3M Spins off Healthcare Business Solventum

Written by: Isabella C. Pestana

3M recently completed the spinoff of its healthcare technology business as the new standalone public company, Solventum Corporation.  Solventum has an IP portfolio with over 7,300 patents globally.

Solventum operates across 38 countries and has approximately 22,000 employees worldwide.  Its business spans across four segments: Medical Surgical, Dental Solutions, Health Information Systems, and Purification and Filtration.  Solventum estimates that its products “have been used in over two billion dental restoration procedures worldwide,” are used to “treat 1.6 million hard-to-heal wounds annually,” and are used “in more than 25 million life-saving dialysis treatments” annually.

In 2023, while still part of 3M, over half of Solventum’s $8.2 billion in sales came from its Medical Surgical business segment.  This business segment is a provider of various medical solutions, including advanced wound care, surgical supplies, stethoscopes, and more.  For example, Solventum offers negative pressure wound therapy products, with devices that range from durable units with multiple therapy modalities to disposable and portable options.

Solventum serves a global market with approximately $93 billion in 2022 industry sales.  Solventum anticipates that this market will grow 4-6% annually from 2024 through 2026.  In 2023, the Solventum business generated 56% of its total revenues from the United States and 44% from international sources.  Discussing the spinoff, Solventum CEO Bryan Hanson said, “We’re a new company with a long legacy of creating breakthrough solutions that solve our customers’ toughest challenges.  Solventum colleagues worldwide are united in our mission to enable better, smarter, safer healthcare to improve lives.”  And according to Hanson, “Solventum is now better positioned to create long-term value for shareholders through a greater focus on our core business, an enhanc