Investing.com -- Medline shares slumped more than 13% in premarket trading Wednesday after the medical supply distributor reported a 58.3% year-over-year drop in second-quarter net income, weighed down by losses tied to a fire that destroyed one of its distribution centers. The steep decline in net income followed a massive fire last month that completely destroyed Medline's 1-million-square-foot distribution center in Tracy, California. Second-quarter net sales rose 11.6% year-over-year to $7.7 billion, above the $7.51 billion consensus estimate, driven by expansion among existing customers and new customer signings. The company said its organic sales outlook includes IEEPA tariff repayments, while its EBITDA guidance excludes IEEPA tariff refunds. Related articlesMedline falls sharply as Tracy facility fire drives 58% net income dropThese 2 stocks are best positioned to benefit from higher uranium prices: analystNvidia's new Alpamayo project: What it means for Tesla?