Solventum Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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Performance by Business Segment
Note 17 to the condensed consolidated financial statements provides an overview of Solventum’s business segments in addition to disclosures relating to Solventum’s segments. Upon closing the sale of our Purification and Filtration business, we primarily manage our operations in three business segments. Our reportable segments are MedSurg, Dental Solutions, and Health Information Systems. Our Chief Operating Decision Maker evaluates segment operating performance using net sales and business segment operating income.
All Other
All Other primarily consists of the Water Business that was retained after the sale of the Purification and Filtration Business. All Other also includes sales and cost of sales related to our agreements to supply 3M and other supply agreements assumed by the Company at Spin-Off related to legacy 3M businesses, which were historically included within Corporate and Unallocated.
Corporate and Unallocated
Certain items are maintained at the corporate level and not allocated to the segments (“Corporate and Unallocated”). Corporate and Unallocated includes amortization of acquired intangible assets, restructuring and related charges, and benefits or costs related to capitalized manufacturing variances. In addition, Corporate and Unallocated includes Spin-Off and separation related costs. Spin-Off and separation related costs include any costs incurred as part of our separation from 3M and costs to setup operations as a standalone company, including system implementations, manufacturing relocations, legal entity separations, certain equity awards granted as part of the Spin-Off, profit mark-ups on transition service arrangements with 3M and other one-time costs.
Because Corporate and Unallocated includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis.
Business Segment Information
Information related to the Company’s segments is presented in the tables that follow with additional context in the corresponding narrative below the tables.
MedSurg (57.5% and 56.6% of consolidated sales for the three and nine months ended September 30, 2025)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| (Millions) | 2025 | 2024 | 2025 | 2024 |
| Net sales | $1,206 | $1,182 | $3,581 | $3,463 |
| Increase/(decrease) | ||||
| Organic growth | 1.1% | 1.0% | 3.6% | 1.1% |
| Other | — | (0.7) | (0.3) | (0.5) |
| Constant currency | 1.1 | 0.2 | 3.3 | 0.6 |
| Currency impact | 1.0 | (0.1) | 0.1 | (0.6) |
| Reported growth | 2.1% | 0.1% | 3.4% | —% |
| Business segment operating income | $203 | $243 | $619 | $678 |
| Percent change | (16.5)% | (20.8)% | (8.7)% | (18.2)% |
| Percent of sales | 16.8% | 20.6% | 17.3% | 19.6% |
Sales in MedSurg were up 2.1%:
Organic growth was driven by volumes in Advanced Wound Care, due to negative pressure wound therapy. Growth within our Infection Prevention and Surgical Solutions business was negatively impacted by advanced order timing as part of enterprise resource planning and distribution center cutovers that occurred during the second quarter 2025.
Foreign currency translation positively impacted sales by 1.0%.
Business segment operating income margin decreased when compared to the same period last year. The decrease was primarily driven by the impact of higher product costs due to tariffs.
Sales in MedSurg were up 3.4%:
Organic growth was led by Infection Prevention and Surgical Solutions, led by I.V. site management and surgical solutions products.
Other includes certain health care businesses retained by 3M India in connection with the Spin-Off.
Foreign currency translation positively impacted sales by 0.1%.
Business segment operating income margin decreased when compared to the same period last year. The decrease was driven by higher costs to stand-up and operate our standalone structure after Spin-Off and the impact on product cost from tariffs.
Dental Solutions (16.2% and 15.9% of consolidated sales for the three and nine months ended September 30, 2025)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| (Millions) | 2025 | 2024 | 2025 | 2024 |
| Net sales | $340 | $313 | $1,006 | $979 |
| Increase/(decrease) | ||||
| Organic growth | 6.5% | (3.9)% | 2.5% | (1.8)% |
| Other | — | (1.2) | (0.3) | (1.9) |
| Constant currency | 6.5 | (5.2) | 2.3 | (3.7) |
| Currency impact | 1.9 | — | 0.5 | (0.6) |
| Reported growth | 8.4% | (5.2)% | 2.8% | (4.3)% |
| Business segment operating income | $87 | $74 | $262 | $277 |
| Percent change | 18.7% | (35.1)% | (5.4)% | (20.6)% |
| Percent of sales | 25.7% | 23.6% | 26.1% | 28.3% |
Sales in Dental Solutions were up 8.4%:
Organic growth across all businesses, led by new restorative and prevention solutions products. The quarter benefitted from a reduction in backorders driven by improved service levels.
Foreign currency translation positively impacted sales by 1.9%.
Business segment operating income margin increased when compared to the same period last year primarily due to the benefit of higher sales volume growth. Tariff and inflation impacts were largely offset by savings from Solventum Way and other supply chain benefits.
Sales in Dental Solutions were up 2.8%:
Organic growth in new restorative and prevention solutions products was partially offset by a decline in traditional orthodontic products.
Other includes certain health care businesses retained by 3M India in connection with the Spin-Off.
Foreign currency translation positively impacted sales by 0.5%
Business segment operating income margin decreased when compared to the same period last year as a result of higher costs to stand-up and operate our standalone structure after Spin-Off.
Health Information Systems (16.5% and 16.0% of consolidated sales for the three and nine months ended September 30, 2025)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| (Millions) | 2025 | 2024 | 2025 | 2024 |
| Net sales | $345 | $326 | $1,012 | $971 |
| Increase/(decrease) | ||||
| Organic growth | 5.6% | 1.5% | 4.2% | 1.8% |
| Other | — | — | — | — |
| Constant currency | 5.6 | 1.4 | 4.2 | 1.8 |
| Currency impact | 0.3 | 0.1 | 0.1 | — |
| Reported growth | 5.9% | 1.5% | 4.3% | 1.8% |
| Business segment operating income | $134 | $105 | $363 | $317 |
| Percent change | 27.4% | (7.9)% | 14.5% | 4.3% |
| Percent of sales | 38.8% | 32.2% | 35.8% | 32.6% |
Sales in Health Information Systems were up 5.9%:
Organic growth was driven by continued adoption of our Solventum™ 360 Encompass TMand a timing benefit from consulting product milestones.
Clinician productivity solutions declined primarily due to impacts from changing market conditions.
Foreign currency translation positively impacted sales by 0.3%.
Business segment operating income margin increased when compared to the same period last year, driven by sales mix and lower external license fees.
Sales in Health Information Systems were up 4.3%:
Positive organic growth was driven by continued adoption of our Solventum™ 360 Encompass TM and performance management solutions.
Clinician productivity solutions declined primarily due to impacts from changing market conditions.
Foreign currency translation positively impacted sales by 0.1%.
Business segment operating income margin increased when compared to the same period last year, driven by sales price growth, product mix and lower external license fees.
Other Segment Information
Purification and Filtration
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| (Millions) | 2025 | 2024 | 2025 | 2024 |
| Net sales | $128 | $180 | $497 | $532 |
| Increase/(decrease) | ||||
| Organic growth | 6.4% | 4.1% | 5.5% | 5.2% |
| Other | (38.5) | (1.3) | (13.1) | (1.0) |
| Constant currency | (32.1) | 2.8 | (7.6) | 4.2 |
| Currency impact | 3.4 | — | 1.0 | (0.6) |
| Reported growth | (28.7)% | 2.8% | (6.6)% | 3.6% |
| Business segment operating income | $26 | $19 | $96 | $62 |
| Percent change | 36.8% | (31.3)% | 54.8% | (11.6)% |
| Percent of sales | 20.1% | 10.6% | 19.3% | 11.7% |
Sales in Purification and Filtration were down (28.7)%:
Results above represent the two months of sales prior to the close of the sale in September 2025.
Other includes lost sales from the Company’s Purification and Filtration business that was sold in September 2025.
Foreign currency translation positively impacted sales by 3.4%.
Business segment operating income margin increased due to volume growth and favorable sales mix.
Sales in Purification and Filtration were down (6.6)%:
Organic growth was driven by growth in both bioprocessing filtration and industrial filtration, which benefited from added production capacity, partially offset by declines in membrane OEM products.
Other includes lost sales from the Company’s Purification and Filtration business that was sold in September 2025 and certain health care businesses retained by 3M India in connection with the Spin-Off.
Foreign currency translation positively impacted sales by 1.0%.
Business segment operating income margin increased due to volume growth, favorable sales mix and a benefit resulting from the Company stopping depreciation on assets classified as held for sale, partially offset by additional standalone structure costs.
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