Medline CEO on IPO: This is the right time for us to expand our voice
December 17, 2025 • 4m 31s
? (Anchor)
00:00.070
one
joining
us
right
now
first
on
CNBC
is
medline
CEO
jim
boyle
good
morning
to
you
Jim Boyle (CEO)
00:04.430
good
morning
? (Anchor)
00:04.910
congratulations
this
has
been
a
quite
a
road
for
you
to
get
to
to
this
point
why
go
public
now
what's
the
what's
what's
the
thinking
in
terms
of
where
you
came
from
and
where
you
are
right
now
Jim Boyle (CEO)
00:15.710
and
as
you
know
we've
been
a
private
company
for
fifty
eight
years
with
fifty
eight
years
of
consecutive
growth
we
just
feel
like
this
is
the
right
time
for
us
to
kind
of
expand
our
voice
historically
we've
done
very
little
advertising
and
very
little
marketing
and
and
this
Jim Boyle (CEO)
00:29.870
gives
this
a
way
to
amplify
our
voice
and
actually
expand
really
the
the
receptivity
of
who
we
are
we
are
the
largest
company
you've
never
heard
of
and
we
happen
to
be
everywhere
which
is
a
pretty
interesting
thing
how
much
? (Anchor)
00:40.110
of
this
is
though
about
an
exit
if
you
will
for
the
for
the
private
equity
folks
who've
been
backing
this
company
for
at
least
the
past
couple
of
years
Jim Boyle (CEO)
00:46.470
part
of
it
is
that
right
private
equity
invest
in
business
to
create
a
return
on
invested
capital
however
i
mean
this
has
been
a
journey
for
fifty
eight
years
for
us
to
prepare
for
tomorrow
and
so
it's
a
blend
of
both
right
it
allows
them
to
create
exit
and
allows
us
to
create
Jim Boyle (CEO)
01:01.630
the
next
step
in
the
journey
? (Anchor)
01:03.190
for
the
investor
class
it's
looking
at
this
and
saying
should
i
be
buying
in
now
where
do
they
see
the
valuation
who
do
you
think
are
your
comps
if
you
will
you
know
we're
the
companies
that
from
a
valuation
perspective
Jim Boyle (CEO)
01:17.910
i
don't
know
that
i
have
an
N
of
one
a
comp
i
i
consider
medline
an
end
of
one
my
aspiration
is
to
be
the
costco
of
healthcare
and
what
i
mean
by
that
is
if
you
think
about
costco
they
have
a
membership
model
that
people
pay
to
be
a
member
of
medline
as
a
prime
vendor
model
that
Jim Boyle (CEO)
01:32.030
both
the
vendor
community
and
our
customers
pay
to
be
a
member
of
they
have
a
kirkland
brand
that
drives
savings
and
value
for
their
membership
and
accretive
margins
for
costco
we
have
the
medline
brand
that
does
the
exact
same
thing
they've
been
extremely
loyal
customer
base
we
Jim Boyle (CEO)
01:45.190
have
a
ninety
nine
percent
retention
rate
and
when
you
think
about
the
supply
chain
in
and
of
itself
costco
is
a
pretty
robust
resilient
supply
chain
and
we
have
over
three
hundred
and
thirty
five
thousand
products
with
twenty
nine
million
square
feet
in
the
US
that
we
serve
Jim Boyle (CEO)
01:58.110
customers
from
can
i
ask
you
? (Anchor)
01:59.430
some
we
said
mike
johnson
on
the
broadcast
talking
about
healthcare
costs
in
america
what
are
the
margins
like
at
your
company
Jim Boyle (CEO)
02:06.110
the
margins
at
our
company
are
built
around
making
sure
we
can
continue
to
invest
in
the
business
to
serve
our
customers
and
and
we
have
listen
we
sell
things
that
cost
pennies
we
don't
sell
things
that
cost
thousands
of
dollars
so
the
margin
profile
is
is
managed
in
a
way
way
Jim Boyle (CEO)
02:20.590
that
delivers
best
in
class
but
what
? (Anchor)
02:23.190
what's
what
if
we
we
can
go
look
in
the
in
in
in
in
the
documents
yes
it's
thirteen
percent
even
margin
so
my
question
to
you
is
given
all
of
the
pressures
on
the
healthcare
complex
do
you
think
that
those
margins
long-term
can
be
maintained
can
be
expanded
get
pushed
by
the
way
Jim Boyle (CEO)
02:42.550
i
look
at
it
is
we
are
the
value
player
and
the
marketplace
we
are
best
in
class
from
a
cost
perspective
and
a
price
perspective
so
i
think
they
can
be
maintained
the
with
what
with
what's
happening
with
tariffs
cuts
in
medicaid
medicare
i
mean
we
have
to
continue
to
drive
down
Jim Boyle (CEO)
02:56.710
costs
to
deliver
value
for
our
customers
hey
? (Anchor)
02:59.190
jim
one
of
the
questions
has
been
the
amount
of
debt
that
the
company
has
because
with
private
equity
obviously
there
was
some
debt
that
went
into
it
i
think
as
of
the
end
of
september
you
had
a
net
debt
of
about
fifteen
billion
dollars
and
a
net
debt
to
ebitda
ratio
of
four
? (Anchor)
03:14.470
point
five
no
health
care
companies
in
the
S
and
P
five
hundred
have
a
net
to
ebitda
net
debt
to
ebitda
ratio
greater
than
three
point
eight
where
where
will
you
be
post
IPO
and
how
quickly
can
you
pay
down
that
yeah
we're
Jim Boyle (CEO)
03:29.230
raising
five
billion
in
primary
four
billion
will
be
used
to
buy
down
debt
to
get
us
to
three
and
a
quarter
with
the
goal
to
get
sub
three
over
time
which
we
can
get
to
pretty
quickly
with
free
cash
flow
generation
okay
? (Anchor)
03:42.190
where
do
you
see
this
whole
health
care
debate
going
and
also
just
the
the
strength
of
the
consumer
in
this
moment
right
now
as
it
relates
to
either
your
own
products
or
what
you're
seeing
listen
Jim Boyle (CEO)
03:51.510
healthcare
is
going
through
a
crisis
of
complexity
right
you
have
cuts
in
reimbursement
medicare
and
medicaid
the
affordable
care
act
is
going
through
some
interesting
kind
of
dynamics
right
now
you
have
shifting
sides
of
care
the
total
hips
total
knees
open
hearts
are
all
Jim Boyle (CEO)
04:04.030
leaving
the
four
walls
of
the
hospital
they're
going
to
the
surgery
center
space
you
have
a
challenge
from
a
labor
management
perspective
i
mean
it
it
is
a
challenging
space
and
the
way
we
look
at
it
is
we
have
to
make
sure
we're
delivering
the
right
product
to
the
right
place
Jim Boyle (CEO)
04:16.150
at
the
right
time
at
the
best
delivered
value
for
our
customers
to
ultimately
give
caregivers
what
they
need
to
serve
patients
and
we're
in
the
boat
with
our
customers
our
customers
are
struggling
and
our
job
is
to
deliver
solutions
and
value
that
yield
better
outcomes
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