Private equity-backed Medline files for IPO
After months of rumors, Medline, an Illinois-based medical supplier known for its surgical devices, has officially announced its plan to go public. The company, which has been stocking many of the world’s cardiac surgery suites and cath labs for decades now, announced that it has filed the paperwork with the U.S. Securities and Exchange Commission.
The exact date of the initial public offering (IPO) has not yet been finalized, but an early estimate reported by Reuters in 2024 suggested the company could raise more than $5 billion when it does finally go public.
Medline was founded in 1966 by two brothers from the Mills family. Its first textile manufacturing facility opened in 1968. Over the years, it became a globally recognized brand in the world of medical supplies, providing hospitals with everything from personal protective equipment and medical tape to catheters and surgical kits. In 2021, private equity companies Blackstone, Carlyle and Hellman & Friedman acquired a majority investment in Medline for approximately $34 billion. The Mills family remained the largest single investor in the company following that transaction.
According to the paperwork filed with the SEC, Medline generated a net sales of $13.5 billion, net income of $0.7 billion and adjusted EBITDA of $1.8 billion in the first six months of 2025. The company’s revenue increased 9.7% during that time and its gross profit increased 10.7%.
Once Medline has gone public, the company intends to list its stock on Nasdaq under the ticker symbol MDLN. Goldman Sachs & Co., Morgan Stanley, BofA Securities and J.P. Morgan are all acting as lead bookrunning managers for the IPO.
HeartFlow, the California-based medtech company known for its artificial intelligence-based imaging evaluations, went public in August and raised approximately $364 million. Its stock is now being traded on Nasdaq under the ticker symbol HTFL.
Click here to read Medline’s full announcement.
Michael has more than 19 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.