The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how medical devices & supplies - diversified stocks fared in Q4, starting with Stryker (NYSE: SYK).

The medical devices industry operates a business model that balances steady demand with significant investments in innovation and regulatory compliance. The industry benefits from recurring revenue streams tied to consumables, maintenance services, and incremental upgrades to the latest technologies. However, the capital-intensive nature of product development, coupled with lengthy regulatory pathways and the need for clinical validation, can weigh on profitability and timelines. In addition, there are constant pricing pressures from healthcare systems and insurers maximizing cost efficiency. Over the next several years, one tailwind is demographic–aging populations means rising chronic disease rates that drive greater demand for medical interventions and monitoring solutions. Advances in digital health, such as remote patient monitoring and smart devices, are also expected to unlock new demand by shortening upgrade cycles. On the other hand, the industry faces headwinds from pricing and reimbursement pressures as healthcare providers increasingly adopt value-based care models. Additionally, the integration of cybersecurity for connected devices adds further risk and complexity for device manufacturers.

The 6 medical devices & supplies - diversified stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 1.9% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.1% since the latest earnings results.

Stryker (NYSE: SYK)

With over 150 million patients impacted annually through its innovative healthcare technologies, Stryker (NYSE: SYK) develops and manufactures advanced medical devices and equipment across orthopedics, surgical tools, neurotechnology, and patient care solutions.

Stryker reported revenues of $7.17 billion, up 11.4% year on year. This print exceeded analysts’ expectations by 0.8%. Overall, it was a satisfactory quarter for the company with a narrow beat of analysts’ organic revenue estimates.

“We had an outstanding finish to 2025, driving double-digit sales and adjusted earnings per share growth for the fourth quarter and full year while delivering adjusted operating margin expansion of at least 100 basis points for the second consecutive year,” said Kevin A. Lobo, Chair and CEO, Stryker.

Interestingly, the stock is up 1.3% since reporting and currently trades at $359.00.

Is now the time to buy Stryker? Access our full analysis of the earnings results here, it’s free.

Best Q4: Neogen (NASDAQ: NEOG)

Founded in 1981 and operating at the intersection of food safety and animal health, Neogen (NASDAQ: NEOG) develops and manufactures diagnostic tests and related products to detect dangerous substances in food and pharmaceuticals for animal health.

Neogen reported revenues of $224.7 million, down 2.8% year on year, outperforming analysts’ expectations by 7.2%. The business had a stunning quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Neogen scored the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 29.3% since reporting. It currently trades at $9.55.

Is now the time to buy Neogen? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Abbott Laboratories (NYSE: ABT)

With roots dating back to 1888 when founder Dr. Wallace Abbott began producing precise, dosage-form medications, Abbott Laboratories (NYSE: ABT) develops and sells a diverse range of healthcare products including medical devices, diagnostics, nutrition products, and branded generic pharmaceuticals.

Abbott Laboratories reported revenues of $11.46 billion, up 4.4% year on year, falling short of analysts’ expectations by 2.9%. It was a softer quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ organic revenue estimates.

Abbott Laboratories delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 8.6% since the results and currently trades at $110.36.

Read our full analysis of Abbott Laboratories’s results here.

Baxter (NYSE: BAX)

With a history dating back to 1931 and products used in over 100 countries, Baxter International (NYSE: BAX) provides essential healthcare products including dialysis therapies, IV solutions, infusion systems, surgical products, and patient monitoring technologies to hospitals and clinics worldwide.

Baxter reported revenues of $2.97 billion, up 8% year on year. This print topped analysts’ expectations by 5.7%. Zooming out, it was a slower quarter as it recorded a significant miss of analysts’ full-year EPS guidance estimates and a significant miss of analysts’ EPS estimates.

The stock is down 21.1% since reporting and currently trades at $17.57.

Read our full, actionable report on Baxter here, it’s free.

Boston Scientific (NYSE: BSX)

Founded in 1979 with a mission to advance less-invasive medicine, Boston Scientific (NYSE: BSX) develops and manufactures medical devices used in minimally invasive procedures across cardiovascular, urological, neurological, and gastrointestinal specialties.

Boston Scientific reported revenues of $5.29 billion, up 15.9% year on year. This number met analysts’ expectations. Taking a step back, it was a mixed quarter as it also recorded a narrow beat of analysts’ organic revenue estimates but a slight miss of analysts’ EPS guidance for next quarter estimates.

Boston Scientific scored the fastest revenue growth among its peers. The stock is down 23.5% since reporting and currently trades at $70.06.

Read our full, actionable report on Boston Scientific here, it’s free.

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