Medical devices & instruments
45 companies · $300B combined revenue · $44.5B operating profit
The typical US-listed medical devices & instruments company grew revenue 10.3% and earnings 3% in its latest year, at a 13.3% operating margin, and 9 of 45 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
Growth engines: the 4 Cylinders
All four working: 7% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more50%
- Operating leverage · Operating income growing faster than a growing revenue49%
- Margin expansion · Operating margin up 1 point or more45%
- Debt reduction · Debt down 5% or more, or net cash38%
Combined revenue · 43 companies reporting in US dollars
Combined operating margin
All 45 companies
| Median | – | 10.3% | 3% | 13.3% | 7.6% | 0.58x |
| ISRGIntuitive Surgical | $10.1B | 20.5%▲ | 23%▲ | 29.3%▲ | 16%▲ | – |
| MDTMedtronic | $36.4B | 8.4%▼ | 3% | 17.8%▲ | 7.9%▲ | 0.57x▲ |
| SYKStryker | $25.1B | 11.2%▲ | 8.5%▲ | 19.5%▲ | 12.2%▲ | 0.71x▼ |
| MMM3M | $24.9B | 1.5%▼ | -22.1%▼ | 18.6%▲ | 16.5%▲ | 2.68x▼ |
| BSXBoston Scientific | $20.1B | 19.9%▲ | 56.7%▲ | 18%▲ | 9.4%▲ | 0.47x▲ |
| BDXBecton Dickinson | $21.8B | 8.2%▼ | -1.6%▼ | 11.8%▼ | 5.5%▼ | 0.76x▼ |
| EWEdwards Lifesciences | $6.1B | 11.5%▲ | -74.3%▼ | 20.8%▲ | 10.6%▲ | 0.06x▲ |
| MDLNMedline | $28.4B | 11.5%▲ | -0.3%▼ | 7.8%▼ | 6.1%▼ | 1.17x▼ |
| RMDResmed | $5.7B | 9.9%▼ | 8.8%▲ | 33.4%▲ | 24.9%▲ | 0.10x▲ |
| DXCMDexcom | $4.7B | 15.6%▲ | 45.1%▲ | 19.6%▲ | 21.7%▲ | – |
| GEHCGE HealthCare Technologies | $20.6B | 4.8%▼ | 4.6%▲ | 13.4%▲ | 9.9%▲ | 0.96x▼ |
| ALCALCON | $10.4B | 4.9%▼ | -3.7%▼ | 13.1%▼ | 4.8%▼ | 0.21x▲ |
| WSTWest Pharmaceutical Services | $3.1B | 6.3%▼ | 0.2%▼ | 19%▲ | 16.2%▲ | 0.06x▲ |
| PHGKoninklijke Philips | EUR 17.8B | -1%▼ | – | 8%▼ | 7.3%▼ | 0.74x▼ |
| STESteris | $5.9B | 8.7%▼ | 27.3%▲ | 18.6%▲ | 11.5%▲ | 0.27x▲ |
| ZBHZimmer Biomet | $8.2B | 7.2%▼ | -22%▼ | 13.3% | 5.4%▼ | 0.59x▼ |
| SOLVSolventum | $8.3B | 0.9%▼ | 225%▲ | 26.2%▲ | 19.5%▲ | 1.00x▼ |
| BAXBaxter International | $11.2B | 5.7%▼ | – | -2.7%▼ | -1.8%▼ | 1.54x▼ |
| PENPenumbra | $1.4B | 17.5%▲ | 1168%▲ | 13.5%▲ | 11.5%▲ | – |
| SNNSmith & Nephew | $6.2B | 6.1%▼ | 51.7%▲ | 12.9%▼ | 9%▲ | 0.59x▼ |
| COOCooper Companies | $4.1B | 5.1%▼ | -4.4%▼ | 16.7%▲ | 6.1%▼ | 0.30x▲ |
| GMEDGlobus Medical | $2.9B | 16.7%▲ | 422%▲ | 16.3%▲ | 10%▲ | – |
| ALGNAlign Technology | $4.0B | 0.9%▼ | -2.6%▼ | 13.5%▲ | 12.7%▲ | – |
| GKOSGlaukos | $507M | 32.3%▲ | – | -39.3%▼ | -25.2%▼ | – |
| PODDInsulet | $2.7B | 30.7%▲ | -40.9%▼ | 17.5%▲ | 18.9%▲ | 0.63x▼ |
| MSAMSA Safety | $1.9B | 3.7%▼ | -2.1%▼ | 19.8%▲ | 16.4%▲ | 0.42x▲ |
| BLCOBausch & Lomb | $5.1B | 6.5%▼ | – | 2.2%▼ | 0.9%▼ | 0.78x▼ |
| HAEHaemonetics | $1.3B | -2%▼ | -42%▼ | 11.7%▼ | 7.4%▼ | 1.54x▼ |
| TFXTeleflex | $2.0B | 17.2%▲ | -1400%▼ | 5.9%▼ | 1.9%▼ | 0.85x▼ |
| MMSIMerit Medical Systems | $1.5B | 11.8%▲ | 6.8%▲ | 12.2%▼ | 7.6% | 0.46x▲ |
| STVNStevanato Group S.p.A. | EUR 1.2B | 7.4%▼ | 18.7%▲ | 16.8%▲ | 9.9%▲ | 0.31x▲ |
| MMEDMiniMed | $3.1B | 14.3%▲ | – | -6.1%▼ | -4.8%▼ | – |
| HTFLHeartflow | $176M | 39.9%▲ | – | -36.4%▼ | -20.2%▼ | – |
| ITGRInteger | $1.9B | 8%▼ | -14.3%▼ | 11.9%▼ | 7%▼ | 0.68x▼ |
| LIVNLivaNova | $1.4B | 10.7%▲ | -483%▼ | 14.4%▲ | 11.1%▲ | 0.31x▲ |
| ICUIIcu Medical | $2.2B | -6.3%▼ | – | 1.9%▼ | 1.2%▼ | 0.60x▼ |
| NVSTEnvista | $2.7B | 8.3%▼ | – | 7.9%▼ | 4.5%▼ | 0.47x▲ |
| IRTCiRhythm | $747M | 26.2%▲ | – | -7.7%▼ | -6.6%▼ | – |
| PLSEPulse Biosciences | $0M | – | – | -21983%▼ | -88.8%▼ | – |
| WRBYWarby Parker | $872M | 13%▲ | – | -0.6%▼ | -0.9%▼ | – |
| ATRCAtriCure | $535M | 14.9%▲ | – | -1.8%▼ | -1.6%▼ | 0.13x▲ |
| TMDXTransMedics | $605M | 37.1%▲ | 437%▲ | 17.9%▲ | 11.1%▲ | – |
| UFPTUfp Technologies | $603M | 19.5%▲ | 15.8%▲ | 15.3%▲ | 15.9%▲ | 0.32x▲ |
| AXGNAxogen | $225M | 20.2%▲ | – | -3.5%▼ | -4%▼ | 0.38x▲ |
| BFLYButterfly Network | $98M | 19%▲ | – | -88.5%▼ | -37.3%▼ | – |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).