Solventum is a healthcare products and software company spun out of 3M in 2024. The company operates three segments: MedSurg (~58% of revenue), Dental Solutions (~16%), and Health Information Systems (~16%). MedSurg makes and sells consumable medical products to hospitals and clinics, with three core product lines: negative pressure wound therapy (NPWT) via the V.A.C. system, IV site management via Tegaderm CHG antimicrobial film dressings, and sterilization assurance products that hospitals use to verify surgical equipment is properly sterilized. Dental Solutions sells restorative, preventive, and orthodontic products — including composite materials, fluoride treatments, and Clarity clear aligners — to dentists and orthodontists. Health Information Systems (HIS) sells revenue cycle management software to hospitals, helping them accurately code clinical encounters for insurance reimbursement; the flagship product is 360 Encompass, and Solventum is expanding into AI-driven autonomous coding. MedSurg and Dental follow a consumables model, where revenue scales with patient volume, product penetration, and pricing. HIS generates recurring revenue through long-term multi-year contracts with meaningful switching costs. Solventum is still completing its separation from 3M and executing a cost savings program targeting $500M in annualized savings over four years. The company recently divested its Purification & Filtration business for ~$3.6B, using proceeds primarily to pay down debt. Solventum targets 4%-5% organic revenue growth and 23%-25% operating margins by 2028.