Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Strategy lagged the Russell Midcap® Growth Index in the fourth quarter due to stock selection. The performance was in line with expectations for the full year. The firm believes that the Strategy underperformed in 2025 because it did not own Palantir Technologies Inc (PLTR). The Strategy focuses on achieving solid risk-a ...

Core Viewpoint - Medline Inc. is expanding its distribution network with a new 1.2 million sq. ft. center in Midlothian, Texas, aimed at enhancing service to regional customers and meeting evolving healthcare needs [1][4]. Group 1: Expansion Plans - The new distribution center is the first announced since Medline's IPO in December 2025 and is expected to be operational by the second quarter of 2027 [2]. - The facility will incorporate advanced technology, including the AutoStore system, aligning with other large distribution centers [2]. Group 2: Company Overview - Medline Inc. manufactures medical-surgical products for various healthcare settings, including hospitals, surgery centers, physician offices, post-acute facilities, and nursing homes, both in the US and internationally [5]. - The company operates through two segments: Medline Brand and Supply Chain Solutions [5].

Core Insights - Medline is expanding its distribution network by constructing a new 1.2 million sq. ft. distribution center in Midlothian, Texas, marking its first operational initiative as a publicly traded company since its IPO in December 2025 [1][1][1] Company Expansion - The new distribution center is expected to be fully operational by Q2 of 2027 and will complement Medline's existing facility in Wilmer, Texas, as the company continues to grow its customer base in the Dallas-Fort Worth area [1][1] - Medline currently operates 45 distribution centers across the U.S. and has over 26 million square feet of warehouse space, indicating a strong commitment to expanding its logistics capabilities [1][1][1] Technological Advancements - The Midlothian center will incorporate advanced technologies, including the AutoStore storage and retrieval system, which is utilized in Medline's other large distribution centers [1][1] - The company emphasizes its focus on customer needs, with a network that allows for next-day delivery to 95% of its U.S. customers [1][1][1] Workforce and Operations - Medline employs over 45,000 people globally and operates in more than 100 countries, showcasing its extensive reach and operational scale in the healthcare supply chain sector [1][1]

Summary of Medline's Conference Call Company Overview - Medline is the largest vertically integrated medical surgical manufacturer and supply chain solution provider in healthcare, with a mission to improve healthcare outcomes [5][6] - The company has 190,000 Medline Brand products and has experienced 59 years of consecutive growth, achieving an 18% CAGR since inception [7] Financial Performance - For Q4, Medline reported revenues of $7.8 billion, a year-over-year increase of almost 15%, or 13% when adjusted for an extra day in the quarter [10] - Adjusted EBITDA for Q4 was approximately $805 million, flat year-on-year, impacted by over $140 million in tariff headwinds [10] - The company signed $2.4 billion in new customer contracts, exceeding its billion-dollar goal for the year [11] - Guidance for fiscal 2026 includes organic sales growth of 8%-9% and adjusted EBITDA of $3.5 billion to $3.6 billion [11] Competitive Advantages - Medline's competitive edge lies in its ability to serve all points of care, with a focus on being a manufacturer first rather than a distributor [5][14] - The company has a 99% fill rate, significantly higher than competitors, which is crucial for customer satisfaction [16] - Medline's strategy includes a commitment to $1 billion in prime vendor signings annually, positioning itself as a resilient supply chain provider [14][18] Technology and Innovation - Medline has invested in robotic technology, including 2,100 robots across its network, enhancing efficiency and reducing labor costs [22] - The company is piloting Symbotic technology for bulk picking, which is expected to increase warehouse capacity by 40% [24] - Medline is partnering with Microsoft to develop AI-powered solutions for inventory management, improving demand replenishment and operational efficiency [25] Brand Penetration and Growth Strategy - In acute care facilities, Medline aims to convert up to 60% of medical surgical budgets to its brand, with a goal to double penetration from 10% to 20% in the first year of new contracts [28][30] - In non-acute settings, Medline's brand penetration can reach up to 80%, particularly in skilled nursing facilities [30] - The margin profile for Medline Brand products is significantly higher (24% EBITDA) compared to supply chain solutions (5% EBITDA) [30] Tariff Impact - The total impact of tariffs on Medline is estimated at $490 million, with $290 million in 2025 and an expected $200 million in 2026 [38] - The company has managed to absorb most tariff costs without significant price increases until August [42] Market Expansion - Medline is expanding into the lab and diagnostics market, which is valued at $25 billion, with $1 billion in current revenues [45] - The company is also exploring opportunities in animal health and dental markets, focusing on brand development rather than distribution [49][50] - Internationally, Medline is targeting growth in Canada and Europe, with plans to implement a prime vendor model in Canada [51][52] Conclusion - Medline emphasizes the importance of customer retention and maintaining a strong company culture as key to its ongoing success [58] - The company remains focused on leveraging its strengths in manufacturing and supply chain solutions to drive growth and improve healthcare outcomes [59]

Core Viewpoint - Medline Inc. has successfully closed a secondary offering of 86,250,000 shares of its Class A common stock at a public price of $41.00 per share, with the underwriters fully exercising their option to purchase an additional 11,250,000 shares [1] Group 1: Offering Details - The offering was conducted by selling stockholders affiliated with Blackstone Inc., The Carlyle Group Inc., Hellman & Friedman LLC, and a subsidiary of the Abu Dhabi Investment Authority [1] - Medline did not sell any shares in the offering and did not receive any proceeds from the sale [2] - Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, and J.P. Morgan acted as global coordinators and joint bookrunning managers for the offering [3] Group 2: Company Overview - Medline is the largest provider of medical-surgical products and supply chain solutions, serving all points of care [6] - The company has a broad product portfolio, resilient supply chain, and leading clinical solutions aimed at improving clinical, financial, and operational outcomes for healthcare providers [6] - Medline is headquartered in Northfield, Illinois, employs over 45,000 people globally, and operates in more than 100 countries [6]

Financial Performance - Medline Inc. reported Q4 net sales of $7.8 billion, a 14.8% increase driven by higher volumes in the Medline Brand and Supply Chain Solutions segments [1][4] - Net income for Q4 fell by 37.7% to $180 million, while Adjusted EBITDA remained nearly flat at $805 million due to higher operating costs, IPO-related expenses, and tariff-related costs [2] - For the full year, net sales increased by 11.5% to $28.4 billion, supported by $2.4 billion in new customer signings, while net income decreased by 3.6% to $1.2 billion [2] Future Outlook - The CEO emphasized that the transition to a public company has strengthened Medline's foundation for sustainable long-term growth [3] - Medline introduced 2026 guidance, projecting organic sales growth between 8% and 9% [3] - Adjusted EBITDA for 2026 is expected to reach a range of $3.5 billion to $3.6 billion as the company continues to utilize its distribution footprint and broad product portfolio [3] Company Overview - Medline Inc. manufactures med-surg products serving various healthcare facilities in the US and internationally, operating through two segments: Medline Brand and Supply Chain Solutions [4]

Core Viewpoint - Medline Inc. is conducting a secondary offering of 75,000,000 shares of its Class A common stock at a public price of $41.00 per share, with an additional option for underwriters to purchase up to 11,250,000 shares [1] Company Overview - Medline is the largest provider of medical-surgical products and supply chain solutions, serving all points of care globally [6] - The company is headquartered in Northfield, Illinois, employs over 45,000 people, and operates in more than 100 countries [6] Offering Details - The offering is being made by certain selling stockholders affiliated with Blackstone Inc., The Carlyle Group Inc., Hellman & Friedman LLC, and a subsidiary of the Abu Dhabi Investment Authority [1] - Medline will not sell any shares in this offering and will not receive any proceeds from the sale [2] - The offering is expected to close on March 10, 2026, subject to customary closing conditions [1] Underwriters - Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the offering [3] - A wide range of other financial institutions are involved as bookrunning managers and co-managers [3]

Core Viewpoint - Medline Inc. is not selling any shares in the public offering, which involves 75,000,000 shares of its Class A common stock being offered by certain selling stockholders affiliated with major investment firms [1][2] Group 1: Offering Details - The selling stockholders intend to grant underwriters a 30-day option to purchase an additional 11,250,000 shares of Medline's Class A common stock [1] - Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the offering [2] - The offering will be made only by means of a prospectus, and copies of the preliminary prospectus can be obtained from the mentioned financial institutions [3] Group 2: Company Overview - Medline is the largest provider of medical-surgical products and supply chain solutions, serving all points of care globally [5] - The company has a broad product portfolio, resilient supply chain, and leading clinical solutions aimed at improving healthcare providers' clinical, financial, and operational outcomes [5] - Medline is headquartered in Northfield, Illinois, employs over 45,000 people worldwide, and operates in more than 100 countries [5]

Table of Contents As filed with the Securities and Exchange Commission on March 3, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER (Exact Name of Registrant as Specified in its Charter) Delaware 3841 33-1845288 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3 Lakes Drive Northfield, Illinois 60093 Telephone: (8 ...

Medline Inc (NASDAQ:MDLN) reported mixed results for the fourth quarter on Wednesday.The company posted a quarterly loss of 1 cent per share which missed the analyst consensus estimate of earnings of 18 cents per share. The company reported quarterly sales of $7.787 billion which beat the analyst consensus estimate of $7.547 billion.“We delivered strong fourth quarter results, concluding a successful 2025 with $2.4 billion in total new customer signings,” said Jim Boyle, Chief Executive Officer of Medline. ...