FALSE000196473800019647382025-02-272025-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 27, 2025
SOLVENTUM CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware
File No. 001-41968
92-2008841
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3M Center, Building 275-6W 2510 Conway Avenue East, Maplewood, Minnesota
55144
(Address of Principal Executive Offices)
(Zip Code)
(Registrant’s Telephone Number, Including Area Code) (651) 733-1110
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $.01 Per Share
SOLV
New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company     ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange Act.     ☐


Item 2.02. Results of Operations and Financial Condition
On February 27, 2025, Solventum issued a press release reporting fourth-quarter 2024 financial results and introduced its 2025 Full-Year financial guidance (attached hereunder as Exhibit 99.1 and incorporated herein by reference).
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit NumberDescription
104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SOLVENTUM CORPORATION
By:
/s/ Matthew M. Rice
Matthew M. Rice
Vice President, Associate General Counsel & Assistant Secretary
Dated: February 27, 2025


Exhibit 99.1

Solventum Reports Fourth Quarter 2024 Financial Results and Introduces 2025 Full-Year Guidance

•Reported sales increased 1.9% to $2.074 billion; organic sales increased 2.3%
•GAAP diluted Earnings Per Share (EPS) of $0.17; adjusted EPS1 of $1.41
•Generated $219 million in cash from operations; free cash flow of $92 million
•Introduces full-year 2025 organic sales growth, adjusted EPS and free cash flow guidance

ST. PAUL, Minn., February 27, 2025 /PRNewswire/ – Solventum (NYSE: SOLV) today reported financial results for the fourth quarter ended December 31, 2024.

"Solventum executed another quarter of solid performance, enabling us to deliver full year 2024 at the high end of our expectations,” said Bryan Hanson, chief executive officer of Solventum. “We’re successfully executing across all elements and phases of the 3-phased transformation plan we laid out at our 2024 Investor Day. We look forward to introducing our long-term strategic plan and financial targets to drive sustainable long-term growth and value creation at our upcoming 2025 Investor Day next month.”

Fourth Quarter 2024 Financial Results
3 months ended December 31, 2024
(Millions of dollars, except per share amounts)

GAAP
non-GAAP1
Sales$2,074$2,074
Operating income$136$422
Operating income margin6.6%20.4%
Diluted earnings per share (EPS)$0.17$1.41
Cash from operations/free cash flow1
$219$92

Year Ended 2024 Financial Results
12 months ended December 31, 2024
(Millions of dollars, except per share amounts)

GAAP
non-GAAP1
Sales$8,254$8,254
Operating income$1,036$1,812
Operating income margin12.6%22.0%
Diluted earnings per share (EPS)$2.76$6.70
Cash from operations/free cash flow1
$1,185$805

Reported and organic sales growth in the quarter reflect positive performance from all segments, which benefited from a softer quarterly comparison in the prior year. By segment, total Solventum organic sales growth was primarily driven by the MedSurg and Dental Solutions segments.

GAAP and adjusted operating income margin declined due to lower gross margins, including the impact from 3M supply agreement mark-up, and an increase in operating expenses related to public company stand-up costs and growth investments.

1


1 Represents non-GAAP financial measure; see the “Non-GAAP Financial Measures” section for applicable information.

Segment and Total Company Net Sales for Fourth Quarter*
Three months ended December 31,Increase/(Decrease)
(Dollars in millions)20242023TotalCurrency Impact
Other2
Organic
MedSurg$1,174 $1,168 0.5 %(0.6)%(0.7)%1.8 %
Dental Solutions315 306 3.0 (0.8)(0.4)4.2 
Health Information Systems336 332 1.1 — — 1.1 
Purification and Filtration235 230 2.0 (0.6)(0.9)3.5 
Corporate and Unallocated3
14 — NMNMNMNM
Total Company$2,074 $2,036 1.9 %(0.6)%0.1 %2.3 %

Segment and Total Company Net Sales for Year Ended 2024*
Year ended December 31,Increase/(Decrease)
(Dollars in millions)20242023TotalCurrency Impact
Other2
Organic
MedSurg$4,637 $4,632 0.1 %(0.6)%(0.5)%1.2 %
Dental Solutions1,295 1,329 (2.6)(0.7)(1.5)(0.4)
Health Information Systems1,306 1,285 1.6 — — 1.6 
Purification and Filtration956 951 0.6 (0.7)(0.9)2.1 
Corporate and Unallocated3
59 — NMNMNMNM
Total Company$8,254 $8,197 0.7 %(0.5)%— %1.2 %
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

2Other represents sales impact from acquisitions and divestitures measured separately for the first 12 months post-transaction. Divestiture impacts include lost sales from the company’s dental anesthetics business that was sold in August 2023 and certain health care businesses retained by 3M India in connection with the spin-off.

3Corporate and unallocated includes sales related to product supplied to 3M and other supply agreements related to legacy 3M business and assumed by the company at spin-off.

Full-Year 2025 Guidance

Solventum is providing its full-year 2025 guidance
•Organic sales growth of +1.0% to +2.0% (+1.5% to +2.5% excluding ~50bps of SKU Exit impact)
•Adjusted EPS of $5.45 to $5.65
•Free cash flow of $450M to $550M

Note: Full year 2025 guidance currently includes our Purification & Filtration segment. On February 25, 2025, we announced the sale of our Purification & Filtration segment. We will update our annual guidance after the transaction closes.

Organic sales, adjusted EPS and free cash flow amounts included in Solventum’s full-year guidance are non-GAAP financial measures. Solventum does not provide reconciliations of the forward-looking non-GAAP financial measures to the respective GAAP metrics as it is unable to predict with reasonable certainty and without unreasonable effort certain items, such as the impact of changes in currency exchange rates, impacts associated with business acquisitions or divestitures, and the timing and magnitude of restructuring activities, among other items.

Please note Solventum’s full-year 2024 results includes Q1 2024 as a carve-out plus the remainder of the year as a stand-alone company starting April 1, 2024.

2

See the “Non-GAAP Financial Measures” section for explanations of our non-GAAP financial measures.

Earnings Conference Call
Solventum will host a conference call today, February 27, at 4:30 p.m. Eastern Time to discuss its fourth quarter financial results and provide an update on its business. The conference call can be accessed via audio webcast at investors.solventum.com or by dialing (800) 715-9871 within the U.S. or +1 (646) 307-1963 for international callers, using the conference ID 6342275.

A replay of the webcast, along with the earnings press release, slides highlighting the results, and supplemental financial disclosures, will also be available at the same link on the Investor Relations section of the company’s website.
Forward Looking Statement
This news release contains forward-looking information about Solventum’s financial results and estimates and business prospects, including guidance for 2025, that contain or incorporate by reference statements that relate to future events and expectations and, as such, constitute forward-looking statements that involve risk and uncertainties. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international, trade and geopolitical conditions, natural disasters, war, public health crises, and other events beyond Solventum’s control; (2) operational execution risks; (3) damage to Solventum’s reputation or its brands; (4) risks from acquisitions, strategic alliances, divestitures and other strategic events; (5) Solventum’s business dealings involving third-party partners in various markets; (6) Solventum’s ability to access the capital and credit markets and changes in Solventum’s credit ratings; (7) exposure to interest rate and currency risks; (8) the highly competitive environment in which Solventum operates and consolidation in the healthcare industry; (9) reduction in customers’ research budgets or government funding; (10) the timing and market acceptance of Solventum's new product and service offerings; (11) ongoing working relationships with certain key healthcare professionals; (12) changes in reimbursement practices of governments or private payers or other cost containment measures; (13) Solventum’s ability to obtain components or raw materials supplied by third parties and other manufacturing and related supply chain difficulties, interruptions, and disruptive factors; (14) legal and regulatory proceedings and legal compliance risks (including third-party risks) with regards to antitrust, FCPA and other anti-bribery laws, environmental laws, anti-kickback and false claims laws, privacy laws, product liability claims, tax laws, and other laws and regulations in the United States and other countries in which Solventum operates; (15) potential liabilities related to per-and polyfluoroalkyl substances; (16) risks related to the highly regulated environment in which Solventum operates; (17) risks associated with product liability claims; (18) climate change and measures to address climate change; (19) security breaches and other disruptions to information technology infrastructure; (20) Solventum’s failure to obtain, maintain, protect, or effectively enforce its intellectual property rights; (21) pension and postretirement obligation liabilities; (22) any failure by 3M Company (“3M”) to perform any of its obligations under the various separation agreements entered into in connection with the separation of Solventum from 3M and distribution (the “Spin-Off”); (23) any failure to realize the expected benefits of the Spin-Off; (24) a determination by the IRS or other tax authorities that the Separation or certain related transactions should be treated as taxable transactions; (25) indebtedness incurred in the financing transactions undertaken in connection with the Separation and risks associated with additional indebtedness; (26) the risk that incremental costs of operating on a standalone basis (including the loss of synergies), costs of restructuring transactions and other costs incurred in connection with the Spin-Off will exceed Solventum's estimates; and (27) the impact of the Spin-Off on Solventum’s businesses and the risk that the separation from 3M may be more difficult, time-consuming or costly than expected, including the impact on Solventum's resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties.

3

Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located under “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Solventum's periodic reports on file with the U.S. Securities & Exchange Commission. Solventum assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. GAAP, Solventum also provides non-GAAP measures that we use, and plan to continue using, when monitoring and evaluating operating performance and measuring cash available to invest in our business. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP financial measures are supplemental measures of our performance and our liquidity that we believe help investors understand our underlying business performance and Solventum uses these measures as an indication of the strength of Solventum and its ability to generate cash.

Solventum calculates forward-looking non-GAAP financial measures, including organic sales growth, adjusted operating income, adjusted operating income margin, adjusted effective tax rate, adjusted earnings per share, and free cash flow based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. Solventum does not provide reconciliations of these forward-looking non-GAAP financial measures to the respective GAAP metrics as it is unable to predict with reasonable certainty and without unreasonable effort certain items such as the impact of changes in currency exchange rates, impacts associated with business acquisitions or divestitures, and the timing and magnitude of restructuring activities, among other items. The timing and amounts of these items are uncertain and could have a material impact on Solventum’s results in accordance with GAAP.

The Q4 2024 financial statements and financial information, including reconciliations of non-GAAP financial measures, are available on Solventum’s website: investors.solventum.com.
About Solventum
At Solventum, we enable better, smarter, safer healthcare to improve lives. As a new company with a long legacy of creating breakthrough solutions for our customers' toughest challenges, we pioneer game-changing innovations at the intersection of health, material and data science that change patients’ lives for the better — while empowering healthcare professionals to perform at their best. See how at Solventum.com.

Solventum Investor Contact:
investors@solventum.com

Solventum Media Contact:
news@solventum.com

4
Solventum Corporation
CONSOLIDATED STATEMENTS OF INCOME*
(Dollars in millions, except per-share data)
(Unaudited)

Three months ended December 31,Year ended December 31,
20242023202420232022
Net sales of product$1,581 $1,546 $6,348 $6,296 $6,300 
Net sales of software and rentals493 490 1,906 1,901 1,830 
Total net sales2,074 2,036 8,254 8,197 8,130 
Cost of product830 761 3,172 3,023 2,953 
Cost of software and rentals125 117 489 481 482 
Gross profit1,119 1,158 4,593 4,693 4,695 
Selling, general and administrative expenses784 562 2,782 2,243 2,235 
Research and development expenses199 190 775 758 767 
Operating income136 406 1,036 1,692 1,693 
Interest expense, net107 — 367 — — 
Other expense (income), net16 15 64 25 1 
Income before income taxes 13 391 605 1,667 1,692 
Provision for income taxes (18)119 127 321 349 
Net Income$30 $272 $479 $1,346 $1,343 
Earnings per share:
Basic earnings per share$0.17 $1.57 $2.77 $7.79 $7.78 
Diluted earnings per share0.17 1.57 2.76 7.79 7.78 
Weighted-average number of share outstanding:
Basic173.4 172.7 173.2 172.7 172.7 
Diluted174.5 172.7 173.7 172.7 172.7 
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.
5
Solventum Corporation
CONSOLIDATED BALANCE SHEETS*
(Dollars in millions, except per-share data)
(Unaudited)

December 31,December 31,
20242023
Assets
Current assets
Cash and cash equivalents$762 $194 
Accounts receivable — net of allowances of $86 and $82
1,044 1,313 
Due from related parties185 — 
Inventories
Finished goods 539 453 
Work in process 190 171 
Raw materials and supplies 236 233 
Total inventories 965 857 
Other current assets 293 155 
Total current assets 3,249 2,519 
Property, plant and equipment — net1,622 1,457 
Goodwill 6,377 6,535 
Intangible assets — net 2,544 2,902 
Other assets 665 530 
Total assets $14,457 $13,943 
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt$200 $— 
Accounts payable 618 477 
Due to related parties272 — 
Unearned revenue572 574 
Other current liabilities1,041 677 
Total current liabilities 2,703 1,728 
Long-term debt 7,810 — 
Pension and postretirement benefits350 166 
Deferred income taxes225 231 
Other liabilities 410 152 
Total liabilities $11,498 $2,277 
Equity
Common stock par value, $0.01 par value, 750,000,000 shares authorized$2 $— 
Shares issued and outstanding - December 31, 2024: 172,785,606
Shares issued and outstanding - December 31, 2023: 0
Additional paid-in capital 3,771 — 
Retained earnings 242 — 
Net parent investment— 12,003 
Accumulated other comprehensive income (loss) (1,056)(337)
Total equity 2,959 11,666 
Total liabilities and equity $14,457 $13,943 
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.
6
Solventum Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS*
(Dollars in millions)
(Unaudited)
Year ended December 31,
(Millions)202420232022
Cash Flows from Operating Activities
Net income$479 $1,346 $1,343 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 555 561 578 
Postretirement benefit plan expense34 41 64 
Stock-based compensation expense 112 39 37 
Gain on business divestitures— (56)— 
Deferred income taxes (155)(142)(141)
Changes in assets and liabilities
Accounts receivable 43 (129)(32)
Due from related parties233 — 
Inventories (132)23 (82)
Accounts payable 266 105 25 
Due to related parties(565)— — 
All other operating activities315 127 (113)
Net cash provided by operating activities 1,185 1,915 1,679 
Cash Flows from Investing Activities
Purchases of property, plant and equipment (380)(290)(251)
Proceeds from sale of business— 60 — 
Other — net — — (2)
Net cash used in investing activities (380)(230)(253)
Cash Flows from Financing Activities
Repayment of debt(300)— — 
Net transfers to 3M(8,251)(1,553)(1,456)
Proceeds from long-term debt, net of issuance costs8,303 — — 
Other — net 8 1 (4)
Net cash used in financing activities (240)(1,552)(1,460)
Effect of exchange rate changes on cash and cash equivalents 3 — 4 
Net increase (decrease) in cash and cash equivalents 568 133 (30)
Cash and cash equivalents at beginning of year 194 61 91 
Cash and cash equivalents at end of year$762 $194 $61 
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.
7
Solventum Corporation and Subsidiaries*
BUSINESS SEGMENTS
(Unaudited)

Operating segments include components of an enterprise where separate financial information is available that is evaluated regularly by the company’s Chief Operating Decision Maker ("CODM") for the purpose of assessing performance and allocating resources. The company’s CODM is its Chief Executive Officer. The primary profitability measurement used by the CODM to review segment operating results is segment operating income. The CODM uses segment operating income to allocate resources during the annual strategic planning process and then holds the segments accountable to the resourcing decisions during the annual budgeting process.The company's operating activities are managed through four operating segments: MedSurg, Dental Solutions, Health Information Systems, and Purification and Filtration. There have been no changes to the composition of the segments or to financial information reported within each of the business segments. These segments have been identified based on the nature of the products sold and how the company manages its operations. Transactions among reportable segments are recorded at cost. No operating segments have been aggregated to form reportable segments.
Corporate and Unallocated includes amortization of acquired intangible assets, restructuring and related charges, benefits or costs related to capitalized manufacturing variances, spin-off and separation related costs and other net costs that the company chose not to allocate directly to its business segments. 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 relocation, legal entity separation, certain equity awards granted as part of the spin-off, profit mark-ups on transition service arrangements with 3M and other one-time costs.
Corporate and Unallocated also includes sales and cost of sales related to products supplied to 3M and other supply agreements related to legacy 3M business and assumed by the company at spin-off. Because Corporate and Unallocated includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis. Business segment operating income is reconciled to total operating income below:
BUSINESS SEGMENT INFORMATION
Three months ended December 31, 2024Three months ended December 31, 2023
(Dollars in millions)Net SalesOperating IncomeOperating Margin %Net SalesOperating IncomeOperating Margin %
MedSurg$1,174 $208 17.8 %$1,168 $278 23.8 %
Dental Solutions315 73 23.3 306 93 30.4 
Health Information Systems336 114 34.1 332 119 35.8 
Purification and Filtration235 16 6.9 230 28 12.2 
Total business segment operating income$411 $518 
Corporate and Unallocated:
Amortization expense$(88)$(89)
Other Corporate and Unallocated(187)(23)
Total Corporate and Unallocated14 (275)NM— (112)NM
Total Company$2,074 $136 6.6 %$2,036 $406 19.9 %
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.
8
Solventum Corporation
BUSINESS SEGMENTS – (CONTINUED)*
(Unaudited)
BUSINESS SEGMENT INFORMATION
Year ended December 31, 2024Year ended December 31, 2023
(Dollars in millions)Net SalesOperating IncomeOperating Margin %Net SalesOperating IncomeOperating Margin %
MedSurg$4,637 $887 19.1 %$4,632 $1,107 23.9 %
Dental Solutions1,295 350 27.0 1,329 442 33.3 
Health Information Systems1,306 431 33.0 1,285 423 32.9 
Purification and Filtration956 94 9.9 951 162 17.0 
Total business segment operating income$1,762 $2,134 
Corporate and Unallocated:
Amortization expense$(349)$(365)
Other Corporate and Unallocated(377)(77)
Total Corporate and Unallocated59 (726)NM— (442)NM
Total Company$8,254 $1,036 12.6 %$8,197 $1,692 20.6 %
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.
9
Solventum Corporation
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES
(Unaudited)
In addition to reporting financial results in accordance with U.S. GAAP, the company use non-GAAP financial measures to supplement the financial measures prepared in accordance with U.S. GAAP. These include (1) Adjusted operating income, and adjusted operating income margin, (2) Adjusted earnings per share, and (3) Free cash flow. Managements believe that these non-GAAP financial measures are useful in evaluating current performance and focusing management on our underlying operational results.
There are limitations to the use of the non-GAAP financial measures presented in this information statement. These non-GAAP financial measures are not prepared in accordance with U.S. GAAP nor do they have any standardized meaning under U.S. GAAP. In addition, other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to such similarly titled non-GAAP financial measures used by other companies. Management cautions you not to place undue reliance on these non-GAAP financial measures, but instead to consider them with the most directly comparable U.S. GAAP measure. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation. These non-GAAP financial measures should be considered supplements to, not substitutes for, or superior to, the corresponding financial measures calculated in accordance with U.S. GAAP.
The tables below reconcile our non-GAAP financial measures to the nearest financial measure that is in accordance with U.S. GAAP for the periods presented.

Adjusted Operating Income, Adjusted Operating Income Margin and Adjusted Earnings Per Share (Non-GAAP measures)

Adjusted operating income and adjusted operating income margin are not defined under U.S. GAAP. Therefore, they should not be considered a substitute for earnings data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Solventum defines adjusted operating income as operating income excluding the effects of amortization, restructuring costs, and spin-off and separation-related costs. Adjusted operating income margin is adjusted operating income divided by the U.S GAAP measure total net sales for the same period. The company believes adjusted operating income and adjusted operating income margin provide investors with visibility into the company's unleveraged, pre-tax operating results and reflects underlying financial performance. However, adjusted operating income should not be construed as inferring that the company’s future results will be unaffected by the items for which the measure adjusts.

Adjusted earnings per share is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for earnings data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Solventum defines adjusted earnings per share as net income excluding the after-tax effects of amortization, restructuring costs, spin-off and separation-related costs, and legal entity restructuring costs. The company believes adjusted earnings per share provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how the company evaluate the business. However, adjusted earnings per share should not be construed as inferring that the company’s future results will be unaffected by the items for which the measure adjusts.

10
Solventum Corporation
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES – (CONTINUED)*
(Unaudited)

Three months ended December 31, 2024
(Dollars in millions, except per share amounts)Net sales
Cost of Sales6
Gross Margin %
Operating Expenses7
Operating IncomeOperating Income Margin %
Non-Operating Expense (Income), net8
Income Before Income TaxesNet Income Attributable to SolventumDiluted EPSEffective Tax Rate
GAAP$2,074 $955 54.0 %$983 $136 6.6 %$123 $13 $30 $0.17 (142.0)%
Non-GAAP Adjustments:
Amortization of acquisition-related intangible assets— — — (88)88 4.2 — 88 73 0.42 
Restructuring costs (a)
— (23)1.0 (42)65 3.1 — 65 53 0.30 
Spin-off and separation-related costs (b)
— (24)1.2 (108)132 6.4 — 132 99 0.57 
Legal entity restructuring (c)
— — — — — — — — (10)(0.06)
Non-GAAP$2,074 $908 56.2 %$745 $422 20.4 %$123 $299 $247 $1.41 17.4 %

Three months ended December 31, 2023
(Dollars in millions, except per share amounts)Net sales
Cost of Sales6
Gross Margin %
Operating Expenses7
Operating IncomeOperating Income Margin %
Non-Operating Expense (Income), net8
Income Before Income TaxesNet Income Attributable to SolventumDiluted EPSEffective Tax Rate
GAAP$2,036 $878 56.9 %$752 $406 19.9 %$15 $391 $272 $1.57 30.4 %
Non-GAAP Adjustments:
Amortization of acquisition-related intangible assets— — — (89)89 4.4 — 89 75 0.43 
Restructuring costs (a)
— (6)0.3 (7)13 0.6 — 13 10 0.06 
Spin-off and separation-related costs (b)
— — — (20)20 1.0 — 20 18 0.11 
Non-GAAP$2,036 $872 57.2 %$636 $528 25.9 %$15 $513 $375 $2.17 26.9 %
__________
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.
(a)Consists of severance associated with restructuring programs.
(b)Consists of costs specifically incurred in connection with the separation from 3M.
(c)Consists of tax impacts for legal entity restructuring in connection with the separation from 3M.

6Cost of sales is the combination of cost of product and cost of software and rentals line items from the Consolidated Statements of Income and represents the total company cost of sales.
7Operating expenses is the combination of selling, general and administrative expenses and research and development expenses from the Consolidated Statements of Income and represents the total company other operating expenses.
8 Non-operating expense (income), net is the combination of interest expense, net and other expense (income), net line items from the Consolidated Statements of Income and represents the total company non-operating expense.
11
Solventum Corporation
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES – (CONTINUED)*
(Unaudited)


Year ended December 31, 2024
(Dollars in millions, except per share amounts)Net sales
Cost of Sales6
Gross Margin %
Operating Expenses7
Operating IncomeOperating Income Margin %
Non-Operating Expense (Income), net8
Income Before Income TaxesNet Income Attributable to SolventumDiluted EPSEffective Tax Rate
GAAP$8,254 $3,661 55.6 %$3,557 $1,036 12.6 %$431 $605 $479 $2.76 20.9 %
Non-GAAP Adjustments:
Amortization of acquisition-related intangible assets— — — (349)349 4.2 — 349 291 1.68 
Restructuring costs (a)
— (28)0.3 (50)78 0.9 — 78 61 0.35 
Spin-off and separation-related costs (b)
— (74)0.9 (275)349 4.2 (38)387 306 1.76 
Legal entity restructuring (c)
— — — — — — — — 25 0.14 
Non-GAAP$8,254 $3,559 56.9 %$2,882 $1,812 22.0 %$392 $1,419 $1,162 $6.70 18.1 %

Year ended December 31, 2023
(Dollars in millions, except per share amounts)Net sales
Cost of Sales6
Gross Margin %
Operating Expenses7
Operating IncomeOperating Income Margin %
Non-Operating Expense (Income), net8
Income Before Income TaxesNet Income Attributable to SolventumDiluted EPSEffective Tax Rate
GAAP$8,197 $3,504 57.3 %$3,001 $1,692 20.6 %$25 $1,667 $1,346 $7.79 19.3 %
Non-GAAP Adjustments:
Amortization of acquisition-related intangible assets— — (365)365 4.5 — 365 307 1.78 
Restructuring costs (a)
— (18)0.2 (33)51 0.6 — 51 41 0.24 
Spin-off and separation-related costs (b)
— — (20)20 0.3 — 20 18 0.10 
Gain on business divestitures— — 56 (56)(0.7)— (56)(40)(0.23)
Non-GAAP$8,197 $3,486 57.5 %$2,639 $2,072 25.3 %$25 $2,047 $1,672 $9.68 18.3 %
__________________
*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.
(a)Consists of severance associated with restructuring programs.
(b)Consists of costs specifically incurred in connection with the separation from 3M.
(c)Consists of tax impacts for legal entity restructuring in connection with the separation from 3M.

6Cost of sales is the combination of cost of product and cost of software and rentals line items from the Consolidated Statements of Income and represents the total company cost of sales.
7Operating expenses is the combination of selling, general and administrative expenses and research and development expenses from the Consolidated Statements of Income and represents the total company other operating expenses.
8 Non-operating expense (income), net is the combination of interest expense, net and other expense (income), net line items from the Consolidated Statements of Income and represents the total company non-operating expense.
12
Solventum Corporation
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES – (CONTINUED)*
(Unaudited)

Free Cash Flow (non-GAAP measure):
Free cash flow is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. The company defines free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company believes free cash flow is meaningful to investors as it is a useful measure of liquidity and the company uses these measures as an indication of the strength of the company and its ability to generate cash. Free cash flow varies across quarters throughout the year. Below find a recap of free cash flow.
(Dollars in millions)Three months ended December 31,Year ended December 31,
Major GAAP Cash Flow Categories2024202320242023
Net cash provided by operating activities$219 $547 $1,185 $1,915 
Net cash used in investing activities(127)(88)(380)(230)
Net cash used in financing activities(104)(306)(240)(1,552)
Free Cash Flow (non-GAAP measure)
Net cash provided by operating activities$219 $547 $1,185 $1,915 
Purchases of property, plant and equipment(127)(88)(380)(290)
Free cash flow*92 459 805 1,625 
__________________
*Non-GAAP financial measure.
13
v3.25.0.1
Cover Page
Feb. 27, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2025
Entity Registrant Name SOLVENTUM CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-41968
Entity Tax Identification Number 92-2008841
Entity Address, Address Line Two 2510 Conway Avenue East
Entity Address, Address Line One 3M Center, Building 275-6W
Entity Address, City or Town Maplewood
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55144
City Area Code 651
Local Phone Number 733-1110
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, Par Value $.01 Per Share
Trading Symbol SOLV
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001964738
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