Medline Net Sales in First Half Reach $13.5 Billion Ahead of IPO

Medline is telling prospective investors in its initial public offering that it had about $13.5 billion in net sales in the first half of 2025, an increase of roughly 9.7% from last year, according to people familiar with the matter.

The medical supplies maker, which counts Blackstone Inc., Carlyle Group Inc. and Hellman & Friedman as its backers, had a compound annual growth rate of 9% for net sales from 2022 through 2024, the people said, asking not to be identified as the information isn’t public.

Medline’s free cash flow in the first half of 2025 was about $671 ...