Transformation ahead of plan: Achieved just over 1% organic sales growth in 2023–2024 and raised 2025 guidance to the high end of 2.5–3.5%, driven by commercial improvements and R&D execution.
SKU rationalization: Completed a two-wave program removing 8% of global SKUs, improving supply-chain efficiency and avoiding rebranding costs on nearly 10% of products.
Focused commercial and innovation push: Rolled out specialized sales teams and launched new products—Peel and Place, Prevena (back to double-digit growth), and three sterilization assurance offerings—to drive share gains.
2025 Q4 and 2026 outlook: Forecasting ~2.2% organic growth in Q4 and an elevated underlying sales growth rate in 2026, despite a 100 bp headwind from remaining SKU exits.
Separation and efficiency program: On track to complete 3M TSA roll-offs by end-2026 and initiated a restructuring to offset tariff annualization, stranded costs, and scale-related headwinds.

7 days ago

Transcript

Solventum reports Q3 2025 results

SOLV

Earnings

Guidance Update

M&A

Third-quarter sales of $2.1 billion, up 2.7% organically (0.7% reported), driven by volume growth, a 110 bps FX tailwind and a –310 bps impact from the purification & filtration divestiture.
Segment performance: Med-Surg sales of $1.2 B (+1.1% organic; advanced wound care +2.7% led by double-digit Prevena; infection prevention flat), Dental Solutions $340 M (+6.5%), HIS $345 M (+5.6%).
Gross margin of 55.8% (–20 bps sequential) and adjusted operating margin of 20.6% (adjusted operating income of $431 M); earnings per share of $1.50.
Balance sheet strengthened by $3.6 B net proceeds from the P&F sale, $2.7 B of debt paydown, ending Q3 with $1.6 B in cash and no revolver borrowings; YTD free cash flow ex-divestiture of $735 M (93% conversion).
Raised full-year organic sales growth guidance to the high end of 2–3%; EPS guidance to $5.98–$6.08; FY free cash flow of $150–250 M (incl. P&F) or $450–550 M ex-P&F; launched four-year “Transform for the Future” program targeting $500 M in annual savings.

Nov 6, 2025, 9:30 PM

Transcript

Solventum reports Q3 2025 results

SOLV

Earnings

Guidance Update

M&A

Third-quarter sales were $2.1 billion, up 2.7% organically and 0.7% on a reported basis.
Delivered adjusted EPS of $1.50, with an effective tax rate of 21.8%.
Paid down $2.7 billion of debt in Q3, ending the quarter with $1.6 billion in cash and no revolver borrowings.
Raised full-year guidance: organic sales growth to 2–3%, EPS to $5.98–$6.08, and free cash flow to $150 million–$250 million (or $450 million–$550 million excluding the purification and filtration divestiture).
Announced a four-year “Transform for the Future” program projected to deliver $500 million in annual savings at a cost of $500 million, and will pursue tuck-in M&A deals under $1 billion.

Nov 6, 2025, 9:30 PM

Transcript

Solventum reports Q3 2025 results

SOLV

Earnings

Guidance Update

Solventum delivered $2.1 billion in Q3 2025 sales, up 2.7% organic and 0.7% reported, with MedSurg up 1.1% and Dental and HIS exceeding expectations.
Q3 gross margin was 55.8% with operating margin at 20.6%, driving $1.50 EPS; net interest expense improved and effective tax rate was 21.8%.
Raised full-year 2025 guidance: organic sales now at the high end of +2.5%–3.5%, EPS to $5.98–$6.08, and free cash flow to $150–$250 million (or $450–$550 million ex-P&F divestiture).
Strengthened balance sheet with $3.6 billion net divestiture proceeds, $1.6 billion cash, and $2.7 billion debt paydown; launched “Transform for the Future” to deliver $500 million in annual savings over four years at a $500 million investment.

Nov 6, 2025, 9:30 PM

Transcript

Solventum reports Q3 FY25 results

SOLV

Earnings

Guidance Update

M&A

Solventum reported Q3 FY25 net sales of $2,096 M (+0.7% Y/Y reported, +2.7% organic), GAAP EPS $7.22, non-GAAP EPS $1.50, and free cash flow of $(22 M).
MedSurg sales were $1,206 M (+2.1% reported, +1.1% organic), Dental Solutions $340 M (+8.4% reported, +6.5% organic), Health Information Systems $345 M (+5.9% reported, +5.6% organic), and Purification & Filtration $128 M (−28.7% reported, +6.4% organic) reflecting the September 1 divestiture.
The sale of the Purification & Filtration segment closed on September 1, 2025, generating approximately $4 B in proceeds (≈$3.6 B net), with $2.7 B applied to debt reduction.
FY25 guidance was updated: organic sales growth of 2.0%–3.0% (2.5%–3.5% excl. ~50 bps SKU-exit), adjusted EPS of $5.98–$6.08, and free cash flow of $150 M–$250 M (down from $450 M–$550 M).

Nov 6, 2025, 9:30 PM

Presentation

Solventum reports Q3 2025 results

SOLV

Earnings

Guidance Update

New Projects/Investments

Net sales rose 0.7% to $2.10 billion, with organic sales up 2.7%; GAAP diluted EPS was $7.22, adjusted diluted EPS was $1.50 for Q3 2025.
Operating cash flow was $75 million, and free cash flow was –$22 million in the quarter.
Updated full-year 2025 guidance: organic sales growth now expected at the high end of +2.0% to +3.0%, and adjusted EPS raised to $5.98–$6.08.
Launched a 4-year “Transform for the Future” initiative aimed at generating approximately $500 million in annual cost savings (with cumulative pretax costs of $500 million).

Nov 6, 2025, 9:11 PM

8-K

Solventum reports Q3 2025 results

SOLV

Earnings

Guidance Update

Sales rose 0.7% to $2.1 billion, with organic growth of 2.7%.
GAAP diluted EPS was $7.22, and adjusted EPS came in at $1.50.
Operating cash flow totaled $75 million, while free cash flow was –$22 million.
Increased full-year 2025 guidance: organic sales growth at the high end of +2.0% to +3.0%, adjusted EPS to $5.98–$6.08, and free cash flow to $150 M–$250 M.
Announced a four-year Transform for the Future initiative aiming for $500 million in annual cost savings.

Nov 6, 2025, 9:05 PM

Press Release

Solventum announces $1.75 billion note tender offers

SOLV

Debt Issuance

$1.75 billion aggregate tender offers to purchase outstanding senior notes for cash, expiring Sept. 22, 2025.
Pool 1: up to $1.25 billion across four series due 2027–2034; Pool 2: up to $500 million across two series due 2054 and 2064.
Early Tender Date of Sept. 5, 2025 for enhanced payment, with expected Early and Final Settlement Dates around Sept. 10 and Sept. 25, 2025.
Offers subject to aggregate caps, series-specific limits and receipt of proceeds from the sale of Solventum’s purification and filtration business to Thermo Fisher Scientific.

Aug 22, 2025, 12:19 PM

Press Release

Solventum sells purification and filtration unit to Thermo Fisher for $4.0B

SOLV

M&A

Solventum entered into a transaction agreement to sell its purification and filtration business (excluding its Water Business) to Thermo Fisher Scientific for $4.0 billion, down from an initial $4.1 billion.
The company filed unaudited pro forma condensed consolidated financial statements as of June 30, 2025 and for the six months ended June 30, 2025 and year ended December 31, 2024 reflecting the Transaction under Regulation S-X Article 11.
Estimated closing cash consideration is $3.89 billion after deducting transaction costs of $72 million, working capital adjustments of $4 million, and indebtedness reduction of $34 million.
Pro forma balance sheet shows cash and cash equivalents increasing to $4,382 million from $492 million, total assets of $16,834 million, and long-term debt remaining at $7,815 million.
The sale generates a pre-tax gain of $1,564 million in 2024, resulting in pro forma net income of $1,677 million for the year ended December 31, 2024 versus $479 million historically.

Aug 13, 2025, 12:00 AM

8-K

Solventum amends Thermo Fisher deal to retain water filtration business

SOLV

M&A

On June 25, 2025, Solventum and Thermo Fisher entered into an Amended and Restated Transaction Agreement, excluding Solventum’s drinking water filtration business and reducing the cash purchase price from approximately $4.10 billion to $4.00 billion.
The amendment preserves future upside for Solventum, as Thermo Fisher may pay up to $75 million upon a sale of the retained Water Business or after a three-year period.
Closing remains anticipated by the end of 2025, with net proceeds still intended primarily to pay down debt.
Retaining the Water Business is projected to increase annual EPS accretion by $0.15–$0.20, while moderating the originally forecast gross and operating margin improvements of 200 and 100 basis points, respectively; updated estimates to be shared on the Q2 earnings call.

Jun 25, 2025, 12:00 AM

8-K

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