# Medical Instruments & Supplies — company-by-company sector analysis

> Medical Instruments & Supplies: Medline Inc. owns the largest revenue base; MiniMed Group, 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 Instruments & Supplies has outperformed S&P 500 by 2.3% over 52 weeks and 18.1% over 13 weeks. 13 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 27 beat the sector itself. Medline Inc. leads with revenue of $29,140 million, based on 14 of 30 comparable companies through Mar 2026.

## Sector relative strength

Medical Instruments & Supplies has outperformed S&P 500 by 2.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 18.1%. 13 of 27 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Pulse Biosciences, Inc. is the strongest against the sector itself at +62.3%.

13-week sector return versus NIFTY 500: 18%
52-week sector return versus NIFTY 500: 2.3%
Stocks leading NIFTY: 13/27
Stocks leading sector: 10/27

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: ₹4.6 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. LeMaitre Vascular, Inc. (LMAT): 62/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 26.4/35 | Capital efficiency 16.2/25 | Valuation 13.8/20 | Relative strength 5.4/20
   - 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: 26.4 + 16.2 + 13.8 + 5.4 = 61.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5.2% and the one-year return is 14.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. West Pharmaceutical Services, Inc. (WST): 61/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 21.5/35 | Capital efficiency 17.1/25 | Valuation 9.6/20 | Relative strength 12.4/20
   - 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: 21.5 + 17.1 + 9.6 + 12.4 = 60.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Baxter International Inc. (BAX): 57/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 17.6/35 | Capital efficiency 10.0/25 | Valuation 10.2/20 | Relative strength 19.5/20
   - 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: 17.6 + 10 + 10.2 + 19.5 = 57.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Avantor, Inc. (AVTR): 57/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 15.4/35 | Capital efficiency 11.3/25 | Valuation 11.3/20 | Relative strength 18.6/20
   - 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: 15.4 + 11.3 + 11.3 + 18.6 = 56.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. ResMed Inc. (RMD): 56/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 22.6/35 | Capital efficiency 17.6/25 | Valuation 13.5/20 | Relative strength 1.8/20
   - 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: 22.6 + 17.6 + 13.5 + 1.8 = 55.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Merit Medical Systems, Inc. (MMSI): 54/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.8/35 | Capital efficiency 14.8/25 | Valuation 10.5/20 | Relative strength 10.2/20
   - 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 2 of the last 12 weeks
   - Exact sum: 18.8 + 14.8 + 10.5 + 10.2 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Solventum Corporation (SOLV): 51/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 16.7/35 | Capital efficiency 11.3/25 | Valuation 11.4/20 | Relative strength 11.5/20
   - 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: 16.7 + 11.3 + 11.4 + 11.5 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Envista Holdings Corporation (NVST): 51/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.0/35 | Capital efficiency 11.4/25 | Valuation 9.3/20 | 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 1 of the last 12 weeks
   - Exact sum: 19 + 11.4 + 9.3 + 11 = 50.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. AtriCure, Inc. (ATRC): 51/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 21.4/35 | Capital efficiency 9.1/25 | Valuation 9.0/20 | Relative strength 11.1/20
   - 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 5 of the last 12 weeks
   - Exact sum: 21.4 + 9.1 + 9 + 11.1 = 50.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Intuitive Surgical, Inc. (ISRG): 49/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 22.1/35 | Capital efficiency 17.0/25 | Valuation 9.7/20 | Relative strength 0.4/20
   - 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: 22.1 + 17 + 9.7 + 0.4 = 49.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. STAAR Surgical Company (STAA): 49/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 23.7/35 | Capital efficiency 12.0/25 | Valuation 9.1/20 | Relative strength 4.2/20
   - 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 7 of the last 12 weeks
   - Exact sum: 23.7 + 12 + 9.1 + 4.2 = 49
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. ICU Medical, Inc. (ICUI): 49/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 14.1/35 | Capital efficiency 7.8/25 | Valuation 9.2/20 | Relative strength 17.6/20
   - 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: 14.1 + 7.8 + 9.2 + 17.6 = 48.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Align Technology, Inc. (ALGN): 48/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 17.0/35 | Capital efficiency 15.8/25 | Valuation 10.4/20 | 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: 17 + 15.8 + 10.4 + 4.7 = 47.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. AptarGroup, Inc. (ATR): 47/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 14.8/35 | Capital efficiency 15.2/25 | Valuation 10.9/20 | Relative strength 6.4/20
   - 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: 14.8 + 15.2 + 10.9 + 6.4 = 47.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Warby Parker Inc. (WRBY): 46/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 15.9/35 | Capital efficiency 6.8/25 | Valuation 8.5/20 | Relative strength 14.6/20
   - 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 4 of the last 12 weeks
   - Exact sum: 15.9 + 6.8 + 8.5 + 14.6 = 45.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Medline Inc. (MDLN): 46/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 13.1/35 | Capital efficiency 12.2/25 | Valuation 10.3/20 | 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 0 of the last 12 weeks
   - Exact sum: 13.1 + 12.2 + 10.3 + 10 = 45.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Repligen Corporation (RGEN): 45/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.8/35 | Capital efficiency 10.3/25 | Valuation 8.9/20 | Relative strength 7.1/20
   - 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 7 of the last 12 weeks
   - Exact sum: 18.8 + 10.3 + 8.9 + 7.1 = 45.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Stevanato Group S.p.A. (STVN): 44/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 19.0/35 | Capital efficiency 14.8/25 | Valuation 7.1/20 | Relative strength 3.5/20
   - 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 9 of the last 12 weeks
   - Exact sum: 19 + 14.8 + 7.1 + 3.5 = 44.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Bausch + Lomb Corporation (BLCO): 41/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 20.9/35 | Capital efficiency 8.5/25 | Valuation 8.6/20 | Relative strength 3.0/20
   - 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: 20.9 + 8.5 + 8.6 + 3 = 41
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. DENTSPLY SIRONA Inc. (XRAY): 41/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 8.9/35 | Capital efficiency 5.5/25 | Valuation 11.0/20 | Relative strength 15.2/20
   - 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 4 of the last 12 weeks
   - Exact sum: 8.9 + 5.5 + 11 + 15.2 = 40.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
21. Teleflex Incorporated (TFX): 34/100 — Adverse evidence; evidence 71%
   - Growth & earnings 6.4/35 | Capital efficiency 8.9/25 | Valuation 10.7/20 | Relative strength 8.3/20
   - 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 4 of the last 12 weeks
   - Exact sum: 6.4 + 8.9 + 10.7 + 8.3 = 34.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Becton, Dickinson and Company (BDX): 34/100 — Adverse evidence; evidence 81%
   - Growth & earnings 12.7/35 | Capital efficiency 8.8/25 | Valuation 8.7/20 | Relative strength 3.7/20
   - 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 2 of the last 12 weeks
   - Exact sum: 12.7 + 8.8 + 8.7 + 3.7 = 33.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Azenta, Inc. (AZTA): 30/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 8.4/35 | Capital efficiency 4.4/25 | Valuation 11.5/20 | Relative strength 5.8/20
   - 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 3 of the last 12 weeks
   - Exact sum: 8.4 + 4.4 + 11.5 + 5.8 = 30.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. Alcon Inc. (ALC): 30/100 — Adverse evidence; evidence 81%
   - Growth & earnings 10.7/35 | Capital efficiency 9.9/25 | Valuation 4.8/20 | 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: 10.7 + 9.9 + 4.8 + 4.3 = 29.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. The Cooper Companies, Inc. (COO): 29/100 — Adverse evidence; evidence 85%
   - Growth & earnings 7.2/35 | Capital efficiency 7.8/25 | Valuation 6.9/20 | Relative strength 6.7/20
   - 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: 7.2 + 7.8 + 6.9 + 6.7 = 28.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. Pulse Biosciences, Inc. (PLSE): 54/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 19.3/35 | Capital efficiency 5.0/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - 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: 19.3 + 5 + 10 + 20 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
27. BioLife Solutions, Inc. (BLFS): 49/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 17.8/35 | Capital efficiency 6.0/25 | Valuation 8.7/20 | Relative strength 16.3/20
   - 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 10 of the last 12 weeks
   - Exact sum: 17.8 + 6 + 8.7 + 16.3 = 48.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. MiniMed Group, Inc. (MMED): 49/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 24.1/35 | Capital efficiency 4.4/25 | Valuation 10.0/20 | 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 4 of 9 weeks with a reading, within the last 12
   - Exact sum: 24.1 + 4.4 + 10 + 10 = 48.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. Alamar Biosciences, Inc. (ALMR): 41/100 — Thin evidence · provisional; evidence 24%
   - Growth & earnings 17.7/35 | Capital efficiency 3.5/25 | Valuation 10.0/20 | 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 3 weeks with a reading, within the last 12
   - Exact sum: 17.7 + 3.5 + 10 + 10 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
30. Kestra Medical Technologies, Ltd. (KMTS): 41/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 18.0/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 9.4/20
   - 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 4 of the last 12 weeks
   - Exact sum: 18 + 3.6 + 10 + 9.4 = 41
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Pulse Biosciences, Inc. has the strongest one-year price move in Medical Instruments & Supplies at +159.5%. It also leads on Mansfield relative strength against the S&P 500 at +71.4%. 13 of 27 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Pulse Biosciences, Inc. (PLSE): 160%
2. Kestra Medical Technologies, Ltd. (KMTS): 79%
3. ICU Medical, Inc. (ICUI): 52%
4. West Pharmaceutical Services, Inc. (WST): 45%
5. BioLife Solutions, Inc. (BLFS): 43%

### Strongest relative strength versus NIFTY 500
1. Pulse Biosciences, Inc. (PLSE): 71%
2. Baxter International Inc. (BAX): 24%
3. BioLife Solutions, Inc. (BLFS): 18%
4. Avantor, Inc. (AVTR): 13%
5. ICU Medical, Inc. (ICUI): 12%

## Revenue Scale & Growth Durability

What the numbers say: Medline Inc. is the scale leader at $29,140 million, 36.4% ahead of Becton, Dickinson and Company. MiniMed Group, Inc.'s growth is 14.3% from a $3,103 million base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Medline Inc. is the scale benchmark; MiniMed Group, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Medline Inc.'s growth falls below MiniMed Group, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Medline Inc. · $29,140 million | 36.4% versus #2 · Becton, Dickinson and Company | 5/5 recent comparable periods | 14/30 companies · 506 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. Medline Inc. (MDLN): ₹29.1K Cr
2. Becton, Dickinson and Company (BDX): ₹21.4K Cr
3. Alcon Inc. (ALC): ₹10.6K Cr
4. Solventum Corporation (SOLV): ₹8.3K Cr
5. ResMed Inc. (RMD): ₹5.5K Cr

### Revenue growth — fastest growers
1. MiniMed Group, Inc. (MMED): 14%
2. LeMaitre Vascular, Inc. (LMAT): 13%
3. Medline Inc. (MDLN): 12%
4. Warby Parker Inc. (WRBY): 12%
5. ResMed Inc. (RMD): 10%

### 20-quarter Revenue history
- ISRG: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- MDLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6.2K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹7.1K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 —
- BDX: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- ALC: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- RMD: Sep 2021 ₹904 Cr | Dec 2021 ₹895 Cr | Mar 2022 ₹865 Cr | Jun 2022 ₹915 Cr | Sep 2022 ₹950 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- WST: Sep 2021 ₹707 Cr | Dec 2021 ₹731 Cr | Mar 2022 ₹720 Cr | Jun 2022 ₹771 Cr | Sep 2022 ₹687 Cr | Dec 2022 ₹709 Cr | Mar 2023 ₹717 Cr | Jun 2023 ₹754 Cr | Sep 2023 ₹747 Cr | Dec 2023 ₹732 Cr | Mar 2024 ₹695 Cr | Jun 2024 ₹702 Cr | Sep 2024 ₹747 Cr | Dec 2024 ₹749 Cr | Mar 2025 ₹698 Cr | Jun 2025 ₹767 Cr | Sep 2025 ₹805 Cr | Dec 2025 ₹805 Cr | Mar 2026 ₹845 Cr | Jun 2026 —
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- BAX: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- COO: Sep 2021 ₹763 Cr | Dec 2021 ₹759 Cr | Mar 2022 ₹787 Cr | Jun 2022 ₹830 Cr | Sep 2022 ₹843 Cr | Dec 2022 ₹848 Cr | Mar 2023 ₹859 Cr | Jun 2023 ₹877 Cr | Sep 2023 ₹930 Cr | Dec 2023 ₹927 Cr | Mar 2024 ₹932 Cr | Jun 2024 ₹943 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹965 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹1.1K Cr
- ALGN: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹973 Cr | Jun 2022 ₹970 Cr | Sep 2022 ₹890 Cr | Dec 2022 ₹902 Cr | Mar 2023 ₹943 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹960 Cr | Dec 2023 ₹957 Cr | Mar 2024 ₹997 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹978 Cr | Dec 2024 ₹995 Cr | Mar 2025 ₹979 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹996 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- AVTR: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- ATR: Sep 2021 ₹825 Cr | Dec 2021 ₹814 Cr | Mar 2022 ₹845 Cr | Jun 2022 ₹845 Cr | Sep 2022 ₹837 Cr | Dec 2022 ₹796 Cr | Mar 2023 ₹860 Cr | Jun 2023 ₹896 Cr | Sep 2023 ₹893 Cr | Dec 2023 ₹838 Cr | Mar 2024 ₹915 Cr | Jun 2024 ₹910 Cr | Sep 2024 ₹909 Cr | Dec 2024 ₹848 Cr | Mar 2025 ₹887 Cr | Jun 2025 ₹966 Cr | Sep 2025 ₹961 Cr | Dec 2025 ₹963 Cr | Mar 2026 ₹983 Cr | Jun 2026 —
- RGEN: Sep 2021 ₹178 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹206 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹201 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹159 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹194 Cr | Jun 2026 —
- TFX: Sep 2021 ₹700 Cr | Dec 2021 ₹762 Cr | Mar 2022 ₹642 Cr | Jun 2022 ₹705 Cr | Sep 2022 ₹687 Cr | Dec 2022 ₹758 Cr | Mar 2023 — | Jun 2023 ₹711 Cr | Sep 2023 ₹743 Cr | Dec 2023 ₹746 Cr | Mar 2024 ₹738 Cr | Jun 2024 ₹750 Cr | Sep 2024 ₹764 Cr | Dec 2024 ₹795 Cr | Mar 2025 ₹414 Cr | Jun 2025 ₹781 Cr | Sep 2025 ₹913 Cr | Dec 2025 ₹-402 Cr | Mar 2026 ₹548 Cr | Jun 2026 —
- BLCO: Sep 2021 ₹949 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹889 Cr | Jun 2022 ₹941 Cr | Sep 2022 ₹942 Cr | Dec 2022 ₹996 Cr | Mar 2023 ₹931 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹884 Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹920 Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- STVN: Sep 2021 ₹215 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹234 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹292 Cr | Mar 2023 ₹238 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹271 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹331 Cr | Mar 2025 ₹257 Cr | Jun 2025 ₹280 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹274 Cr | Jun 2026 —
- MMED: 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 ₹652 Cr | Dec 2024 ₹652 Cr | Mar 2025 ₹687 Cr | Jun 2025 ₹724 Cr | Sep 2025 ₹738 Cr | Dec 2025 ₹738 Cr | Mar 2026 ₹790 Cr | Jun 2026 ₹837 Cr
- MMSI: Sep 2021 ₹267 Cr | Dec 2021 ₹278 Cr | Mar 2022 ₹275 Cr | Jun 2022 ₹295 Cr | Sep 2022 ₹287 Cr | Dec 2022 ₹293 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹315 Cr | Dec 2023 ₹325 Cr | Mar 2024 ₹324 Cr | Jun 2024 ₹338 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹382 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹394 Cr | Mar 2026 ₹382 Cr | Jun 2026 —
- NVST: Sep 2021 ₹637 Cr | Dec 2021 ₹607 Cr | Mar 2022 — | Jun 2022 ₹631 Cr | Sep 2022 ₹646 Cr | Dec 2022 ₹661 Cr | Mar 2023 ₹627 Cr | Jun 2023 ₹662 Cr | Sep 2023 ₹631 Cr | Dec 2023 ₹646 Cr | Mar 2024 ₹624 Cr | Jun 2024 ₹633 Cr | Sep 2024 ₹601 Cr | Dec 2024 ₹653 Cr | Mar 2025 ₹617 Cr | Jun 2025 ₹682 Cr | Sep 2025 ₹670 Cr | Dec 2025 ₹751 Cr | Mar 2026 — | Jun 2026 ₹706 Cr
- ICUI: Sep 2021 ₹336 Cr | Dec 2021 ₹341 Cr | Mar 2022 ₹543 Cr | Jun 2022 ₹561 Cr | Sep 2022 ₹598 Cr | Dec 2022 ₹578 Cr | Mar 2023 ₹569 Cr | Jun 2023 ₹549 Cr | Sep 2023 ₹553 Cr | Dec 2023 ₹588 Cr | Mar 2024 ₹567 Cr | Jun 2024 ₹596 Cr | Sep 2024 ₹589 Cr | Dec 2024 ₹630 Cr | Mar 2025 ₹605 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹541 Cr | Mar 2026 ₹530 Cr | Jun 2026 —
- WRBY: Sep 2021 ₹137 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹150 Cr | Sep 2022 ₹149 Cr | Dec 2022 ₹146 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹166 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹192 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹224 Cr | Jun 2025 ₹214 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹242 Cr | Jun 2026 —
- XRAY: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹969 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹947 Cr | Dec 2022 ₹983 Cr | Mar 2023 ₹978 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹947 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹953 Cr | Jun 2024 ₹984 Cr | Sep 2024 ₹951 Cr | Dec 2024 ₹905 Cr | Mar 2025 ₹879 Cr | Jun 2025 ₹936 Cr | Sep 2025 ₹904 Cr | Dec 2025 ₹961 Cr | Mar 2026 ₹880 Cr | Jun 2026 —
- PLSE: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- LMAT: Sep 2021 ₹38 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹67 Cr | Jun 2026 —
- ATRC: Sep 2021 ₹70 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹93 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹134 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹141 Cr | Jun 2026 —
- ALMR: 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 ₹13 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹26 Cr | Jun 2026 —
- BLFS: Sep 2021 ₹34 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹21 Cr | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹28 Cr | Dec 2025 — | Mar 2026 ₹28 Cr | Jun 2026 —
- KMTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹5 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- AZTA: Sep 2021 ₹137 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹166 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- STAA: Sep 2021 ₹62 Cr | Dec 2021 ₹58 Cr | Mar 2022 — | Jun 2022 ₹63 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹95 Cr | Dec 2025 — | Mar 2026 ₹58 Cr | Jun 2026 ₹94 Cr

### 20-quarter Revenue growth history
- ISRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.0% | Sep 2022 11% | Dec 2022 6.7% | Mar 2023 14% | Jun 2023 15% | Sep 2023 12% | Dec 2023 17% | Mar 2024 12% | Jun 2024 14% | Sep 2024 17% | Dec 2024 25% | Mar 2025 19% | Jun 2025 21% | Sep 2025 23% | Dec 2025 19% | Mar 2026 23% | Jun 2026 —
- MDLN: 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 8.0% | Jun 2025 11% | Sep 2025 11% | Dec 2025 15% | Mar 2026 11% | Jun 2026 —
- BDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7% | Sep 2022 -1.8% | Dec 2022 -2.8% | Mar 2023 1.5% | Jun 2023 5.1% | Sep 2023 6.9% | Dec 2023 2.6% | Mar 2024 4.7% | Jun 2024 2.3% | Sep 2024 6.9% | Dec 2024 9.8% | Mar 2025 -11% | Jun 2025 10% | Sep 2025 8.4% | Dec 2025 1.6% | Mar 2026 5.2% | Jun 2026 —
- ALC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 1.8% | Dec 2022 1.0% | Mar 2023 7.5% | Jun 2023 9.3% | Sep 2023 8.8% | Dec 2023 8.3% | Mar 2024 4.6% | Jun 2024 3.1% | Sep 2024 5.4% | Dec 2024 6.4% | Mar 2025 0.6% | Jun 2025 4.0% | Sep 2025 6.5% | Dec 2025 8.6% | Mar 2026 9.4% | Jun 2026 —
- RMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.5% | Sep 2022 5.1% | Dec 2022 16% | Mar 2023 29% | Jun 2023 23% | Sep 2023 16% | Dec 2023 12% | Mar 2024 7.2% | Jun 2024 9.0% | Sep 2024 11% | Dec 2024 10% | Mar 2025 7.9% | Jun 2025 10% | Sep 2025 9.1% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- WST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.5% | Sep 2022 -2.8% | Dec 2022 -3.0% | Mar 2023 -0.4% | Jun 2023 -2.2% | Sep 2023 8.7% | Dec 2023 3.2% | Mar 2024 -3.1% | Jun 2024 -6.9% | Sep 2024 0.0% | Dec 2024 2.3% | Mar 2025 0.4% | Jun 2025 9.3% | Sep 2025 7.8% | Dec 2025 7.5% | Mar 2026 21% | Jun 2026 —
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -2.3% | Jun 2023 0.9% | Sep 2023 3.2% | Dec 2023 1.6% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.4% | Dec 2024 1.9% | Mar 2025 2.7% | Jun 2025 3.8% | Sep 2025 0.7% | Dec 2025 -3.7% | Mar 2026 -3.0% | Jun 2026 —
- BAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 12% | Dec 2022 6.6% | Mar 2023 -5.2% | Jun 2023 3.1% | Sep 2023 -28% | Dec 2023 -27% | Mar 2024 -29% | Jun 2024 -27% | Sep 2024 3.9% | Dec 2024 1.0% | Mar 2025 5.4% | Jun 2025 4.3% | Sep 2025 5.0% | Dec 2025 8.0% | Mar 2026 2.9% | Jun 2026 —
- COO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 12% | Mar 2023 9.2% | Jun 2023 5.7% | Sep 2023 10% | Dec 2023 9.3% | Mar 2024 8.5% | Jun 2024 7.5% | Sep 2024 7.9% | Dec 2024 9.8% | Mar 2025 3.5% | Jun 2025 6.3% | Sep 2025 5.7% | Dec 2025 4.6% | Mar 2026 6.1% | Jun 2026 8.0%
- ALGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.1% | Sep 2022 -12% | Dec 2022 -13% | Mar 2023 -3.1% | Jun 2023 3.3% | Sep 2023 7.9% | Dec 2023 6.1% | Mar 2024 5.7% | Jun 2024 2.6% | Sep 2024 1.9% | Dec 2024 4.0% | Mar 2025 -1.8% | Jun 2025 -1.6% | Sep 2025 1.8% | Dec 2025 5.3% | Mar 2026 6.2% | Jun 2026 —
- AVTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 1.3% | Dec 2022 -5.9% | Mar 2023 -8.7% | Jun 2023 -8.7% | Sep 2023 -7.4% | Dec 2023 -4.0% | Mar 2024 -5.6% | Jun 2024 -2.4% | Sep 2024 -0.4% | Dec 2024 -2.1% | Mar 2025 -5.9% | Jun 2025 -1.2% | Sep 2025 -5.3% | Dec 2025 -1.4% | Mar 2026 0.0% | Jun 2026 —
- ATR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.2% | Sep 2022 1.5% | Dec 2022 -2.2% | Mar 2023 1.8% | Jun 2023 6.0% | Sep 2023 6.7% | Dec 2023 5.3% | Mar 2024 6.4% | Jun 2024 1.6% | Sep 2024 1.8% | Dec 2024 1.2% | Mar 2025 -3.1% | Jun 2025 6.2% | Sep 2025 5.7% | Dec 2025 14% | Mar 2026 11% | Jun 2026 —
- RGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 13% | Dec 2022 0.0% | Mar 2023 -20% | Jun 2023 -24% | Sep 2023 -30% | Dec 2023 -11% | Mar 2024 -7.3% | Jun 2024 0.0% | Sep 2024 9.9% | Dec 2024 0.6% | Mar 2025 10% | Jun 2025 14% | Sep 2025 22% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- TFX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.1% | Sep 2022 -1.9% | Dec 2022 -0.5% | Mar 2023 — | Jun 2023 0.9% | Sep 2023 8.2% | Dec 2023 -1.6% | Mar 2024 — | Jun 2024 5.5% | Sep 2024 2.8% | Dec 2024 6.6% | Mar 2025 -44% | Jun 2025 4.1% | Sep 2025 20% | Dec 2025 -151% | Mar 2026 32% | Jun 2026 —
- BLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.8% | Sep 2022 -0.7% | Dec 2022 -0.5% | Mar 2023 4.7% | Jun 2023 10.0% | Sep 2023 6.9% | Dec 2023 18% | Mar 2024 18% | Jun 2024 17% | Sep 2024 -12% | Dec 2024 87% | Mar 2025 3.5% | Jun 2025 5.1% | Sep 2025 4.1% | Dec 2025 11% | Mar 2026 9.4% | Jun 2026 —
- STVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 25% | Mar 2023 12% | Jun 2023 9.0% | Sep 2023 11% | Dec 2023 9.9% | Mar 2024 -0.8% | Jun 2024 2.0% | Sep 2024 2.6% | Dec 2024 3.1% | Mar 2025 8.9% | Jun 2025 7.7% | Sep 2025 9.0% | Dec 2025 4.8% | Mar 2026 6.6% | Jun 2026 —
- MMED: 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 13% | Dec 2025 13% | Mar 2026 15% | Jun 2026 16%
- MMSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.4% | Sep 2022 7.5% | Dec 2022 5.4% | Mar 2023 8.4% | Jun 2023 8.5% | Sep 2023 9.8% | Dec 2023 11% | Mar 2024 8.7% | Jun 2024 5.6% | Sep 2024 7.9% | Dec 2024 9.2% | Mar 2025 9.6% | Jun 2025 13% | Sep 2025 13% | Dec 2025 11% | Mar 2026 7.6% | Jun 2026 —
- NVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.4% | Dec 2022 8.9% | Mar 2023 — | Jun 2023 4.9% | Sep 2023 -2.3% | Dec 2023 -2.3% | Mar 2024 -0.5% | Jun 2024 -4.4% | Sep 2024 -4.8% | Dec 2024 1.1% | Mar 2025 -1.1% | Jun 2025 7.7% | Sep 2025 11% | Dec 2025 15% | Mar 2026 — | Jun 2026 3.5%
- ICUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 78% | Dec 2022 70% | Mar 2023 4.8% | Jun 2023 -2.1% | Sep 2023 -7.5% | Dec 2023 1.7% | Mar 2024 -0.4% | Jun 2024 8.6% | Sep 2024 6.5% | Dec 2024 7.1% | Mar 2025 6.7% | Jun 2025 -7.9% | Sep 2025 -8.8% | Dec 2025 -14% | Mar 2026 -12% | Jun 2026 —
- WRBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 8.8% | Dec 2022 9.8% | Mar 2023 12% | Jun 2023 11% | Sep 2023 14% | Dec 2023 11% | Mar 2024 16% | Jun 2024 13% | Sep 2024 13% | Dec 2024 18% | Mar 2025 12% | Jun 2025 14% | Sep 2025 16% | Dec 2025 11% | Mar 2026 8.0% | Jun 2026 —
- XRAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 -8.9% | Dec 2022 -11% | Mar 2023 0.9% | Jun 2023 0.5% | Sep 2023 0.0% | Dec 2023 3.0% | Mar 2024 -2.6% | Jun 2024 -4.3% | Sep 2024 0.4% | Dec 2024 -11% | Mar 2025 -7.8% | Jun 2025 -4.9% | Sep 2025 -4.9% | Dec 2025 6.2% | Mar 2026 0.1% | Jun 2026 —
- PLSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -100% | 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 —
- LMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.4% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 18% | Jun 2023 19% | Sep 2023 21% | Dec 2023 20% | Mar 2024 13% | Jun 2024 12% | Sep 2024 17% | Dec 2024 14% | Mar 2025 13% | Jun 2025 14% | Sep 2025 11% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- ATRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 19% | Dec 2022 21% | Mar 2023 24% | Jun 2023 19% | Sep 2023 18% | Dec 2023 22% | Mar 2024 17% | Jun 2024 15% | Sep 2024 18% | Dec 2024 16% | Mar 2025 14% | Jun 2025 17% | Sep 2025 16% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- ALMR: 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 — | Mar 2026 100% | Jun 2026 —
- BLFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 21% | Dec 2022 19% | Mar 2023 5.6% | Jun 2023 -29% | Sep 2023 -41% | Dec 2023 -61% | Mar 2024 -53% | Jun 2024 -31% | Sep 2024 -13% | Dec 2024 — | Mar 2025 22% | Jun 2025 25% | Sep 2025 33% | Dec 2025 — | Mar 2026 27% | Jun 2026 —
- KMTS: 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 200% | Mar 2025 88% | Jun 2025 70% | Sep 2025 46% | Dec 2025 53% | Mar 2026 67% | Jun 2026 —
- AZTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.1% | Sep 2022 0.7% | Dec 2022 27% | Mar 2023 1.4% | Jun 2023 25% | Sep 2023 25% | Dec 2023 -20% | Mar 2024 -8.1% | Jun 2024 -13% | Sep 2024 -12% | Dec 2024 3.5% | Mar 2025 5.2% | Jun 2025 0.0% | Sep 2025 5.3% | Dec 2025 1.4% | Mar 2026 1.4% | Jun 2026 —
- STAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 31% | Dec 2022 10% | Mar 2023 — | Jun 2023 46% | Sep 2023 -1.2% | Dec 2023 19% | Mar 2024 4.1% | Jun 2024 7.6% | Sep 2024 11% | Dec 2024 -36% | Mar 2025 -44% | Jun 2025 -56% | Sep 2025 6.7% | Dec 2025 — | Mar 2026 35% | Jun 2026 114%

## Operating Economics & Margin Trend

What the numbers say: ResMed Inc. leads opm at 34.9%; Pulse Biosciences, Inc. leads margin change at +98992.5 percentage points.

Investor read: ResMed Inc. 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: ResMed Inc. · 34.9% | 12.9% versus #2 · Intuitive Surgical, Inc. | 8/8 recent comparable periods | 29/30 companies · 498 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. ResMed Inc. (RMD): 35%
2. Intuitive Surgical, Inc. (ISRG): 31%
3. LeMaitre Vascular, Inc. (LMAT): 27%
4. West Pharmaceutical Services, Inc. (WST): 21%
5. Stevanato Group S.p.A. (STVN): 14%

### Margin change — fastest expanders
1. Pulse Biosciences, Inc. (PLSE): +98,992.5 pp
2. STAAR Surgical Company (STAA): +76.1 pp
3. Alamar Biosciences, Inc. (ALMR): +17.9 pp
4. Bausch + Lomb Corporation (BLCO): +10.0 pp
5. MiniMed Group, Inc. (MMED): +9.3 pp

### 20-quarter OPM history
- ISRG: Sep 2021 32% | Dec 2021 29% | Mar 2022 27% | Jun 2022 26% | Sep 2022 26% | Dec 2022 23% | Mar 2023 23% | Jun 2023 26% | Sep 2023 27% | Dec 2023 23% | Mar 2024 25% | Jun 2024 28% | Sep 2024 28% | Dec 2024 30% | Mar 2025 26% | Jun 2025 31% | Sep 2025 30% | Dec 2025 30% | Mar 2026 31% | Jun 2026 —
- MDLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.2% | Jun 2024 8.3% | Sep 2024 9.0% | Dec 2024 7.3% | Mar 2025 8.6% | Jun 2025 9.3% | Sep 2025 8.1% | Dec 2025 5.5% | Mar 2026 5.7% | Jun 2026 —
- BDX: Sep 2021 7.8% | Dec 2021 15% | Mar 2022 12% | Jun 2022 12% | Sep 2022 10% | Dec 2022 13% | Mar 2023 13% | Jun 2023 11% | Sep 2023 6.9% | Dec 2023 9.3% | Mar 2024 15% | Jun 2024 12% | Sep 2024 11% | Dec 2024 8.8% | Mar 2025 8.5% | Jun 2025 16% | Sep 2025 12% | Dec 2025 11% | Mar 2026 2.0% | Jun 2026 —
- ALC: Sep 2021 1.0% | Dec 2021 8.5% | Mar 2022 11% | Jun 2022 9.0% | Sep 2022 9.6% | Dec 2022 1.0% | Mar 2023 11% | Jun 2023 11% | Sep 2023 13% | Dec 2023 8.8% | Mar 2024 15% | Jun 2024 13% | Sep 2024 14% | Dec 2024 16% | Mar 2025 19% | Jun 2025 9.5% | Sep 2025 13% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- RMD: Sep 2021 29% | Dec 2021 28% | Mar 2022 27% | Jun 2022 28% | Sep 2022 29% | Dec 2022 27% | Mar 2023 27% | Jun 2023 25% | Sep 2023 26% | Dec 2023 24% | Mar 2024 31% | Jun 2024 31% | Sep 2024 32% | Dec 2024 33% | Mar 2025 33% | Jun 2025 34% | Sep 2025 33% | Dec 2025 35% | Mar 2026 35% | Jun 2026 —
- WST: Sep 2021 26% | Dec 2021 25% | Mar 2022 26% | Jun 2022 30% | Sep 2022 27% | Dec 2022 18% | Mar 2023 22% | Jun 2023 24% | Sep 2023 24% | Dec 2023 22% | Mar 2024 18% | Jun 2024 18% | Sep 2024 22% | Dec 2024 21% | Mar 2025 15% | Jun 2025 20% | Sep 2025 21% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 22% | Jun 2022 22% | Sep 2022 21% | Dec 2022 19% | Mar 2023 18% | Jun 2023 20% | Sep 2023 24% | Dec 2023 20% | Mar 2024 19% | Jun 2024 12% | Sep 2024 13% | Dec 2024 6.6% | Mar 2025 7.3% | Jun 2025 9.9% | Sep 2025 81% | Dec 2025 6.2% | Mar 2026 4.0% | Jun 2026 —
- BAX: Sep 2021 16% | Dec 2021 11% | Mar 2022 4.4% | Jun 2022 7.3% | Sep 2022 -80% | Dec 2022 7.7% | Mar 2023 3.7% | Jun 2023 -0.5% | Sep 2023 6.9% | Dec 2023 11% | Mar 2024 4.6% | Jun 2024 6.6% | Sep 2024 5.7% | Dec 2024 -16% | Mar 2025 2.2% | Jun 2025 6.8% | Sep 2025 6.1% | Dec 2025 -25% | Mar 2026 2.4% | Jun 2026 —
- COO: Sep 2021 13% | Dec 2021 17% | Mar 2022 17% | Jun 2022 16% | Sep 2022 17% | Dec 2022 12% | Mar 2023 17% | Jun 2023 11% | Sep 2023 16% | Dec 2023 15% | Mar 2024 16% | Jun 2024 17% | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 18% | Sep 2025 17% | Dec 2025 13% | Mar 2026 21% | Jun 2026 -2.9%
- ALGN: Sep 2021 26% | Dec 2021 21% | Mar 2022 20% | Jun 2022 19% | Sep 2022 16% | Dec 2022 13% | Mar 2023 14% | Jun 2023 17% | Sep 2023 17% | Dec 2023 18% | Mar 2024 16% | Jun 2024 14% | Sep 2024 17% | Dec 2024 15% | Mar 2025 13% | Jun 2025 16% | Sep 2025 9.7% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- AVTR: Sep 2021 13% | Dec 2021 11% | Mar 2022 16% | Jun 2022 16% | Sep 2022 15% | Dec 2022 14% | Mar 2023 13% | Jun 2023 4.1% | Sep 2023 12% | Dec 2023 11% | Mar 2024 8.7% | Jun 2024 10% | Sep 2024 7.3% | Dec 2024 11% | Mar 2025 9.3% | Jun 2025 7.7% | Sep 2025 -40% | Dec 2025 7.9% | Mar 2026 6.3% | Jun 2026 —
- ATR: Sep 2021 10% | Dec 2021 11% | Mar 2022 12% | Jun 2022 12% | Sep 2022 11% | Dec 2022 11% | Mar 2023 9.8% | Jun 2023 13% | Sep 2023 13% | Dec 2023 10% | Mar 2024 12% | Jun 2024 14% | Sep 2024 15% | Dec 2024 14% | Mar 2025 13% | Jun 2025 15% | Sep 2025 14% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- RGEN: Sep 2021 25% | Dec 2021 20% | Mar 2022 29% | Jun 2022 30% | Sep 2022 26% | Dec 2022 26% | Mar 2023 8.4% | Jun 2023 12% | Sep 2023 3.3% | Dec 2023 5.9% | Mar 2024 2.4% | Jun 2024 3.4% | Sep 2024 -5.1% | Dec 2024 -22% | Mar 2025 3.9% | Jun 2025 7.6% | Sep 2025 8.9% | Dec 2025 9.0% | Mar 2026 8.2% | Jun 2026 —
- TFX: Sep 2021 34% | Dec 2021 20% | Mar 2022 16% | Jun 2022 19% | Sep 2022 19% | Dec 2022 17% | Mar 2023 — | Jun 2023 16% | Sep 2023 19% | Dec 2023 22% | Mar 2024 -0.6% | Jun 2024 16% | Sep 2024 20% | Dec 2024 -14% | Mar 2025 18% | Jun 2025 20% | Sep 2025 -45% | Dec 2025 -61% | Mar 2026 3.7% | Jun 2026 —
- BLCO: Sep 2021 9.9% | Dec 2021 9.2% | Mar 2022 6.1% | Jun 2022 6.0% | Sep 2022 4.9% | Dec 2022 5.1% | Mar 2023 -0.2% | Jun 2023 4.2% | Sep 2023 4.0% | Dec 2023 4.2% | Mar 2024 0.5% | Jun 2024 2.1% | Sep 2024 3.6% | Dec 2024 4.9% | Mar 2025 -7.3% | Jun 2025 -0.9% | Sep 2025 7.4% | Dec 2025 4.6% | Mar 2026 2.7% | Jun 2026 —
- STVN: Sep 2021 13% | Dec 2021 19% | Mar 2022 18% | Jun 2022 19% | Sep 2022 19% | Dec 2022 22% | Mar 2023 17% | Jun 2023 18% | Sep 2023 19% | Dec 2023 20% | Mar 2024 11% | Jun 2024 11% | Sep 2024 15% | Dec 2024 20% | Mar 2025 14% | Jun 2025 15% | Sep 2025 17% | Dec 2025 20% | Mar 2026 14% | Jun 2026 —
- MMED: 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 -1.5% | Dec 2024 -1.5% | Mar 2025 3.1% | Jun 2025 -20% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 -13% | Jun 2026 -11%
- MMSI: Sep 2021 6.0% | Dec 2021 7.9% | Mar 2022 5.5% | Jun 2022 7.9% | Sep 2022 6.5% | Dec 2022 10% | Mar 2023 8.9% | Jun 2023 9.0% | Sep 2023 11% | Dec 2023 10% | Mar 2024 11% | Jun 2024 14% | Sep 2024 11% | Dec 2024 10% | Mar 2025 12% | Jun 2025 12% | Sep 2025 11% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- NVST: Sep 2021 13% | Dec 2021 14% | Mar 2022 — | Jun 2022 15% | Sep 2022 10% | Dec 2022 13% | Mar 2023 12% | Jun 2023 12% | Sep 2023 13% | Dec 2023 -31% | Mar 2024 7.7% | Jun 2024 -182% | Sep 2024 3.5% | Dec 2024 7.1% | Mar 2025 6.3% | Jun 2025 6.8% | Sep 2025 8.6% | Dec 2025 9.8% | Mar 2026 — | Jun 2026 8.9%
- ICUI: Sep 2021 11% | Dec 2021 7.0% | Mar 2022 -7.8% | Jun 2022 0.0% | Sep 2022 -0.1% | Dec 2022 0.0% | Mar 2023 1.7% | Jun 2023 0.5% | Sep 2023 4.1% | Dec 2023 -2.1% | Mar 2024 -1.9% | Jun 2024 1.3% | Sep 2024 1.4% | Dec 2024 6.0% | Mar 2025 2.1% | Jun 2025 1.9% | Sep 2025 2.6% | Dec 2025 1.0% | Mar 2026 2.6% | Jun 2026 —
- WRBY: Sep 2021 -67% | Dec 2021 -35% | Mar 2022 -22% | Jun 2022 -21% | Sep 2022 -16% | Dec 2022 -15% | Mar 2023 -7.2% | Jun 2023 -11% | Sep 2023 -12% | Dec 2023 -13% | Mar 2024 -2.6% | Jun 2024 -4.8% | Sep 2024 -3.4% | Dec 2024 -4.9% | Mar 2025 1.1% | Jun 2025 -2.1% | Sep 2025 1.6% | Dec 2025 -3.2% | Mar 2026 0.7% | Jun 2026 —
- XRAY: Sep 2021 13% | Dec 2021 16% | Mar 2022 10% | Jun 2022 12% | Sep 2022 -129% | Dec 2022 6.6% | Mar 2023 -0.2% | Jun 2023 7.8% | Sep 2023 -25% | Dec 2023 7.2% | Mar 2024 4.4% | Jun 2024 5.1% | Sep 2024 -49% | Dec 2024 -56% | Mar 2025 7.2% | Jun 2025 -14% | Sep 2025 -24% | Dec 2025 -15% | Mar 2026 -4.0% | Jun 2026 —
- LMAT: Sep 2021 24% | Dec 2021 21% | Mar 2022 20% | Jun 2022 14% | Sep 2022 16% | Dec 2022 17% | Mar 2023 17% | Jun 2023 19% | Sep 2023 19% | Dec 2023 21% | Mar 2024 22% | Jun 2024 26% | Sep 2024 24% | Dec 2024 23% | Mar 2025 21% | Jun 2025 25% | Sep 2025 33% | Dec 2025 29% | Mar 2026 27% | Jun 2026 —
- ATRC: Sep 2021 140% | Dec 2021 -17% | Mar 2022 -19% | Jun 2022 -16% | Sep 2022 -13% | Dec 2022 -4.7% | Mar 2023 -6.2% | Jun 2023 -4.1% | Sep 2023 -8.2% | Dec 2023 -8.1% | Mar 2024 -10% | Jun 2024 -6.2% | Sep 2024 -6.4% | Dec 2024 -12% | Mar 2025 -4.8% | Jun 2025 -4.5% | Sep 2025 0.2% | Dec 2025 1.8% | Mar 2026 0.4% | Jun 2026 —
- ALMR: 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 -65% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -47% | Jun 2026 —
- BLFS: Sep 2021 -33% | Dec 2021 -46% | Mar 2022 -22% | Jun 2022 -189% | Sep 2022 -29% | Dec 2022 8.0% | Mar 2023 -36% | Jun 2023 -36% | Sep 2023 -66% | Dec 2023 3.5% | Mar 2024 -18% | Jun 2024 -6.6% | Sep 2024 -2.0% | Dec 2024 — | Mar 2025 -2.3% | Jun 2025 -66% | Sep 2025 -0.3% | Dec 2025 — | Mar 2026 0.1% | Jun 2026 —
- KMTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -472% | Mar 2024 -241% | Jun 2024 -202% | Sep 2024 -144% | Dec 2024 -130% | Mar 2025 -137% | Jun 2025 -280% | Sep 2025 -149% | Dec 2025 -141% | Mar 2026 -142% | Jun 2026 —
- AZTA: Sep 2021 -16% | Dec 2021 -0.2% | Mar 2022 -3.2% | Jun 2022 -3.8% | Sep 2022 -11% | Dec 2022 -16% | Mar 2023 -8.7% | Jun 2023 -9.5% | Sep 2023 -9.6% | Dec 2023 -12% | Mar 2024 -18% | Jun 2024 -4.9% | Sep 2024 -2.5% | Dec 2024 -5.9% | Mar 2025 -13% | Jun 2025 -0.5% | Sep 2025 0.9% | Dec 2025 -4.9% | Mar 2026 -115% | Jun 2026 —
- STAA: Sep 2021 17% | Dec 2021 13% | Mar 2022 — | Jun 2022 19% | Sep 2022 21% | Dec 2022 1.5% | Mar 2023 3.8% | Jun 2023 9.3% | Sep 2023 7.8% | Dec 2023 14% | Mar 2024 -2.9% | Jun 2024 12% | Sep 2024 6.4% | Dec 2024 -57% | Mar 2025 -135% | Jun 2025 -68% | Sep 2025 20% | Dec 2025 — | Mar 2026 -40% | Jun 2026 8.5%

### 20-quarter Margin change history
- ISRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.8 pp | Sep 2022 −5.9 pp | Dec 2022 −6.5 pp | Mar 2023 −4.5 pp | Jun 2023 +0.3 pp | Sep 2023 +1.1 pp | Dec 2023 +0.8 pp | Mar 2024 +1.9 pp | Jun 2024 +1.8 pp | Sep 2024 +1.6 pp | Dec 2024 +7.1 pp | Mar 2025 +0.9 pp | Jun 2025 +2.3 pp | Sep 2025 +2.0 pp | Dec 2025 −0.2 pp | Mar 2026 +5.2 pp | Jun 2026 —
- MDLN: 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 −0.6 pp | Jun 2025 +1.0 pp | Sep 2025 −0.9 pp | Dec 2025 −1.8 pp | Mar 2026 −2.9 pp | Jun 2026 —
- BDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +2.5 pp | Dec 2022 −1.9 pp | Mar 2023 +1.1 pp | Jun 2023 −0.3 pp | Sep 2023 −3.4 pp | Dec 2023 −3.5 pp | Mar 2024 +1.5 pp | Jun 2024 +0.8 pp | Sep 2024 +4.5 pp | Dec 2024 −0.5 pp | Mar 2025 −6.0 pp | Jun 2025 +3.9 pp | Sep 2025 +0.4 pp | Dec 2025 +1.7 pp | Mar 2026 −6.5 pp | Jun 2026 —
- ALC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 +8.6 pp | Dec 2022 −7.5 pp | Mar 2023 +0.2 pp | Jun 2023 +2.1 pp | Sep 2023 +3.0 pp | Dec 2023 +7.8 pp | Mar 2024 +3.6 pp | Jun 2024 +1.6 pp | Sep 2024 +0.9 pp | Dec 2024 +7.0 pp | Mar 2025 +3.9 pp | Jun 2025 −3.2 pp | Sep 2025 −0.8 pp | Dec 2025 −4.3 pp | Mar 2026 −8.1 pp | Jun 2026 —
- RMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 0.0 pp | Dec 2022 −0.7 pp | Mar 2023 −0.2 pp | Jun 2023 −3.4 pp | Sep 2023 −2.8 pp | Dec 2023 −3.4 pp | Mar 2024 +4.4 pp | Jun 2024 +6.7 pp | Sep 2024 +5.4 pp | Dec 2024 +8.8 pp | Mar 2025 +1.7 pp | Jun 2025 +2.5 pp | Sep 2025 +1.8 pp | Dec 2025 +2.1 pp | Mar 2026 +1.9 pp | Jun 2026 —
- WST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 +1.4 pp | Dec 2022 −6.9 pp | Mar 2023 −4.6 pp | Jun 2023 −5.4 pp | Sep 2023 −3.4 pp | Dec 2023 +3.7 pp | Mar 2024 −4.0 pp | Jun 2024 −6.2 pp | Sep 2024 −2.1 pp | Dec 2024 −0.7 pp | Mar 2025 −2.4 pp | Jun 2025 +2.1 pp | Sep 2025 −0.8 pp | Dec 2025 −1.8 pp | Mar 2026 +5.7 pp | Jun 2026 —
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −3.3 pp | Jun 2023 −1.4 pp | Sep 2023 +3.2 pp | Dec 2023 +0.7 pp | Mar 2024 +0.7 pp | Jun 2024 −8.4 pp | Sep 2024 −11.1 pp | Dec 2024 −13.3 pp | Mar 2025 −11.6 pp | Jun 2025 −1.8 pp | Sep 2025 +67.4 pp | Dec 2025 −0.4 pp | Mar 2026 −3.3 pp | Jun 2026 —
- BAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 −95.7 pp | Dec 2022 −3.2 pp | Mar 2023 −0.7 pp | Jun 2023 −7.8 pp | Sep 2023 +86.7 pp | Dec 2023 +3.5 pp | Mar 2024 +0.9 pp | Jun 2024 +7.1 pp | Sep 2024 −1.2 pp | Dec 2024 −27.0 pp | Mar 2025 −2.4 pp | Jun 2025 +0.2 pp | Sep 2025 +0.4 pp | Dec 2025 −8.7 pp | Mar 2026 +0.2 pp | Jun 2026 —
- COO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 −4.7 pp | Mar 2023 +0.8 pp | Jun 2023 −5.0 pp | Sep 2023 −0.4 pp | Dec 2023 +2.4 pp | Mar 2024 −1.0 pp | Jun 2024 +6.2 pp | Sep 2024 +2.9 pp | Dec 2024 +4.9 pp | Mar 2025 +2.5 pp | Jun 2025 +1.2 pp | Sep 2025 −2.6 pp | Dec 2025 −6.3 pp | Mar 2026 +1.9 pp | Jun 2026 −21.3 pp
- ALGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.2 pp | Sep 2022 −9.6 pp | Dec 2022 −8.9 pp | Mar 2023 −6.2 pp | Jun 2023 −2.2 pp | Sep 2023 +1.2 pp | Dec 2023 +5.4 pp | Mar 2024 +1.3 pp | Jun 2024 −2.9 pp | Sep 2024 −0.7 pp | Dec 2024 −3.4 pp | Mar 2025 −2.1 pp | Jun 2025 +1.8 pp | Sep 2025 −6.9 pp | Dec 2025 +0.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- AVTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 +2.0 pp | Dec 2022 +2.8 pp | Mar 2023 −2.7 pp | Jun 2023 −11.4 pp | Sep 2023 −2.7 pp | Dec 2023 −3.4 pp | Mar 2024 −4.3 pp | Jun 2024 +6.2 pp | Sep 2024 −4.9 pp | Dec 2024 +0.8 pp | Mar 2025 +0.6 pp | Jun 2025 −2.6 pp | Sep 2025 −47.3 pp | Dec 2025 −3.5 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ATR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.6 pp | Sep 2022 +1.4 pp | Dec 2022 0.0 pp | Mar 2023 −1.8 pp | Jun 2023 +1.0 pp | Sep 2023 +2.0 pp | Dec 2023 −0.7 pp | Mar 2024 +2.4 pp | Jun 2024 +0.8 pp | Sep 2024 +1.8 pp | Dec 2024 +4.2 pp | Mar 2025 +0.6 pp | Jun 2025 +1.1 pp | Sep 2025 −1.0 pp | Dec 2025 −3.2 pp | Mar 2026 −1.9 pp | Jun 2026 —
- RGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.8 pp | Sep 2022 +0.8 pp | Dec 2022 +6.0 pp | Mar 2023 −20.7 pp | Jun 2023 −18.3 pp | Sep 2023 −22.9 pp | Dec 2023 −20.2 pp | Mar 2024 −6.0 pp | Jun 2024 −8.7 pp | Sep 2024 −8.4 pp | Dec 2024 −27.7 pp | Mar 2025 +1.5 pp | Jun 2025 +4.2 pp | Sep 2025 +14.0 pp | Dec 2025 +30.8 pp | Mar 2026 +4.3 pp | Jun 2026 —
- TFX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.2 pp | Sep 2022 −15.1 pp | Dec 2022 −3.4 pp | Mar 2023 — | Jun 2023 −3.0 pp | Sep 2023 0.0 pp | Dec 2023 +5.1 pp | Mar 2024 — | Jun 2024 −0.6 pp | Sep 2024 +0.2 pp | Dec 2024 −36.0 pp | Mar 2025 +18.9 pp | Jun 2025 +4.3 pp | Sep 2025 −64.3 pp | Dec 2025 −47.4 pp | Mar 2026 −14.6 pp | Jun 2026 —
- BLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −5.0 pp | Dec 2022 −4.1 pp | Mar 2023 −6.3 pp | Jun 2023 −1.8 pp | Sep 2023 −0.9 pp | Dec 2023 −0.9 pp | Mar 2024 +0.7 pp | Jun 2024 −2.1 pp | Sep 2024 −0.4 pp | Dec 2024 +0.7 pp | Mar 2025 −7.8 pp | Jun 2025 −3.0 pp | Sep 2025 +3.8 pp | Dec 2025 −0.3 pp | Mar 2026 +10.0 pp | Jun 2026 —
- STVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.6 pp | Sep 2022 +6.3 pp | Dec 2022 +2.9 pp | Mar 2023 −0.8 pp | Jun 2023 −1.1 pp | Sep 2023 −0.6 pp | Dec 2023 −1.6 pp | Mar 2024 −6.4 pp | Jun 2024 −6.8 pp | Sep 2024 −4.0 pp | Dec 2024 +0.2 pp | Mar 2025 +2.8 pp | Jun 2025 +4.0 pp | Sep 2025 +2.6 pp | Dec 2025 0.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- MMED: 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 +1.7 pp | Dec 2025 +1.7 pp | Mar 2026 −15.8 pp | Jun 2026 +9.3 pp
- MMSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.7 pp | Sep 2022 +0.5 pp | Dec 2022 +2.5 pp | Mar 2023 +3.4 pp | Jun 2023 +1.1 pp | Sep 2023 +4.6 pp | Dec 2023 0.0 pp | Mar 2024 +2.2 pp | Jun 2024 +4.6 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.4 pp | Jun 2025 −1.3 pp | Sep 2025 +0.1 pp | Dec 2025 +3.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- NVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 −0.2 pp | Mar 2023 — | Jun 2023 −2.6 pp | Sep 2023 +3.1 pp | Dec 2023 −44.7 pp | Mar 2024 −3.8 pp | Jun 2024 −194.1 pp | Sep 2024 −9.7 pp | Dec 2024 +38.5 pp | Mar 2025 −1.4 pp | Jun 2025 +189.0 pp | Sep 2025 +5.1 pp | Dec 2025 +2.7 pp | Mar 2026 — | Jun 2026 +2.1 pp
- ICUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.7 pp | Sep 2022 −11.5 pp | Dec 2022 −7.0 pp | Mar 2023 +9.5 pp | Jun 2023 +0.5 pp | Sep 2023 +4.2 pp | Dec 2023 −2.1 pp | Mar 2024 −3.6 pp | Jun 2024 +0.8 pp | Sep 2024 −2.7 pp | Dec 2024 +8.1 pp | Mar 2025 +4.0 pp | Jun 2025 +0.6 pp | Sep 2025 +1.2 pp | Dec 2025 −5.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- WRBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −14.7 pp | Sep 2022 +51.1 pp | Dec 2022 +19.7 pp | Mar 2023 +14.8 pp | Jun 2023 +10.4 pp | Sep 2023 +4.3 pp | Dec 2023 +1.5 pp | Mar 2024 +4.6 pp | Jun 2024 +6.2 pp | Sep 2024 +8.2 pp | Dec 2024 +8.4 pp | Mar 2025 +3.7 pp | Jun 2025 +2.7 pp | Sep 2025 +5.0 pp | Dec 2025 +1.7 pp | Mar 2026 −0.4 pp | Jun 2026 —
- XRAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.9 pp | Sep 2022 −141.3 pp | Dec 2022 −9.0 pp | Mar 2023 −10.2 pp | Jun 2023 −3.8 pp | Sep 2023 +103.7 pp | Dec 2023 +0.6 pp | Mar 2024 +4.6 pp | Jun 2024 −2.7 pp | Sep 2024 −23.7 pp | Dec 2024 −63.4 pp | Mar 2025 +2.8 pp | Jun 2025 −18.8 pp | Sep 2025 +24.5 pp | Dec 2025 +41.7 pp | Mar 2026 −11.2 pp | Jun 2026 —
- PLSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +98,992.5 pp | 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 —
- LMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.6 pp | Sep 2022 −7.8 pp | Dec 2022 −4.0 pp | Mar 2023 −3.3 pp | Jun 2023 +5.2 pp | Sep 2023 +3.6 pp | Dec 2023 +3.9 pp | Mar 2024 +5.5 pp | Jun 2024 +6.8 pp | Sep 2024 +4.6 pp | Dec 2024 +2.2 pp | Mar 2025 −1.1 pp | Jun 2025 −0.6 pp | Sep 2025 +9.3 pp | Dec 2025 +6.1 pp | Mar 2026 +5.6 pp | Jun 2026 —
- ATRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.9 pp | Sep 2022 −152.9 pp | Dec 2022 +12.4 pp | Mar 2023 +12.8 pp | Jun 2023 +12.1 pp | Sep 2023 +4.7 pp | Dec 2023 −3.4 pp | Mar 2024 −3.8 pp | Jun 2024 −2.1 pp | Sep 2024 +1.8 pp | Dec 2024 −3.6 pp | Mar 2025 +5.2 pp | Jun 2025 +1.7 pp | Sep 2025 +6.6 pp | Dec 2025 +13.5 pp | Mar 2026 +5.2 pp | Jun 2026 —
- ALMR: 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 — | Mar 2026 +17.9 pp | Jun 2026 —
- BLFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −174.3 pp | Sep 2022 +4.2 pp | Dec 2022 +54.2 pp | Mar 2023 −14.1 pp | Jun 2023 +152.5 pp | Sep 2023 −36.8 pp | Dec 2023 −4.5 pp | Mar 2024 +18.2 pp | Jun 2024 +29.8 pp | Sep 2024 +63.6 pp | Dec 2024 — | Mar 2025 +15.6 pp | Jun 2025 −58.9 pp | Sep 2025 +1.7 pp | Dec 2025 — | Mar 2026 +2.4 pp | Jun 2026 —
- KMTS: 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 +342.0 pp | Mar 2025 +104.5 pp | Jun 2025 −77.4 pp | Sep 2025 −4.9 pp | Dec 2025 −10.6 pp | Mar 2026 −5.1 pp | Jun 2026 —
- AZTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 +4.9 pp | Dec 2022 −15.3 pp | Mar 2023 −5.5 pp | Jun 2023 −5.7 pp | Sep 2023 +1.0 pp | Dec 2023 +4.0 pp | Mar 2024 −9.1 pp | Jun 2024 +4.6 pp | Sep 2024 +7.1 pp | Dec 2024 +5.6 pp | Mar 2025 +5.1 pp | Jun 2025 +4.4 pp | Sep 2025 +3.4 pp | Dec 2025 +1.0 pp | Mar 2026 −101.8 pp | Jun 2026 —
- STAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.9 pp | Dec 2022 −11.9 pp | Mar 2023 — | Jun 2023 −9.9 pp | Sep 2023 −13.2 pp | Dec 2023 +12.1 pp | Mar 2024 −6.7 pp | Jun 2024 +2.7 pp | Sep 2024 −1.4 pp | Dec 2024 −70.6 pp | Mar 2025 −131.9 pp | Jun 2025 −79.6 pp | Sep 2025 +13.1 pp | Dec 2025 — | Mar 2026 +95.3 pp | Jun 2026 +76.1 pp

## Profit Scale & Acceleration

What the numbers say: ResMed Inc. leads with $1,521 million of TTM profit, 6.2% above Solventum Corporation. Solventum Corporation shows ≥100% on the scoring scale (277.8% uncapped) growth from a $1,432 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: ResMed Inc. 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: ResMed Inc. · $1,521 million | 6.2% versus #2 · Solventum Corporation | 8/8 recent comparable periods | 16/30 companies · 519 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. ResMed Inc. (RMD): ₹1.5K Cr
2. Solventum Corporation (SOLV): ₹1.4K Cr
3. Becton, Dickinson and Company (BDX): ₹1.4K Cr
4. Medline Inc. (MDLN): ₹1.1K Cr
5. Alcon Inc. (ALC): ₹819 Cr

### Profit growth — fastest growers
1. Solventum Corporation (SOLV): 100%
2. LeMaitre Vascular, Inc. (LMAT): 40%
3. ResMed Inc. (RMD): 16%
4. Stevanato Group S.p.A. (STVN): 13%
5. Becton, Dickinson and Company (BDX): 4.8%

### 20-quarter Net profit history
- ISRG: Sep 2021 ₹387 Cr | Dec 2021 ₹383 Cr | Mar 2022 ₹369 Cr | Jun 2022 ₹314 Cr | Sep 2022 ₹325 Cr | Dec 2022 ₹337 Cr | Mar 2023 ₹361 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹611 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹532 Cr | Sep 2024 ₹571 Cr | Dec 2024 ₹688 Cr | Mar 2025 ₹704 Cr | Jun 2025 ₹664 Cr | Sep 2025 ₹709 Cr | Dec 2025 ₹800 Cr | Mar 2026 ₹826 Cr | Jun 2026 —
- MDLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹295 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹324 Cr | Dec 2024 ₹289 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹322 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹239 Cr | Jun 2026 —
- BDX: Sep 2021 ₹155 Cr | Dec 2021 ₹568 Cr | Mar 2022 ₹390 Cr | Jun 2022 ₹390 Cr | Sep 2022 ₹288 Cr | Dec 2022 ₹509 Cr | Mar 2023 ₹460 Cr | Jun 2023 ₹407 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹537 Cr | Jun 2024 ₹487 Cr | Sep 2024 ₹400 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹574 Cr | Sep 2025 ₹493 Cr | Dec 2025 ₹382 Cr | Mar 2026 ₹-37 Cr | Jun 2026 —
- ALC: Sep 2021 ₹2 Cr | Dec 2021 ₹139 Cr | Mar 2022 ₹168 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹-97 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹204 Cr | Dec 2023 ₹427 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹263 Cr | Dec 2024 ₹284 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹237 Cr | Dec 2025 ₹217 Cr | Mar 2026 ₹189 Cr | Jun 2026 —
- RMD: Sep 2021 ₹204 Cr | Dec 2021 ₹202 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹210 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹230 Cr | Sep 2023 ₹219 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹311 Cr | Dec 2024 ₹345 Cr | Mar 2025 ₹365 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹349 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹399 Cr | Jun 2026 —
- WST: Sep 2021 ₹176 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹161 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹351 Cr | Jun 2022 ₹351 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹307 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹460 Cr | Dec 2023 ₹272 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- BAX: Sep 2021 ₹452 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹185 Cr | Sep 2022 ₹-3.0K Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-193 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹-488 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹-51 Cr | Dec 2025 ₹-1.0K Cr | Mar 2026 ₹-17 Cr | Jun 2026 —
- COO: Sep 2021 ₹616 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹131 Cr | Jun 2026 ₹-78 Cr
- ALGN: Sep 2021 ₹181 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹113 Cr | Jun 2026 —
- AVTR: Sep 2021 ₹157 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹187 Cr | Sep 2022 ₹167 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹500 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹-712 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- ATR: Sep 2021 ₹47 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹73 Cr | Jun 2026 —
- RGEN: Sep 2021 ₹33 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-34 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- TFX: Sep 2021 ₹200 Cr | Dec 2021 ₹127 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹78 Cr | Mar 2023 — | Jun 2023 ₹77 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹-137 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹-409 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- BLCO: Sep 2021 ₹63 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹-15 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-88 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-80 Cr | Dec 2023 ₹-51 Cr | Mar 2024 ₹-163 Cr | Jun 2024 ₹-148 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-81 Cr | Mar 2025 ₹-211 Cr | Jun 2025 ₹-58 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-141 Cr | Mar 2026 ₹-70 Cr | Jun 2026 —
- STVN: Sep 2021 ₹19 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- MMED: 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 ₹-12 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-168 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹-111 Cr | Jun 2026 ₹-185 Cr
- MMSI: Sep 2021 ₹12 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- NVST: Sep 2021 ₹79 Cr | Dec 2021 ₹80 Cr | Mar 2022 — | Jun 2022 ₹70 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹-217 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹33 Cr | Mar 2026 — | Jun 2026 ₹39 Cr
- ICUI: Sep 2021 ₹31 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹-38 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-13 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹-21 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- WRBY: Sep 2021 ₹-91 Cr | Dec 2021 ₹-46 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-32 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- XRAY: Sep 2021 ₹84 Cr | Dec 2021 ₹119 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-23 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹-266 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-495 Cr | Dec 2024 ₹-428 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹-44 Cr | Sep 2025 ₹-428 Cr | Dec 2025 ₹-145 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —
- PLSE: Sep 2021 ₹-14 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-17 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹-19 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-18 Cr | Jun 2026 —
- LMAT: Sep 2021 ₹7 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- ATRC: Sep 2021 ₹97 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- ALMR: 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 ₹-8 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-21 Cr | Jun 2026 —
- BLFS: Sep 2021 ₹-10 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-80 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- KMTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-25 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-51 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹-34 Cr | Jun 2026 —
- AZTA: Sep 2021 ₹-22 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-157 Cr | Jun 2026 —
- STAA: Sep 2021 ₹9 Cr | Dec 2021 ₹6 Cr | Mar 2022 — | Jun 2022 ₹10 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹-34 Cr | Mar 2025 ₹-54 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹-18 Cr | Jun 2026 ₹5 Cr

### 20-quarter Profit growth history
- ISRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -40% | Sep 2022 -16% | Dec 2022 -12% | Mar 2023 -2.2% | Jun 2023 36% | Sep 2023 29% | Dec 2023 81% | Mar 2024 52% | Jun 2024 25% | Sep 2024 36% | Dec 2024 13% | Mar 2025 29% | Jun 2025 25% | Sep 2025 24% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- MDLN: 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 9.2% | Jun 2025 14% | Sep 2025 -0.6% | Dec 2025 -38% | Mar 2026 -26% | Jun 2026 —
- BDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.2% | Sep 2022 86% | Dec 2022 -10% | Mar 2023 18% | Jun 2023 4.4% | Sep 2023 -63% | Dec 2023 -45% | Mar 2024 17% | Jun 2024 20% | Sep 2024 270% | Dec 2024 7.8% | Mar 2025 -71% | Jun 2025 18% | Sep 2025 23% | Dec 2025 26% | Mar 2026 -123% | Jun 2026 —
- ALC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.0% | Sep 2022 5,700% | Dec 2022 -170% | Mar 2023 3.6% | Jun 2023 14% | Sep 2023 76% | Dec 2023 — | Mar 2024 43% | Jun 2024 32% | Sep 2024 29% | Dec 2024 -33% | Mar 2025 41% | Jun 2025 -21% | Sep 2025 -9.9% | Dec 2025 -24% | Mar 2026 -46% | Jun 2026 —
- RMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 2.9% | Dec 2022 11% | Mar 2023 30% | Jun 2023 18% | Sep 2023 4.3% | Dec 2023 -7.1% | Mar 2024 29% | Jun 2024 27% | Sep 2024 42% | Dec 2024 65% | Mar 2025 22% | Jun 2025 30% | Sep 2025 12% | Dec 2025 14% | Mar 2026 9.3% | Jun 2026 —
- WST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.1% | Sep 2022 -31% | Dec 2022 -30% | Mar 2023 -20% | Jun 2023 -18% | Sep 2023 33% | Dec 2023 33% | Mar 2024 -18% | Jun 2024 -28% | Sep 2024 -16% | Dec 2024 -5.1% | Mar 2025 -22% | Jun 2025 19% | Sep 2025 2.9% | Dec 2025 1.5% | Mar 2026 54% | Jun 2026 —
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -17% | Jun 2023 -8.6% | Sep 2023 37% | Dec 2023 -11% | Mar 2024 -19% | Jun 2024 -72% | Sep 2024 -73% | Dec 2024 -89% | Mar 2025 -42% | Jun 2025 1.1% | Sep 2025 938% | Dec 2025 103% | Mar 2026 -91% | Jun 2026 —
- BAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 -762% | Dec 2022 -41% | Mar 2023 -100% | Jun 2023 -204% | Sep 2023 — | Dec 2023 52% | Mar 2024 — | Jun 2024 — | Sep 2024 65% | Dec 2024 -323% | Mar 2025 967% | Jun 2025 28% | Sep 2025 -184% | Dec 2025 — | Mar 2026 -127% | Jun 2026 —
- COO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -84% | Dec 2022 -40% | Mar 2023 -11% | Jun 2023 -69% | Sep 2023 -13% | Dec 2023 29% | Mar 2024 -4.7% | Jun 2024 123% | Sep 2024 24% | Dec 2024 39% | Mar 2025 28% | Jun 2025 -1.1% | Sep 2025 -6.7% | Dec 2025 -28% | Mar 2026 26% | Jun 2026 -189%
- ALGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -44% | Sep 2022 -60% | Dec 2022 -78% | Mar 2023 -34% | Jun 2023 -0.9% | Sep 2023 66% | Dec 2023 195% | Mar 2024 19% | Jun 2024 -13% | Sep 2024 -4.1% | Dec 2024 -16% | Mar 2025 -11% | Jun 2025 29% | Sep 2025 -51% | Dec 2025 31% | Mar 2026 22% | Jun 2026 —
- AVTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 6.4% | Dec 2022 51% | Mar 2023 -36% | Jun 2023 -104% | Sep 2023 -35% | Dec 2023 -30% | Mar 2024 -51% | Jun 2024 — | Sep 2024 -46% | Dec 2024 405% | Mar 2025 8.3% | Jun 2025 -30% | Sep 2025 -1,328% | Dec 2025 -90% | Mar 2026 -34% | Jun 2026 —
- ATR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 15% | Dec 2022 1.7% | Mar 2023 -11% | Jun 2023 30% | Sep 2023 56% | Dec 2023 5.1% | Mar 2024 51% | Jun 2024 8.4% | Sep 2024 19% | Dec 2024 63% | Mar 2025 -4.8% | Jun 2025 24% | Sep 2025 28% | Dec 2025 -27% | Mar 2026 -7.6% | Jun 2026 —
- RGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 21% | Dec 2022 69% | Mar 2023 -68% | Jun 2023 -60% | Sep 2023 -58% | Dec 2023 -133% | Mar 2024 -80% | Jun 2024 -70% | Sep 2024 -106% | Dec 2024 — | Mar 2025 100% | Jun 2025 150% | Sep 2025 — | Dec 2025 — | Mar 2026 33% | Jun 2026 —
- TFX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 -49% | Dec 2022 -39% | Mar 2023 — | Jun 2023 -27% | Sep 2023 8.8% | Dec 2023 77% | Mar 2024 — | Jun 2024 3.9% | Sep 2024 0.0% | Dec 2024 -199% | Mar 2025 225% | Jun 2025 54% | Sep 2025 -468% | Dec 2025 — | Mar 2026 -110% | Jun 2026 —
- BLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -85% | Sep 2022 -124% | Dec 2022 -100% | Mar 2023 -483% | Jun 2023 -514% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -400% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.8% | Sep 2022 89% | Dec 2022 6.7% | Mar 2023 0.0% | Jun 2023 9.7% | Sep 2023 5.6% | Dec 2023 -6.3% | Mar 2024 -32% | Jun 2024 -38% | Sep 2024 -21% | Dec 2024 6.7% | Mar 2025 42% | Jun 2025 43% | Sep 2025 20% | Dec 2025 0.0% | Mar 2026 3.7% | Jun 2026 —
- MMSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 25% | Dec 2022 57% | Mar 2023 91% | Jun 2023 33% | Sep 2023 73% | Dec 2023 -15% | Mar 2024 33% | Jun 2024 80% | Sep 2024 7.7% | Dec 2024 0.0% | Mar 2025 7.1% | Jun 2025 -8.3% | Sep 2025 0.0% | Dec 2025 36% | Mar 2026 37% | Jun 2026 —
- NVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -43% | Dec 2022 -7.5% | Mar 2023 — | Jun 2023 -26% | Sep 2023 -51% | Dec 2023 -393% | Mar 2024 -45% | Jun 2024 -2,315% | Sep 2024 -64% | Dec 2024 — | Mar 2025 -25% | Jun 2025 — | Sep 2025 -475% | Dec 2025 3,200% | Mar 2026 — | Jun 2026 50%
- ICUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -125% | Sep 2022 -142% | Dec 2022 -180% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -571% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WRBY: 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 — | Mar 2026 0.0% | Jun 2026 —
- XRAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 -1,382% | Dec 2022 -113% | Mar 2023 -133% | Jun 2023 16% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -105% | Sep 2024 — | Dec 2024 -694% | Mar 2025 12% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -153% | Jun 2026 —
- LMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -29% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 100% | Sep 2023 60% | Dec 2023 33% | Mar 2024 67% | Jun 2024 50% | Sep 2024 38% | Dec 2024 38% | Mar 2025 10% | Jun 2025 17% | Sep 2025 55% | Dec 2025 45% | Mar 2026 45% | Jun 2026 —
- ATRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -112% | 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 —
- BLFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -275% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AZTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -467% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -133% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 44% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 -40% | Sep 2023 -62% | Dec 2023 33% | Mar 2024 -200% | Jun 2024 17% | Sep 2024 100% | Dec 2024 -525% | Mar 2025 — | Jun 2025 -343% | Sep 2025 -10% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: ResMed Inc. leads ROCE at 7.1%, 1.8 percentage points above West Pharmaceutical Services, Inc.. Kestra Medical Technologies, Ltd. has the strongest latest improvement at +21.7 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: ResMed Inc. 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: ResMed Inc. · 7.1% | 34% versus #2 · West Pharmaceutical Services, Inc. | 8/8 recent comparable periods | 30/30 companies · 529 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. ResMed Inc. (RMD): 7.1%
2. West Pharmaceutical Services, Inc. (WST): 5.3%
3. Intuitive Surgical, Inc. (ISRG): 5.2%
4. Align Technology, Inc. (ALGN): 3.5%
5. AptarGroup, Inc. (ATR): 3.4%

### ROCE change — fastest improvers
1. Kestra Medical Technologies, Ltd. (KMTS): +21.7 pp
2. STAAR Surgical Company (STAA): +9.3 pp
3. AtriCure, Inc. (ATRC): +2.9 pp
4. Pulse Biosciences, Inc. (PLSE): +1.9 pp
5. MiniMed Group, Inc. (MMED): +1.7 pp

### 20-quarter ROCE history
- ISRG: Sep 2021 4.1% | Dec 2021 4.0% | Mar 2022 3.5% | Jun 2022 3.3% | Sep 2022 3.3% | Dec 2022 3.1% | Mar 2023 3.2% | Jun 2023 3.7% | Sep 2023 3.7% | Dec 2023 3.6% | Mar 2024 3.6% | Jun 2024 4.1% | Sep 2024 4.0% | Dec 2024 4.8% | Mar 2025 3.6% | Jun 2025 4.4% | Sep 2025 4.5% | Dec 2025 4.9% | Mar 2026 4.8% | Jun 2026 5.2%
- MDLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 1.7% | Dec 2024 1.5% | Mar 2025 3.4% | Jun 2025 3.8% | Sep 2025 1.7% | Dec 2025 1.2% | Mar 2026 1.2% | Jun 2026 —
- BDX: Sep 2021 0.8% | Dec 2021 1.5% | Mar 2022 1.2% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 1.3% | Mar 2023 1.3% | Jun 2023 1.2% | Sep 2023 0.8% | Dec 2023 1.0% | Mar 2024 1.6% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 1.0% | Mar 2025 0.8% | Jun 2025 1.8% | Sep 2025 1.5% | Dec 2025 1.2% | Mar 2026 0.2% | Jun 2026 —
- ALC: Sep 2021 0.1% | Dec 2021 0.7% | Mar 2022 1.0% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.1% | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 0.8% | Mar 2024 1.4% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 0.9% | Sep 2025 1.2% | Dec 2025 1.1% | Mar 2026 0.0% | Jun 2026 —
- RMD: Sep 2021 6.4% | Dec 2021 6.1% | Mar 2022 5.9% | Jun 2022 6.2% | Sep 2022 6.4% | Dec 2022 5.6% | Mar 2023 5.9% | Jun 2023 5.3% | Sep 2023 5.5% | Dec 2023 4.6% | Mar 2024 6.2% | Jun 2024 6.4% | Sep 2024 6.3% | Dec 2024 6.7% | Mar 2025 6.7% | Jun 2025 6.9% | Sep 2025 6.7% | Dec 2025 7.3% | Mar 2026 7.1% | Jun 2026 —
- WST: Sep 2021 7.7% | Dec 2021 7.3% | Mar 2022 7.6% | Jun 2022 8.7% | Sep 2022 6.8% | Dec 2022 4.5% | Mar 2023 5.3% | Jun 2023 6.1% | Sep 2023 5.8% | Dec 2023 5.1% | Mar 2024 4.0% | Jun 2024 4.2% | Sep 2024 5.1% | Dec 2024 5.1% | Mar 2025 3.5% | Jun 2025 5.0% | Sep 2025 5.1% | Dec 2025 4.7% | Mar 2026 5.4% | Jun 2026 5.3%
- SOLV: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 3.4% | Dec 2022 3.1% | Mar 2023 6.0% | Jun 2023 6.8% | Sep 2023 4.1% | Dec 2023 3.3% | Mar 2024 3.0% | Jun 2024 2.0% | Sep 2024 2.3% | Dec 2024 1.1% | Mar 2025 1.2% | Jun 2025 1.7% | Sep 2025 15% | Dec 2025 1.1% | Mar 2026 0.7% | Jun 2026 —
- BAX: Sep 2021 3.1% | Dec 2021 1.7% | Mar 2022 0.7% | Jun 2022 1.2% | Sep 2022 -14% | Dec 2022 1.1% | Mar 2023 0.5% | Jun 2023 -0.1% | Sep 2023 0.7% | Dec 2023 1.3% | Mar 2024 0.5% | Jun 2024 0.8% | Sep 2024 0.7% | Dec 2024 -2.1% | Mar 2025 0.3% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 -4.0% | Mar 2026 0.4% | Jun 2026 1.3%
- COO: Sep 2021 — | Dec 2021 1.8% | Mar 2022 1.5% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.1% | Mar 2023 1.5% | Jun 2023 0.9% | Sep 2023 1.5% | Dec 2023 1.3% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 1.8% | Dec 2024 1.8% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 1.6% | Dec 2025 1.2% | Mar 2026 1.9% | Jun 2026 -0.3%
- ALGN: Sep 2021 7.3% | Dec 2021 5.9% | Mar 2022 5.1% | Jun 2022 4.9% | Sep 2022 3.6% | Dec 2022 2.8% | Mar 2023 3.3% | Jun 2023 4.3% | Sep 2023 4.0% | Dec 2023 4.3% | Mar 2024 3.8% | Jun 2024 3.6% | Sep 2024 3.8% | Dec 2024 3.5% | Mar 2025 3.2% | Jun 2025 3.9% | Sep 2025 2.2% | Dec 2025 3.7% | Mar 2026 3.3% | Jun 2026 3.5%
- AVTR: Sep 2021 2.4% | Dec 2021 2.0% | Mar 2022 2.9% | Jun 2022 2.7% | Sep 2022 2.5% | Dec 2022 2.1% | Mar 2023 1.9% | Jun 2023 0.6% | Sep 2023 1.8% | Dec 2023 1.6% | Mar 2024 1.3% | Jun 2024 1.5% | Sep 2024 1.1% | Dec 2024 1.8% | Mar 2025 1.4% | Jun 2025 1.2% | Sep 2025 -6.1% | Dec 2025 1.3% | Mar 2026 1.0% | Jun 2026 1.2%
- ATR: Sep 2021 2.6% | Dec 2021 2.7% | Mar 2022 2.9% | Jun 2022 3.0% | Sep 2022 3.0% | Dec 2022 2.6% | Mar 2023 2.5% | Jun 2023 3.5% | Sep 2023 3.9% | Dec 2023 2.6% | Mar 2024 3.4% | Jun 2024 3.8% | Sep 2024 4.1% | Dec 2024 3.7% | Mar 2025 3.5% | Jun 2025 4.3% | Sep 2025 3.8% | Dec 2025 2.9% | Mar 2026 2.9% | Jun 2026 3.4%
- RGEN: Sep 2021 2.7% | Dec 2021 2.1% | Mar 2022 3.4% | Jun 2022 3.4% | Sep 2022 2.7% | Dec 2022 2.4% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 0.2% | Dec 2023 0.4% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 -0.3% | Dec 2024 -1.4% | Mar 2025 0.2% | Jun 2025 0.5% | Sep 2025 0.6% | Dec 2025 0.6% | Mar 2026 0.6% | Jun 2026 0.5%
- TFX: Sep 2021 3.5% | Dec 2021 2.2% | Mar 2022 1.5% | Jun 2022 2.0% | Sep 2022 1.9% | Dec 2022 1.9% | Mar 2023 — | Jun 2023 1.7% | Sep 2023 2.1% | Dec 2023 2.3% | Mar 2024 -0.1% | Jun 2024 1.6% | Sep 2024 2.0% | Dec 2024 -1.6% | Mar 2025 1.0% | Jun 2025 2.1% | Sep 2025 -5.3% | Dec 2025 3.9% | Mar 2026 0.3% | Jun 2026 —
- BLCO: Sep 2021 3.7% | Dec 2021 0.9% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 0.0% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.1% | Jun 2024 0.2% | Sep 2024 0.3% | Dec 2024 0.9% | Mar 2025 -0.7% | Jun 2025 -0.1% | Sep 2025 0.7% | Dec 2025 0.9% | Mar 2026 0.3% | Jun 2026 0.7%
- STVN: Sep 2021 3.3% | Dec 2021 5.0% | Mar 2022 4.2% | Jun 2022 4.9% | Sep 2022 4.2% | Dec 2022 5.5% | Mar 2023 3.5% | Jun 2023 3.8% | Sep 2023 4.0% | Dec 2023 4.8% | Mar 2024 1.7% | Jun 2024 1.9% | Sep 2024 2.6% | Dec 2024 4.0% | Mar 2025 1.9% | Jun 2025 2.3% | Sep 2025 2.9% | Dec 2025 3.6% | Mar 2026 2.0% | Jun 2026 —
- MMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 — | Mar 2025 0.6% | Jun 2025 -4.2% | Sep 2025 0.1% | Dec 2025 0.1% | Mar 2026 -2.8% | Jun 2026 -2.5%
- MMSI: Sep 2021 1.1% | Dec 2021 1.5% | Mar 2022 1.1% | Jun 2022 1.6% | Sep 2022 1.3% | Dec 2022 2.1% | Mar 2023 1.8% | Jun 2023 1.9% | Sep 2023 2.3% | Dec 2023 1.9% | Mar 2024 2.0% | Jun 2024 2.4% | Sep 2024 2.0% | Dec 2024 1.7% | Mar 2025 1.9% | Jun 2025 2.1% | Sep 2025 1.9% | Dec 2025 2.3% | Mar 2026 1.9% | Jun 2026 2.4%
- NVST: Sep 2021 — | Dec 2021 1.5% | Mar 2022 — | Jun 2022 1.7% | Sep 2022 1.2% | Dec 2022 1.6% | Mar 2023 1.3% | Jun 2023 1.5% | Sep 2023 1.5% | Dec 2023 -3.6% | Mar 2024 0.9% | Jun 2024 -23% | Sep 2024 0.4% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 1.0% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 — | Jun 2026 1.2%
- ICUI: Sep 2021 2.4% | Dec 2021 1.5% | Mar 2022 -1.4% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.2% | Jun 2023 0.1% | Sep 2023 0.6% | Dec 2023 -0.3% | Mar 2024 -0.3% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 1.0% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.4% | Dec 2025 0.2% | Mar 2026 0.4% | Jun 2026 —
- WRBY: Sep 2021 -28% | Dec 2021 -14% | Mar 2022 -9.2% | Jun 2022 -8.7% | Sep 2022 -6.2% | Dec 2022 -5.7% | Mar 2023 -2.9% | Jun 2023 -4.2% | Sep 2023 -4.4% | Dec 2023 -4.8% | Mar 2024 -1.1% | Jun 2024 -1.9% | Sep 2024 -1.4% | Dec 2024 -1.9% | Mar 2025 0.5% | Jun 2025 -0.9% | Sep 2025 0.7% | Dec 2025 -1.2% | Mar 2026 0.3% | Jun 2026 —
- XRAY: Sep 2021 1.7% | Dec 2021 2.2% | Mar 2022 1.2% | Jun 2022 1.5% | Sep 2022 -17% | Dec 2022 0.9% | Mar 2023 0.0% | Jun 2023 1.1% | Sep 2023 -3.9% | Dec 2023 1.2% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 -8.3% | Dec 2024 -10% | Mar 2025 1.3% | Jun 2025 -2.4% | Sep 2025 -4.7% | Dec 2025 -3.4% | Mar 2026 -0.8% | Jun 2026 —
- PLSE: Sep 2021 -28% | Dec 2021 -39% | Mar 2022 -34% | Jun 2022 -27% | Sep 2022 -26% | Dec 2022 -15% | Mar 2023 -20% | Jun 2023 -20% | Sep 2023 -16% | Dec 2023 -20% | Mar 2024 -20% | Jun 2024 -23% | Sep 2024 -19% | Dec 2024 -23% | Mar 2025 -21% | Jun 2025 -28% | Sep 2025 -22% | Dec 2025 -18% | Mar 2026 -19% | Jun 2026 —
- LMAT: Sep 2021 3.7% | Dec 2021 3.3% | Mar 2022 3.2% | Jun 2022 2.3% | Sep 2022 2.3% | Dec 2022 2.5% | Mar 2023 2.8% | Jun 2023 3.3% | Sep 2023 3.1% | Dec 2023 3.4% | Mar 2024 3.8% | Jun 2024 4.5% | Sep 2024 4.0% | Dec 2024 3.1% | Mar 2025 2.9% | Jun 2025 3.7% | Sep 2025 4.5% | Dec 2025 3.4% | Mar 2026 3.2% | Jun 2026 —
- ATRC: Sep 2021 16% | Dec 2021 -2.0% | Mar 2022 -2.4% | Jun 2022 -2.3% | Sep 2022 -2.0% | Dec 2022 -0.8% | Mar 2023 -1.1% | Jun 2023 -0.8% | Sep 2023 -1.6% | Dec 2023 -1.6% | Mar 2024 -2.1% | Jun 2024 -1.4% | Sep 2024 -1.4% | Dec 2024 -2.7% | Mar 2025 -1.1% | Jun 2025 -1.2% | Sep 2025 0.0% | Dec 2025 0.4% | Mar 2026 0.1% | Jun 2026 1.7%
- ALMR: 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 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -15% | Jun 2026 —
- BLFS: Sep 2021 -3.1% | Dec 2021 -4.7% | Mar 2022 -2.2% | Jun 2022 -17% | Sep 2022 -2.4% | Dec 2022 0.8% | Mar 2023 -3.0% | Jun 2023 -2.6% | Sep 2023 -3.8% | Dec 2023 0.2% | Mar 2024 -0.9% | Jun 2024 -0.4% | Sep 2024 -0.1% | Dec 2024 -2.7% | Mar 2025 -0.1% | Jun 2025 -4.7% | Sep 2025 0.0% | Dec 2025 -2.8% | Mar 2026 0.0% | Jun 2026 —
- KMTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -307% | Jun 2024 -314% | Sep 2024 — | Dec 2024 — | Mar 2025 -50% | Jun 2025 -36% | Sep 2025 -25% | Dec 2025 -30% | Mar 2026 -17% | Jun 2026 -14%
- AZTA: Sep 2021 -3.1% | Dec 2021 0.0% | Mar 2022 -0.2% | Jun 2022 -0.2% | Sep 2022 -0.8% | Dec 2022 -1.2% | Mar 2023 -0.4% | Jun 2023 -0.5% | Sep 2023 -0.5% | Dec 2023 -0.6% | Mar 2024 -0.9% | Jun 2024 -0.3% | Sep 2024 -0.2% | Dec 2024 -0.4% | Mar 2025 -0.9% | Jun 2025 0.0% | Sep 2025 0.1% | Dec 2025 -0.4% | Mar 2026 -9.6% | Jun 2026 —
- STAA: Sep 2021 — | Dec 2021 3.3% | Mar 2022 — | Jun 2022 4.5% | Sep 2022 5.8% | Dec 2022 0.3% | Mar 2023 0.8% | Jun 2023 2.4% | Sep 2023 1.6% | Dec 2023 2.6% | Mar 2024 -0.6% | Jun 2024 2.9% | Sep 2024 1.3% | Dec 2024 -6.5% | Mar 2025 -14% | Jun 2025 -7.3% | Sep 2025 4.3% | Dec 2025 — | Mar 2026 -5.6% | Jun 2026 2.0%

### 20-quarter ROCE change history
- ISRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −0.9 pp | Mar 2023 −0.3 pp | Jun 2023 +0.4 pp | Sep 2023 +0.4 pp | Dec 2023 +0.5 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.3 pp | Dec 2024 +1.2 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.5 pp | Dec 2025 +0.1 pp | Mar 2026 +1.2 pp | Jun 2026 +0.8 pp
- MDLN: 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 +1.7 pp | Dec 2024 +1.5 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 −2.2 pp | Jun 2026 —
- BDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.2 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.3 pp | Dec 2023 −0.3 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.5 pp | Dec 2024 0.0 pp | Mar 2025 −0.8 pp | Jun 2025 +0.5 pp | Sep 2025 +0.2 pp | Dec 2025 +0.2 pp | Mar 2026 −0.6 pp | Jun 2026 —
- ALC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.6 pp | Mar 2023 0.0 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 +0.7 pp | Mar 2024 +0.4 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 +0.6 pp | Mar 2025 +0.3 pp | Jun 2025 −0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 −1.7 pp | Jun 2026 —
- RMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.5 pp | Mar 2023 0.0 pp | Jun 2023 −0.9 pp | Sep 2023 −0.9 pp | Dec 2023 −1.0 pp | Mar 2024 +0.3 pp | Jun 2024 +1.1 pp | Sep 2024 +0.8 pp | Dec 2024 +2.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.5 pp | Sep 2025 +0.4 pp | Dec 2025 +0.6 pp | Mar 2026 +0.4 pp | Jun 2026 —
- WST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −2.8 pp | Mar 2023 −2.3 pp | Jun 2023 −2.6 pp | Sep 2023 −1.0 pp | Dec 2023 +0.6 pp | Mar 2024 −1.3 pp | Jun 2024 −1.9 pp | Sep 2024 −0.7 pp | Dec 2024 0.0 pp | Mar 2025 −0.5 pp | Jun 2025 +0.8 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 +1.9 pp | Jun 2026 +0.3 pp
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +3.1 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +0.7 pp | Dec 2023 +0.2 pp | Mar 2024 −3.0 pp | Jun 2024 −4.8 pp | Sep 2024 −1.8 pp | Dec 2024 −2.2 pp | Mar 2025 −1.8 pp | Jun 2025 −0.3 pp | Sep 2025 +12.5 pp | Dec 2025 0.0 pp | Mar 2026 −0.5 pp | Jun 2026 —
- BAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.3 pp | Dec 2022 −0.6 pp | Mar 2023 −0.2 pp | Jun 2023 −1.3 pp | Sep 2023 +14.9 pp | Dec 2023 +0.2 pp | Mar 2024 0.0 pp | Jun 2024 +0.9 pp | Sep 2024 0.0 pp | Dec 2024 −3.4 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 −1.9 pp | Mar 2026 +0.1 pp | Jun 2026 +0.3 pp
- COO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.7 pp | Mar 2023 0.0 pp | Jun 2023 −0.6 pp | Sep 2023 0.0 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 +0.6 pp | Sep 2024 +0.3 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.6 pp | Mar 2026 +0.3 pp | Jun 2026 −1.9 pp
- ALGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 −3.1 pp | Mar 2023 −1.8 pp | Jun 2023 −0.6 pp | Sep 2023 +0.4 pp | Dec 2023 +1.5 pp | Mar 2024 +0.5 pp | Jun 2024 −0.7 pp | Sep 2024 −0.2 pp | Dec 2024 −0.8 pp | Mar 2025 −0.6 pp | Jun 2025 +0.3 pp | Sep 2025 −1.6 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 −0.4 pp
- AVTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 −1.0 pp | Jun 2023 −2.1 pp | Sep 2023 −0.7 pp | Dec 2023 −0.5 pp | Mar 2024 −0.6 pp | Jun 2024 +0.9 pp | Sep 2024 −0.7 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.3 pp | Sep 2025 −7.2 pp | Dec 2025 −0.5 pp | Mar 2026 −0.4 pp | Jun 2026 0.0 pp
- ATR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.1 pp | Mar 2023 −0.4 pp | Jun 2023 +0.5 pp | Sep 2023 +0.9 pp | Dec 2023 0.0 pp | Mar 2024 +0.9 pp | Jun 2024 +0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +1.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.5 pp | Sep 2025 −0.3 pp | Dec 2025 −0.8 pp | Mar 2026 −0.6 pp | Jun 2026 −0.9 pp
- RGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.3 pp | Mar 2023 −2.7 pp | Jun 2023 −2.5 pp | Sep 2023 −2.5 pp | Dec 2023 −2.0 pp | Mar 2024 −0.5 pp | Jun 2024 −0.7 pp | Sep 2024 −0.5 pp | Dec 2024 −1.8 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.9 pp | Dec 2025 +2.0 pp | Mar 2026 +0.4 pp | Jun 2026 0.0 pp
- TFX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −0.3 pp | Mar 2023 — | Jun 2023 −0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.4 pp | Mar 2024 — | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −3.9 pp | Mar 2025 +1.1 pp | Jun 2025 +0.5 pp | Sep 2025 −7.3 pp | Dec 2025 +5.5 pp | Mar 2026 −0.7 pp | Jun 2026 —
- BLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 −0.4 pp | Mar 2023 −1.1 pp | Jun 2023 −0.8 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.8 pp | Jun 2025 −0.3 pp | Sep 2025 +0.4 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 +0.8 pp
- STVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.5 pp | Mar 2023 −0.7 pp | Jun 2023 −1.1 pp | Sep 2023 −0.2 pp | Dec 2023 −0.7 pp | Mar 2024 −1.8 pp | Jun 2024 −1.9 pp | Sep 2024 −1.4 pp | Dec 2024 −0.8 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.3 pp | Dec 2025 −0.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- MMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 — | Dec 2024 — | Mar 2025 +0.6 pp | Jun 2025 −4.2 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −3.4 pp | Jun 2026 +1.7 pp
- MMSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.6 pp | Mar 2023 +0.7 pp | Jun 2023 +0.3 pp | Sep 2023 +1.0 pp | Dec 2023 −0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.5 pp | Sep 2024 −0.3 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.3 pp | Sep 2025 −0.1 pp | Dec 2025 +0.6 pp | Mar 2026 0.0 pp | Jun 2026 +0.3 pp
- NVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 −0.2 pp | Sep 2023 +0.3 pp | Dec 2023 −5.2 pp | Mar 2024 −0.4 pp | Jun 2024 −24.4 pp | Sep 2024 −1.1 pp | Dec 2024 +4.4 pp | Mar 2025 −0.1 pp | Jun 2025 +23.9 pp | Sep 2025 +0.8 pp | Dec 2025 +0.6 pp | Mar 2026 — | Jun 2026 +0.2 pp
- ICUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 −1.5 pp | Mar 2023 +1.6 pp | Jun 2023 +0.1 pp | Sep 2023 +0.6 pp | Dec 2023 −0.3 pp | Mar 2024 −0.5 pp | Jun 2024 +0.1 pp | Sep 2024 −0.4 pp | Dec 2024 +1.3 pp | Mar 2025 +0.6 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −0.8 pp | Mar 2026 +0.1 pp | Jun 2026 —
- WRBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +21.5 pp | Dec 2022 +8.2 pp | Mar 2023 +6.3 pp | Jun 2023 +4.5 pp | Sep 2023 +1.8 pp | Dec 2023 +0.9 pp | Mar 2024 +1.8 pp | Jun 2024 +2.3 pp | Sep 2024 +3.0 pp | Dec 2024 +2.9 pp | Mar 2025 +1.6 pp | Jun 2025 +1.0 pp | Sep 2025 +2.1 pp | Dec 2025 +0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- XRAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.7 pp | Dec 2022 −1.3 pp | Mar 2023 −1.2 pp | Jun 2023 −0.4 pp | Sep 2023 +13.1 pp | Dec 2023 +0.3 pp | Mar 2024 +0.7 pp | Jun 2024 −0.3 pp | Sep 2024 −4.4 pp | Dec 2024 −11.3 pp | Mar 2025 +0.6 pp | Jun 2025 −3.2 pp | Sep 2025 +3.6 pp | Dec 2025 +6.7 pp | Mar 2026 −2.1 pp | Jun 2026 —
- PLSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +23.9 pp | Mar 2023 +13.3 pp | Jun 2023 +7.2 pp | Sep 2023 +10.1 pp | Dec 2023 −5.3 pp | Mar 2024 +0.6 pp | Jun 2024 −2.6 pp | Sep 2024 −2.6 pp | Dec 2024 −3.0 pp | Mar 2025 −1.5 pp | Jun 2025 −5.2 pp | Sep 2025 −3.4 pp | Dec 2025 +5.7 pp | Mar 2026 +1.9 pp | Jun 2026 —
- LMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −0.8 pp | Mar 2023 −0.4 pp | Jun 2023 +1.0 pp | Sep 2023 +0.8 pp | Dec 2023 +0.9 pp | Mar 2024 +1.0 pp | Jun 2024 +1.2 pp | Sep 2024 +0.9 pp | Dec 2024 −0.3 pp | Mar 2025 −0.9 pp | Jun 2025 −0.8 pp | Sep 2025 +0.5 pp | Dec 2025 +0.3 pp | Mar 2026 +0.3 pp | Jun 2026 —
- ATRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.1 pp | Dec 2022 +1.2 pp | Mar 2023 +1.3 pp | Jun 2023 +1.5 pp | Sep 2023 +0.4 pp | Dec 2023 −0.8 pp | Mar 2024 −1.0 pp | Jun 2024 −0.6 pp | Sep 2024 +0.2 pp | Dec 2024 −1.1 pp | Mar 2025 +1.0 pp | Jun 2025 +0.2 pp | Sep 2025 +1.4 pp | Dec 2025 +3.1 pp | Mar 2026 +1.2 pp | Jun 2026 +2.9 pp
- ALMR: 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 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 —
- BLFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +5.5 pp | Mar 2023 −0.8 pp | Jun 2023 +13.9 pp | Sep 2023 −1.4 pp | Dec 2023 −0.6 pp | Mar 2024 +2.1 pp | Jun 2024 +2.2 pp | Sep 2024 +3.7 pp | Dec 2024 −2.9 pp | Mar 2025 +0.8 pp | Jun 2025 −4.3 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- KMTS: 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 +257.3 pp | Jun 2025 +278.0 pp | Sep 2025 — | Dec 2025 — | Mar 2026 +33.0 pp | Jun 2026 +21.7 pp
- AZTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 −1.2 pp | Mar 2023 −0.2 pp | Jun 2023 −0.3 pp | Sep 2023 +0.3 pp | Dec 2023 +0.6 pp | Mar 2024 −0.5 pp | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.3 pp | Dec 2025 0.0 pp | Mar 2026 −8.7 pp | Jun 2026 —
- STAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.0 pp | Mar 2023 — | Jun 2023 −2.1 pp | Sep 2023 −4.2 pp | Dec 2023 +2.3 pp | Mar 2024 −1.4 pp | Jun 2024 +0.5 pp | Sep 2024 −0.3 pp | Dec 2024 −9.1 pp | Mar 2025 −13.4 pp | Jun 2025 −10.2 pp | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 +8.4 pp | Jun 2026 +9.3 pp

## Valuation Against Growth & Quality

What the numbers say: LeMaitre Vascular, Inc. has the lowest comparable PEG at 1.09×, 17.4% below ResMed Inc.. Only 6 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: LeMaitre Vascular, Inc. · 1.09× | 17.4% versus #2 · ResMed Inc. | 0/8 recent comparable periods | 6/30 companies · 82 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. LeMaitre Vascular, Inc. (LMAT): 1.1
2. ResMed Inc. (RMD): 1.3
3. Becton, Dickinson and Company (BDX): 2.4
4. The Cooper Companies, Inc. (COO): 2.6
5. Stevanato Group S.p.A. (STVN): 2.7

### P/E — lowest P/E
1. Azenta, Inc. (AZTA): 2.1
2. Solventum Corporation (SOLV): 8.0
3. Avantor, Inc. (AVTR): 13.6
4. ResMed Inc. (RMD): 21.6
5. AptarGroup, Inc. (ATR): 22.6

### 20-quarter PEG history
- ISRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.7 | Dec 2023 1.8 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 3.0 | Mar 2025 3.1 | Jun 2025 3.3 | Sep 2025 2.8 | Dec 2025 3.1 | Mar 2026 2.7 | Jun 2026 —
- BDX: 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 2.2 | Dec 2024 0.9 | Mar 2025 3.2 | Jun 2025 2.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALC: 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 6.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.5 | Jun 2023 2.4 | Sep 2023 1.6 | Dec 2023 2.9 | Mar 2024 2.8 | Jun 2024 2.0 | Sep 2024 1.4 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 —
- WST: 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 — | Mar 2026 1.9 | Jun 2026 —
- COO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.0 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.1 | Jun 2025 1.9 | Sep 2025 2.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.8 | Mar 2024 1.1 | Jun 2024 0.9 | Sep 2024 1.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.4 | Jun 2026 —
- ATR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.2 | Jun 2023 3.2 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.8 | Dec 2024 0.9 | Mar 2025 1.5 | Jun 2025 1.2 | Sep 2025 0.8 | Dec 2025 3.3 | Mar 2026 3.3 | Jun 2026 —
- RGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.7 | 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 —
- STVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.0 | Jun 2023 2.4 | Sep 2023 8.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.8 | Sep 2025 2.0 | Dec 2025 2.1 | Mar 2026 2.7 | Jun 2026 —
- MMSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.0 | Sep 2023 — | Dec 2023 1.9 | Mar 2024 2.5 | Jun 2024 1.5 | Sep 2024 2.7 | Dec 2024 1.9 | Mar 2025 3.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.3 | Jun 2026 —
- LMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.0 | Sep 2023 1.7 | Dec 2023 1.0 | Mar 2024 — | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 1.4 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 —
- STAA: 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 11.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ISRG: Sep 2021 71.4 | Dec 2021 77.1 | Mar 2022 67.0 | Jun 2022 51.1 | Sep 2022 49.5 | Dec 2022 72.7 | Mar 2023 69.8 | Jun 2023 85.7 | Sep 2023 68.8 | Dec 2023 67.1 | Mar 2024 72.0 | Jun 2024 76.4 | Sep 2024 79.0 | Dec 2024 81.3 | Mar 2025 72.6 | Jun 2025 75.8 | Sep 2025 59.2 | Dec 2025 72.0 | Mar 2026 55.9 | Jun 2026 45.6
- MDLN: 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 — | Mar 2026 32.6 | Jun 2026 —
- BDX: Sep 2021 35.0 | Dec 2021 42.4 | Mar 2022 40.9 | Jun 2022 42.5 | Sep 2022 37.9 | Dec 2022 48.0 | Mar 2023 46.4 | Jun 2023 47.9 | Sep 2023 52.3 | Dec 2023 57.8 | Mar 2024 54.5 | Jun 2024 48.1 | Sep 2024 41.1 | Dec 2024 38.1 | Mar 2025 44.3 | Jun 2025 31.4 | Sep 2025 32.2 | Dec 2025 31.7 | Mar 2026 39.8 | Jun 2026 —
- ALC: Sep 2021 120.1 | Dec 2021 114.6 | Mar 2022 85.3 | Jun 2022 76.0 | Sep 2022 50.6 | Dec 2022 100.8 | Mar 2023 103.7 | Jun 2023 114.0 | Sep 2023 85.6 | Dec 2023 39.9 | Mar 2024 39.5 | Jun 2024 40.1 | Sep 2024 42.8 | Dec 2024 41.4 | Mar 2025 42.2 | Jun 2025 41.1 | Sep 2025 35.5 | Dec 2025 39.8 | Mar 2026 45.4 | Jun 2026 —
- RMD: Sep 2021 77.3 | Dec 2021 73.4 | Mar 2022 45.7 | Jun 2022 39.6 | Sep 2022 40.8 | Dec 2022 37.8 | Mar 2023 37.3 | Jun 2023 35.9 | Sep 2023 24.0 | Dec 2023 28.4 | Mar 2024 30.4 | Jun 2024 27.7 | Sep 2024 32.3 | Dec 2024 27.0 | Mar 2025 25.1 | Jun 2025 27.1 | Sep 2025 28.0 | Dec 2025 23.8 | Mar 2026 21.7 | Jun 2026 —
- WST: Sep 2021 52.7 | Dec 2021 54.1 | Mar 2022 45.6 | Jun 2022 33.6 | Sep 2022 29.7 | Dec 2022 30.5 | Mar 2023 47.6 | Jun 2023 55.8 | Sep 2023 50.6 | Dec 2023 44.7 | Mar 2024 52.2 | Jun 2024 46.9 | Sep 2024 44.5 | Dec 2024 49.0 | Mar 2025 35.2 | Jun 2025 32.8 | Sep 2025 38.9 | Dec 2025 40.5 | Mar 2026 33.5 | Jun 2026 46.0
- SOLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.3 | Jun 2024 8.7 | Sep 2024 16.8 | Dec 2024 23.9 | Mar 2025 35.2 | Jun 2025 35.1 | Sep 2025 8.4 | Dec 2025 8.9 | Mar 2026 8.0 | Jun 2026 —
- BAX: Sep 2021 21.6 | Dec 2021 33.9 | Mar 2022 37.1 | Jun 2022 32.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 7.5 | Dec 2023 7.4 | Mar 2024 8.3 | Jun 2024 6.0 | Sep 2024 39.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- COO: Sep 2021 — | Dec 2021 7.1 | Mar 2022 21.1 | Jun 2022 19.0 | Sep 2022 37.8 | Dec 2022 35.2 | Mar 2023 46.1 | Jun 2023 65.5 | Sep 2023 70.4 | Dec 2023 52.7 | Mar 2024 63.9 | Jun 2024 52.4 | Sep 2024 52.1 | Dec 2024 53.4 | Mar 2025 46.9 | Jun 2025 39.7 | Sep 2025 34.8 | Dec 2025 37.4 | Mar 2026 40.3 | Jun 2026 53.3
- ALGN: Sep 2021 71.6 | Dec 2021 67.8 | Mar 2022 49.0 | Jun 2022 30.3 | Sep 2022 32.0 | Dec 2022 45.8 | Mar 2023 82.5 | Jun 2023 86.9 | Sep 2023 64.7 | Dec 2023 47.2 | Mar 2024 54.0 | Jun 2024 41.0 | Sep 2024 43.4 | Dec 2024 37.1 | Mar 2025 28.9 | Jun 2025 31.9 | Sep 2025 24.3 | Dec 2025 27.6 | Mar 2026 28.8 | Jun 2026 29.3
- AVTR: Sep 2021 51.8 | Dec 2021 49.6 | Mar 2022 38.0 | Jun 2022 33.4 | Sep 2022 20.9 | Dec 2022 20.9 | Mar 2023 23.0 | Jun 2023 32.6 | Sep 2023 39.0 | Dec 2023 48.6 | Mar 2024 65.6 | Jun 2024 39.3 | Sep 2024 56.2 | Dec 2024 20.3 | Mar 2025 15.6 | Jun 2025 13.6 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ATR: Sep 2021 33.7 | Dec 2021 33.9 | Mar 2022 35.7 | Jun 2022 30.1 | Sep 2022 26.8 | Dec 2022 30.6 | Mar 2023 34.1 | Jun 2023 30.8 | Sep 2023 29.7 | Dec 2023 29.1 | Mar 2024 30.9 | Jun 2024 29.6 | Sep 2024 32.2 | Dec 2024 28.4 | Mar 2025 27.1 | Jun 2025 26.9 | Sep 2025 21.4 | Dec 2025 20.7 | Mar 2026 21.6 | Jun 2026 22.6
- RGEN: Sep 2021 137.6 | Dec 2021 118.2 | Mar 2022 74.3 | Jun 2022 58.6 | Sep 2022 64.5 | Dec 2022 52.3 | Mar 2023 62.1 | Jun 2023 64.9 | Sep 2023 89.8 | Dec 2023 285.4 | Mar 2024 437.9 | Jun 2024 741.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6,683.5 | Dec 2025 190.5 | Mar 2026 130.9 | Jun 2026 186.9
- TFX: Sep 2021 42.4 | Dec 2021 32.1 | Mar 2022 33.0 | Jun 2022 24.0 | Sep 2022 23.8 | Dec 2022 32.6 | Mar 2023 — | Jun 2023 33.1 | Sep 2023 31.1 | Dec 2023 23.1 | Mar 2024 36.3 | Jun 2024 37.8 | Sep 2024 49.1 | Dec 2024 120.3 | Mar 2025 43.2 | Jun 2025 28.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39.1 | Sep 2022 90.2 | Dec 2022 775.5 | 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 —
- STVN: Sep 2021 43.7 | Dec 2021 37.3 | Mar 2022 37.9 | Jun 2022 32.8 | Sep 2022 32.6 | Dec 2022 31.0 | Mar 2023 43.3 | Jun 2023 53.0 | Sep 2023 50.1 | Dec 2023 44.9 | Mar 2024 58.3 | Jun 2024 37.2 | Sep 2024 41.8 | Dec 2024 48.7 | Mar 2025 40.2 | Jun 2025 41.5 | Sep 2025 42.2 | Dec 2025 33.6 | Mar 2026 23.3 | Jun 2026 —
- MMSI: Sep 2021 94.5 | Dec 2021 74.2 | Mar 2022 79.2 | Jun 2022 53.2 | Sep 2022 52.3 | Dec 2022 54.7 | Mar 2023 50.0 | Jun 2023 53.6 | Sep 2023 39.9 | Dec 2023 46.9 | Mar 2024 43.5 | Jun 2024 43.0 | Sep 2024 48.5 | Dec 2024 47.7 | Mar 2025 51.8 | Jun 2025 47.5 | Sep 2025 42.7 | Dec 2025 41.4 | Mar 2026 29.8 | Jun 2026 28.7
- NVST: Sep 2021 — | Dec 2021 21.9 | Mar 2022 — | Jun 2022 26.3 | Sep 2022 23.7 | Dec 2022 24.6 | Mar 2023 34.1 | Jun 2023 27.5 | Sep 2023 25.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 61.5 | Sep 2025 226.1 | Dec 2025 77.5 | Mar 2026 — | Jun 2026 63.0
- ICUI: Sep 2021 46.3 | Dec 2021 50.1 | Mar 2022 109.1 | Jun 2022 391.4 | 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 4,755.7 | Mar 2026 69.8 | Jun 2026 —
- WRBY: 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 2,758.0 | Dec 2025 2,179.0 | Mar 2026 1,053.5 | Jun 2026 —
- XRAY: Sep 2021 32.8 | Dec 2021 29.8 | Mar 2022 29.5 | Jun 2022 22.6 | 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 — | Mar 2026 — | Jun 2026 —
- LMAT: Sep 2021 40.2 | Dec 2021 40.2 | Mar 2022 37.2 | Jun 2022 45.1 | Sep 2022 52.8 | Dec 2022 49.5 | Mar 2023 55.3 | Jun 2023 59.5 | Sep 2023 45.0 | Dec 2023 42.4 | Mar 2024 44.0 | Jun 2024 49.3 | Sep 2024 50.8 | Dec 2024 47.7 | Mar 2025 42.4 | Jun 2025 40.3 | Sep 2025 37.7 | Dec 2025 32.2 | Mar 2026 40.3 | Jun 2026 —
- ATRC: Sep 2021 73.2 | Dec 2021 63.8 | Mar 2022 58.6 | Jun 2022 35.2 | 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 — | Mar 2026 — | Jun 2026 133.2
- BLFS: Sep 2021 423.2 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1,820.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 228.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AZTA: Sep 2021 68.7 | Dec 2021 60.0 | Mar 2022 2.8 | Jun 2022 2.5 | Sep 2022 1.5 | Dec 2022 2.1 | 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 —
- STAA: Sep 2021 — | Dec 2021 277.8 | Mar 2022 — | Jun 2022 138.8 | Sep 2022 107.8 | Dec 2022 60.7 | Mar 2023 96.9 | Jun 2023 101.1 | Sep 2023 98.0 | Dec 2023 72.6 | Mar 2024 123.5 | Jun 2024 140.0 | Sep 2024 84.6 | 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.

## Every company
- Intuitive Surgical, Inc. (ISRG) — market value ₹1.3 L Cr; latest fundamentals Jun 2026
- Medline Inc. (MDLN) — market value ₹55.2K Cr; latest fundamentals Mar 2026
- Becton, Dickinson and Company (BDX) — market value ₹46.9K Cr; latest fundamentals Mar 2026
- Alcon Inc. (ALC) — market value ₹34.5K Cr; latest fundamentals Mar 2026
- ResMed Inc. (RMD) — market value ₹32.2K Cr; latest fundamentals Mar 2026
- West Pharmaceutical Services, Inc. (WST) — market value ₹24.5K Cr; latest fundamentals Jun 2026
- Solventum Corporation (SOLV) — market value ₹15.2K Cr; latest fundamentals Mar 2026
- Baxter International Inc. (BAX) — market value ₹14.7K Cr; latest fundamentals Jun 2026
- The Cooper Companies, Inc. (COO) — market value ₹14.6K Cr; latest fundamentals Jun 2026
- Align Technology, Inc. (ALGN) — market value ₹12.4K Cr; latest fundamentals Jun 2026
- Avantor, Inc. (AVTR) — market value ₹9.3K Cr; latest fundamentals Jun 2026
- AptarGroup, Inc. (ATR) — market value ₹8.7K Cr; latest fundamentals Jun 2026
- Repligen Corporation (RGEN) — market value ₹8.5K Cr; latest fundamentals Jun 2026
- Teleflex Incorporated (TFX) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- Bausch + Lomb Corporation (BLCO) — market value ₹6.0K Cr; latest fundamentals Jun 2026
- Stevanato Group S.p.A. (STVN) — market value ₹5.4K Cr; latest fundamentals Mar 2026
- MiniMed Group, Inc. (MMED) — market value ₹5.3K Cr; latest fundamentals Jun 2026
- Merit Medical Systems, Inc. (MMSI) — market value ₹5.1K Cr; latest fundamentals Jun 2026
- Envista Holdings Corporation (NVST) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- ICU Medical, Inc. (ICUI) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Warby Parker Inc. (WRBY) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- DENTSPLY SIRONA Inc. (XRAY) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Pulse Biosciences, Inc. (PLSE) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- LeMaitre Vascular, Inc. (LMAT) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- AtriCure, Inc. (ATRC) — market value ₹2.0K Cr; latest fundamentals Jun 2026
- Alamar Biosciences, Inc. (ALMR) — market value ₹1.9K Cr; latest fundamentals Mar 2026
- BioLife Solutions, Inc. (BLFS) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Kestra Medical Technologies, Ltd. (KMTS) — market value ₹1.5K Cr; latest fundamentals Jun 2026
- Azenta, Inc. (AZTA) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- STAAR Surgical Company (STAA) — market value ₹1.2K 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 Instruments & Supplies sector outperforming S&P 500?

Medical Instruments & Supplies has outperformed S&P 500 by 2.3% over 52 weeks and 18.1% over 13 weeks. 13 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 27 beat the sector itself.

### Which Medical Instruments & Supplies company is largest by revenue?

Medline Inc. leads with revenue of $29,140 million, based on 14 of 30 comparable companies through Mar 2026.

### Which Medical Instruments & Supplies company is growing fastest?

MiniMed Group, Inc. has the fastest current revenue growth at 14.3%, across 14 of 30 comparable companies.

### Which Medical Instruments & Supplies company has the strongest 4-Factor Sector Score?

LeMaitre Vascular, Inc. ranks first at 61.8/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Medical Instruments & Supplies company has the lowest comparable PEG?

LeMaitre Vascular, Inc. has the lowest comparable PEG at 1.09, among 6 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Medical Instruments & Supplies 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 Instruments & Supplies company is the biggest?

Medline Inc. is the largest, with trailing-twelve-month revenue of $29,140 million, ahead of Becton, Dickinson and Company at $21,366 million. That covers 14 of 30 companies with comparable reporting through Mar 2026.

### Which Medical Instruments & Supplies company has the best profit margins?

ResMed Inc. has the highest operating margin at 34.9%, from 29 of 30 comparable companies. Pulse Biosciences, Inc. shows the biggest recent improvement, at +98992.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Medical Instruments & Supplies company makes the most profit?

ResMed Inc. earns the most, at $1,521 million of trailing-twelve-month net profit, from 16 of 30 comparable companies. Solventum Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Medical Instruments & Supplies company earns the highest return on capital?

ResMed Inc. leads on return on capital employed at 7.1%, 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 Instruments & Supplies stock is the cheapest?

On PEG — where a LOWER number is cheaper — LeMaitre Vascular, Inc. screens cheapest at 1.09×. Only 6 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 Instruments & Supplies sector beating the market?

Medical Instruments & Supplies has outperformed S&P 500 by 2.3% over the last 52 weeks and 18.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 13 of 27 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Medical Instruments & Supplies stock has the strongest price momentum?

Pulse Biosciences, 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 Instruments & Supplies company scores highest for research priority?

LeMaitre Vascular, Inc. scores 61.8 out of 100 with 81.1% evidence confidence, from 26.4 points on growth and earnings, 16.2 on capital efficiency, 13.8 on valuation and 5.4 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 Instruments & Supplies 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 Instruments & Supplies sector?

The 30 Medical Instruments & Supplies companies on this page carry $464,611 million of combined market value. Intuitive Surgical, Inc. is the largest at $130,100 million, about 28% 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 Instruments & Supplies sector's P/E ratio?

The median price-to-earnings ratio across the 30 Medical Instruments & Supplies companies on this page is 40.3×, measured on the 26 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 Instruments & Supplies sector performing?

13 of the 27 covered Medical Instruments & Supplies companies are beating S&P 500 on Mansfield relative strength. The sector itself is 2.3% 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 Instruments & Supplies stocks are listed in the US?

This comparison covers 30 listed Medical Instruments & Supplies 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.