Medline Inc.: Takeaways from CEO/CFO meetings

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Medline Inc.: Takeaways from CEO/CFO meetings

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Medline Inc.

Takeaways from CEO/CFO meetings

Maintain Rating: BUY | PO: 53.00 USD | Price: 35.94 USD

Takeaways from CEO/CFO meetings 22 June 2026

We hosted investor meetings with CEO Jim Boyle, CFO Mike Drazin, Global Head of Equity

Investor Relations Karen King, and Director of Investor Relations Patrick Flaherty at

Medline’s Chicago headquarters on 6/17. We maintain our Buy rating given prospective AndrewResearch ObinAnalyst

market share gains and accelerating adj. EBITDA growth in 2027. BofAS

+1 646 855 1817

Passing through cost inflation will take time andrew.obin@bofa.com David Ridley-Lane, CFA

Medline is experiencing cost inflation in fuel/freight and a few product categories. Research Analyst

Medline’s long-held strategy is to weather inflationary periods, provide customers with BofAS+1 646 855 2907

pricing stability, and be rewarded with both wallet and market share gains. Certainly, the david.ridleylane@bofa.com

cadence of share gains has accelerated in the 2025-26 inflationary period. CEO Boyle Devin Leonard

Research Analyst

mentioned that ~75% of 2025’s prime vendor wins were not up for contract renewal. BofAS

However, it is a different approach versus other distributors. We also met with Chicago- +1 646 855 3698

devin.leonard@bofa.com

based W.W. Grainger (GWW). They are planning on price increases in September.

Medical-surgical distribution offers faster long-term volume growth versus US industrial

distribution, but passing through pricing takes significantly longer.

Stock Data

Ramp up costs drive temporary margin pressure Price 35.94 USD

In 2026, management is investing in people & infrastructure to serve the 2025’s $2.4bn Price Objective 53.00 USD

of prime vendor signings.