Solventum (NYSE:SOLV) reported third-quarter results that came in ahead of the consensus forecast on Wall Street. However, shares of SOLV were down 3% to $72.63 apiece in mid-day trading. In its second quarterly earnings report as an independent company, the Maplewood, Minnesota–based 3M Health Care spinoff reported profits of $122 million. That equals 70¢ per […]
3M Health Care
Solventum beats The Street in Q1, will report first standalone results in Q2
Solventum (NYSE: SOLV) today posted first-quarter results that beat the overall consensus on Wall Street. The St. Paul, Minnesota-based company spun from 3M reported profits of $237 million, or $1.37 per share, on sales of $1.6 billion for the three months ended March 31, 2024. Sales were up 0.19% from the same quarter last year, […]
3M completes Solventum healthcare business spinoff
3M announced today that it completed the spinoff of its Solventum healthcare business as a standalone company. Following the completion of the spinoff, Solventum is now listed on the New York Stock Exchange under the “SOLV” ticker. The 3M board approved the spinoff in March, confirming the effective date for today, April 1. The St. […]
How Solventum plans to create value after spinning out of 3M
Bryan Hanson, soon-to-be CEO of 3M’s Solventum healthcare spinoff, is no stranger to major changes in medtech. He had direct involvement in medtech’s largest spinoff, when Covidien separated from Tyco. Hanson then led the integration of Covidien into Medtronic in medtech’s largest-ever acquisition. While at Medtronic, he also led the divestiture of its Patient Recovery […]
3M board approves Solventum healthcare spinoff
3M announced last week that its board of directors approved the planned spinoff of Solventum, its Health Care business. Board approval further solidifies the company’s previously announced intent to spin Solventum into a standalone company on April 1. The St. Paul, Minnesota–based manufacturing giant first announced plans to spin off its Health Care unit in […]
3M to spin off Solventum Health Care unit on April 1
3M announced today that it filed an SEC Form 10 to set the planned spinoff of its Solventum Health Care business for April 1. The St. Paul, Minnesota-based medtech company first announced plans to spin off its Health Care unit in June 2022. It named the standalone company, which generates more than $8 billion in […]
3M could reportedly raise up to $12 billion from Solventum spinoff
3M stands to make billions of dollars from spinning off its Health Care business into a new company called Solventum, according to a Star Tribune of Minneapolis report. The newspaper’s report cited a Fitch Ratings report, which said the up to $12 billion from the Solventum spinoff would come in over the next five years. […]
3M says Health Care spinoff still on track
3M stock was down this morning after the company’s 2024 earnings forecast failed to meet expectations. The Maplewood, Minnesota–based manufacturing giant also said it remains on track to spin off 3M Health Care as a new company called Solventum during the year’s first half. “The spin is on track to be completed in the first […]
3M picks former NuVasive CEO as president of Medical Solutions
3M announced that it named Chris Barry EVP and group president of its Medical Solutions Division. Medical Solutions exists within the 3M Health Care business group. 3M expects to spin off its Health Care business in the first half of this year, after which point it will operate under the name “Solventum.” Barry, the former […]
3M wins $34.2M contract to develop wound care solutions
3M Health Care announced that its Medical Solutions Division received a $34.2 million award from the U.S. Army Medical Research Acquisition Activity. The award enables 3M to develop a range of new solutions for infection prevention, wound management and wound healing. St. Paul, Minnesota-based 3M plans to lead a program focused on treatment strategies for […]
The top medtech trends of 2023
The top medtech trends of 2023 included innovations such as artificial intelligence, new GLP-1 weight loss drugs and some long-awaited medtech finally receiving regulatory nods. With health providers facing additional challenges on top of an ever-uncertain economic environment, medtech companies also made major readjustments: layoffs, spinoffs, reorganizations and much more. Here are the top stories […]
