Solventum Corporation reported a total revenue of $8.254 billion for the fiscal year ending December 31, 2024, reflecting a 0.7% increase from $8.197 billion in 2023. The company's net income for the year was $479 million, a significant decrease from $1.346 billion in the previous year, resulting in basic earnings per share of $2.77 compared to $7.79 in 2023. The decline in profitability was attributed to increased costs associated with the transition to a standalone company following its spin-off from 3M, as well as higher interest expenses related to new debt obligations.
In terms of operational performance, Solventum's MedSurg segment, which accounted for 56.2% of total sales, saw a slight increase in revenue to $4.637 billion, driven by organic growth of 1.2%. However, the segment's operating income fell by 19.9% to $887 million. The Dental Solutions segment experienced a 2.6% decline in sales to $1.295 billion, with operating income dropping by 20.8%. Conversely, the Health Information Systems segment reported a 1.6% increase in sales to $1.306 billion, while its operating income rose by 1.9%. The Purification and Filtration segment's revenue increased by 0.6% to $956 million, but its operating income decreased by 42%.
Solventum's workforce comprised approximately 22,000 employees as of December 31, 2024, with a slight decrease from the previous year. The company has been focusing on enhancing its research and development capabilities, with around 2,000 employees dedicated to R&D efforts. The company also reported a significant increase in capital spending, totaling $380 million in 2024, as it invests in manufacturing and sourcing capabilities to align production with sales demands.
Looking ahead, Solventum has announced plans to sell its Purification and Filtration business to Thermo Fisher Scientific for $4.1 billion, with the transaction expected to close by the end of 2025, subject to regulatory approvals. The company aims to leverage this divestiture to strengthen its focus on core business segments and improve operational efficiency. Despite the challenges faced in 2024, Solventum remains committed to its growth strategy, emphasizing innovation and customer engagement as key drivers for future success.
About Solventum Corp
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