Solventum Hosts Inaugural Investor Day Ahead of Its Planned Spinoff from 3M
PR Newswire
ST. PAUL, Minn., March 19, 2024
– Leadership to highlight opportunity to unlock significant value creation over time –
– Solventum to introduce full-year 2024 guidance –
ST. PAUL, Minn., March 19, 2024 /PRNewswire/ — Solventum will host its inaugural Investor Day today in New York City ahead of its planned spinoff from 3M (NYSE: MMM). The Company is anticipated to spin off from 3M on April 1, 2024, and has been approved for listing on the New York Stock Exchange as “SOLV.”
During today’s event, Solventum chief executive officer Bryan Hanson and chief financial officer Wayde McMillan will share how the Company plans to create significant value for shareholders over time, including:
-- Building on a solid foundation of durable and diversified businesses and
capitalizing on strong market positions in its large and growing markets.
-- Enhanced focus and agility as a stand-alone company to pursue tailored
capital allocation strategies aligned with industry- and market-specific
dynamics.
-- Accelerating revenue growth, driving margin expansion and improving cash
flow to reinvest in high-return value-creation opportunities.
“We look forward to introducing you to the future of Solventum during our inaugural Investor Day event,” said Hanson. “We have a solid foundation of globally recognized brands in attractive markets and deep innovation capabilities. The spin will unlock our agility, enhanced focus and targeted capital allocation, which better positions us to drive strong value creation over time while advancing our mission to enable better, smarter, safer healthcare to improve lives.”
Solventum Introduces 2024 Full-Year Guidance
Today the Company introduces its 2024 full-year guidance as follows:
-- Organic revenue growth of -2% to 0% -- Adjusted earnings per share (EPS) of $6.10 to $6.40 -- Free cash flow of $700M to $800M
See the “Non-GAAP Financial Measures in Guidance” section for applicable information.
Solventum historical financials in Form 10 and Q1 2024 are prepared as a carve-out of 3M Company. This basis of presentation is different than what has been reported in 3M’s historical consolidated results for 3M’s Health Care segment. Solventum’s full-year 2024 guidance is based on Q1 2024 as a carve-out plus the remainder of the year as a stand-alone company starting April 1, 2024.
Live Webcast
The live webcast will begin at 9:00 a.m. Eastern Daylight Time and is expected to last approximately three hours. The live webcast and a replay of the presentation will be available on 3M’s website at
Key Information about Solventum
As outlined in its Form 10, Solventum will be:
-- Focused on its mission, "Enabling better, smarter, safer healthcare to
improve lives," powered by its more than 70 years of innovation creating
breakthrough solutions, market-leading positions, trusted, recognized
brands, and strong customer relationships with more than 100,000 channel
partners and sales in more than 90 countries.
-- A leading global healthcare company innovating at the intersection of
health, material, and data science, with $8.2 billion in revenue in
2023. Solventum will serve an approximate $93 billion global addressable
market anticipated to grow at 4-6% through 2026.
-- Organized into four operating business segments aligned to the markets
served, including:
-- Medical Surgical (MedSurg): A provider of wound care and surgical
solutions intended to accelerate healing and prevent
complications.
-- Dental Solutions: A provider of dental prevention and procedure
solutions and orthodontic solutions intended to promote lifelong
oral health.
-- Health Information Systems: A provider of software solutions
powered by clinical intelligence that are intended to create time
for clinicians to care for patients and ensure accuracy in health
care reimbursement.
-- Purification & Filtration: A provider of filters and membranes
intended for life-saving biopharmaceuticals, vaccines, and medical
treatments.