# Medical Devices — company-by-company sector analysis > Medical Devices: Abbott Laboratories owns the largest revenue base; Establishment Labs Holdings Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Medical Devices has outperformed S&P 500 by 12.5% over 52 weeks and 17.9% over 13 weeks. 13 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 29 beat the sector itself. Abbott Laboratories leads with revenue of $46,585 million, based on 15 of 30 comparable companies through Jun 2026. ## Sector relative strength Medical Devices has outperformed S&P 500 by 12.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 17.9%. 13 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Butterfly Network, Inc. is the strongest against the sector itself at +88.6%. 13-week sector return versus NIFTY 500: 18% 52-week sector return versus NIFTY 500: 13% Stocks leading NIFTY: 13/29 Stocks leading sector: 11/29 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹7.9 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. DexCom, Inc. (DXCM): 66/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.9/35 | Capital efficiency 16.8/25 | Valuation 9.9/20 | Relative strength 16.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 22.9 + 16.8 + 9.9 + 16.5 = 66.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 2. Globus Medical, Inc. (GMED): 60/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 25.6/35 | Capital efficiency 14.8/25 | Valuation 15.2/20 | Relative strength 4.7/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 25.6 + 14.8 + 15.2 + 4.7 = 60.3 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13.1% and the one-year return is 39%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 3. LivaNova PLC (LIVN): 58/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 24.7/35 | Capital efficiency 11.1/25 | Valuation 9.5/20 | Relative strength 12.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 24.7 + 11.1 + 9.5 + 12.5 = 57.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. UFP Technologies, Inc. (UFPT): 56/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 15.7/35 | Capital efficiency 15.2/25 | Valuation 6.5/20 | Relative strength 18.9/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 15.7 + 15.2 + 6.5 + 18.9 = 56.3 - Decision use: Price leads the evidence: RS versus the benchmark is 34.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 5. STERIS plc (STE): 56/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 22.3/35 | Capital efficiency 14.8/25 | Valuation 12.8/20 | Relative strength 6.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 22.3 + 14.8 + 12.8 + 6.2 = 56.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Edwards Lifesciences Corporation (EW): 56/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.1/35 | Capital efficiency 17.9/25 | Valuation 9.0/20 | Relative strength 6.6/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 22.1 + 17.9 + 9 + 6.6 = 55.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. Establishment Labs Holdings Inc. (ESTA): 53/100 — Mixed-positive evidence; evidence 61% - Growth & earnings 25.0/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 13.9/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 25 + 3.6 + 10 + 13.9 = 52.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Butterfly Network, Inc. (BFLY): 53/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 19.4/35 | Capital efficiency 3.1/25 | Valuation 10.0/20 | Relative strength 20.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 19.4 + 3.1 + 10 + 20 = 52.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Stryker Corporation (SYK): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 19.5/35 | Capital efficiency 15.6/25 | Valuation 9.4/20 | Relative strength 7.8/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 19.5 + 15.6 + 9.4 + 7.8 = 52.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. Boston Scientific Corporation (BSX): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.2/35 | Capital efficiency 17.0/25 | Valuation 11.2/20 | Relative strength 1.7/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 22.2 + 17 + 11.2 + 1.7 = 52.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. Integer Holdings Corporation (ITGR): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 13.3/35 | Capital efficiency 10.1/25 | Valuation 10.8/20 | Relative strength 17.7/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 13.3 + 10.1 + 10.8 + 17.7 = 51.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Zimmer Biomet Holdings, Inc. (ZBH): 49/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 16.9/35 | Capital efficiency 12.1/25 | Valuation 12.3/20 | Relative strength 7.4/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 16.9 + 12.1 + 12.3 + 7.4 = 48.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Glaukos Corporation (GKOS): 49/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 18.6/35 | Capital efficiency 4.2/25 | Valuation 10.0/20 | Relative strength 15.8/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 18.6 + 4.2 + 10 + 15.8 = 48.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Insulet Corporation (PODD): 48/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 19.0/35 | Capital efficiency 14.9/25 | Valuation 9.2/20 | Relative strength 4.6/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 19 + 14.9 + 9.2 + 4.6 = 47.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. Neogen Corporation (NEOG): 47/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.0/35 | Capital efficiency 6.3/25 | Valuation 8.5/20 | Relative strength 13.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 18 + 6.3 + 8.5 + 13.9 = 46.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. GE HealthCare Technologies Inc. (GEHC): 45/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 15.3/35 | Capital efficiency 13.4/25 | Valuation 11.4/20 | Relative strength 5.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 15.3 + 13.4 + 11.4 + 5.3 = 45.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Haemonetics Corporation (HAE): 45/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 5.4/35 | Capital efficiency 7.0/25 | Valuation 15.1/20 | Relative strength 17.3/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 5.4 + 7 + 15.1 + 17.3 = 44.8 - Decision use: Price leads the evidence: RS versus the benchmark is 17%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 18. Koninklijke Philips N.V. (PHG): 44/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 19.4/35 | Capital efficiency 10.9/25 | Valuation 11.0/20 | Relative strength 3.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 19.4 + 10.9 + 11 + 3 = 44.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. Medtronic plc (MDT): 43/100 — Mixed-negative evidence; evidence 85% - Growth & earnings 18.1/35 | Capital efficiency 14.3/25 | Valuation 5.6/20 | Relative strength 5.1/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 18.1 + 14.3 + 5.6 + 5.1 = 43.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. TransMedics Group, Inc. (TMDX): 42/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 16.7/35 | Capital efficiency 8.7/25 | Valuation 10.5/20 | Relative strength 5.7/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 16.7 + 8.7 + 10.5 + 5.7 = 41.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Axogen, Inc. (AXGN): 41/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 12.2/35 | Capital efficiency 5.6/25 | Valuation 10.0/20 | Relative strength 13.0/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 12.2 + 5.6 + 10 + 13 = 40.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. iRhythm Holdings, Inc. (IRTC): 40/100 — Mixed-negative evidence; evidence 61% - Growth & earnings 22.9/35 | Capital efficiency 4.6/25 | Valuation 10.0/20 | Relative strength 2.8/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 22.9 + 4.6 + 10 + 2.8 = 40.3 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26.9% and the one-year return is -19.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 23. Inspire Medical Systems, Inc. (INSP): 40/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 17.3/35 | Capital efficiency 6.1/25 | Valuation 12.3/20 | Relative strength 4.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 17.3 + 6.1 + 12.3 + 4.3 = 40 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. NovoCure Limited (NVCR): 39/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 16.0/35 | Capital efficiency 3.8/25 | Valuation 10.0/20 | Relative strength 9.6/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 16 + 3.8 + 10 + 9.6 = 39.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. Penumbra, Inc. (PEN): 39/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 14.0/35 | Capital efficiency 11.5/25 | Valuation 8.6/20 | Relative strength 4.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 14 + 11.5 + 8.6 + 4.9 = 39 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. Abbott Laboratories (ABT): 35/100 — Mixed-negative evidence; evidence 85% - Growth & earnings 7.9/35 | Capital efficiency 12.8/25 | Valuation 7.3/20 | Relative strength 7.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 7.9 + 12.8 + 7.3 + 7.2 = 35.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Bruker Corporation (BRKR): 35/100 — Adverse evidence; evidence 71% - Growth & earnings 8.0/35 | Capital efficiency 9.2/25 | Valuation 8.8/20 | Relative strength 8.5/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 8 + 9.2 + 8.8 + 8.5 = 34.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. Enovis Corporation (ENOV): 46/100 — Thin evidence · provisional; evidence 50% - Growth & earnings 19.6/35 | Capital efficiency 6.5/25 | Valuation 8.9/20 | Relative strength 11.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 19.6 + 6.5 + 8.9 + 11 = 46 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Smith & Nephew plc (SNN): 43/100 — Thin evidence · provisional; evidence 38% - Growth & earnings 17.5/35 | Capital efficiency 12.4/25 | Valuation 10.3/20 | Relative strength 2.7/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.5 + 12.4 + 10.3 + 2.7 = 42.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. Bio-Rad Laboratories, Inc. (BIO-B): 42/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 14.8/35 | Capital efficiency 7.7/25 | Valuation 9.3/20 | Relative strength 10.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 4 weeks with a reading, within the last 12 - Exact sum: 14.8 + 7.7 + 9.3 + 10 = 41.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Butterfly Network, Inc. has the strongest one-year price move in Medical Devices at +562.4%. It also leads on Mansfield relative strength against the S&P 500 at +99.8%. 13 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. Butterfly Network, Inc. (BFLY): 562% 2. Axogen, Inc. (AXGN): 231% 3. Establishment Labs Holdings Inc. (ESTA): 172% 4. Neogen Corporation (NEOG): 133% 5. Glaukos Corporation (GKOS): 102% ### Strongest relative strength versus NIFTY 500 1. Butterfly Network, Inc. (BFLY): 100% 2. Glaukos Corporation (GKOS): 36% 3. UFP Technologies, Inc. (UFPT): 34% 4. Axogen, Inc. (AXGN): 33% 5. Establishment Labs Holdings Inc. (ESTA): 30% ## Revenue Scale & Growth Durability What the numbers say: Abbott Laboratories is the scale leader at $46,585 million, 28.1% ahead of Medtronic plc. Establishment Labs Holdings Inc.'s growth is 35.3% from a $230 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Abbott Laboratories is the scale benchmark; Establishment Labs Holdings Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Abbott Laboratories's growth falls below Establishment Labs Holdings Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Abbott Laboratories · $46,585 million | 28.1% versus #2 · Medtronic plc | 8/8 recent comparable periods | 15/30 companies · 559 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Abbott Laboratories (ABT): ₹46.6K Cr 2. Medtronic plc (MDT): ₹36.4K Cr 3. STERIS plc (STE): ₹8.8K Cr 4. Zimmer Biomet Holdings, Inc. (ZBH): ₹8.4K Cr 5. Bruker Corporation (BRKR): ₹3.5K Cr ### Revenue growth — fastest growers 1. Establishment Labs Holdings Inc. (ESTA): 35% 2. Insulet Corporation (PODD): 32% 3. TransMedics Group, Inc. (TMDX): 30% 4. iRhythm Holdings, Inc. (IRTC): 27% 5. Globus Medical, Inc. (GMED): 24% ### 20-quarter Revenue history - ABT: Sep 2021 ₹10.9K Cr | Dec 2021 ₹11.5K Cr | Mar 2022 ₹11.9K Cr | Jun 2022 ₹11.3K Cr | Sep 2022 ₹10.4K Cr | Dec 2022 ₹10.1K Cr | Mar 2023 ₹9.7K Cr | Jun 2023 ₹10.0K Cr | Sep 2023 ₹10.1K Cr | Dec 2023 ₹10.2K Cr | Mar 2024 ₹10.0K Cr | Jun 2024 ₹10.4K Cr | Sep 2024 ₹10.6K Cr | Dec 2024 ₹11.0K Cr | Mar 2025 ₹10.4K Cr | Jun 2025 ₹11.1K Cr | Sep 2025 ₹11.4K Cr | Dec 2025 ₹11.5K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 ₹12.6K Cr - SYK: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 — - MDT: Sep 2021 ₹8.0K Cr | Dec 2021 ₹7.8K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹8.1K Cr | Sep 2022 ₹7.4K Cr | Dec 2022 ₹7.6K Cr | Mar 2023 ₹7.7K Cr | Jun 2023 ₹8.5K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.6K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.3K Cr | Jun 2025 ₹8.9K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹9.0K Cr | Jun 2026 ₹9.8K Cr - BSX: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 — - EW: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - DXCM: Sep 2021 ₹650 Cr | Dec 2021 ₹698 Cr | Mar 2022 ₹629 Cr | Jun 2022 ₹696 Cr | Sep 2022 ₹770 Cr | Dec 2022 ₹815 Cr | Mar 2023 ₹742 Cr | Jun 2023 ₹871 Cr | Sep 2023 ₹975 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹921 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹994 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - GEHC: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 — - PHG: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 — - STE: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - ZBH: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - PEN: Sep 2021 ₹190 Cr | Dec 2021 ₹204 Cr | Mar 2022 ₹204 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹271 Cr | Dec 2023 ₹285 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹299 Cr | Sep 2024 ₹301 Cr | Dec 2024 ₹316 Cr | Mar 2025 ₹324 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹355 Cr | Dec 2025 ₹385 Cr | Mar 2026 ₹375 Cr | Jun 2026 — - SNN: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 — | Jun 2024 ₹2.8K Cr | Sep 2024 — | Dec 2024 ₹3.0K Cr | Mar 2025 — | Jun 2025 ₹3.0K Cr | Sep 2025 — | Dec 2025 ₹3.2K Cr | Mar 2026 — | Jun 2026 — - PODD: Sep 2021 ₹276 Cr | Dec 2021 ₹308 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹370 Cr | Mar 2023 ₹358 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹433 Cr | Dec 2023 ₹510 Cr | Mar 2024 ₹442 Cr | Jun 2024 ₹489 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹598 Cr | Mar 2025 ₹569 Cr | Jun 2025 ₹649 Cr | Sep 2025 ₹706 Cr | Dec 2025 ₹784 Cr | Mar 2026 ₹762 Cr | Jun 2026 — - GMED: Sep 2021 ₹230 Cr | Dec 2021 ₹250 Cr | Mar 2022 ₹231 Cr | Jun 2022 ₹264 Cr | Sep 2022 ₹254 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹277 Cr | Jun 2023 ₹292 Cr | Sep 2023 ₹384 Cr | Dec 2023 ₹617 Cr | Mar 2024 ₹607 Cr | Jun 2024 ₹630 Cr | Sep 2024 ₹626 Cr | Dec 2024 ₹657 Cr | Mar 2025 ₹598 Cr | Jun 2025 ₹745 Cr | Sep 2025 ₹769 Cr | Dec 2025 ₹826 Cr | Mar 2026 ₹760 Cr | Jun 2026 — - GKOS: Sep 2021 ₹75 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹134 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹151 Cr | Jun 2026 — - BIO-B: Sep 2021 ₹747 Cr | Dec 2021 ₹733 Cr | Mar 2022 ₹700 Cr | Jun 2022 ₹691 Cr | Sep 2022 ₹681 Cr | Dec 2022 ₹730 Cr | Mar 2023 ₹677 Cr | Jun 2023 ₹681 Cr | Sep 2023 ₹632 Cr | Dec 2023 ₹681 Cr | Mar 2024 ₹611 Cr | Jun 2024 ₹639 Cr | Sep 2024 ₹650 Cr | Dec 2024 ₹668 Cr | Mar 2025 ₹585 Cr | Jun 2025 ₹652 Cr | Sep 2025 ₹653 Cr | Dec 2025 ₹693 Cr | Mar 2026 ₹592 Cr | Jun 2026 — - BRKR: Sep 2021 ₹609 Cr | Dec 2021 ₹684 Cr | Mar 2022 ₹595 Cr | Jun 2022 ₹588 Cr | Sep 2022 ₹639 Cr | Dec 2022 ₹708 Cr | Mar 2023 ₹685 Cr | Jun 2023 ₹682 Cr | Sep 2023 ₹743 Cr | Dec 2023 ₹855 Cr | Mar 2024 ₹722 Cr | Jun 2024 ₹801 Cr | Sep 2024 ₹864 Cr | Dec 2024 ₹980 Cr | Mar 2025 ₹801 Cr | Jun 2025 ₹797 Cr | Sep 2025 ₹861 Cr | Dec 2025 ₹977 Cr | Mar 2026 ₹823 Cr | Jun 2026 — - LIVN: Sep 2021 ₹253 Cr | Dec 2021 ₹270 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹254 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹263 Cr | Jun 2023 ₹294 Cr | Sep 2023 ₹286 Cr | Dec 2023 ₹310 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹319 Cr | Sep 2024 ₹318 Cr | Dec 2024 ₹322 Cr | Mar 2025 ₹317 Cr | Jun 2025 ₹353 Cr | Sep 2025 ₹358 Cr | Dec 2025 ₹361 Cr | Mar 2026 ₹362 Cr | Jun 2026 — - ITGR: Sep 2021 ₹312 Cr | Dec 2021 ₹306 Cr | Mar 2022 — | Jun 2022 ₹311 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹372 Cr | Mar 2023 ₹379 Cr | Jun 2023 ₹400 Cr | Sep 2023 ₹397 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹408 Cr | Jun 2024 ₹428 Cr | Sep 2024 ₹431 Cr | Dec 2024 ₹449 Cr | Mar 2025 ₹437 Cr | Jun 2025 ₹476 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹472 Cr | Mar 2026 — | Jun 2026 ₹440 Cr - IRTC: Sep 2021 ₹85 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹199 Cr | Jun 2026 — - HAE: Sep 2021 ₹229 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹260 Cr | Jun 2022 ₹265 Cr | Sep 2022 ₹261 Cr | Dec 2022 ₹297 Cr | Mar 2023 — | Jun 2023 ₹304 Cr | Sep 2023 ₹311 Cr | Dec 2023 ₹336 Cr | Mar 2024 ₹343 Cr | Jun 2024 ₹336 Cr | Sep 2024 ₹346 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹327 Cr | Dec 2025 ₹339 Cr | Mar 2026 ₹346 Cr | Jun 2026 — - TMDX: Sep 2021 ₹5 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹174 Cr | Jun 2026 — - ESTA: Sep 2021 ₹29 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹60 Cr | Jun 2026 — - UFPT: Sep 2021 ₹51 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹154 Cr | Jun 2026 — - NEOG: Sep 2021 ₹128 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹218 Cr | Jun 2023 ₹242 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹237 Cr | Sep 2024 ₹217 Cr | Dec 2024 ₹231 Cr | Mar 2025 ₹221 Cr | Jun 2025 ₹225 Cr | Sep 2025 ₹209 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹211 Cr | Jun 2026 — - AXGN: Sep 2021 ₹31 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹61 Cr | Jun 2026 — - BFLY: Sep 2021 ₹15 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - NVCR: Sep 2021 ₹134 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹141 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹174 Cr | Jun 2026 — - INSP: Sep 2021 ₹62 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹196 Cr | Sep 2024 ₹203 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹205 Cr | Jun 2026 — - ENOV: Sep 2021 ₹356 Cr | Dec 2021 ₹360 Cr | Mar 2022 — | Jun 2022 ₹375 Cr | Sep 2022 ₹395 Cr | Dec 2022 ₹409 Cr | Mar 2023 ₹406 Cr | Jun 2023 ₹429 Cr | Sep 2023 ₹418 Cr | Dec 2023 ₹455 Cr | Mar 2024 ₹516 Cr | Jun 2024 ₹525 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹561 Cr | Mar 2025 — | Jun 2025 ₹559 Cr | Sep 2025 ₹565 Cr | Dec 2025 ₹549 Cr | Mar 2026 — | Jun 2026 ₹589 Cr ### 20-quarter Revenue growth history - ABT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 -4.7% | Dec 2022 -12% | Mar 2023 -18% | Jun 2023 -11% | Sep 2023 -2.6% | Dec 2023 1.5% | Mar 2024 2.2% | Jun 2024 4.0% | Sep 2024 4.9% | Dec 2024 7.2% | Mar 2025 4.0% | Jun 2025 7.4% | Sep 2025 6.9% | Dec 2025 4.4% | Mar 2026 7.8% | Jun 2026 13% - SYK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.6% | Sep 2022 7.7% | Dec 2022 11% | Mar 2023 12% | Jun 2023 11% | Sep 2023 9.6% | Dec 2023 12% | Mar 2024 9.7% | Jun 2024 8.5% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 11% | Sep 2025 10% | Dec 2025 11% | Mar 2026 2.6% | Jun 2026 — - MDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -7.7% | Dec 2022 -3.3% | Mar 2023 -0.5% | Jun 2023 5.6% | Sep 2023 4.5% | Dec 2023 5.3% | Mar 2024 4.7% | Jun 2024 0.5% | Sep 2024 2.8% | Dec 2024 5.3% | Mar 2025 2.5% | Jun 2025 3.9% | Sep 2025 8.4% | Dec 2025 6.6% | Mar 2026 8.7% | Jun 2026 9.9% - BSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.4% | Sep 2022 8.1% | Dec 2022 3.7% | Mar 2023 12% | Jun 2023 11% | Sep 2023 11% | Dec 2023 15% | Mar 2024 14% | Jun 2024 14% | Sep 2024 19% | Dec 2024 22% | Mar 2025 21% | Jun 2025 23% | Sep 2025 20% | Dec 2025 16% | Mar 2026 12% | Jun 2026 — - EW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.2% | Sep 2022 0.7% | Dec 2022 1.4% | Mar 2023 8.9% | Jun 2023 -5.7% | Sep 2023 -5.8% | Dec 2023 -6.1% | Mar 2024 -8.9% | Jun 2024 5.6% | Sep 2024 8.9% | Dec 2024 9.5% | Mar 2025 6.2% | Jun 2025 12% | Sep 2025 15% | Dec 2025 13% | Mar 2026 17% | Jun 2026 — - DXCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 18% | Dec 2022 17% | Mar 2023 18% | Jun 2023 25% | Sep 2023 27% | Dec 2023 27% | Mar 2024 24% | Jun 2024 15% | Sep 2024 2.0% | Dec 2024 7.6% | Mar 2025 12% | Jun 2025 15% | Sep 2025 22% | Dec 2025 13% | Mar 2026 15% | Jun 2026 — - GEHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.2% | Sep 2022 6.3% | Dec 2022 7.6% | Mar 2023 8.4% | Jun 2023 7.4% | Sep 2023 5.4% | Dec 2023 5.4% | Mar 2024 -1.2% | Jun 2024 0.5% | Sep 2024 0.9% | Dec 2024 2.2% | Mar 2025 2.7% | Jun 2025 3.5% | Sep 2025 5.8% | Dec 2025 7.1% | Mar 2026 7.4% | Jun 2026 — - PHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 3.7% | Dec 2022 9.7% | Mar 2023 6.4% | Jun 2023 7.0% | Sep 2023 3.7% | Dec 2023 -6.6% | Mar 2024 -0.7% | Jun 2024 -0.2% | Sep 2024 -2.1% | Dec 2024 -0.4% | Mar 2025 -1.0% | Jun 2025 -2.8% | Sep 2025 -1.7% | Dec 2025 1.1% | Mar 2026 -4.7% | Jun 2026 — - STE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 0.3% | Dec 2022 0.6% | Mar 2023 14% | Jun 2023 2.3% | Sep 2023 3.1% | Dec 2023 6.7% | Mar 2024 2.5% | Jun 2024 116% | Sep 2024 115% | Dec 2024 5.6% | Mar 2025 4.4% | Jun 2025 8.7% | Sep 2025 9.9% | Dec 2025 9.1% | Mar 2026 7.2% | Jun 2026 — - ZBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.1% | Sep 2022 -0.9% | Dec 2022 2.7% | Mar 2023 10% | Jun 2023 4.9% | Sep 2023 5.0% | Dec 2023 6.3% | Mar 2024 3.2% | Jun 2024 3.9% | Sep 2024 4.0% | Dec 2024 4.3% | Mar 2025 1.1% | Jun 2025 7.0% | Sep 2025 9.7% | Dec 2025 11% | Mar 2026 9.3% | Jun 2026 — - PEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 13% | Dec 2022 8.3% | Mar 2023 18% | Jun 2023 25% | Sep 2023 27% | Dec 2023 29% | Mar 2024 16% | Jun 2024 15% | Sep 2024 11% | Dec 2024 11% | Mar 2025 16% | Jun 2025 13% | Sep 2025 18% | Dec 2025 22% | Mar 2026 16% | Jun 2026 — - SNN: Sep 2021 — | Dec 2021 3.5% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.1% | Mar 2023 — | Jun 2023 — | Sep 2023 5.2% | Dec 2023 7.7% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 6.0% | Mar 2025 — | Jun 2025 4.7% | Sep 2025 — | Dec 2025 7.4% | Mar 2026 — | Jun 2026 — - PODD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 24% | Dec 2022 20% | Mar 2023 21% | Jun 2023 33% | Sep 2023 27% | Dec 2023 38% | Mar 2024 23% | Jun 2024 23% | Sep 2024 26% | Dec 2024 17% | Mar 2025 29% | Jun 2025 33% | Sep 2025 30% | Dec 2025 31% | Mar 2026 34% | Jun 2026 — - GMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 10% | Dec 2022 9.6% | Mar 2023 20% | Jun 2023 11% | Sep 2023 51% | Dec 2023 125% | Mar 2024 119% | Jun 2024 116% | Sep 2024 63% | Dec 2024 6.5% | Mar 2025 -1.5% | Jun 2025 18% | Sep 2025 23% | Dec 2025 26% | Mar 2026 27% | Jun 2026 — - GKOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.4% | Sep 2022 -5.3% | Dec 2022 -2.7% | Mar 2023 8.8% | Jun 2023 9.6% | Sep 2023 9.9% | Dec 2023 15% | Mar 2024 16% | Jun 2024 20% | Sep 2024 24% | Dec 2024 28% | Mar 2025 24% | Jun 2025 29% | Sep 2025 38% | Dec 2025 36% | Mar 2026 41% | Jun 2026 — - BIO-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.5% | Sep 2022 -8.8% | Dec 2022 -0.4% | Mar 2023 -3.3% | Jun 2023 -1.5% | Sep 2023 -7.2% | Dec 2023 -6.7% | Mar 2024 -9.8% | Jun 2024 -6.2% | Sep 2024 2.9% | Dec 2024 -1.9% | Mar 2025 -4.3% | Jun 2025 2.0% | Sep 2025 0.5% | Dec 2025 3.7% | Mar 2026 1.2% | Jun 2026 — - BRKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0% | Sep 2022 4.9% | Dec 2022 3.5% | Mar 2023 15% | Jun 2023 16% | Sep 2023 16% | Dec 2023 21% | Mar 2024 5.4% | Jun 2024 17% | Sep 2024 16% | Dec 2024 15% | Mar 2025 11% | Jun 2025 -0.5% | Sep 2025 -0.4% | Dec 2025 -0.3% | Mar 2026 2.8% | Jun 2026 — - LIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.8% | Sep 2022 0.0% | Dec 2022 1.9% | Mar 2023 9.6% | Jun 2023 16% | Sep 2023 13% | Dec 2023 13% | Mar 2024 12% | Jun 2024 8.5% | Sep 2024 11% | Dec 2024 3.9% | Mar 2025 7.5% | Jun 2025 11% | Sep 2025 13% | Dec 2025 12% | Mar 2026 14% | Jun 2026 — - ITGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 22% | Mar 2023 — | Jun 2023 29% | Sep 2023 13% | Dec 2023 8.9% | Mar 2024 7.7% | Jun 2024 7.0% | Sep 2024 8.6% | Dec 2024 11% | Mar 2025 7.1% | Jun 2025 11% | Sep 2025 8.6% | Dec 2025 5.1% | Mar 2026 — | Jun 2026 -7.6% - IRTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 22% | Dec 2022 38% | Mar 2023 21% | Jun 2023 22% | Sep 2023 20% | Dec 2023 18% | Mar 2024 19% | Jun 2024 19% | Sep 2024 18% | Dec 2024 23% | Mar 2025 20% | Jun 2025 26% | Sep 2025 30% | Dec 2025 27% | Mar 2026 25% | Jun 2026 — - HAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 24% | Mar 2023 — | Jun 2023 15% | Sep 2023 19% | Dec 2023 13% | Mar 2024 — | Jun 2024 11% | Sep 2024 11% | Dec 2024 3.9% | Mar 2025 -3.5% | Jun 2025 -4.5% | Sep 2025 -5.5% | Dec 2025 -2.9% | Mar 2026 4.5% | Jun 2026 — - TMDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 163% | Sep 2022 420% | Dec 2022 210% | Mar 2023 163% | Jun 2023 148% | Sep 2023 154% | Dec 2023 161% | Mar 2024 131% | Jun 2024 119% | Sep 2024 65% | Dec 2024 51% | Mar 2025 48% | Jun 2025 38% | Sep 2025 32% | Dec 2025 32% | Mar 2026 21% | Jun 2026 — - ESTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 31% | Dec 2022 26% | Mar 2023 24% | Jun 2023 20% | Sep 2023 2.6% | Dec 2023 -27% | Mar 2024 -21% | Jun 2024 -10% | Sep 2024 2.6% | Dec 2024 41% | Mar 2025 11% | Jun 2025 16% | Sep 2025 35% | Dec 2025 44% | Mar 2026 46% | Jun 2026 — - UFPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 90% | Dec 2022 63% | Mar 2023 38% | Jun 2023 6.4% | Sep 2023 4.1% | Dec 2023 11% | Mar 2024 7.1% | Jun 2024 10% | Sep 2024 44% | Dec 2024 43% | Mar 2025 41% | Jun 2025 37% | Sep 2025 6.9% | Dec 2025 3.5% | Mar 2026 4.1% | Jun 2026 — - NEOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 3.1% | Dec 2022 76% | Mar 2023 70% | Jun 2023 73% | Sep 2023 73% | Dec 2023 0.0% | Mar 2024 5.1% | Jun 2024 -2.1% | Sep 2024 -5.2% | Dec 2024 0.4% | Mar 2025 -3.5% | Jun 2025 -5.1% | Sep 2025 -3.7% | Dec 2025 -2.6% | Mar 2026 -4.5% | Jun 2026 — - AXGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 19% | Dec 2022 13% | Mar 2023 19% | Jun 2023 12% | Sep 2023 11% | Dec 2023 19% | Mar 2024 11% | Jun 2024 26% | Sep 2024 20% | Dec 2024 14% | Mar 2025 20% | Jun 2025 19% | Sep 2025 22% | Dec 2025 22% | Mar 2026 24% | Jun 2026 — - BFLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 33% | Dec 2022 0.0% | Mar 2023 -6.3% | Jun 2023 -5.3% | Sep 2023 -25% | Dec 2023 -11% | Mar 2024 20% | Jun 2024 17% | Sep 2024 40% | Dec 2024 29% | Mar 2025 17% | Jun 2025 9.5% | Sep 2025 0.0% | Dec 2025 45% | Mar 2026 29% | Jun 2026 — - NVCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 -2.2% | Dec 2022 -3.8% | Mar 2023 -12% | Jun 2023 -11% | Sep 2023 -3.1% | Dec 2023 4.7% | Mar 2024 14% | Jun 2024 19% | Sep 2024 22% | Dec 2024 20% | Mar 2025 12% | Jun 2025 6.0% | Sep 2025 7.7% | Dec 2025 8.1% | Mar 2026 12% | Jun 2026 — - INSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 72% | Sep 2022 76% | Dec 2022 77% | Mar 2023 86% | Jun 2023 66% | Sep 2023 40% | Dec 2023 40% | Mar 2024 28% | Jun 2024 30% | Sep 2024 33% | Dec 2024 24% | Mar 2025 23% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 2.0% | Jun 2026 — - ENOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 14% | Mar 2023 — | Jun 2023 14% | Sep 2023 5.8% | Dec 2023 11% | Mar 2024 27% | Jun 2024 22% | Sep 2024 21% | Dec 2024 23% | Mar 2025 — | Jun 2025 6.5% | Sep 2025 12% | Dec 2025 -2.1% | Mar 2026 — | Jun 2026 5.4% ## Operating Economics & Margin Trend What the numbers say: Edwards Lifesciences Corporation leads opm at 29%; LivaNova PLC leads margin change at +109.8 percentage points. Investor read: Edwards Lifesciences Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Edwards Lifesciences Corporation · 29% | 35.5% versus #2 · DexCom, Inc. | 3/8 recent comparable periods | 29/30 companies · 549 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Edwards Lifesciences Corporation (EW): 29% 2. DexCom, Inc. (DXCM): 21% 3. Boston Scientific Corporation (BSX): 21% 4. STERIS plc (STE): 20% 5. Globus Medical, Inc. (GMED): 20% ### Margin change — fastest expanders 1. LivaNova PLC (LIVN): +109.8 pp 2. Butterfly Network, Inc. (BFLY): +34.7 pp 3. Establishment Labs Holdings Inc. (ESTA): +30.1 pp 4. iRhythm Holdings, Inc. (IRTC): +12.4 pp 5. Enovis Corporation (ENOV): +9.5 pp ### 20-quarter OPM history - ABT: Sep 2021 23% | Dec 2021 21% | Mar 2022 25% | Jun 2022 21% | Sep 2022 17% | Dec 2022 13% | Mar 2023 16% | Jun 2023 16% | Sep 2023 16% | Dec 2023 17% | Mar 2024 14% | Jun 2024 16% | Sep 2024 18% | Dec 2024 17% | Mar 2025 16% | Jun 2025 18% | Sep 2025 18% | Dec 2025 20% | Mar 2026 12% | Jun 2026 13% - SYK: Sep 2021 14% | Dec 2021 17% | Mar 2022 11% | Jun 2022 17% | Sep 2022 18% | Dec 2022 16% | Mar 2023 15% | Jun 2023 19% | Sep 2023 19% | Dec 2023 22% | Mar 2024 19% | Jun 2024 19% | Sep 2024 20% | Dec 2024 9.0% | Mar 2025 14% | Jun 2025 19% | Sep 2025 19% | Dec 2025 25% | Mar 2026 16% | Jun 2026 — - MDT: Sep 2021 11% | Dec 2021 20% | Mar 2022 21% | Jun 2022 21% | Sep 2022 15% | Dec 2022 19% | Mar 2023 18% | Jun 2023 18% | Sep 2023 17% | Dec 2023 17% | Mar 2024 18% | Jun 2024 12% | Sep 2024 16% | Dec 2024 19% | Mar 2025 20% | Jun 2025 16% | Sep 2025 17% | Dec 2025 19% | Mar 2026 16% | Jun 2026 19% - BSX: Sep 2021 13% | Dec 2021 5.8% | Mar 2022 15% | Jun 2022 13% | Sep 2022 11% | Dec 2022 12% | Mar 2023 16% | Jun 2023 14% | Sep 2023 20% | Dec 2023 16% | Mar 2024 18% | Jun 2024 13% | Sep 2024 17% | Dec 2024 15% | Mar 2025 20% | Jun 2025 16% | Sep 2025 21% | Dec 2025 16% | Mar 2026 21% | Jun 2026 — - EW: Sep 2021 30% | Dec 2021 28% | Mar 2022 33% | Jun 2022 33% | Sep 2022 31% | Dec 2022 33% | Mar 2023 27% | Jun 2023 20% | Sep 2023 29% | Dec 2023 27% | Mar 2024 26% | Jun 2024 27% | Sep 2024 26% | Dec 2024 23% | Mar 2025 28% | Jun 2025 27% | Sep 2025 20% | Dec 2025 9.6% | Mar 2026 29% | Jun 2026 — - DXCM: Sep 2021 18% | Dec 2021 0.1% | Mar 2022 6.6% | Jun 2022 11% | Sep 2022 19% | Dec 2022 15% | Mar 2023 6.4% | Jun 2023 15% | Sep 2023 21% | Dec 2023 21% | Mar 2024 11% | Jun 2024 16% | Sep 2024 15% | Dec 2024 17% | Mar 2025 13% | Jun 2025 18% | Sep 2025 20% | Dec 2025 26% | Mar 2026 21% | Jun 2026 — - GEHC: Sep 2021 15% | Dec 2021 16% | Mar 2022 12% | Jun 2022 14% | Sep 2022 13% | Dec 2022 16% | Mar 2023 12% | Jun 2023 12% | Sep 2023 13% | Dec 2023 13% | Mar 2024 12% | Jun 2024 13% | Sep 2024 14% | Dec 2024 15% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 15% | Mar 2026 10% | Jun 2026 — - PHG: Sep 2021 8.6% | Dec 2021 3.3% | Mar 2022 -4.6% | Jun 2022 0.3% | Sep 2022 -36% | Dec 2022 3.2% | Mar 2023 -14% | Jun 2023 4.9% | Sep 2023 5.0% | Dec 2023 0.5% | Mar 2024 -20% | Jun 2024 18% | Sep 2024 7.7% | Dec 2024 3.9% | Mar 2025 3.8% | Jun 2025 9.2% | Sep 2025 7.7% | Dec 2025 11% | Mar 2026 6.2% | Jun 2026 — - STE: Sep 2021 9.7% | Dec 2021 17% | Mar 2022 7.6% | Jun 2022 14% | Sep 2022 -26% | Dec 2022 16% | Mar 2023 16% | Jun 2023 17% | Sep 2023 16% | Dec 2023 17% | Mar 2024 16% | Jun 2024 7.2% | Sep 2024 8.3% | Dec 2024 18% | Mar 2025 15% | Jun 2025 8.8% | Sep 2025 9.1% | Dec 2025 18% | Mar 2026 20% | Jun 2026 — - ZBH: Sep 2021 14% | Dec 2021 7.5% | Mar 2022 12% | Jun 2022 16% | Sep 2022 15% | Dec 2022 -1.6% | Mar 2023 18% | Jun 2023 18% | Sep 2023 15% | Dec 2023 18% | Mar 2024 14% | Jun 2024 18% | Sep 2024 15% | Dec 2024 19% | Mar 2025 15% | Jun 2025 14% | Sep 2025 18% | Dec 2025 6.9% | Mar 2026 18% | Jun 2026 — - PEN: Sep 2021 4.6% | Dec 2021 -20% | Mar 2022 -2.0% | Jun 2022 -0.1% | Sep 2022 2.5% | Dec 2022 2.2% | Mar 2023 3.3% | Jun 2023 6.8% | Sep 2023 4.7% | Dec 2023 12% | Mar 2024 4.3% | Jun 2024 -27% | Sep 2024 12% | Dec 2024 14% | Mar 2025 12% | Jun 2025 12% | Sep 2025 14% | Dec 2025 15% | Mar 2026 10% | Jun 2026 — - PODD: Sep 2021 12% | Dec 2021 16% | Mar 2022 13% | Jun 2022 -8.9% | Sep 2022 0.9% | Dec 2022 6.4% | Mar 2023 7.7% | Jun 2023 7.8% | Sep 2023 13% | Dec 2023 21% | Mar 2024 13% | Jun 2024 11% | Sep 2024 16% | Dec 2024 18% | Mar 2025 16% | Jun 2025 19% | Sep 2025 17% | Dec 2025 19% | Mar 2026 16% | Jun 2026 — - GMED: Sep 2021 23% | Dec 2021 7.3% | Mar 2022 20% | Jun 2022 26% | Sep 2022 24% | Dec 2022 20% | Mar 2023 20% | Jun 2023 23% | Sep 2023 0.1% | Dec 2023 1.6% | Mar 2024 1.3% | Jun 2024 7.9% | Sep 2024 7.7% | Dec 2024 9.2% | Mar 2025 16% | Jun 2025 10% | Sep 2025 18% | Dec 2025 21% | Mar 2026 20% | Jun 2026 — - GKOS: Sep 2021 15% | Dec 2021 -24% | Mar 2022 15% | Jun 2022 -51% | Sep 2022 -30% | Dec 2022 -47% | Mar 2023 -45% | Jun 2023 -36% | Sep 2023 -36% | Dec 2023 -47% | Mar 2024 -46% | Jun 2024 -31% | Sep 2024 -26% | Dec 2024 -27% | Mar 2025 -19% | Jun 2025 -18% | Sep 2025 -12% | Dec 2025 -98% | Mar 2026 -13% | Jun 2026 — - BIO-B: Sep 2021 21% | Dec 2021 15% | Mar 2022 21% | Jun 2022 18% | Sep 2022 14% | Dec 2022 16% | Mar 2023 9.1% | Jun 2023 13% | Sep 2023 14% | Dec 2023 14% | Mar 2024 7.3% | Jun 2024 16% | Sep 2024 9.9% | Dec 2024 8.7% | Mar 2025 4.0% | Jun 2025 12% | Sep 2025 10% | Dec 2025 7.8% | Mar 2026 5.8% | Jun 2026 — - BRKR: Sep 2021 19% | Dec 2021 18% | Mar 2022 16% | Jun 2022 13% | Sep 2022 21% | Dec 2022 19% | Mar 2023 18% | Jun 2023 13% | Sep 2023 17% | Dec 2023 12% | Mar 2024 9.0% | Jun 2024 6.0% | Sep 2024 7.9% | Dec 2024 7.4% | Mar 2025 4.0% | Jun 2025 1.5% | Sep 2025 -6.0% | Dec 2025 7.8% | Mar 2026 1.2% | Jun 2026 — - LIVN: Sep 2021 7.1% | Dec 2021 7.6% | Mar 2022 4.0% | Jun 2022 13% | Sep 2022 -52% | Dec 2022 5.1% | Mar 2023 -0.9% | Jun 2023 5.9% | Sep 2023 1.6% | Dec 2023 -28% | Mar 2024 5.5% | Jun 2024 13% | Sep 2024 11% | Dec 2024 12% | Mar 2025 -98% | Jun 2025 15% | Sep 2025 15% | Dec 2025 100% | Mar 2026 11% | Jun 2026 — - ITGR: Sep 2021 13% | Dec 2021 11% | Mar 2022 — | Jun 2022 7.2% | Sep 2022 9.3% | Dec 2022 9.9% | Mar 2023 9.0% | Jun 2023 10% | Sep 2023 12% | Dec 2023 11% | Mar 2024 9.5% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 11% | Jun 2025 13% | Sep 2025 12% | Dec 2025 12% | Mar 2026 — | Jun 2026 7.2% - IRTC: Sep 2021 -27% | Dec 2021 -39% | Mar 2022 -53% | Jun 2022 -23% | Sep 2022 -20% | Dec 2022 -18% | Mar 2023 -35% | Jun 2023 -15% | Sep 2023 -22% | Dec 2023 -30% | Mar 2024 -29% | Jun 2024 -16% | Sep 2024 -34% | Dec 2024 -2.5% | Mar 2025 -21% | Jun 2025 -10% | Sep 2025 -4.4% | Dec 2025 1.1% | Mar 2026 -8.1% | Jun 2026 — - HAE: Sep 2021 0.6% | Dec 2021 10% | Mar 2022 14% | Jun 2022 7.2% | Sep 2022 12% | Dec 2022 16% | Mar 2023 — | Jun 2023 12% | Sep 2023 17% | Dec 2023 14% | Mar 2024 8.7% | Jun 2024 12% | Sep 2024 15% | Dec 2024 17% | Mar 2025 22% | Jun 2025 17% | Sep 2025 18% | Dec 2025 20% | Mar 2026 -6.6% | Jun 2026 — - TMDX: Sep 2021 -218% | Dec 2021 -117% | Mar 2022 -59% | Jun 2022 -48% | Sep 2022 -22% | Dec 2022 -22% | Mar 2023 -5.0% | Jun 2023 -1.7% | Sep 2023 -43% | Dec 2023 3.2% | Mar 2024 13% | Jun 2024 11% | Sep 2024 3.6% | Dec 2024 7.1% | Mar 2025 19% | Jun 2025 23% | Sep 2025 16% | Dec 2025 13% | Mar 2026 7.6% | Jun 2026 — - ESTA: Sep 2021 -31% | Dec 2021 -27% | Mar 2022 -15% | Jun 2022 -25% | Sep 2022 -28% | Dec 2022 -30% | Mar 2023 -18% | Jun 2023 -28% | Sep 2023 -55% | Dec 2023 -70% | Mar 2024 -24% | Jun 2024 -21% | Sep 2024 -33% | Dec 2024 -42% | Mar 2025 -41% | Jun 2025 -28% | Sep 2025 -7.5% | Dec 2025 -6.1% | Mar 2026 -11% | Jun 2026 — - UFPT: Sep 2021 10% | Dec 2021 8.2% | Mar 2022 8.9% | Jun 2022 13% | Sep 2022 27% | Dec 2022 12% | Mar 2023 13% | Jun 2023 17% | Sep 2023 15% | Dec 2023 13% | Mar 2024 15% | Jun 2024 16% | Sep 2024 17% | Dec 2024 15% | Mar 2025 16% | Jun 2025 16% | Sep 2025 15% | Dec 2025 14% | Mar 2026 15% | Jun 2026 — - NEOG: Sep 2021 17% | Dec 2021 9.6% | Mar 2022 5.0% | Jun 2022 13% | Sep 2022 4.6% | Dec 2022 -3.3% | Mar 2023 7.2% | Jun 2023 9.7% | Sep 2023 8.4% | Dec 2023 6.3% | Mar 2024 5.3% | Jun 2024 5.5% | Sep 2024 1.0% | Dec 2024 -198% | Mar 2025 2.4% | Jun 2025 -271% | Sep 2025 -7.7% | Dec 2025 -2.4% | Mar 2026 -1.6% | Jun 2026 — - AXGN: Sep 2021 -21% | Dec 2021 -17% | Mar 2022 -37% | Jun 2022 -23% | Sep 2022 -13% | Dec 2022 -16% | Mar 2023 -20% | Jun 2023 -18% | Sep 2023 -9.8% | Dec 2023 -7.4% | Mar 2024 -11% | Jun 2024 -0.9% | Sep 2024 -0.6% | Dec 2024 4.1% | Mar 2025 -3.4% | Jun 2025 3.0% | Sep 2025 3.2% | Dec 2025 -16% | Mar 2026 -4.6% | Jun 2026 — - BFLY: Sep 2021 -390% | Dec 2021 -239% | Mar 2022 -318% | Jun 2022 -252% | Sep 2022 -235% | Dec 2022 -258% | Mar 2023 -227% | Jun 2023 -169% | Sep 2023 -211% | Dec 2023 -283% | Mar 2024 -128% | Jun 2024 -80% | Sep 2024 -84% | Dec 2024 -78% | Mar 2025 -87% | Jun 2025 -69% | Sep 2025 -164% | Dec 2025 -53% | Mar 2026 -52% | Jun 2026 — - NVCR: Sep 2021 -6.4% | Dec 2021 -18% | Mar 2022 -0.6% | Jun 2022 -15% | Sep 2022 -19% | Dec 2022 -34% | Mar 2023 -49% | Jun 2023 -50% | Sep 2023 -46% | Dec 2023 -39% | Mar 2024 -30% | Jun 2024 -22% | Sep 2024 -21% | Dec 2024 -39% | Mar 2025 -24% | Jun 2025 -25% | Sep 2025 -22% | Dec 2025 -23% | Mar 2026 -39% | Jun 2026 — - INSP: Sep 2021 -16% | Dec 2021 -2.3% | Mar 2022 -23% | Jun 2022 -15% | Sep 2022 -16% | Dec 2022 -0.2% | Mar 2023 -15% | Jun 2023 -11% | Sep 2023 -8.8% | Dec 2023 4.8% | Mar 2024 -9.3% | Jun 2024 2.6% | Sep 2024 7.0% | Dec 2024 13% | Mar 2025 -0.7% | Jun 2025 -1.5% | Sep 2025 4.3% | Dec 2025 17% | Mar 2026 -0.5% | Jun 2026 — - ENOV: Sep 2021 -2.9% | Dec 2021 -4.5% | Mar 2022 — | Jun 2022 -8.2% | Sep 2022 1.4% | Dec 2022 -8.0% | Mar 2023 -6.1% | Jun 2023 -3.4% | Sep 2023 -4.9% | Dec 2023 -1.3% | Mar 2024 -6.8% | Jun 2024 -8.4% | Sep 2024 -6.3% | Dec 2024 -119% | Mar 2025 — | Jun 2025 -8.4% | Sep 2025 -3.0% | Dec 2025 -102% | Mar 2026 — | Jun 2026 1.1% ### 20-quarter Margin change history - ABT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.5 pp | Sep 2022 −6.3 pp | Dec 2022 −7.8 pp | Mar 2023 −9.0 pp | Jun 2023 −5.6 pp | Sep 2023 −0.8 pp | Dec 2023 +4.5 pp | Mar 2024 −1.6 pp | Jun 2024 +0.6 pp | Sep 2024 +1.3 pp | Dec 2024 0.0 pp | Mar 2025 +2.4 pp | Jun 2025 +2.3 pp | Sep 2025 +0.6 pp | Dec 2025 +2.2 pp | Mar 2026 −4.3 pp | Jun 2026 −5.0 pp - SYK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 +4.2 pp | Dec 2022 −1.8 pp | Mar 2023 +4.9 pp | Jun 2023 +2.1 pp | Sep 2023 +1.0 pp | Dec 2023 +6.0 pp | Mar 2024 +3.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.7 pp | Dec 2024 −12.6 pp | Mar 2025 −4.2 pp | Jun 2025 −0.9 pp | Sep 2025 −1.0 pp | Dec 2025 +16.2 pp | Mar 2026 +1.2 pp | Jun 2026 — - MDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.5 pp | Dec 2022 −1.4 pp | Mar 2023 −3.4 pp | Jun 2023 −2.4 pp | Sep 2023 +1.2 pp | Dec 2023 −1.7 pp | Mar 2024 +0.3 pp | Jun 2024 −6.0 pp | Sep 2024 −0.4 pp | Dec 2024 +2.2 pp | Mar 2025 +1.6 pp | Jun 2025 +3.8 pp | Sep 2025 +0.7 pp | Dec 2025 −0.2 pp | Mar 2026 −3.7 pp | Jun 2026 +3.0 pp - BSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.5 pp | Sep 2022 −1.9 pp | Dec 2022 +6.6 pp | Mar 2023 +0.9 pp | Jun 2023 +1.3 pp | Sep 2023 +8.3 pp | Dec 2023 +3.3 pp | Mar 2024 +1.2 pp | Jun 2024 −1.7 pp | Sep 2024 −2.2 pp | Dec 2024 −0.9 pp | Mar 2025 +2.3 pp | Jun 2025 +3.6 pp | Sep 2025 +3.3 pp | Dec 2025 +0.8 pp | Mar 2026 +1.4 pp | Jun 2026 — - EW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.0 pp | Sep 2022 +0.7 pp | Dec 2022 +5.0 pp | Mar 2023 −6.1 pp | Jun 2023 −13.1 pp | Sep 2023 −1.1 pp | Dec 2023 −5.8 pp | Mar 2024 −0.4 pp | Jun 2024 +6.5 pp | Sep 2024 −3.5 pp | Dec 2024 −4.8 pp | Mar 2025 +1.7 pp | Jun 2025 0.0 pp | Sep 2025 −6.1 pp | Dec 2025 −13.0 pp | Mar 2026 +1.1 pp | Jun 2026 — - DXCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.9 pp | Sep 2022 +1.0 pp | Dec 2022 +15.3 pp | Mar 2023 −0.2 pp | Jun 2023 +3.6 pp | Sep 2023 +1.9 pp | Dec 2023 +5.6 pp | Mar 2024 +4.6 pp | Jun 2024 +1.0 pp | Sep 2024 −5.8 pp | Dec 2024 −4.0 pp | Mar 2025 +1.9 pp | Jun 2025 +2.7 pp | Sep 2025 +4.8 pp | Dec 2025 +8.6 pp | Mar 2026 +8.5 pp | Jun 2026 — - GEHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.2 pp | Sep 2022 −1.9 pp | Dec 2022 −0.1 pp | Mar 2023 +0.2 pp | Jun 2023 −2.3 pp | Sep 2023 −0.4 pp | Dec 2023 −2.5 pp | Mar 2024 −0.3 pp | Jun 2024 +0.8 pp | Sep 2024 +1.1 pp | Dec 2024 +1.9 pp | Mar 2025 +1.6 pp | Jun 2025 +0.5 pp | Sep 2025 −1.2 pp | Dec 2025 −0.6 pp | Mar 2026 −3.2 pp | Jun 2026 — - PHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 −44.1 pp | Dec 2022 −0.1 pp | Mar 2023 −9.4 pp | Jun 2023 +4.6 pp | Sep 2023 +40.5 pp | Dec 2023 −2.7 pp | Mar 2024 −5.9 pp | Jun 2024 +13.4 pp | Sep 2024 +2.7 pp | Dec 2024 +3.4 pp | Mar 2025 +23.7 pp | Jun 2025 −9.1 pp | Sep 2025 0.0 pp | Dec 2025 +6.7 pp | Mar 2026 +2.4 pp | Jun 2026 — - STE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.2 pp | Sep 2022 −35.2 pp | Dec 2022 −1.1 pp | Mar 2023 +8.7 pp | Jun 2023 +3.0 pp | Sep 2023 +41.0 pp | Dec 2023 +1.7 pp | Mar 2024 −0.8 pp | Jun 2024 −9.5 pp | Sep 2024 −7.2 pp | Dec 2024 +0.5 pp | Mar 2025 −0.9 pp | Jun 2025 +1.6 pp | Sep 2025 +0.8 pp | Dec 2025 +0.4 pp | Mar 2026 +5.3 pp | Jun 2026 — - ZBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.1 pp | Sep 2022 +0.3 pp | Dec 2022 −9.1 pp | Mar 2023 +6.0 pp | Jun 2023 +1.8 pp | Sep 2023 +0.5 pp | Dec 2023 +19.9 pp | Mar 2024 −3.8 pp | Jun 2024 +0.5 pp | Sep 2024 +0.1 pp | Dec 2024 +0.9 pp | Mar 2025 +1.2 pp | Jun 2025 −3.7 pp | Sep 2025 +2.3 pp | Dec 2025 −12.3 pp | Mar 2026 +2.6 pp | Jun 2026 — - PEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.7 pp | Sep 2022 −2.1 pp | Dec 2022 +21.8 pp | Mar 2023 +5.3 pp | Jun 2023 +6.9 pp | Sep 2023 +2.2 pp | Dec 2023 +10.1 pp | Mar 2024 +1.0 pp | Jun 2024 −33.8 pp | Sep 2024 +7.0 pp | Dec 2024 +1.3 pp | Mar 2025 +8.1 pp | Jun 2025 +39.0 pp | Sep 2025 +2.1 pp | Dec 2025 +1.8 pp | Mar 2026 −2.2 pp | Jun 2026 — - PODD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −18.9 pp | Sep 2022 −11.3 pp | Dec 2022 −9.8 pp | Mar 2023 −5.1 pp | Jun 2023 +16.7 pp | Sep 2023 +11.8 pp | Dec 2023 +14.5 pp | Mar 2024 +5.2 pp | Jun 2024 +3.4 pp | Sep 2024 +3.5 pp | Dec 2024 −2.6 pp | Mar 2025 +2.7 pp | Jun 2025 +7.5 pp | Sep 2025 +0.5 pp | Dec 2025 +0.4 pp | Mar 2026 +0.4 pp | Jun 2026 — - GMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.4 pp | Sep 2022 +0.3 pp | Dec 2022 +12.4 pp | Mar 2023 +0.3 pp | Jun 2023 −3.0 pp | Sep 2023 −23.4 pp | Dec 2023 −18.1 pp | Mar 2024 −19.1 pp | Jun 2024 −14.8 pp | Sep 2024 +7.6 pp | Dec 2024 +7.6 pp | Mar 2025 +14.9 pp | Jun 2025 +2.3 pp | Sep 2025 +10.2 pp | Dec 2025 +11.3 pp | Mar 2026 +3.6 pp | Jun 2026 — - GKOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −32.4 pp | Sep 2022 −45.1 pp | Dec 2022 −23.0 pp | Mar 2023 −59.1 pp | Jun 2023 +14.4 pp | Sep 2023 −5.6 pp | Dec 2023 +0.5 pp | Mar 2024 −1.0 pp | Jun 2024 +4.9 pp | Sep 2024 +10.4 pp | Dec 2024 +19.7 pp | Mar 2025 +26.2 pp | Jun 2025 +13.0 pp | Sep 2025 +13.2 pp | Dec 2025 −70.5 pp | Mar 2026 +6.2 pp | Jun 2026 — - BIO-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −7.1 pp | Dec 2022 +1.6 pp | Mar 2023 −11.8 pp | Jun 2023 −4.6 pp | Sep 2023 +0.5 pp | Dec 2023 −2.2 pp | Mar 2024 −1.8 pp | Jun 2024 +2.7 pp | Sep 2024 −4.5 pp | Dec 2024 −5.3 pp | Mar 2025 −3.3 pp | Jun 2025 −4.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.9 pp | Mar 2026 +1.8 pp | Jun 2026 — - BRKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 +2.0 pp | Dec 2022 +0.2 pp | Mar 2023 +1.7 pp | Jun 2023 0.0 pp | Sep 2023 −3.8 pp | Dec 2023 −6.4 pp | Mar 2024 −8.9 pp | Jun 2024 −6.6 pp | Sep 2024 −8.9 pp | Dec 2024 −4.7 pp | Mar 2025 −5.0 pp | Jun 2025 −4.5 pp | Sep 2025 −13.9 pp | Dec 2025 +0.4 pp | Mar 2026 −2.8 pp | Jun 2026 — - LIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +25.7 pp | Sep 2022 −59.3 pp | Dec 2022 −2.5 pp | Mar 2023 −4.9 pp | Jun 2023 −6.6 pp | Sep 2023 +53.8 pp | Dec 2023 −33.5 pp | Mar 2024 +6.4 pp | Jun 2024 +6.7 pp | Sep 2024 +9.6 pp | Dec 2024 +39.9 pp | Mar 2025 −103.9 pp | Jun 2025 +2.3 pp | Sep 2025 +3.4 pp | Dec 2025 +88.0 pp | Mar 2026 +109.8 pp | Jun 2026 — - ITGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 −0.9 pp | Mar 2023 — | Jun 2023 +3.2 pp | Sep 2023 +3.0 pp | Dec 2023 +0.9 pp | Mar 2024 +0.5 pp | Jun 2024 +2.3 pp | Sep 2024 +1.1 pp | Dec 2024 +1.9 pp | Mar 2025 +1.8 pp | Jun 2025 −0.2 pp | Sep 2025 −1.3 pp | Dec 2025 −0.9 pp | Mar 2026 — | Jun 2026 −5.3 pp - IRTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 +7.0 pp | Dec 2022 +21.0 pp | Mar 2023 +17.2 pp | Jun 2023 +7.8 pp | Sep 2023 −1.9 pp | Dec 2023 −11.2 pp | Mar 2024 +6.5 pp | Jun 2024 −0.3 pp | Sep 2024 −11.9 pp | Dec 2024 +27.1 pp | Mar 2025 +8.4 pp | Jun 2025 +5.5 pp | Sep 2025 +29.7 pp | Dec 2025 +3.6 pp | Mar 2026 +12.4 pp | Jun 2026 — - HAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.2 pp | Dec 2022 +5.5 pp | Mar 2023 — | Jun 2023 +4.4 pp | Sep 2023 +5.4 pp | Dec 2023 −2.0 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 −2.2 pp | Dec 2024 +3.2 pp | Mar 2025 +12.9 pp | Jun 2025 +5.0 pp | Sep 2025 +2.9 pp | Dec 2025 +3.0 pp | Mar 2026 −28.2 pp | Jun 2026 — - TMDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +73.3 pp | Sep 2022 +196.7 pp | Dec 2022 +95.6 pp | Mar 2023 +54.0 pp | Jun 2023 +45.8 pp | Sep 2023 −21.1 pp | Dec 2023 +24.8 pp | Mar 2024 +17.8 pp | Jun 2024 +12.6 pp | Sep 2024 +46.3 pp | Dec 2024 +3.9 pp | Mar 2025 +6.3 pp | Jun 2025 +12.3 pp | Sep 2025 +12.6 pp | Dec 2025 +6.1 pp | Mar 2026 −11.5 pp | Jun 2026 — - ESTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.8 pp | Sep 2022 +3.6 pp | Dec 2022 −3.5 pp | Mar 2023 −3.0 pp | Jun 2023 −2.9 pp | Sep 2023 −27.1 pp | Dec 2023 −40.1 pp | Mar 2024 −6.3 pp | Jun 2024 +7.0 pp | Sep 2024 +21.9 pp | Dec 2024 +28.2 pp | Mar 2025 −17.2 pp | Jun 2025 −6.3 pp | Sep 2025 +25.2 pp | Dec 2025 +35.8 pp | Mar 2026 +30.1 pp | Jun 2026 — - UFPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +16.8 pp | Dec 2022 +3.7 pp | Mar 2023 +4.2 pp | Jun 2023 +4.1 pp | Sep 2023 −11.9 pp | Dec 2023 +0.6 pp | Mar 2024 +2.1 pp | Jun 2024 −0.7 pp | Sep 2024 +2.2 pp | Dec 2024 +2.9 pp | Mar 2025 +0.4 pp | Jun 2025 −0.2 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 −0.4 pp | Jun 2026 — - NEOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.0 pp | Sep 2022 −12.3 pp | Dec 2022 −12.9 pp | Mar 2023 +2.2 pp | Jun 2023 −3.2 pp | Sep 2023 +3.8 pp | Dec 2023 +9.6 pp | Mar 2024 −1.9 pp | Jun 2024 −4.2 pp | Sep 2024 −7.4 pp | Dec 2024 −204.1 pp | Mar 2025 −2.9 pp | Jun 2025 −276.6 pp | Sep 2025 −8.7 pp | Dec 2025 +195.4 pp | Mar 2026 −4.0 pp | Jun 2026 — - AXGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 +8.3 pp | Dec 2022 +1.5 pp | Mar 2023 +16.5 pp | Jun 2023 +4.9 pp | Sep 2023 +3.3 pp | Dec 2023 +8.1 pp | Mar 2024 +9.0 pp | Jun 2024 +17.2 pp | Sep 2024 +9.2 pp | Dec 2024 +11.5 pp | Mar 2025 +7.6 pp | Jun 2025 +3.9 pp | Sep 2025 +3.8 pp | Dec 2025 −20.4 pp | Mar 2026 −1.2 pp | Jun 2026 — - BFLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −30.0 pp | Sep 2022 +155.2 pp | Dec 2022 −19.5 pp | Mar 2023 +91.5 pp | Jun 2023 +83.1 pp | Sep 2023 +23.4 pp | Dec 2023 −24.8 pp | Mar 2024 +98.4 pp | Jun 2024 +88.9 pp | Sep 2024 +127.3 pp | Dec 2024 +205.4 pp | Mar 2025 +41.1 pp | Jun 2025 +11.3 pp | Sep 2025 −79.6 pp | Dec 2025 +24.5 pp | Mar 2026 +34.7 pp | Jun 2026 — - NVCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.8 pp | Sep 2022 −12.4 pp | Dec 2022 −15.9 pp | Mar 2023 −48.7 pp | Jun 2023 −34.7 pp | Sep 2023 −26.9 pp | Dec 2023 −5.2 pp | Mar 2024 +19.3 pp | Jun 2024 +27.4 pp | Sep 2024 +25.0 pp | Dec 2024 −0.6 pp | Mar 2025 +5.6 pp | Jun 2025 −2.6 pp | Sep 2025 −0.8 pp | Dec 2025 +16.1 pp | Mar 2026 −14.3 pp | Jun 2026 — - INSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.4 pp | Sep 2022 +0.2 pp | Dec 2022 +2.1 pp | Mar 2023 +7.9 pp | Jun 2023 +4.3 pp | Sep 2023 +6.9 pp | Dec 2023 +5.0 pp | Mar 2024 +5.9 pp | Jun 2024 +13.6 pp | Sep 2024 +15.8 pp | Dec 2024 +8.5 pp | Mar 2025 +8.6 pp | Jun 2025 −4.1 pp | Sep 2025 −2.7 pp | Dec 2025 +3.8 pp | Mar 2026 +0.2 pp | Jun 2026 — - ENOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.3 pp | Dec 2022 −3.5 pp | Mar 2023 — | Jun 2023 +4.8 pp | Sep 2023 −6.3 pp | Dec 2023 +6.7 pp | Mar 2024 −0.7 pp | Jun 2024 −5.0 pp | Sep 2024 −1.4 pp | Dec 2024 −117.2 pp | Mar 2025 — | Jun 2025 0.0 pp | Sep 2025 +3.3 pp | Dec 2025 +16.8 pp | Mar 2026 — | Jun 2026 +9.5 pp ## Profit Scale & Acceleration What the numbers say: Abbott Laboratories leads with $5,425 million of TTM profit, 12.2% above Medtronic plc. Globus Medical, Inc. shows ≥100% on the scoring scale (215.6% uncapped) growth from a $587 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Abbott Laboratories sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Abbott Laboratories · $5,425 million | 12.2% versus #2 · Medtronic plc | 4/8 recent comparable periods | 15/30 companies · 559 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Abbott Laboratories (ABT): ₹5.4K Cr 2. Medtronic plc (MDT): ₹4.8K Cr 3. STERIS plc (STE): ₹785 Cr 4. Zimmer Biomet Holdings, Inc. (ZBH): ₹760 Cr 5. Globus Medical, Inc. (GMED): ₹587 Cr ### Profit growth — fastest growers 1. Globus Medical, Inc. (GMED): 100% 2. TransMedics Group, Inc. (TMDX): 100% 3. Inspire Medical Systems, Inc. (INSP): 99% 4. STERIS plc (STE): 27% 5. UFP Technologies, Inc. (UFPT): 7.9% ### 20-quarter Net profit history - ABT: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹9.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹928 Cr - SYK: Sep 2021 ₹438 Cr | Dec 2021 ₹662 Cr | Mar 2022 ₹323 Cr | Jun 2022 ₹656 Cr | Sep 2022 ₹816 Cr | Dec 2022 ₹563 Cr | Mar 2023 ₹592 Cr | Jun 2023 ₹738 Cr | Sep 2023 ₹692 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹788 Cr | Jun 2024 ₹825 Cr | Sep 2024 ₹834 Cr | Dec 2024 ₹546 Cr | Mar 2025 ₹654 Cr | Jun 2025 ₹884 Cr | Sep 2025 ₹859 Cr | Dec 2025 ₹849 Cr | Mar 2026 ₹745 Cr | Jun 2026 — - MDT: Sep 2021 ₹769 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹931 Cr | Dec 2022 ₹435 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹797 Cr | Dec 2023 ₹911 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹660 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr - BSX: Sep 2021 ₹419 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹260 Cr | Sep 2022 ₹188 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹270 Cr | Sep 2023 ₹505 Cr | Dec 2023 ₹504 Cr | Mar 2024 ₹493 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹468 Cr | Dec 2024 ₹562 Cr | Mar 2025 ₹672 Cr | Jun 2025 ₹795 Cr | Sep 2025 ₹755 Cr | Dec 2025 ₹670 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - EW: Sep 2021 ₹340 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹374 Cr | Jun 2022 ₹406 Cr | Sep 2022 ₹344 Cr | Dec 2022 ₹387 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹335 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹325 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹362 Cr | Dec 2024 ₹345 Cr | Mar 2025 ₹364 Cr | Jun 2025 ₹336 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹381 Cr | Jun 2026 — - DXCM: Sep 2021 ₹87 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹256 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹284 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹200 Cr | Jun 2026 — - GEHC: Sep 2021 ₹527 Cr | Dec 2021 ₹576 Cr | Mar 2022 ₹402 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹493 Cr | Dec 2022 ₹573 Cr | Mar 2023 ₹383 Cr | Jun 2023 ₹433 Cr | Sep 2023 ₹382 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹388 Cr | Jun 2024 ₹435 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹738 Cr | Mar 2025 ₹588 Cr | Jun 2025 ₹500 Cr | Sep 2025 ₹464 Cr | Dec 2025 ₹602 Cr | Mar 2026 ₹411 Cr | Jun 2026 — - PHG: Sep 2021 ₹3.0K Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹-151 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-105 Cr | Mar 2023 ₹-665 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹-998 Cr | Jun 2024 ₹452 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹-333 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹240 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹397 Cr | Mar 2026 ₹146 Cr | Jun 2026 — - STE: Sep 2021 ₹70 Cr | Dec 2021 ₹143 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹-315 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹220 Cr | Jun 2026 — - ZBH: Sep 2021 ₹162 Cr | Dec 2021 ₹-55 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹-130 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹210 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹420 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹243 Cr | Sep 2024 ₹249 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹238 Cr | Jun 2026 — - PEN: Sep 2021 ₹8 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹33 Cr | Jun 2026 — - SNN: Sep 2021 ₹205 Cr | Dec 2021 ₹319 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹177 Cr | Dec 2022 ₹46 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹172 Cr | Dec 2023 ₹91 Cr | Mar 2024 — | Jun 2024 ₹214 Cr | Sep 2024 — | Dec 2024 ₹198 Cr | Mar 2025 — | Jun 2025 ₹293 Cr | Sep 2025 — | Dec 2025 ₹332 Cr | Mar 2026 — | Jun 2026 — - PODD: Sep 2021 ₹13 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹-35 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹189 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹91 Cr | Jun 2026 — - GMED: Sep 2021 ₹47 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹124 Cr | Jun 2026 — - GKOS: Sep 2021 ₹6 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-46 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹-35 Cr | Jun 2023 ₹-33 Cr | Sep 2023 ₹-30 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹-41 Cr | Jun 2024 ₹-51 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-34 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-134 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - BIO-B: Sep 2021 ₹3.9K Cr | Dec 2021 ₹-1.6K Cr | Mar 2022 ₹-3.4K Cr | Jun 2022 ₹-925 Cr | Sep 2022 ₹-163 Cr | Dec 2022 ₹828 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹350 Cr | Mar 2024 ₹384 Cr | Jun 2024 ₹-2.2K Cr | Sep 2024 ₹653 Cr | Dec 2024 ₹-716 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹318 Cr | Sep 2025 ₹-342 Cr | Dec 2025 ₹720 Cr | Mar 2026 ₹-527 Cr | Jun 2026 — - BRKR: Sep 2021 ₹88 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹204 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-59 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - LIVN: Sep 2021 ₹-42 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹-107 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹-327 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹362 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - ITGR: Sep 2021 ₹29 Cr | Dec 2021 ₹22 Cr | Mar 2022 — | Jun 2022 ₹11 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹49 Cr | Mar 2026 — | Jun 2026 ₹17 Cr - IRTC: Sep 2021 ₹-24 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹-51 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-39 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹-39 Cr | Mar 2024 ₹-46 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-46 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-14 Cr | Jun 2026 — - HAE: Sep 2021 ₹-4 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - TMDX: Sep 2021 ₹-13 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - ESTA: Sep 2021 ₹-15 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-35 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-13 Cr | Jun 2026 — - UFPT: Sep 2021 ₹4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - NEOG: Sep 2021 ₹17 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-456 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-612 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-17 Cr | Jun 2026 — - AXGN: Sep 2021 ₹-7 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - BFLY: Sep 2021 ₹-14 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹-36 Cr | Sep 2022 ₹-55 Cr | Dec 2022 ₹-34 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹-44 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-18 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-34 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-13 Cr | Jun 2026 — - NVCR: Sep 2021 ₹-13 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹-53 Cr | Jun 2023 ₹-57 Cr | Sep 2023 ₹-49 Cr | Dec 2023 ₹-47 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-66 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹-37 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹-71 Cr | Jun 2026 — - INSP: Sep 2021 ₹-10 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-17 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹-11 Cr | Jun 2026 — - ENOV: Sep 2021 ₹-42 Cr | Dec 2021 ₹-14 Cr | Mar 2022 — | Jun 2022 ₹-38 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹-63 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-86 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹-704 Cr | Mar 2025 — | Jun 2025 ₹-53 Cr | Sep 2025 ₹-37 Cr | Dec 2025 ₹-572 Cr | Mar 2026 — | Jun 2026 ₹-15 Cr ### 20-quarter Profit growth history - ABT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 -32% | Dec 2022 -48% | Mar 2023 -46% | Jun 2023 -32% | Sep 2023 0.1% | Dec 2023 54% | Mar 2024 -7.1% | Jun 2024 -5.3% | Sep 2024 15% | Dec 2024 479% | Mar 2025 8.2% | Jun 2025 37% | Sep 2025 -0.1% | Dec 2025 -81% | Mar 2026 -19% | Jun 2026 -48% - SYK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 86% | Dec 2022 -15% | Mar 2023 83% | Jun 2023 13% | Sep 2023 -15% | Dec 2023 103% | Mar 2024 33% | Jun 2024 12% | Sep 2024 21% | Dec 2024 -52% | Mar 2025 -17% | Jun 2025 7.2% | Sep 2025 3.0% | Dec 2025 55% | Mar 2026 14% | Jun 2026 — - MDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 -67% | Mar 2023 -17% | Jun 2023 -20% | Sep 2023 -14% | Dec 2023 109% | Mar 2024 8.8% | Jun 2024 -44% | Sep 2024 32% | Dec 2024 40% | Mar 2025 -2.5% | Jun 2025 61% | Sep 2025 -0.2% | Dec 2025 8.1% | Mar 2026 -12% | Jun 2026 19% - BSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 -55% | Dec 2022 52% | Mar 2023 182% | Jun 2023 3.9% | Sep 2023 169% | Dec 2023 257% | Mar 2024 58% | Jun 2024 19% | Sep 2024 -7.3% | Dec 2024 12% | Mar 2025 36% | Jun 2025 147% | Sep 2025 61% | Dec 2025 19% | Mar 2026 99% | Jun 2026 — - EW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 1.2% | Dec 2022 16% | Mar 2023 -8.8% | Jun 2023 -37% | Sep 2023 -2.6% | Dec 2023 -14% | Mar 2024 -4.7% | Jun 2024 43% | Sep 2024 8.1% | Dec 2024 3.6% | Mar 2025 12% | Jun 2025 -7.7% | Sep 2025 -19% | Dec 2025 -81% | Mar 2026 4.7% | Jun 2026 — - DXCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 16% | Dec 2022 — | Mar 2023 -49% | Jun 2023 127% | Sep 2023 20% | Dec 2023 178% | Mar 2024 198% | Jun 2024 24% | Sep 2024 12% | Dec 2024 -41% | Mar 2025 -28% | Jun 2025 25% | Sep 2025 110% | Dec 2025 76% | Mar 2026 90% | Jun 2026 — - GEHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -6.5% | Dec 2022 -0.5% | Mar 2023 -4.7% | Jun 2023 -13% | Sep 2023 -23% | Dec 2023 -27% | Mar 2024 1.3% | Jun 2024 0.5% | Sep 2024 28% | Dec 2024 77% | Mar 2025 52% | Jun 2025 15% | Sep 2025 -5.3% | Dec 2025 -18% | Mar 2026 -30% | Jun 2026 — - PHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -113% | Sep 2022 -145% | Dec 2022 -170% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 511% | Sep 2024 101% | Dec 2024 -976% | Mar 2025 — | Jun 2025 -47% | Sep 2025 3.3% | Dec 2025 — | Mar 2026 103% | Jun 2026 — - STE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -550% | Dec 2022 -14% | Mar 2023 260% | Jun 2023 12% | Sep 2023 — | Dec 2023 15% | Mar 2024 -101% | Jun 2024 18% | Sep 2024 30% | Dec 2024 23% | Mar 2025 — | Jun 2025 22% | Sep 2025 28% | Dec 2025 12% | Mar 2026 51% | Jun 2026 — - ZBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.2% | Sep 2022 20% | Dec 2022 — | Mar 2023 219% | Jun 2023 36% | Sep 2023 -16% | Dec 2023 — | Mar 2024 -26% | Jun 2024 16% | Sep 2024 53% | Dec 2024 -43% | Mar 2025 5.8% | Jun 2025 -37% | Sep 2025 -7.2% | Dec 2025 -43% | Mar 2026 30% | Jun 2026 — - PEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -150% | Sep 2022 -125% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,250% | Mar 2024 22% | Jun 2024 -416% | Sep 2024 233% | Dec 2024 -37% | Mar 2025 255% | Jun 2025 — | Sep 2025 53% | Dec 2025 38% | Mar 2026 -15% | Jun 2026 — - SNN: Sep 2021 — | Dec 2021 -8.3% | Mar 2022 — | Jun 2022 — | Sep 2022 -14% | Dec 2022 -86% | Mar 2023 — | Jun 2023 — | Sep 2023 -2.8% | Dec 2023 98% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 118% | Mar 2025 — | Jun 2025 37% | Sep 2025 — | Dec 2025 68% | Mar 2026 — | Jun 2026 — - PODD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -138% | Dec 2022 -41% | Mar 2023 -14% | Jun 2023 — | Sep 2023 — | Dec 2023 506% | Mar 2024 117% | Jun 2024 600% | Sep 2024 50% | Dec 2024 -1.9% | Mar 2025 -33% | Jun 2025 -88% | Sep 2025 13% | Dec 2025 1.0% | Mar 2026 160% | Jun 2026 — - GMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 0.0% | Dec 2022 233% | Mar 2023 29% | Jun 2023 5.5% | Sep 2023 -98% | Dec 2023 -70% | Mar 2024 -114% | Jun 2024 -45% | Sep 2024 5,100% | Dec 2024 80% | Mar 2025 — | Jun 2025 534% | Sep 2025 129% | Dec 2025 422% | Mar 2026 65% | Jun 2026 — - GKOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -567% | Dec 2022 — | Mar 2023 -800% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BIO-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -201% | Sep 2022 -104% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -58% | Mar 2024 457% | Jun 2024 — | Sep 2024 516% | Dec 2024 -305% | Mar 2025 -83% | Jun 2025 — | Sep 2025 -152% | Dec 2025 — | Mar 2026 -923% | Jun 2026 — - BRKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 0.0% | Dec 2022 29% | Mar 2023 24% | Jun 2023 16% | Sep 2023 0.0% | Dec 2023 108% | Mar 2024 -32% | Jun 2024 -86% | Sep 2024 -55% | Dec 2024 -93% | Mar 2025 -67% | Jun 2025 -50% | Sep 2025 -248% | Dec 2025 107% | Mar 2026 -5.9% | Jun 2026 — - LIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 133% | Jun 2023 -94% | Sep 2023 — | Dec 2023 700% | Mar 2024 -700% | Jun 2024 1,500% | Sep 2024 — | Dec 2024 250% | Mar 2025 — | Jun 2025 69% | Sep 2025 -18% | Dec 2025 546% | Mar 2026 — | Jun 2026 — - ITGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -28% | Dec 2022 -23% | Mar 2023 — | Jun 2023 118% | Sep 2023 33% | Dec 2023 59% | Mar 2024 62% | Jun 2024 29% | Sep 2024 29% | Dec 2024 22% | Mar 2025 -205% | Jun 2025 19% | Sep 2025 11% | Dec 2025 48% | Mar 2026 — | Jun 2026 -54% - HAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 120% | Mar 2023 — | Jun 2023 190% | Sep 2023 105% | Dec 2023 -6.1% | Mar 2024 — | Jun 2024 31% | Sep 2024 -17% | Dec 2024 19% | Mar 2025 190% | Jun 2025 -11% | Sep 2025 15% | Dec 2025 22% | Mar 2026 -134% | Jun 2026 — - TMDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 75% | Mar 2025 117% | Jun 2025 192% | Sep 2025 500% | Dec 2025 1,400% | Mar 2026 -73% | Jun 2026 — - UFPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 400% | Dec 2022 167% | Mar 2023 100% | Jun 2023 33% | Sep 2023 -40% | Dec 2023 50% | Mar 2024 30% | Jun 2024 17% | Sep 2024 33% | Dec 2024 33% | Mar 2025 31% | Jun 2025 21% | Sep 2025 0.0% | Dec 2025 13% | Mar 2026 0.0% | Jun 2026 — - NEOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.3% | Sep 2022 -71% | Dec 2022 -482% | Mar 2023 60% | Jun 2023 -60% | Sep 2023 -60% | Dec 2023 — | Mar 2024 -125% | Jun 2024 -183% | Sep 2024 -750% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AXGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -1,400% | Mar 2026 — | Jun 2026 — - INSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 400% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 133% | Mar 2025 — | Jun 2025 -140% | Sep 2025 -44% | Dec 2025 289% | Mar 2026 -467% | Jun 2026 — - ENOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -117% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Return On Capital Employed What the numbers say: Edwards Lifesciences Corporation leads ROCE at 8.5%, 0.7 percentage points above DexCom, Inc.. LivaNova PLC has the strongest latest improvement at +18.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Edwards Lifesciences Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Edwards Lifesciences Corporation · 8.5% | 9% versus #2 · DexCom, Inc. | 2/8 recent comparable periods | 30/30 companies · 571 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Edwards Lifesciences Corporation (EW): 8.5% 2. DexCom, Inc. (DXCM): 7.8% 3. Boston Scientific Corporation (BSX): 6.5% 4. Insulet Corporation (PODD): 4.6% 5. Stryker Corporation (SYK): 4.1% ### ROCE change — fastest improvers 1. LivaNova PLC (LIVN): +18.1 pp 2. Neogen Corporation (NEOG): +16.0 pp 3. Edwards Lifesciences Corporation (EW): +4.6 pp 4. Boston Scientific Corporation (BSX): +4.1 pp 5. Establishment Labs Holdings Inc. (ESTA): +4.1 pp ### 20-quarter ROCE history - ABT: Sep 2021 4.3% | Dec 2021 3.9% | Mar 2022 4.8% | Jun 2022 3.9% | Sep 2022 2.9% | Dec 2022 2.2% | Mar 2023 2.5% | Jun 2023 2.6% | Sep 2023 2.8% | Dec 2023 3.0% | Mar 2024 2.4% | Jun 2024 2.8% | Sep 2024 3.1% | Dec 2024 3.0% | Mar 2025 2.7% | Jun 2025 3.2% | Sep 2025 3.2% | Dec 2025 3.3% | Mar 2026 1.7% | Jun 2026 2.1% - SYK: Sep 2021 2.0% | Dec 2021 2.8% | Mar 2022 1.5% | Jun 2022 2.5% | Sep 2022 2.6% | Dec 2022 2.7% | Mar 2023 2.3% | Jun 2023 3.1% | Sep 2023 3.0% | Dec 2023 4.0% | Mar 2024 3.1% | Jun 2024 3.3% | Sep 2024 3.3% | Dec 2024 1.7% | Mar 2025 2.4% | Jun 2025 3.1% | Sep 2025 3.0% | Dec 2025 4.8% | Mar 2026 2.4% | Jun 2026 4.1% - MDT: Sep 2021 — | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 2.0% | Sep 2022 1.4% | Dec 2022 1.7% | Mar 2023 1.7% | Jun 2023 2.0% | Sep 2023 1.6% | Dec 2023 1.7% | Mar 2024 1.8% | Jun 2024 1.3% | Sep 2024 1.6% | Dec 2024 2.0% | Mar 2025 2.1% | Jun 2025 1.8% | Sep 2025 1.8% | Dec 2025 2.1% | Mar 2026 1.8% | Jun 2026 2.3% - BSX: Sep 2021 1.4% | Dec 2021 0.7% | Mar 2022 1.7% | Jun 2022 1.5% | Sep 2022 1.3% | Dec 2022 1.4% | Mar 2023 1.9% | Jun 2023 1.8% | Sep 2023 2.4% | Dec 2023 2.0% | Mar 2024 2.2% | Jun 2024 1.7% | Sep 2024 2.4% | Dec 2024 2.1% | Mar 2025 2.8% | Jun 2025 2.4% | Sep 2025 3.0% | Dec 2025 2.3% | Mar 2026 2.9% | Jun 2026 6.5% - EW: Sep 2021 5.9% | Dec 2021 5.4% | Mar 2022 6.3% | Jun 2022 6.5% | Sep 2022 5.4% | Dec 2022 6.1% | Mar 2023 5.2% | Jun 2023 3.4% | Sep 2023 4.6% | Dec 2023 4.5% | Mar 2024 4.3% | Jun 2024 4.4% | Sep 2024 3.7% | Dec 2024 3.2% | Mar 2025 3.9% | Jun 2025 3.9% | Sep 2025 2.7% | Dec 2025 1.3% | Mar 2026 4.1% | Jun 2026 8.5% - DXCM: Sep 2021 3.2% | Dec 2021 0.0% | Mar 2022 1.0% | Jun 2022 1.9% | Sep 2022 3.7% | Dec 2022 3.2% | Mar 2023 1.2% | Jun 2023 2.8% | Sep 2023 4.6% | Dec 2023 5.3% | Mar 2024 2.4% | Jun 2024 3.2% | Sep 2024 3.2% | Dec 2024 4.6% | Mar 2025 3.1% | Jun 2025 4.7% | Sep 2025 5.5% | Dec 2025 8.3% | Mar 2026 6.3% | Jun 2026 7.8% - GEHC: Sep 2021 3.5% | Dec 2021 3.9% | Mar 2022 — | Jun 2022 — | Sep 2022 3.1% | Dec 2022 3.9% | Mar 2023 4.6% | Jun 2023 4.6% | Sep 2023 2.8% | Dec 2023 3.1% | Mar 2024 2.3% | Jun 2024 2.5% | Sep 2024 2.7% | Dec 2024 3.4% | Mar 2025 2.7% | Jun 2025 2.7% | Sep 2025 2.5% | Dec 2025 3.2% | Mar 2026 2.0% | Jun 2026 2.7% - PHG: Sep 2021 1.6% | Dec 2021 0.7% | Mar 2022 -0.8% | Jun 2022 0.0% | Sep 2022 -6.6% | Dec 2022 0.7% | Mar 2023 -2.6% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 0.1% | Mar 2024 -3.9% | Jun 2024 3.9% | Sep 2024 1.6% | Dec 2024 0.9% | Mar 2025 0.7% | Jun 2025 2.0% | Sep 2025 1.6% | Dec 2025 2.7% | Mar 2026 1.2% | Jun 2026 3.2% - STE: Sep 2021 1.5% | Dec 2021 2.4% | Mar 2022 1.1% | Jun 2022 1.5% | Sep 2022 -3.0% | Dec 2022 1.8% | Mar 2023 2.2% | Jun 2023 2.0% | Sep 2023 1.9% | Dec 2023 2.1% | Mar 2024 2.4% | Jun 2024 1.9% | Sep 2024 2.2% | Dec 2024 2.5% | Mar 2025 2.2% | Jun 2025 2.6% | Sep 2025 2.8% | Dec 2025 2.9% | Mar 2026 3.4% | Jun 2026 — - ZBH: Sep 2021 1.1% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 1.4% | Sep 2022 1.2% | Dec 2022 -0.1% | Mar 2023 1.7% | Jun 2023 1.7% | Sep 2023 1.4% | Dec 2023 1.9% | Mar 2024 1.4% | Jun 2024 1.9% | Sep 2024 1.5% | Dec 2024 2.1% | Mar 2025 1.5% | Jun 2025 1.6% | Sep 2025 1.8% | Dec 2025 0.8% | Mar 2026 1.9% | Jun 2026 — - PEN: Sep 2021 1.1% | Dec 2021 -4.4% | Mar 2022 -0.4% | Jun 2022 0.0% | Sep 2022 0.5% | Dec 2022 0.4% | Mar 2023 0.7% | Jun 2023 1.4% | Sep 2023 1.0% | Dec 2023 2.7% | Mar 2024 0.9% | Jun 2024 -6.1% | Sep 2024 2.7% | Dec 2024 3.1% | Mar 2025 2.8% | Jun 2025 2.8% | Sep 2025 3.4% | Dec 2025 3.9% | Mar 2026 2.4% | Jun 2026 2.5% - SNN: Sep 2021 1.4% | Dec 2021 29% | Mar 2022 — | Jun 2022 1.4% | Sep 2022 1.4% | Dec 2022 17% | Mar 2023 — | Jun 2023 1.7% | Sep 2023 1.7% | Dec 2023 1.8% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 2.4% | Jun 2025 2.4% | Sep 2025 2.1% | Dec 2025 2.1% | Mar 2026 — | Jun 2026 — - PODD: Sep 2021 2.0% | Dec 2021 2.9% | Mar 2022 2.2% | Jun 2022 -1.5% | Sep 2022 0.2% | Dec 2022 1.3% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 2.8% | Dec 2023 5.3% | Mar 2024 2.8% | Jun 2024 2.5% | Sep 2024 3.9% | Dec 2024 4.7% | Mar 2025 3.4% | Jun 2025 5.0% | Sep 2025 4.8% | Dec 2025 5.8% | Mar 2026 4.6% | Jun 2026 — - GMED: Sep 2021 3.3% | Dec 2021 1.1% | Mar 2022 2.7% | Jun 2022 3.9% | Sep 2022 3.3% | Dec 2022 2.9% | Mar 2023 2.9% | Jun 2023 3.5% | Sep 2023 0.0% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 1.6% | Sep 2024 1.0% | Dec 2024 1.3% | Mar 2025 2.3% | Jun 2025 1.7% | Sep 2025 3.1% | Dec 2025 3.7% | Mar 2026 3.2% | Jun 2026 — - GKOS: Sep 2021 1.1% | Dec 2021 -1.8% | Mar 2022 1.2% | Jun 2022 -4.4% | Sep 2022 -2.2% | Dec 2022 -3.5% | Mar 2023 -3.5% | Jun 2023 -3.1% | Sep 2023 -3.1% | Dec 2023 -4.3% | Mar 2024 -4.4% | Jun 2024 -3.4% | Sep 2024 -2.8% | Dec 2024 -3.2% | Mar 2025 -2.4% | Jun 2025 -2.6% | Sep 2025 -1.9% | Dec 2025 -17% | Mar 2026 -2.3% | Jun 2026 -2.0% - BIO-B: Sep 2021 1.0% | Dec 2021 0.7% | Mar 2022 1.1% | Jun 2022 0.9% | Sep 2022 0.6% | Dec 2022 0.8% | Mar 2023 0.5% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 0.4% | Jun 2024 1.0% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.2% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.4% | Jun 2026 — - BRKR: Sep 2021 5.1% | Dec 2021 5.0% | Mar 2022 4.1% | Jun 2022 3.1% | Sep 2022 5.6% | Dec 2022 4.8% | Mar 2023 4.6% | Jun 2023 3.2% | Sep 2023 4.8% | Dec 2023 3.6% | Mar 2024 2.1% | Jun 2024 1.3% | Sep 2024 1.8% | Dec 2024 1.9% | Mar 2025 0.8% | Jun 2025 0.2% | Sep 2025 -1.0% | Dec 2025 1.6% | Mar 2026 0.2% | Jun 2026 — - LIVN: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 0.5% | Jun 2022 1.7% | Sep 2022 -7.6% | Dec 2022 0.8% | Mar 2023 -0.1% | Jun 2023 0.8% | Sep 2023 0.2% | Dec 2023 -4.3% | Mar 2024 0.8% | Jun 2024 1.9% | Sep 2024 1.7% | Dec 2024 2.1% | Mar 2025 -16% | Jun 2025 2.7% | Sep 2025 2.7% | Dec 2025 25% | Mar 2026 2.3% | Jun 2026 — - ITGR: Sep 2021 — | Dec 2021 1.5% | Mar 2022 — | Jun 2022 1.0% | Sep 2022 1.4% | Dec 2022 1.5% | Mar 2023 1.3% | Jun 2023 1.6% | Sep 2023 1.9% | Dec 2023 1.6% | Mar 2024 1.4% | Jun 2024 2.0% | Sep 2024 2.1% | Dec 2024 2.0% | Mar 2025 1.7% | Jun 2025 2.0% | Sep 2025 1.8% | Dec 2025 1.9% | Mar 2026 — | Jun 2026 1.0% - IRTC: Sep 2021 -5.6% | Dec 2021 -7.8% | Mar 2022 -12% | Jun 2022 -6.0% | Sep 2022 -5.6% | Dec 2022 -5.6% | Mar 2023 -11% | Jun 2023 -5.4% | Sep 2023 -8.0% | Dec 2023 -11% | Mar 2024 -6.6% | Jun 2024 -4.0% | Sep 2024 -8.8% | Dec 2024 -0.7% | Mar 2025 -4.0% | Jun 2025 -2.3% | Sep 2025 -1.0% | Dec 2025 0.3% | Mar 2026 -1.9% | Jun 2026 — - HAE: Sep 2021 — | Dec 2021 1.9% | Mar 2022 2.7% | Jun 2022 1.3% | Sep 2022 1.9% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 2.3% | Sep 2023 3.2% | Dec 2023 2.6% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 2.6% | Dec 2024 2.8% | Mar 2025 3.8% | Jun 2025 2.6% | Sep 2025 2.8% | Dec 2025 3.2% | Mar 2026 -1.2% | Jun 2026 — - TMDX: Sep 2021 -9.0% | Dec 2021 -9.0% | Mar 2022 -7.9% | Jun 2022 -8.9% | Sep 2022 -3.0% | Dec 2022 -3.7% | Mar 2023 -1.2% | Jun 2023 -0.2% | Sep 2023 -6.3% | Dec 2023 0.6% | Mar 2024 2.7% | Jun 2024 1.8% | Sep 2024 0.6% | Dec 2024 1.2% | Mar 2025 3.8% | Jun 2025 4.8% | Sep 2025 2.9% | Dec 2025 2.5% | Mar 2026 1.3% | Jun 2026 — - ESTA: Sep 2021 -7.2% | Dec 2021 -7.9% | Mar 2022 -4.8% | Jun 2022 -7.2% | Sep 2022 -7.7% | Dec 2022 -9.4% | Mar 2023 -6.0% | Jun 2023 -6.7% | Sep 2023 -11% | Dec 2023 -12% | Mar 2024 -4.2% | Jun 2024 -3.9% | Sep 2024 -5.8% | Dec 2024 -7.6% | Mar 2025 -6.5% | Jun 2025 -5.7% | Sep 2025 -1.6% | Dec 2025 -1.4% | Mar 2026 -2.4% | Jun 2026 — - UFPT: Sep 2021 2.6% | Dec 2021 1.9% | Mar 2022 2.5% | Jun 2022 4.5% | Sep 2022 9.7% | Dec 2022 3.5% | Mar 2023 3.9% | Jun 2023 5.0% | Sep 2023 4.5% | Dec 2023 3.8% | Mar 2024 4.6% | Jun 2024 5.0% | Sep 2024 5.5% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 5.2% | Sep 2025 4.1% | Dec 2025 3.8% | Mar 2026 4.0% | Jun 2026 — - NEOG: Sep 2021 2.6% | Dec 2021 1.5% | Mar 2022 0.7% | Jun 2022 2.0% | Sep 2022 0.7% | Dec 2022 -0.3% | Mar 2023 0.6% | Jun 2023 0.9% | Sep 2023 0.7% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.1% | Dec 2024 -11% | Mar 2025 0.1% | Jun 2025 -16% | Sep 2025 -0.4% | Dec 2025 -0.2% | Mar 2026 -0.1% | Jun 2026 0.1% - AXGN: Sep 2021 -3.7% | Dec 2021 -3.0% | Mar 2022 -6.5% | Jun 2022 -4.4% | Sep 2022 -2.7% | Dec 2022 -3.2% | Mar 2023 -4.3% | Jun 2023 -4.1% | Sep 2023 -2.4% | Dec 2023 -1.9% | Mar 2024 -2.7% | Jun 2024 -0.3% | Sep 2024 -0.2% | Dec 2024 1.2% | Mar 2025 -1.0% | Jun 2025 1.0% | Sep 2025 1.1% | Dec 2025 -5.3% | Mar 2026 -1.3% | Jun 2026 -0.9% - BFLY: Sep 2021 -12% | Dec 2021 -15% | Mar 2022 -9.2% | Jun 2022 -9.6% | Sep 2022 -9.9% | Dec 2022 -11% | Mar 2023 -8.5% | Jun 2023 -8.3% | Sep 2023 -9.5% | Dec 2023 -15% | Mar 2024 -7.8% | Jun 2024 -6.3% | Sep 2024 -6.7% | Dec 2024 -7.4% | Mar 2025 -7.1% | Jun 2025 -6.4% | Sep 2025 -15% | Dec 2025 -7.6% | Mar 2026 -5.5% | Jun 2026 -5.5% - NVCR: Sep 2021 -1.3% | Dec 2021 -2.4% | Mar 2022 -0.1% | Jun 2022 -2.1% | Sep 2022 -2.4% | Dec 2022 -4.2% | Mar 2023 -5.9% | Jun 2023 -6.2% | Sep 2023 -5.8% | Dec 2023 -5.2% | Mar 2024 -4.2% | Jun 2024 -3.3% | Sep 2024 -4.3% | Dec 2024 -8.7% | Mar 2025 -5.2% | Jun 2025 -5.1% | Sep 2025 -6.7% | Dec 2025 -7.6% | Mar 2026 -13% | Jun 2026 -2.0% - INSP: Sep 2021 -3.9% | Dec 2021 -0.7% | Mar 2022 -6.4% | Jun 2022 -5.7% | Sep 2022 -4.8% | Dec 2022 -0.1% | Mar 2023 -5.1% | Jun 2023 -4.2% | Sep 2023 -2.6% | Dec 2023 1.7% | Mar 2024 -2.7% | Jun 2024 0.8% | Sep 2024 2.2% | Dec 2024 4.8% | Mar 2025 -0.2% | Jun 2025 -0.5% | Sep 2025 1.4% | Dec 2025 6.0% | Mar 2026 -0.2% | Jun 2026 — - ENOV: Sep 2021 — | Dec 2021 -0.2% | Mar 2022 — | Jun 2022 -0.5% | Sep 2022 0.1% | Dec 2022 -0.6% | Mar 2023 -0.5% | Jun 2023 -0.4% | Sep 2023 -0.5% | Dec 2023 -0.1% | Mar 2024 -0.8% | Jun 2024 -1.0% | Sep 2024 -0.7% | Dec 2024 -16% | Mar 2025 — | Jun 2025 -1.0% | Sep 2025 -0.4% | Dec 2025 -13% | Mar 2026 — | Jun 2026 0.2% ### 20-quarter ROCE change history - ABT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −1.7 pp | Mar 2023 −2.3 pp | Jun 2023 −1.3 pp | Sep 2023 −0.1 pp | Dec 2023 +0.8 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 0.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +0.1 pp | Dec 2025 +0.3 pp | Mar 2026 −1.0 pp | Jun 2026 −1.1 pp - SYK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −0.1 pp | Mar 2023 +0.8 pp | Jun 2023 +0.6 pp | Sep 2023 +0.4 pp | Dec 2023 +1.3 pp | Mar 2024 +0.8 pp | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 −2.3 pp | Mar 2025 −0.7 pp | Jun 2025 −0.2 pp | Sep 2025 −0.3 pp | Dec 2025 +3.1 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp - MDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.2 pp | Mar 2023 −0.3 pp | Jun 2023 0.0 pp | Sep 2023 +0.2 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −0.7 pp | Sep 2024 0.0 pp | Dec 2024 +0.3 pp | Mar 2025 +0.3 pp | Jun 2025 +0.5 pp | Sep 2025 +0.2 pp | Dec 2025 +0.1 pp | Mar 2026 −0.3 pp | Jun 2026 +0.5 pp - BSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.7 pp | Mar 2023 +0.2 pp | Jun 2023 +0.3 pp | Sep 2023 +1.1 pp | Dec 2023 +0.6 pp | Mar 2024 +0.3 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 +0.6 pp | Jun 2025 +0.7 pp | Sep 2025 +0.6 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 +4.1 pp - EW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.7 pp | Mar 2023 −1.1 pp | Jun 2023 −3.1 pp | Sep 2023 −0.8 pp | Dec 2023 −1.6 pp | Mar 2024 −0.9 pp | Jun 2024 +1.0 pp | Sep 2024 −0.9 pp | Dec 2024 −1.3 pp | Mar 2025 −0.4 pp | Jun 2025 −0.5 pp | Sep 2025 −1.0 pp | Dec 2025 −1.9 pp | Mar 2026 +0.2 pp | Jun 2026 +4.6 pp - DXCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +3.2 pp | Mar 2023 +0.2 pp | Jun 2023 +0.9 pp | Sep 2023 +0.9 pp | Dec 2023 +2.1 pp | Mar 2024 +1.2 pp | Jun 2024 +0.4 pp | Sep 2024 −1.4 pp | Dec 2024 −0.7 pp | Mar 2025 +0.7 pp | Jun 2025 +1.5 pp | Sep 2025 +2.3 pp | Dec 2025 +3.7 pp | Mar 2026 +3.2 pp | Jun 2026 +3.1 pp - GEHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 −0.8 pp | Mar 2024 −2.3 pp | Jun 2024 −2.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.3 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.7 pp | Jun 2026 0.0 pp - PHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.2 pp | Dec 2022 0.0 pp | Mar 2023 −1.8 pp | Jun 2023 +1.0 pp | Sep 2023 +7.6 pp | Dec 2023 −0.6 pp | Mar 2024 −1.3 pp | Jun 2024 +2.9 pp | Sep 2024 +0.6 pp | Dec 2024 +0.8 pp | Mar 2025 +4.6 pp | Jun 2025 −1.9 pp | Sep 2025 0.0 pp | Dec 2025 +1.8 pp | Mar 2026 +0.5 pp | Jun 2026 +1.2 pp - STE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 −0.6 pp | Mar 2023 +1.1 pp | Jun 2023 +0.5 pp | Sep 2023 +4.9 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 −0.1 pp | Sep 2024 +0.3 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 +0.7 pp | Sep 2025 +0.6 pp | Dec 2025 +0.4 pp | Mar 2026 +1.2 pp | Jun 2026 — - ZBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.7 pp | Mar 2023 +0.7 pp | Jun 2023 +0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +2.0 pp | Mar 2024 −0.3 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.3 pp | Sep 2025 +0.3 pp | Dec 2025 −1.3 pp | Mar 2026 +0.4 pp | Jun 2026 — - PEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +4.8 pp | Mar 2023 +1.1 pp | Jun 2023 +1.4 pp | Sep 2023 +0.5 pp | Dec 2023 +2.3 pp | Mar 2024 +0.2 pp | Jun 2024 −7.5 pp | Sep 2024 +1.7 pp | Dec 2024 +0.4 pp | Mar 2025 +1.9 pp | Jun 2025 +8.9 pp | Sep 2025 +0.7 pp | Dec 2025 +0.8 pp | Mar 2026 −0.4 pp | Jun 2026 −0.3 pp - SNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −12.4 pp | Mar 2023 — | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 −14.8 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 +0.5 pp | Jun 2025 +0.5 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 — | Jun 2026 — - PODD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −1.6 pp | Mar 2023 −0.7 pp | Jun 2023 +3.1 pp | Sep 2023 +2.6 pp | Dec 2023 +4.0 pp | Mar 2024 +1.3 pp | Jun 2024 +0.9 pp | Sep 2024 +1.1 pp | Dec 2024 −0.6 pp | Mar 2025 +0.6 pp | Jun 2025 +2.5 pp | Sep 2025 +0.9 pp | Dec 2025 +1.1 pp | Mar 2026 +1.2 pp | Jun 2026 — - GMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +1.8 pp | Mar 2023 +0.2 pp | Jun 2023 −0.4 pp | Sep 2023 −3.3 pp | Dec 2023 −2.6 pp | Mar 2024 −2.6 pp | Jun 2024 −1.9 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +0.1 pp | Sep 2025 +2.1 pp | Dec 2025 +2.4 pp | Mar 2026 +0.9 pp | Jun 2026 — - GKOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 −1.7 pp | Mar 2023 −4.7 pp | Jun 2023 +1.3 pp | Sep 2023 −0.9 pp | Dec 2023 −0.8 pp | Mar 2024 −0.9 pp | Jun 2024 −0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +1.1 pp | Mar 2025 +2.0 pp | Jun 2025 +0.8 pp | Sep 2025 +0.9 pp | Dec 2025 −13.3 pp | Mar 2026 +0.1 pp | Jun 2026 +0.6 pp - BIO-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.1 pp | Mar 2023 −0.6 pp | Jun 2023 −0.1 pp | Sep 2023 +0.2 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 −0.2 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 — - BRKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −0.2 pp | Mar 2023 +0.5 pp | Jun 2023 +0.1 pp | Sep 2023 −0.8 pp | Dec 2023 −1.2 pp | Mar 2024 −2.5 pp | Jun 2024 −1.9 pp | Sep 2024 −3.0 pp | Dec 2024 −1.7 pp | Mar 2025 −1.3 pp | Jun 2025 −1.1 pp | Sep 2025 −2.8 pp | Dec 2025 −0.3 pp | Mar 2026 −0.6 pp | Jun 2026 — - LIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.5 pp | Dec 2022 −0.3 pp | Mar 2023 −0.6 pp | Jun 2023 −0.9 pp | Sep 2023 +7.8 pp | Dec 2023 −5.1 pp | Mar 2024 +0.9 pp | Jun 2024 +1.1 pp | Sep 2024 +1.5 pp | Dec 2024 +6.4 pp | Mar 2025 −16.6 pp | Jun 2025 +0.8 pp | Sep 2025 +1.0 pp | Dec 2025 +22.5 pp | Mar 2026 +18.1 pp | Jun 2026 — - ITGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 +0.6 pp | Sep 2023 +0.5 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 +0.4 pp | Mar 2025 +0.3 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.1 pp | Mar 2026 — | Jun 2026 −1.0 pp - IRTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +2.2 pp | Mar 2023 +1.2 pp | Jun 2023 +0.6 pp | Sep 2023 −2.4 pp | Dec 2023 −5.8 pp | Mar 2024 +4.6 pp | Jun 2024 +1.4 pp | Sep 2024 −0.8 pp | Dec 2024 +10.7 pp | Mar 2025 +2.6 pp | Jun 2025 +1.7 pp | Sep 2025 +7.8 pp | Dec 2025 +1.0 pp | Mar 2026 +2.1 pp | Jun 2026 — - HAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 — | Jun 2023 +1.0 pp | Sep 2023 +1.3 pp | Dec 2023 −0.4 pp | Mar 2024 — | Jun 2024 −0.3 pp | Sep 2024 −0.6 pp | Dec 2024 +0.2 pp | Mar 2025 +2.1 pp | Jun 2025 +0.6 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 −5.0 pp | Jun 2026 — - TMDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 +5.3 pp | Mar 2023 +6.7 pp | Jun 2023 +8.7 pp | Sep 2023 −3.3 pp | Dec 2023 +4.3 pp | Mar 2024 +3.9 pp | Jun 2024 +2.0 pp | Sep 2024 +6.9 pp | Dec 2024 +0.6 pp | Mar 2025 +1.1 pp | Jun 2025 +3.0 pp | Sep 2025 +2.3 pp | Dec 2025 +1.3 pp | Mar 2026 −2.5 pp | Jun 2026 — - ESTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −1.5 pp | Mar 2023 −1.2 pp | Jun 2023 +0.5 pp | Sep 2023 −3.5 pp | Dec 2023 −2.1 pp | Mar 2024 +1.8 pp | Jun 2024 +2.8 pp | Sep 2024 +5.4 pp | Dec 2024 +3.9 pp | Mar 2025 −2.3 pp | Jun 2025 −1.8 pp | Sep 2025 +4.2 pp | Dec 2025 +6.2 pp | Mar 2026 +4.1 pp | Jun 2026 — - UFPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.1 pp | Dec 2022 +1.6 pp | Mar 2023 +1.4 pp | Jun 2023 +0.5 pp | Sep 2023 −5.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.7 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.2 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 −1.4 pp | Dec 2025 −1.2 pp | Mar 2026 −1.0 pp | Jun 2026 — - NEOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −1.8 pp | Mar 2023 −0.1 pp | Jun 2023 −1.1 pp | Sep 2023 0.0 pp | Dec 2023 +0.6 pp | Mar 2024 −0.3 pp | Jun 2024 −0.6 pp | Sep 2024 −0.6 pp | Dec 2024 −11.3 pp | Mar 2025 −0.2 pp | Jun 2025 −16.2 pp | Sep 2025 −0.5 pp | Dec 2025 +10.8 pp | Mar 2026 −0.2 pp | Jun 2026 +16.0 pp - AXGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −0.2 pp | Mar 2023 +2.2 pp | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 +1.3 pp | Mar 2024 +1.6 pp | Jun 2024 +3.8 pp | Sep 2024 +2.2 pp | Dec 2024 +3.1 pp | Mar 2025 +1.7 pp | Jun 2025 +1.3 pp | Sep 2025 +1.3 pp | Dec 2025 −6.5 pp | Mar 2026 −0.3 pp | Jun 2026 −1.9 pp - BFLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +4.1 pp | Mar 2023 +0.7 pp | Jun 2023 +1.3 pp | Sep 2023 +0.4 pp | Dec 2023 −3.9 pp | Mar 2024 +0.7 pp | Jun 2024 +2.0 pp | Sep 2024 +2.8 pp | Dec 2024 +7.5 pp | Mar 2025 +0.7 pp | Jun 2025 −0.1 pp | Sep 2025 −8.5 pp | Dec 2025 −0.2 pp | Mar 2026 +1.6 pp | Jun 2026 +0.9 pp - NVCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −1.8 pp | Mar 2023 −5.8 pp | Jun 2023 −4.1 pp | Sep 2023 −3.4 pp | Dec 2023 −1.0 pp | Mar 2024 +1.7 pp | Jun 2024 +2.9 pp | Sep 2024 +1.5 pp | Dec 2024 −3.5 pp | Mar 2025 −1.0 pp | Jun 2025 −1.8 pp | Sep 2025 −2.4 pp | Dec 2025 +1.1 pp | Mar 2026 −7.3 pp | Jun 2026 +3.1 pp - INSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +0.6 pp | Mar 2023 +1.3 pp | Jun 2023 +1.5 pp | Sep 2023 +2.2 pp | Dec 2023 +1.8 pp | Mar 2024 +2.4 pp | Jun 2024 +5.0 pp | Sep 2024 +4.8 pp | Dec 2024 +3.1 pp | Mar 2025 +2.5 pp | Jun 2025 −1.3 pp | Sep 2025 −0.8 pp | Dec 2025 +1.2 pp | Mar 2026 0.0 pp | Jun 2026 — - ENOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 — | Jun 2023 +0.1 pp | Sep 2023 −0.6 pp | Dec 2023 +0.5 pp | Mar 2024 −0.3 pp | Jun 2024 −0.6 pp | Sep 2024 −0.2 pp | Dec 2024 −15.9 pp | Mar 2025 — | Jun 2025 0.0 pp | Sep 2025 +0.3 pp | Dec 2025 +3.4 pp | Mar 2026 — | Jun 2026 +1.2 pp ## Valuation Against Growth & Quality What the numbers say: Haemonetics Corporation has the lowest comparable PEG at 0.52×, 38.8% below Globus Medical, Inc.. Only 8 of 30 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Haemonetics Corporation · 0.52× | 38.8% versus #2 · Globus Medical, Inc. | 0/8 recent comparable periods | 8/30 companies · 69 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. Haemonetics Corporation (HAE): 0.5 2. Globus Medical, Inc. (GMED): 0.9 3. STERIS plc (STE): 1.0 4. Zimmer Biomet Holdings, Inc. (ZBH): 1.1 5. Inspire Medical Systems, Inc. (INSP): 1.4 ### P/E — lowest P/E 1. Inspire Medical Systems, Inc. (INSP): 11.5 2. GE HealthCare Technologies Inc. (GEHC): 14.7 3. Boston Scientific Corporation (BSX): 17.3 4. Globus Medical, Inc. (GMED): 20.0 5. Koninklijke Philips N.V. (PHG): 20.5 ### 20-quarter PEG history - ABT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.9 | Sep 2024 2.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SYK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 — | Dec 2023 1.1 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.1 | Mar 2026 2.3 | Jun 2026 — - MDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.9 | Dec 2024 4.3 | Mar 2025 — | Jun 2025 0.7 | Sep 2025 1.1 | Dec 2025 1.9 | Mar 2026 3.1 | Jun 2026 — - BSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.5 | Dec 2024 4.3 | Mar 2025 4.9 | Jun 2025 1.8 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 — | Jun 2026 — - EW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - DXCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12.9 | Jun 2023 2.7 | Sep 2023 1.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 6.0 | Mar 2025 — | Jun 2025 — | Sep 2025 4.8 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 — - GEHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.1 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 3.4 | Mar 2026 — | Jun 2026 — - STE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.7 | Dec 2024 3.4 | Mar 2025 2.4 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 2.4 | Mar 2026 1.0 | Jun 2026 — - GMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BRKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.9 | Jun 2023 1.8 | Sep 2023 1.5 | Dec 2023 0.5 | Mar 2024 1.1 | Jun 2024 2.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ITGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 — | Jun 2026 — - UFPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.2 | Dec 2023 4.3 | Mar 2024 — | Jun 2024 — | Sep 2024 1.6 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 1.7 | Mar 2026 2.9 | Jun 2026 — - INSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.4 | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - ABT: Sep 2021 29.3 | Dec 2021 35.7 | Mar 2022 27.5 | Jun 2022 22.7 | Sep 2022 21.8 | Dec 2022 28.1 | Mar 2023 31.6 | Jun 2023 38.3 | Sep 2023 33.9 | Dec 2023 33.8 | Mar 2024 35.4 | Jun 2024 32.8 | Sep 2024 34.7 | Dec 2024 14.8 | Mar 2025 17.2 | Jun 2025 17.0 | Sep 2025 16.8 | Dec 2025 33.7 | Mar 2026 28.8 | Jun 2026 29.4 - SYK: Sep 2021 53.1 | Dec 2021 51.3 | Mar 2022 50.8 | Jun 2022 36.6 | Sep 2022 31.5 | Dec 2022 39.6 | Mar 2023 41.6 | Jun 2023 43.1 | Sep 2023 40.5 | Dec 2023 36.3 | Mar 2024 40.7 | Jun 2024 37.8 | Sep 2024 38.6 | Dec 2024 46.4 | Mar 2025 50.3 | Jun 2025 52.4 | Sep 2025 48.6 | Dec 2025 41.8 | Mar 2026 38.0 | Jun 2026 32.6 - MDT: Sep 2021 — | Dec 2021 34.5 | Mar 2022 28.4 | Jun 2022 28.0 | Sep 2022 23.9 | Dec 2022 27.0 | Mar 2023 27.2 | Jun 2023 32.3 | Sep 2023 32.6 | Dec 2023 22.6 | Mar 2024 27.6 | Jun 2024 28.9 | Sep 2024 26.6 | Dec 2024 27.7 | Mar 2025 27.4 | Jun 2025 23.3 | Sep 2025 25.6 | Dec 2025 25.3 | Mar 2026 28.1 | Jun 2026 22.3 - BSX: Sep 2021 56.4 | Dec 2021 59.0 | Mar 2022 83.6 | Jun 2022 64.3 | Sep 2022 92.2 | Dec 2022 102.8 | Mar 2023 84.8 | Jun 2023 90.2 | Sep 2023 64.4 | Dec 2023 54.0 | Mar 2024 57.6 | Jun 2024 62.6 | Sep 2024 69.3 | Dec 2024 71.5 | Mar 2025 73.6 | Jun 2025 63.9 | Sep 2025 52.2 | Dec 2025 49.2 | Mar 2026 26.3 | Jun 2026 17.3 - EW: Sep 2021 48.2 | Dec 2021 54.4 | Mar 2022 48.3 | Jun 2022 41.2 | Sep 2022 35.6 | Dec 2022 30.6 | Mar 2023 34.3 | Jun 2023 41.7 | Sep 2023 29.6 | Dec 2023 33.2 | Mar 2024 41.2 | Jun 2024 38.0 | Sep 2024 9.5 | Dec 2024 10.6 | Mar 2025 10.4 | Jun 2025 11.3 | Sep 2025 33.5 | Dec 2025 46.6 | Mar 2026 42.6 | Jun 2026 52.0 - DXCM: Sep 2021 97.0 | Dec 2021 253.3 | Mar 2022 206.3 | Jun 2022 135.5 | Sep 2022 138.9 | Dec 2022 138.1 | Mar 2023 166.0 | Jun 2023 149.4 | Sep 2023 102.5 | Dec 2023 95.5 | Mar 2024 89.5 | Jun 2024 70.0 | Sep 2024 40.1 | Dec 2024 54.8 | Mar 2025 51.0 | Jun 2025 60.6 | Sep 2025 37.4 | Dec 2025 31.8 | Mar 2026 26.8 | Jun 2026 26.6 - GEHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 13.8 | Mar 2023 21.8 | Jun 2023 22.5 | Sep 2023 20.3 | Dec 2023 25.5 | Mar 2024 26.6 | Jun 2024 22.7 | Sep 2024 25.8 | Dec 2024 18.0 | Mar 2025 17.0 | Jun 2025 15.2 | Sep 2025 15.5 | Dec 2025 18.0 | Mar 2026 17.0 | Jun 2026 14.7 - PHG: Sep 2021 9.4 | Dec 2021 8.9 | Mar 2022 8.1 | Jun 2022 6.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 60.2 | Jun 2025 119.7 | Sep 2025 136.6 | Dec 2025 24.8 | Mar 2026 23.4 | Jun 2026 20.5 - STE: Sep 2021 73.0 | Dec 2021 84.2 | Mar 2022 97.5 | Jun 2022 55.3 | Sep 2022 — | Dec 2022 — | Mar 2023 178.8 | Jun 2023 184.4 | Sep 2023 39.7 | Dec 2023 38.5 | Mar 2024 59.0 | Jun 2024 39.3 | Sep 2024 40.9 | Dec 2024 32.8 | Mar 2025 36.6 | Jun 2025 36.8 | Sep 2025 35.6 | Dec 2025 35.4 | Mar 2026 27.9 | Jun 2026 — - ZBH: Sep 2021 36.5 | Dec 2021 64.5 | Mar 2022 124.2 | Jun 2022 96.4 | Sep 2022 79.2 | Dec 2022 115.9 | Mar 2023 60.4 | Jun 2023 60.4 | Sep 2023 49.7 | Dec 2023 24.9 | Mar 2024 28.6 | Jun 2024 22.6 | Sep 2024 20.5 | Dec 2024 23.8 | Mar 2025 25.0 | Jun 2025 22.2 | Sep 2025 24.4 | Dec 2025 25.3 | Mar 2026 23.5 | Jun 2026 — - PEN: Sep 2021 292.9 | Dec 2021 2,052.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1,741.8 | Jun 2023 465.0 | Sep 2023 234.9 | Dec 2023 108.4 | Mar 2024 94.2 | Jun 2024 529.3 | Sep 2024 225.9 | Dec 2024 — | Mar 2025 — | Jun 2025 210.4 | Sep 2025 154.5 | Dec 2025 — | Mar 2026 125.3 | Jun 2026 134.4 - SNN: Sep 2021 35.0 | Dec 2021 29.0 | Mar 2022 — | Jun 2022 27.8 | Sep 2022 24.7 | Dec 2022 52.7 | Mar 2023 — | Jun 2023 55.3 | Sep 2023 64.5 | Dec 2023 45.3 | Mar 2024 39.0 | Jun 2024 35.5 | Sep 2024 38.0 | Dec 2024 26.2 | Mar 2025 27.3 | Jun 2025 27.1 | Sep 2025 28.5 | Dec 2025 22.9 | Mar 2026 — | Jun 2026 — - PODD: Sep 2021 — | Dec 2021 1,108.6 | Mar 2022 422.8 | Jun 2022 435.9 | Sep 2022 955.8 | Dec 2022 4,205.6 | Mar 2023 — | Jun 2023 324.0 | Sep 2023 93.3 | Dec 2023 73.8 | Mar 2024 51.9 | Jun 2024 36.7 | Sep 2024 39.9 | Dec 2024 45.2 | Mar 2025 47.2 | Jun 2025 95.5 | Sep 2025 89.5 | Dec 2025 81.7 | Mar 2026 48.8 | Jun 2026 — - GMED: Sep 2021 42.3 | Dec 2021 50.1 | Mar 2022 54.3 | Jun 2022 37.7 | Sep 2022 39.5 | Dec 2022 40.2 | Mar 2023 28.8 | Jun 2023 29.6 | Sep 2023 32.0 | Dec 2023 49.8 | Mar 2024 83.8 | Jun 2024 228.3 | Sep 2024 106.8 | Dec 2024 110.3 | Mar 2025 54.6 | Jun 2025 22.7 | Sep 2025 18.5 | Dec 2025 22.3 | Mar 2026 20.0 | Jun 2026 — - BIO-B: Sep 2021 3.4 | Dec 2021 5.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 20.6 | Sep 2025 — | Dec 2025 10.9 | Mar 2026 45.9 | Jun 2026 — - BRKR: Sep 2021 44.1 | Dec 2021 46.4 | Mar 2022 34.6 | Jun 2022 34.7 | Sep 2022 29.0 | Dec 2022 34.4 | Mar 2023 37.5 | Jun 2023 34.2 | Sep 2023 28.7 | Dec 2023 25.3 | Mar 2024 34.2 | Jun 2024 26.5 | Sep 2024 33.2 | Dec 2024 77.1 | Mar 2025 80.3 | Jun 2025 79.2 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1,057.6 | Dec 2023 161.7 | Mar 2024 — | Jun 2024 — | Sep 2024 125.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 31.1 | Mar 2026 32.6 | Jun 2026 — - ITGR: Sep 2021 — | Dec 2021 34.5 | Mar 2022 — | Jun 2022 31.7 | Sep 2022 30.9 | Dec 2022 38.3 | Mar 2023 38.8 | Jun 2023 42.4 | Sep 2023 32.4 | Dec 2023 36.8 | Mar 2024 40.2 | Jun 2024 37.7 | Sep 2024 38.0 | Dec 2024 39.4 | Mar 2025 53.9 | Jun 2025 52.6 | Sep 2025 42.1 | Dec 2025 27.1 | Mar 2026 — | Jun 2026 21.6 - HAE: Sep 2021 — | Dec 2021 120.0 | Mar 2022 123.4 | Jun 2022 76.0 | Sep 2022 51.4 | Dec 2022 44.6 | Mar 2023 — | Jun 2023 36.9 | Sep 2023 32.1 | Dec 2023 34.8 | Mar 2024 37.3 | Jun 2024 37.1 | Sep 2024 33.1 | Dec 2024 30.5 | Mar 2025 19.1 | Jun 2025 22.6 | Sep 2025 14.1 | Dec 2025 22.1 | Mar 2026 26.4 | Jun 2026 — - TMDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3,765.5 | Sep 2024 167.0 | Dec 2024 61.7 | Mar 2025 49.5 | Jun 2025 69.4 | Sep 2025 45.4 | Dec 2025 25.0 | Mar 2026 22.6 | Jun 2026 — - UFPT: Sep 2021 27.7 | Dec 2021 33.6 | Mar 2022 30.4 | Jun 2022 29.2 | Sep 2022 17.9 | Dec 2022 21.6 | Mar 2023 21.3 | Jun 2023 29.9 | Sep 2023 29.7 | Dec 2023 29.5 | Mar 2024 40.6 | Jun 2024 41.1 | Sep 2024 45.2 | Dec 2024 32.3 | Mar 2025 24.7 | Jun 2025 28.3 | Sep 2025 23.1 | Dec 2025 25.4 | Mar 2026 22.0 | Jun 2026 — - NEOG: Sep 2021 75.5 | Dec 2021 75.7 | Mar 2022 77.6 | Jun 2022 58.8 | Sep 2022 61.5 | Dec 2022 331.2 | Mar 2023 442.3 | Jun 2023 — | Sep 2023 — | Dec 2023 282.8 | Mar 2024 1,719.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - INSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 743.5 | Sep 2024 197.2 | Dec 2024 105.9 | Mar 2025 73.4 | Jun 2025 75.0 | Sep 2025 50.5 | Dec 2025 18.9 | Mar 2026 11.5 | Jun 2026 — - ENOV: Sep 2021 — | Dec 2021 238.4 | Mar 2022 — | Jun 2022 — | Sep 2022 58.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker. ## Every company - Abbott Laboratories (ABT) — market value ₹1.8 L Cr; latest fundamentals Jun 2026 - Stryker Corporation (SYK) — market value ₹1.3 L Cr; latest fundamentals Jun 2026 - Medtronic plc (MDT) — market value ₹1.1 L Cr; latest fundamentals Jun 2026 - Boston Scientific Corporation (BSX) — market value ₹71.1K Cr; latest fundamentals Jun 2026 - Edwards Lifesciences Corporation (EW) — market value ₹51.6K Cr; latest fundamentals Jun 2026 - DexCom, Inc. (DXCM) — market value ₹32.8K Cr; latest fundamentals Jun 2026 - GE HealthCare Technologies Inc. (GEHC) — market value ₹31.7K Cr; latest fundamentals Jun 2026 - Koninklijke Philips N.V. (PHG) — market value ₹25.8K Cr; latest fundamentals Jun 2026 - STERIS plc (STE) — market value ₹22.7K Cr; latest fundamentals Mar 2026 - Zimmer Biomet Holdings, Inc. (ZBH) — market value ₹18.5K Cr; latest fundamentals Mar 2026 - Penumbra, Inc. (PEN) — market value ₹12.8K Cr; latest fundamentals Jun 2026 - Smith & Nephew plc (SNN) — market value ₹12.7K Cr; latest fundamentals Dec 2025 - Insulet Corporation (PODD) — market value ₹11.6K Cr; latest fundamentals Mar 2026 - Globus Medical, Inc. (GMED) — market value ₹11.1K Cr; latest fundamentals Mar 2026 - Glaukos Corporation (GKOS) — market value ₹10.1K Cr; latest fundamentals Jun 2026 - Bio-Rad Laboratories, Inc. (BIO-B) — market value ₹8.9K Cr; latest fundamentals Mar 2026 - Bruker Corporation (BRKR) — market value ₹7.7K Cr; latest fundamentals Mar 2026 - LivaNova PLC (LIVN) — market value ₹4.7K Cr; latest fundamentals Mar 2026 - Integer Holdings Corporation (ITGR) — market value ₹4.2K Cr; latest fundamentals Jun 2026 - iRhythm Holdings, Inc. (IRTC) — market value ₹4.2K Cr; latest fundamentals Mar 2026 - Haemonetics Corporation (HAE) — market value ₹3.9K Cr; latest fundamentals Mar 2026 - TransMedics Group, Inc. (TMDX) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - Establishment Labs Holdings Inc. (ESTA) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - UFP Technologies, Inc. (UFPT) — market value ₹2.6K Cr; latest fundamentals Mar 2026 - Neogen Corporation (NEOG) — market value ₹2.6K Cr; latest fundamentals Jun 2026 - Axogen, Inc. (AXGN) — market value ₹2.5K Cr; latest fundamentals Jun 2026 - Butterfly Network, Inc. (BFLY) — market value ₹2.3K Cr; latest fundamentals Jun 2026 - NovoCure Limited (NVCR) — market value ₹1.9K Cr; latest fundamentals Jun 2026 - Inspire Medical Systems, Inc. (INSP) — market value ₹1.9K Cr; latest fundamentals Mar 2026 - Enovis Corporation (ENOV) — market value ₹1.8K Cr; latest fundamentals Jun 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-04. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Medical Devices sector outperforming S&P 500? Medical Devices has outperformed S&P 500 by 12.5% over 52 weeks and 17.9% over 13 weeks. 13 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 29 beat the sector itself. ### Which Medical Devices company is largest by revenue? Abbott Laboratories leads with revenue of $46,585 million, based on 15 of 30 comparable companies through Jun 2026. ### Which Medical Devices company is growing fastest? Establishment Labs Holdings Inc. has the fastest current revenue growth at 35.3%, across 15 of 30 comparable companies. ### Which Medical Devices company has the strongest 4-Factor Sector Score? DexCom, Inc. ranks first at 66.1/100 with 57.8% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Medical Devices company has the lowest comparable PEG? Haemonetics Corporation has the lowest comparable PEG at 0.52, among 8 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Medical Devices comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Which Medical Devices company is the biggest? Abbott Laboratories is the largest, with trailing-twelve-month revenue of $46,585 million, ahead of Medtronic plc at $36,363 million. That covers 15 of 30 companies with comparable reporting through Jun 2026. ### Which Medical Devices company has the best profit margins? Edwards Lifesciences Corporation has the highest operating margin at 29%, from 29 of 30 comparable companies. LivaNova PLC shows the biggest recent improvement, at +109.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Medical Devices company makes the most profit? Abbott Laboratories earns the most, at $5,425 million of trailing-twelve-month net profit, from 15 of 30 comparable companies. Globus Medical, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Medical Devices company earns the highest return on capital? Edwards Lifesciences Corporation leads on return on capital employed at 8.5%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Medical Devices stock is the cheapest? On PEG — where a LOWER number is cheaper — Haemonetics Corporation screens cheapest at 0.52×. Only 8 of 30 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the Medical Devices sector beating the market? Medical Devices has outperformed S&P 500 by 12.5% over the last 52 weeks and 17.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 13 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Medical Devices stock has the strongest price momentum? Butterfly Network, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Medical Devices company scores highest for research priority? DexCom, Inc. scores 66.1 out of 100 with 57.8% evidence confidence, from 22.9 points on growth and earnings, 16.8 on capital efficiency, 9.9 on valuation and 16.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Medical Devices companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Medical Devices sector? The 30 Medical Devices companies on this page carry $788,749 million of combined market value. Abbott Laboratories is the largest at $182,486 million, about 23% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### What is the Medical Devices sector's P/E ratio? The median price-to-earnings ratio across the 30 Medical Devices companies on this page is 26.6×, measured on the 24 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-04. ### How is the Medical Devices sector performing? 13 of the 29 covered Medical Devices companies are beating S&P 500 on Mansfield relative strength. The sector itself is 12.5% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### How many Medical Devices stocks are listed in the US? This comparison covers 30 listed Medical Devices companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.