Medline Inc "Caliendo's Quarter End Catch-Up" (Buy) Caliendo

研报英文原文证据摘录

Medline Inc "Caliendo's Quarter End Catch-Up" (Buy) Caliendo

Global Research

23 June 2026ab

Medline Inc Equities

United StatesCaliendo's Quarter End Catch-Up

Healthcare Providers

12-month rating Buy

CA Fire Remediation Efforts In Place; Limited Impact Expected From FDA

Warning Letter

12m price target US$57.00

We caught up with Medline's investor relations team prior to quiet period to discuss top-

of-mind issues. We gained incremental clarity on the recent California warehouse fire,

Price (23 Jun 2026) US$35.53

FDA warning letter and perspective on tariffs. Takeaways from the conversation below:

RIC: MDLN.O BBG: MDLN US

1. We asked management about moderating utilization trends in 2Q (noting our

channel checks on chemotherapy, lab data) vs. 1Q. On this dynamic, management Trading data and key metrics

did not comment explicitly on 2Q but did reaffirm that current fiscal year guidance 52-wk range US$49.99-33.19

conservatively assumes a moderation in the 2H. Market cap. US$28.8b

Shares o/s 810m (COM)

2. Management discussed the Tracy, CA distribution center fire, noting the ~1 million

square foot facility was destroyed and inventory was lost; while the team moved Free float 100%

quickly to respond, the company is still assessing the inventory mix and financial Avg. daily volume ('000) 9,066

impact, with insurance expected to cover the building, inventory, incremental Avg. daily value (m) US$355

costs, and logistics costs from shifting volume across its four other DCs, including Common s/h equity (12/26E) US$20.3b

Seattle. P/BV (12/26E) 1.4x

Net debt to EBITDA (12/26E) 2.6x

3. On FDA/483-related issues, management highlighted the Waukegan, IL warning

letter (mostly tied to CHG wipes), noting disclosure came with some delay from EPS (UBS, diluted) (USD)