Solventum Corp. Files Q1 2024 10-Q
Ticker: SOLV · Form: 10-Q · Filed: 2024-05-10T00:00:00.000Z
Sentiment: neutral
Topics: spin-off, healthcare, financials, 10-Q
Related Tickers: MMM
TL;DR
Solventum's Q1 2024 10-Q is in. First look at the numbers post-3M split.
AI Summary
Solventum Corp. filed its 10-Q for the period ending March 31, 2024. The company, formerly part of 3M Health Care Co., reported financial results for the first quarter of 2024. Key financial data and business segments are detailed within the filing.
Why It Matters
This filing provides the first look at Solventum's standalone financial performance since its separation from 3M, offering insights into its operational health and market position.
Risk Assessment
Risk Level: medium — As a newly independent entity, Solventum faces risks associated with establishing its own operations, market presence, and financial strategies separate from its former parent company.
Key Numbers
- 2024 Q1 — Reporting Period (First quarter financial results)
- 2024-03-31 — Balance Sheet Date (End of the reporting period)
- 2023-03-31 — Prior Year Period (For comparative financial analysis)
Key Players & Entities
- Solventum Corp. (company) — Filer of the 10-Q
- 3M Company (company) — Former parent company
- 3M Health Care Co. (company) — Former name of Solventum Corp.
- 20240331 (date) — End of reporting period
- 20240510 (date) — Filing date
FAQ
What were Solventum's total revenues for the first quarter of 2024?
The filing does not explicitly state the total revenue figure for Q1 2024 in the provided header information, but it indicates financial reporting for the period ending March 31, 2024.
What is Solventum's primary business segment?
Solventum's primary business segment is Surgical & Medical Instruments & Apparatus, as indicated by its Standard Industrial Classification code [3841].
When did Solventum officially change its name from 3M Health Care Co.?
The date of the name change from 3M Health Care Co. to Solventum Corp. was February 3, 2023.
What is the filing date of this 10-Q report?
This 10-Q report was filed on May 10, 2024.
Does the filing mention any subsequent events after the reporting period?
Yes, the filing indicates subsequent events occurring on April 1, 2024, related to credit facilities and senior notes.
From the Filing
0001964738-24-000013.txt : 20240510 0001964738-24-000013.hdr.sgml : 20240510 20240510091300 ACCESSION NUMBER: 0001964738-24-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 79 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240510 DATE AS OF CHANGE: 20240510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Solventum Corp CENTRAL INDEX KEY: 0001964738 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 922008841 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-41968 FILM NUMBER: 24933079 BUSINESS ADDRESS: STREET 1: C/O 3M COMPANY STREET 2: 3M CENTER, BUILDING 275-6W-02 CITY: ST. PAUL STATE: MN ZIP: 55144-1000 BUSINESS PHONE: 651-733-1110 MAIL ADDRESS: STREET 1: C/O 3M COMPANY STREET 2: 3M CENTER, BUILDING 275-6W-02 CITY: ST. PAUL STATE: MN ZIP: 55144-1000 FORMER COMPANY: FORMER CONFORMED NAME: 3M Health Care Co DATE OF NAME CHANGE: 20230203 10-Q 1 solv-20240331.htm 10-Q solv-20240331 FALSE 2024 Q1 0001964738 12/31 P18M P3Y P3Y P5Y P7Y P10Y P30Y P40Y P18M 0.25 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure solv:operatingSegment solv:series solv:plan solv:country solv:lawsuit solv:classAction solv:case solv:quiTamAction solv:employee 0001964738 2024-01-01 2024-03-31 0001964738 2024-04-01 0001964738 us-gaap:ProductMember 2024-01-01 2024-03-31 0001964738 us-gaap:ProductMember 2023-01-01 2023-03-31 0001964738 solv:SalesOfSoftwareAndRentalsMember 2024-01-01 2024-03-31 0001964738 solv:SalesOfSoftwareAndRentalsMember 2023-01-01 2023-03-31 0001964738 2023-01-01 2023-03-31 0001964738 2024-03-31 0001964738 2023-12-31 0001964738 2022-12-31 0001964738 2023-03-31 0001964738 us-gaap:SubsequentEventMember 2024-04-01 0001964738 us-gaap:SubsequentEventMember 2024-04-01 2024-04-01 0001964738 us-gaap:SeniorNotesMember 2024-02-29 0001964738 solv:CreditFacilitiesMember us-gaap:UnsecuredDebtMember us-gaap:LineOfCreditMember 2024-03-07 2024-03-07 0001964738 us-gaap:AccountsReceivableMember solv:OneCustomerMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-03-31 0001964738 solv:MedSurgSegmentMember 2023-12-31 0001964738 solv:DentalSolutionsSegmentMember 2023-12-31 0001964738 solv:HealthInformationSystemsSegmentMember 2023-12-31 0001964738 solv:PurificationAndFiltrationSegmentMember 2023-12-31 0001964738 solv:MedSurgSegmentMember 2024-01-01 2024-03-31 0001964738 solv:DentalSolutionsSegmentMember 2024-01-01 2024-03-31 0001964738 solv:HealthInformationSystemsSegmentMember 2024-01-01 2024-03-31 0001964738 solv:PurificationAndFiltrationSegmentMember 2024-01-01 2024-03-31 0001964738 solv:MedSurgSegmentMember 2024-03-31 0001964738 solv:DentalSolutionsSegmentMember 2024-03-31 0001964738 solv:HealthInformationSystemsSegmentMember 2024-03-31 0001964738 solv:PurificationAndFiltrationSegmentMember 2024-03-31 0001964738 us-gaap:CustomerRelatedIntangibleAssetsMember 2024-03-31 0001964738 us-gaap:CustomerRelatedIntangibleAssetsMember 2023-12-31 0001964738 us-gaap:IntellectualPropertyMember 2024-03-31 0001964738 us-gaap:IntellectualPropertyMember 2023-12-31 0001964738 us-gaap:TradeNamesMember 2024-03-31 0001964738 us-gaap:TradeNamesMember 2023-12-31 0001964738 solv:NetParentInvestmentMember 2023-12-31 0001964738 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001964738 solv:NetParentInvestmentMember 2024-01-01 2024-03-31 0001964738 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0001964738 solv:NetParentInvestmentMember 2024-03-31 0001964738 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0001964738 solv:NetParentInvestmentMember 2022-12-31 0001964738 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001964738 solv:NetParentInvestmentMember 2023-01-01 2023-03-31 0001964738 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-03-31 0001964738 solv:NetParentInvestmentMember 2023-0