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Solventum Corporation (SOLV) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total net sales of $2,082 million, a slight increase from $2,074 million in the same quarter the previous year.
Operating income for the quarter was $275 million, down from $504 million in the previous year, primarily due to increased costs associated with the company's transition to a standalone entity.
Net income for the quarter was $122 million, compared to $460 million in the previous year. Basic and diluted earnings per share were $0.70, down from $2.66 in the previous year.
Cash provided by operating activities was $966 million, while cash used in investing and financing activities was $253 million and $136 million, respectively.
Solventum had cash and cash equivalents of $772 million as of September 30, 2024, with $570 million held by foreign subsidiaries.
The filing details various financial agreements, including a five-year $2.0 billion unsecured revolving credit facility and a commercial paper program allowing up to $2.0 billion in short-term notes.
Solventum's MedSurg segment reported net sales of $1,182 million, with organic sales growth driven by I.V. site management and medical OEM products.
The Dental Solutions segment saw a decrease in net sales to $313 million, attributed to lower volumes and the impact of divestitures.
The Health Information Systems segment reported net sales of $326 million, with growth driven by the adoption of the 3MTM 360 EncompassTM.
Purification and Filtration segment sales were $238 million, with growth in bioprocessing filtration offset by declines in other categories.
The company continues to focus on managing costs associated with its separation from 3M (MMM) and establishing its operations as a standalone entity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Solventum Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.