MDLNNasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

Medline Inc.

Medline Inc. is a U.S.-based medical-surgical products company built around two businesses: branded med-surg manufacturing and supply chain solutions. It serves hospitals, surgery centers, physician offices, and post-acute care providers with a broad catalog of consumables, procedure kits, and logistics services that are used across the full continuum of care.

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Revenue28.4bn USD
+11.5 %y/y
Operating profit (EBIT)2,212m USD
+3.1 %y/y
EBIT margin7.8%
−0.6 ppy/y
Net income1,159m USD
−0.3 %y/y
Free cash flow1,297m USD
−8.3 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

0102030bn USD2023: 23.2 bn USD2023: EBIT 1.3 bn USD20232024: 25.5 bn USD2024: EBIT 2.1 bn USD20242025: 28.4 bn USD2025: EBIT 2.2 bn USD202528.42.2
RevenueOperating profit (EBIT)

Business

Share of revenue
Medline Brand - Front Line Care25 %

Patient-facing products including wound care, gloves, skin care, textiles, and infection control items.

Medline Brand - Surgical Solutions15 %

Operating room and perioperative products such as trays, drapes, gowns, sterile wraps, and procedure kits.

Medline Brand - Laboratory and Diagnostics8 %

Consumables and instruments for lab testing, diagnostics, vital signs, and phlebotomy.

Supply Chain Solutions - Third-Party Med-Surg Products52 %

National-brand and third-party med-surg products sourced from suppliers and sold through Medline's distribution network.

Customers

Medline sells to healthcare providers across acute and non-acute settings, with hospitals and integrated delivery networks as core accounts. It also serves surgery centers, physician offices, and post-acute facilities, where customers value reliable supply, broad assortment, and lower total cost of care. Prime Vendor relationships are central to the model because they bundle product supply with logistics and inventory management, making Medline sticky once embedded in a customer workflow.

Prime Vendor healthcare systems

Large provider systems that buy a mix of Medline Brand and third-party products under bundled supply agreements because they want lower cost, dependable service, and inventory control.

Non-Prime Vendor healthcare customers

Providers that purchase Medline products without a full Prime Vendor relationship, often as a pathway to deeper account penetration and future conversion.

Hospitals and integrated delivery networks

Acute-care customers buying high-volume med-surg products, surgical supplies, and supply chain services to standardize purchasing.

Surgery centers and ambulatory sites

Outpatient procedural sites buying trays, drapes, gowns, gloves, and other perioperative products for daily use.

Physician offices and post-acute facilities

Smaller care settings buying consumables, wound care, incontinence, and diagnostic products for routine patient care.

Strategy

Medline's strategy centers on expanding Prime Vendor relationships, increasing Medline Brand adoption, and using its distribution network to win share across care settings. It also pursues adjacent product and channel acquisitions to broaden the portfolio and enter new markets, while investing in product development and customer-specific solutions. The goal is to deepen account penetration and improve margins by shifting customers toward higher-value branded products and integrated supply chain services.

Expand Prime Vendor relationshipsShort term

Prime Vendor contracts drive recurring revenue and deepen customer integration across product and logistics needs.

Increase Medline Brand penetrationMedium term

Branded products typically improve gross profit and strengthen control over the customer offering.

Broaden portfolio through M&AMedium term

Adjacent acquisitions add products, channels, and geographic reach without building everything organically.

Geography

Q1/2026

Medline is headquartered in the United States and generates the majority of its business there, supported by a large U.S. commercial team and domestic distribution network. Internationally, it operates regional teams and distribution facilities, and recent acquisitions expanded its footprint in Canada and global surgical solutions. The company also sources a meaningful portion of Medline Brand products outside the U.S., which creates supply chain exposure tied to global manufacturing and freight.

United States93 %
Other countries (US filing)6.7 %

Share of the revenue the company reports by geography.

Risks

Medline's business is exposed to customer concentration within Prime Vendor relationships, where contract loss or service issues could reduce revenue quickly. It also depends on global sourcing and distribution, so tariffs, freight disruption, foreign operations, and supplier concentration can affect availability and margins. As a large med-surg supplier, it faces industry risks from healthcare utilization patterns, pricing pressure, regulatory scrutiny, and impairment risk on acquired intangibles and goodwill.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Prime Vendor concentration and contract termination1Medline Brand conversion execution2Global sourcing and China exposure3Goodwill and intangible asset impairment4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Prime Vendor concentration and contract terminationImpact: HighLikelihood: Medium

    A large share of sales comes from Prime Vendor agreements, some of which can be terminated for convenience.

    ExposureOver 1600 relationships generated about 63.4% of 2025 net sales
  2. Medline Brand conversion executionImpact: HighLikelihood: Medium

    The company relies on converting third-party product spend to branded equivalents, but adoption and pricing are not fully controllable.

    Exposure: Conversion can lift margins but may reduce net sales if volumes stay flat

  3. Global sourcing and China exposureImpact: MediumLikelihood: Medium

    A meaningful portion of Medline Brand products is imported, creating exposure to tariffs, freight, and supply chain disruption.

    Exposure: About 5% of cost of goods sold from China in 2025

  4. Goodwill and intangible asset impairmentImpact: MediumLikelihood: Medium

    Acquisitions and brand assets require judgment and could be written down if market conditions or performance deteriorate.

Accounting

Judgemental items
Revenue recognition and variable consideration

Sales are recorded net of rebates, chargebacks, returns, and scrap allowances, which requires judgment and affects reported revenue.

Impact: Can change quarterly and annual net sales

Goodwill and intangible asset impairment

Acquisitions create large intangible balances that must be tested if performance or market conditions weaken.

Impact: Potential non-cash charges to earnings and assets

Business combination fair value estimates

Acquired assets and liabilities are recorded at estimated fair value, with goodwill as the residual.

Impact: Affects purchase accounting and future amortization/impairment

Tax receivable agreement and distributions

The post-reorganization structure creates contractual tax-related payments and distribution dependencies.

Impact: Affects cash flow available to the parent company

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Last updated: 24/09/2026