undamentalytics Newsletter

Health Care Equipment stocks

153 US-listed companies in health care equipment, with $304.2bn of combined revenue in their latest fiscal years. Abbott Laboratories is the largest ($44.3bn). The fastest grower with at least $100m of revenue in both years is Heartflow, Inc., up 39.9%. The median company grew 8.6% with a net margin of −2.7%.

Companies153
Combined revenue$304.2bn
Median revenue growth8.6%
Median net margin−2.7%
Median return on equity1.2%
#CompanyRevenueGrowthNet marginROEFiscal year
1 Abbott LaboratoriesABT $44.3bn 5.7% 14.7% 13.1% 2025
2 MedtronicMDT $36.4bn 8.4% 13.2% 9.8% 2026
3 Stryker CorporationSYK $25.1bn 11.2% 12.9% 15.1% 2025
4 Becton DickinsonBDX $21.8bn 8.2% 7.7% 6.5% 2025
5 GE HealthCareGEHC $20.6bn 4.8% 10.1% 22.1% 2025
6 Koninklijke Philips NVPHG $20.2bn 3.4% 5.0% 8.0% 2025
7 Boston ScientificBSX $20.1bn 19.9% 14.4% 12.6% 2025
8 Baxter InternationalBAX $11.2bn 5.7% −8.5% −14.6% 2025
9 Alcon IncALC $10.4bn 4.9% 9.4% 4.5% 2025
10 Intuitive SurgicalISRG $10.1bn 20.5% 28.4% 16.7% 2025
11 Zimmer BiometZBH $8.2bn 7.2% 8.6% 5.6% 2025
12 Edwards LifesciencesEW $6.1bn 11.5% 17.7% 10.6% 2025
13 SterisSTE $5.9bn 8.7% 13.2% 11.3% 2026
14 ResMed|RMD $5.7bn 9.9% 26.9% 24.3% 2026
15 Bausch & Lomb CorpBLCO $5.1bn 6.5% −7.1% −5.6% 2025
16 DexcomDXCM $4.7bn 15.6% 17.9% 34.5% 2025
17 Idexx LaboratoriesIDXX $4.3bn 10.4% 24.6% 66.2% 2025
18 Globus Medical IncGMED $2.9bn 16.7% 18.3% 12.3% 2025
19 RevvityRVTY $2.9bn 3.7% 8.4% 3.2% 2025
20 Quidelortho CorpQDEL $2.7bn −1.9% −41.5% −46.1% 2025
21 Insulet CorporationPODD $2.7bn 30.7% 9.1% 18.1% 2025
22 Enovis CorpENOV $2.2bn 6.7% −52.7% −58.5% 2025
23 Teleflex IncTFX $2.0bn 17.2% −45.4% −24.5% 2025
24 Integer Holdings CorpITGR $1.9bn 8.0% 5.5% 6.1% 2025
25 Integra Lifesciences Holdings CorpIART $1.6bn 1.5% −31.6% −39.9% 2025
26 Merit Medical Systems IncMMSI $1.5bn 11.8% 8.5% 8.7% 2025
27 Penumbra IncPEN $1.4bn 17.5% 12.7% 13.8% 2025
28 Conmed CorpCNMD $1.4bn 5.2% 3.4% 4.7% 2025
29 Stevanato Group S.p.a.STVN $1.3bn 12.3% 11.8% 9.9% 2025
30 Haemonetics CorpHAE $1.3bn −2.0% 7.3% 12.0% 2026
31 Tandem Diabetes Care IncTNDM $1.0bn 7.9% −20.2% −97.9% 2025
32 Inspire Medical Systems, Inc.INSP $912m 13.6% 15.9% 19.8% 2025
33 Neogen CorpNEOG $870m −2.7% −0.9% −0.4% 2026
34 Varex Imaging CorpVREX $845m 4.1% −8.3% −14.0% 2025
35 Myriad Genetics IncMYGN $825m −1.6% −44.4% −68.5% 2025
36 Orthofix Medical Inc.OFIX $822m 2.9% −11.2% −19.3% 2025
37 Alphatec Holdings, Inc.ATEC $764m 25.0% −18.8% — 2025
38 Irhythm Holdings, Inc.IRTC $747m 26.2% −6.0% −36.6% 2025
39 Novocure LtdNVCR $655m 8.3% −20.8% −38.9% 2025
40 Transmedics Group, Inc.TMDX $605m 37.1% 31.4% 54.2% 2025
41 Bioventus Inc.BVS $568m −0.9% 4.0% 13.7% 2025
42 Atricure, Inc.ATRC $535m 14.9% −2.1% −2.4% 2025
43 Glaukos CorpGKOS $507m 32.3% −37.0% −26.4% 2025
44 Artivion, Inc.AORT $441m 13.6% 2.2% 2.7% 2025
45 Accuray IncARAY $402m −12.3% −12.2% −80.1% 2026
46 Inmode Ltd.INMD $370m −6.2% 25.3% 13.5% 2025
47 Inogen IncINGN $349m 3.9% −6.5% −12.4% 2025
48 Tactile Systems Technology IncTCMD $330m 12.5% 5.8% 8.8% 2025
49 Angiodynamics IncANGO $320m 9.5% −11.5% −20.8% 2026
50 Procept Biorobotics CorpPRCT $308m 37.2% −31.0% −24.9% 2025
51 Skinhealth Systems Inc.SKIN $301m −10.0% −3.2% −16.9% 2025
52 Lemaitre Vascular IncLMAT $250m 13.5% 23.1% 15.8% 2025
53 Staar Surgical CoSTAA $239m −23.7% −33.6% −21.7% 2025
54 Orthopediatrics CorpKIDS $236m 15.4% −16.8% −11.3% 2025
55 Cerus CorpCERS $234m 16.1% −6.7% −26.0% 2025
56 Axogen, Inc.AXGN $225m 20.2% −7.0% −13.5% 2025
57 Treace Medical Concepts, Inc.TMCI $213m 1.6% −27.7% −58.9% 2025
58 Establishment Labs Holdings Inc.ESTA $211m 27.1% −24.2% −133.3% 2025
59 Si-bone, Inc.SIBN $201m 20.2% −9.4% −11.0% 2025
60 Lakeland Industries IncLAKE $193m 15.2% −13.1% −18.4% 2026
61 Heartflow, Inc.HTFL $176m 39.9% −66.3% — 2025
62 Neuronetics, Inc.STIM $149m 99.2% −26.1% −155.7% 2025
63 Infusystem Holdings, IncINFU $143m 6.4% 4.6% 11.5% 2025
64 Rxsight, Inc.RXST $134m −3.9% −29.0% −14.0% 2025
65 Xtant Medical Holdings, Inc.XTNT $134m 14.2% 3.7% 10.6% 2025
66 Outset Medical, Inc.OM $119m 5.1% −68.3% −106.2% 2025
67 Anika Therapeutics, Inc.ANIK $113m −5.9% −9.6% −7.3% 2025
68 Owlet, Inc.OWLT $106m 37.1% −36.6% — 2025
69 Sanara Medtech Inc.SMTI $103m 19.0% −36.4% −165.7% 2025
70 Beta Bionics, Inc.BBNX $100m 53.9% −73.0% — 2025
71 Neuropace IncNPCE $100m 25.1% −21.5% −158.7% 2025
72 Butterfly Network, Inc.BFLY $98m 19.0% −79.0% −42.2% 2025
73 Kestra Medical Technologies, LTD.KMTS $95m 59.0% −138.4% −56.6% 2026
74 Pulmonx CorpLUNG $90m 8.0% −59.7% −77.2% 2025
75 Ceribell, Inc.CBLL $89m 36.1% −60.0% −30.8% 2025
76 Delcath Systems, Inc.DCTH $85m 129.1% 3.2% 3.0% 2025
77 Iradimed CorpIRMD $84m 14.4% 26.8% 24.8% 2025
78 Tela Bio, Inc.TELA $80m 15.8% −48.4% — 2025
79 PRO DEX IncPDEX $78m 16.5% 17.6% 32.4% 2026
80 Sight Sciences, Inc.SGHT $77m −3.1% −49.7% −50.7% 2025
81 Electromed, Inc.ELMD $74m 15.3% 15.3% 23.3% 2026
82 Avita Medical, Inc.RCEL $72m 11.5% −67.8% — 2025
83 Alpha PRO Tech LTDAPT $59m 2.3% 6.0% 5.7% 2025
84 Lensar, Inc.LNSR $58m 9.2% −58.7% — 2025
85 Cvrx, Inc.CVRX $57m 10.4% −94.1% −96.6% 2025
86 Apyx Medical CorpAPYX $53m 9.9% −21.2% −78.0% 2025
87 Iridex CorpIRIX $53m 8.2% −8.4% −126.4% 2025
88 Brainsway Ltd.BWAY $52m 27.3% 14.5% 11.2% 2025
89 Carlsmed, Inc.CARL $51m 85.9% −58.7% — 2025
90 Shoulder Innovations, Inc.SI $47m 49.6% −85.3% −93.8% 2025
91 Trisalus Life Sciences, Inc.TLSI $45m 53.4% −86.9% — 2025
92 Sanuwave Health, Inc.SNWV $44m 35.0% 26.8% — 2025
93 Koru Medical Systems, Inc.KRMD $41m 22.2% −6.4% −15.6% 2025
94 Myomo, Inc.MYO $41m 25.7% −38.1% −86.2% 2025
95 Utah Medical Products IncUTMD $39m −5.8% 29.3% 9.5% 2025
96 Retractable Technologies IncRVP $38m 15.8% −32.8% −15.6% 2025
97 Cytosorbents CorpCTSO $37m 4.1% −22.1% −96.4% 2025
98 Clearpoint Neuro, Inc.CLPT $37m 17.8% −69.1% −95.6% 2025
99 Senseonics Holdings, Inc.SENS $35m 56.9% −196.0% — 2025
100 Orchestra Biomed Holdings, Inc.OBIO $33m 1169.2% −157.4% −121.8% 2025
101 Stereotaxis, Inc.STXS $32m 20.3% −66.8% — 2025
102 Electrocore, Inc.ECOR $32m 27.2% −43.6% — 2025
103 Precision Optics Corporation, Inc.POCI $32m 65.2% −11.5% −22.3% 2026
104 Sensus Healthcare, Inc.SRTS $27m −34.3% −28.1% −14.9% 2025
105 Baird Medical Investment Holdings LtdBDMD $23m −39.2% −121.0% −76.8% 2025
106 Jin Medical International Ltd.ZJYL $21m −12.0% 5.8% 4.1% 2025
107 Spectral AI, Inc.MDAI $20m −33.6% −38.5% — 2025
108 Sonoma Pharmaceuticals, Inc.SNOA $20m 36.7% −16.3% −84.6% 2026
109 QT Imaging Holdings, Inc.QTI $19m 287.9% −111.4% — 2025
110 Nephros IncNEPH $19m 32.7% 6.4% 12.7% 2025
111 Vivos Therapeutics, Inc.VVOS $17m 16.0% −121.4% — 2025
112 Hyperfine, Inc.HYPR $14m 5.2% −262.3% −79.0% 2025
113 Capsovision, IncCV $14m 15.3% −186.8% — 2025
114 Nano-x Imaging Ltd.NNOX $13m 15.4% −576.1% −45.6% 2025
115 Elutia Inc.ELUT $12m −15.0% 434.2% — 2025
116 Nyxoah SANYXH $11m 131.6% −899.1% −116.5% 2025
117 Work Medical Technology Group LTDWOK $10m −14.4% −10.9% −6.8% 2025
118 Neuroone Medical Technologies CorpNMTC $9m 163.5% −39.6% −91.3% 2025
119 Inspiremd, Inc.NSPR $9m 28.1% −543.3% −106.9% 2025
120 Milestone Scientific Inc.MLSS $9m 4.0% −63.8% −132.4% 2025
121 Anbio BiotechnologyNNNN $9m 5.6% 74.1% 27.0% 2025
122 Nuwellis, Inc.NUWE $8m −5.4% −211.9% — 2025
123 Beyond Air, Inc.XAIR $8m 107.3% −433.0% — 2026
124 Invo Fertility, Inc.IVF $7m 4.7% −340.9% — 2025
125 Bioaffinity Technologies, Inc.BIAF $6m −34.2% −242.0% — 2025
126 Solana CoHSDT $6m 1057.1% −679.6% −27.1% 2025
127 Cerenome, Inc.CNSY $5m −10.5% −429.4% — 2025
128 Charming Medical LtdMCTA $5m −22.7% −0.5% −0.9% 2026
129 Lucid Diagnostics Inc.LUCD $5m 8.3% −1232.7% — 2025
130 Biomerica IncBMRA $4m −16.2% −84.8% −112.1% 2026
131 Intelligent BIO Solutions Inc.INBS $4m 38.1% −294.9% — 2026
132 Insight Molecular Diagnostics Inc.IMDX $4m 115.6% −1238.5% — 2025
133 Neuraxis, IncNRXS $4m 32.9% −218.5% — 2025
134 Icecure Medical Ltd.ICCM $3m 2.7% −445.6% −188.8% 2025
135 Femasys IncFEMY $2m 40.8% −812.3% — 2025
136 Anteris Technologies Global Corp.AVR $2m −29.2% −4921.3% — 2025
137 Volitionrx LTDVNRX $2m 40.0% −1352.2% — 2025
138 Seastar Medical Holding CorpICU $1m 814.1% −984.6% — 2025
139 Renovorx, Inc.RNXT $1m 2511.6% −994.5% — 2025
140 Co-diagnostics, Inc.CODX $622,489 −84.1% −7533.6% −125.9% 2025
141 Itonic Holdings LtdITOC $523,031 16.7% −974.7% −82.8% 2025
142 Pulse Biosciences, Inc.PLSE $350,000 — −20794.6% −74.4% 2025
143 Nexalin Technology, Inc.NXL $301,647 78.8% −2725.8% — 2025
144 Qtrex Quantum Ltd.QTEX $289,000 — −4574.4% — 2025
145 Envoy Medical, Inc.COCH $241,000 7.1% −9857.3% — 2025
146 Ainos, Inc.AIMD $124,157 499.0% −11897.0% −128.0% 2025
147 Phaos Technology Holdings (cayman) LtdPOAS $102,806 −18.2% −4662.3% — 2026
148 Pavmed Inc.PAVM $71,000 −97.6% 564.8% 2.5% 2025
149 Cuprina Holdings (cayman) LTDCUPR $38,204 5.6% −9366.8% — 2025
150 Cardio Diagnostics Holdings, Inc.CDIO $14,825 −57.5% −43832.5% −78.6% 2025
151 Heartsciences Inc.HSCS $4,319 −0.7% −211666.5% — 2026
152 Adagio Medical Holdings, Inc.ADGM $0 −100.0% — — 2025
153 Autonomix Medical, Inc.AMIX $0 — — — 2026

Medians cover companies with at least $100m of revenue (growth: in both years). Growth is the latest fiscal year against the year before and includes acquisitions.

Other health care industries

Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.