Solventum Corp

solventum.com

What Do They Do?

Sells wound-care and surgical products to hospitals, clinics, and other health care providers, along with dental products and healthcare software.

How Do They Make Money?

For product sales, customers generally pay when goods are delivered. Software with support and software-as-a-service are paid over time, while equipment rentals are charged based on how long the device is used.

revenue

Segment	Share	Revenue	How money arrives
Cost of product Sold outright	76% FY2022: 77%		Sold outright
Cost of software and rentals Mix	24% FY2022: 23%		Mix

Who Are Their Customers?

Hospitals, physicians, and other health care providers buy directly, through distributors, and through local partners that distribute products in export markets.

Do Revenues Turn Into Profits?

Yes. It kept 19 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$10M.

Operating income, FY2025

26% of revenue

▲ +111% vs FY2024 ($1B, 13%)

Net income, FY2025

19% of revenue

▲ +225% vs FY2024 ($479M, 6%)

Free cash flow, FY2025

0% of revenue

▼ Now a loss vs FY2024 ($805M, 10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $2.2B in Q2 FY2025
Net income: ▲ +2%; vs $90M in Q2 FY2025

Cost of product share of revenue vs 77.2% in Q2 FY2025

Aug 5, 2026 Plans to separate its Health Information Systems business Solventum announced it will pursue a separation of the business as part of its portfolio strategy.

Revenue over time

Cost of product Cost of software and rentals

$10B$5B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Smith & Nephew, Mölnlycke, Coloplast, Convatec, Becton Dickinson, ICU Medical, Medline, Cardinal Health, Steris, Dentsply Sirona, Envista, Straumann, Ivoclar, Align Technology, Optum, Microsoft, Epic, Oracle, Waystar, and Athena

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