Solventum beats first-quarter profit estimates on strong surgical product sales
May 8 (Reuters) - 3M spin-off Solventum (SOLV.N), opens new tab beat analysts' estimate for first-quarter profit on Thursday, helped by higher sales of its wound care, sterilization products.
The Minnesota-based company is one of the largest providers of sterilization devices, wound dressings, medical tape and other hospital consumables used by healthcare facilities.
Solventum also raised its annual organic sales growth forecast up 1.5% to 2.5% from prior forecast of up 1.0% to 2.0%.
The forecast includes its purification and filtration segment, the company said.
The company's MedSurg business, which provides wound dressings and surgical equipment, makes more than half of its total revenue. Sales in this segment were $1.16 billion during the quarter.
The company continues to expect annual profit per share in the range of $5.45 to $5.65.
It reported total net sales of $2.1 billion for the quarter, a 2.6% rise from a year earlier.
Solventum posted an adjusted profit of $1.34 per share for the quarter ended March 31, compared with analysts' average estimate of $1.22 per share, according to data compiled by LSEG.
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