficiency, with an expected $500 million in annual cost savings. A portion of these savings will be reinvested into strategic growth initiatives. Furthermore, the company is focused on supply chain simplification, reducing global manufacturing locations, and improving product availability.

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Share Repurchases

• Solventum intends to prioritize debt paydown for approximately the first 24 months post-spin-off and has not authorized share repurchases at this time.

Share Issuance

• Solventum was established as an independent public company on April 1, 2024, through a spin-off from 3M.
• 3M distributed 80.1% of Solventum's outstanding shares to its shareholders.
• 3M retained 19.9% of Solventum's common stock, with plans to monetize these shares within five years following the spin-off; a secondary offering of 8,800,000 shares by 3M was launched in August 2025.

Outbound Investments

• Solventum completed the divestiture of its Purification & Filtration (P&F) segment on September 1, 2025, for approximately $4 billion, generating $3.6 billion in net proceeds.
• The company is now targeting tuck-in acquisition opportunities generally valued under $1 billion in established and attractive markets.
• Solventum has focused on portfolio optimization since its spin-off, including the P&F divestiture to free up capital for strategic acquisitions and R&D.

Capital Expenditures

• For the full year 2024, Solventum reaffirmed its free cash flow guidance in the range of $700 million to $800 million.
• Free cash flow guidance for fiscal year 2025 was reduced to $150 million to $250 million, primarily due to the impact of the P&F divestiture; however, year-to-date free cash flow (excluding separation and divestiture costs) was $735 million as of Q3 2025.
• Solventum plans to invest in research and development (R&D) during 2025, aligning these investments with its growth driver areas.