Medline Inc. · NASDAQ:MDLN
Medline — JP Morgan Healthcare Conference 2026
23 slides from Medline's conference presentation, Jan 13, 2026
Slide 1: Medline - JP Morgan Healthcare Conference
Medline JP Morgan Healthcare Conference Jim Boyle | Chief Executive Officer January 13, 2026
Slide 2: Disclaimers
Disclaimers Forward -Looking Statements This presentation contains “forward -looking statements” as defined under the U.S. federal securities laws, including, but not li mited to, statements, estimates, and projections relating to our business, goals, targets, activities, efforts, initiatives, plans
Slide 3: Our Mission
OUR MISSION By delivering improved clinical, financial and operational outcomes 3
Slide 4: Medline overview
Medline overview Business model Supply chain capabilities $27.4bn 29mm+ Net sales TTM 1 as Square feet of global of Sept. 27, 2025 warehouse space 335,000 $4.5bn Total products Inventory on -hand 43,000+ 99% Employees Service levels 4 1. TTM = Trailing twelve months
Slide 5: 50+ years track record of success
Track record of success by delivering the best total value to our customers 2016 Entered Acute Care Historical net sales Laboratory >$1bn in 2001 2011 channel >$2.5bn in 2006 Entered Physician >$5bn in 2012 Office channel >$10bn in 2017 2008 Entered >$20bn in 2021 Ambulatory Surgery Center channel 1
Slide 6: Serving a large and growing TAM with favorable tailwinds
Serving a large and growing TAM with favorable tailwinds Serving a large and growing TAM with favorable tailwinds Total Addressable Market 1 Favorable Tailwinds Market Trends $375bn Aging population, growing prevalence of chronic disease, Shifting volume outside of the hospital, healthcare consolida
Slide 7: Our vertically integrated model serves as a force multiplier
Medline Supply Chain Brand Solutions Our vertically integrated $12.5bn $13.0bn model serves as a force 2024 net sales A Force 2024 net sales ~190,000 Multiplier ~145,000 multiplier… Medline Brand products Third -party products 26.1% 5.0% 2024 Segment Adjusted 2024 Segment Adjusted EBITDA Margin 1 EB
Slide 8: Significant momentum in customer signings
Potential to reach Significant momentum ~60% Medline Brand 42% in customer signings product mix over time $16bn Medline Brand net sales (% of total) 32% 2024 Prime Vendor sales 24% $4bn Medline Brand sales conversion opportunity driving 13% $1bn incremental gross profit 1 $2.1bn 9M’25 total new cust
Slide 9: Clinically driven innovation, informed by customer needs
Clinically driven innovation, 400+ 2,100+ 600+ informed by customer needs FDA 510(k) clearances granted patents pending applications Electrodes, Defib ERASE BSI Bundle ComfortGlide Optifoam Suresite IoPlex SmartBo X SafeSlide REFLEX® Patient Pads, Disposable Program Gentle EX Select Nitinol Staples
Slide 10: Disciplined approach to acquiring products and capabilities
Disciplined approach to acquiring products and Focused on strategic $1.2bn M&A products, 2022 —Q3’25 capabilities that expand channel or service spend on M&A our reach Surgical Solutions Product Acquisitions Skin Care Assets Sensi Care Channel Expansions United MedCo 2010 2011 2012 2013 2014 2015 20
Slide 11: Culture is a crucial component to our success
Culture is a crucial component to our success Key Tenets of Medline’s Culture Select Awards and Accolades ✓ Relentless Customer Focus Chicago Tribune Best Places to Work ✓ Agility & Flexibility ✓ Gritty Problem Solving Forbes America’s Best Large Employers ✓ Drive to Succeed ✓ Purposeful Candor News
Slide 12: Financials
Financials
Slide 13: Multiple vectors to drive top-line and earnings growth
Multiple vectors to drive top-line and earnings growth Operational execution Medline Brand conversion International opportunity expansion M&A execution Channel expansion Continuous product innovation Winning new PV and non-PV Growing customers with non-Prime Growing Vendor with Prime customers Vendo
Slide 14: Disciplined approach to capital allocation which provides optionality
Disciplined approach to capital allocation which provides optionality Reinvest Bolt -on Debt Shareholder in the business M&A repayment Return Investing in the business for Focus on adjacent products Disciplined capital Excess cash not reinvested long-term sales growth and services, and expanding man
Slide 15: Attractive long-term financial targets
Attractive long-term financial targets Net sales growing Annual total new high-single digits customer signings 1 of ~$1bn Adjusted EBITDA 2 Net Leverage 2 growing at or above target of < 3.0x net sales growth rate 1. See Appendix for definition. 15 2. Non-GAAP financial measure. See additional infor
Slide 16: Appendix and Non-GAAP definitions & reconciliations
Appendix and Non-GAAP definitions & reconciliations
Slide 17: Reporting and guidance framework
Reporting and guidance framework Reporting framework Annual guidance framework Total Total net sales U.S. Acute | U.S. Non -Acute | International growth Net Medline Brand Sales Surgical Solutions | Front Line Care | Lab & Diagnostics Supply Chain Solutions Total Organic Sales 1 Total growth Adj. Med
Slide 18: Medline business days' summary
Medline business days’ summary • Close and report on a 4-4-5 week calendar, which can create discrepancy in days per quarter Business Days Q1 Q2 Q3 Q4 FY • While this tends to net out for the full year, certain quarters 2022 59 64 63 67 253 could have slightly more or less days than the same quarter
Slide 19: Key definitions
Key definitions Medline Brand or “MB” refers to products manufactured by Medline, sourced by Medline and sold under a Medline trademark, or certain third -party produc ts distributed by Medline that drive value for our customers, which we also refer to as “Medline Preferred Products.” Medline Br and
Slide 20: Non-GAAP financial measures
Non-GAAP financial measures Organic Sales Organic Sales is defined as net sales excluding, when they occur, the impact of acquisitions, divestitures, and changes in fo reign exchange rates from the net sales changes. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA is defined as net income
Slide 21: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA (1) Includes $75 million, $77 million, and $78 million of depreciation associated with acquisitions for the years ended Year Ended December 31, December 31, 2024, 2023, and 2022, respectively. 2024 2023 2022 (2) Represents $53 million, $61 milli
Slide 22: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Trailing Twelve (1) Includes inventory adjustment to remove the entire impact of the non - Three Months Ended Nine Months Ended cash last -in first out (LIFO) reserve. Inventory adjustments were $2 Months Ended Sept. 27, Sept. 27, Sept. 28, Sept. 27, S
Slide 23: Reconciliation of Net Sales to Organic Sales and Free Cash Flow
Reconciliation of Net Sales to Organic Sales and Net Cash Provided by Operating Activities to Free Cash Flow Three Months Ended Nine Months Ended (in millions) Amount Percentage Amount Percentage Net sales for the period ended September 27, 2025 $7,115 $20,645 Net sales for the period ended Septembe