MDLN - Allina Health PV Partnership Represents a Meaningful Win with Additional Strategic Opportunity

Research evidence excerpt

MDLN - Allina Health PV Partnership Represents a Meaningful Win with Additional Strategic Opportunity

Truist Securities

Equity Research Report July 8, 2026

HEALTHCARE: Healthcare Medline Inc. (MDLN)

Distribution

MDLN - Allina Health PV Partnership Represents a Meaningful Win

Jailendra Singh with Additional Strategic Opportunity

212-401-4406

Jailendra.Singh@truist.com

Earlier today, Medline announced a Prime Vendor (PV) agreement with Allina Health

Payton Engdahl (private) - a network of 12 hospital campuses and more than 90 clinics. MDLN is in its quiet

212-319-5476 period and declined to comment beyond noting that it is pleased with the win and it speaks

Payton.Engdahl@truist.com to the strength of the Medline model and the value it delivers to its customers. While MDLN

plans to provide additional details on this win when it reports Q2 in early August, we share

Eduardo Ron quick thoughts below.

212-326-3152

Eduardo.Ron@truist.com

Potentially Meaningful Contributor to 2026 PV Signings. The Allina Health PV win

appears noteworthy in the context of MDLN's current target of generating approximately $1

billion of annual new customer signings in 2026 (vs $2.4 bln in 2025). Allina Health's recent

Stock Rating BUY financial reports suggest that the health system reported ~$5.3 bln in annual patient service

Unchanged revenue with roughly $1.8 bln of supplies and services expense. Given the health system's

scale, it likely represents a sizable purchasing opportunity for MDLN across medical-surgical

Price Target $56.00 products and related supply chain services. We would note PV agreements are typically

Unchanged implemented over multiple phases, with spend conversion, category expansion, and product

standardization occurring gradually.