Direct Answer
96 SEC filers are classified under the Standard Industrial Classification codes that describe the cardiovascular devices industry, and their latest annual reports show $210.5 billion of combined revenue and a median operating margin of -27.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Cardiovascular device makers produce stents, heart valves, pacemakers, defibrillators and catheters used to treat heart and vascular disease. Clinical evidence and surgeon adoption drive sales, and reimbursement rules decide procedure volumes. The first numbers to compare across companies here are organic growth by product line, procedure volumes and gross margin.
Key Industry Metrics
- Organic growth by product line: Sales growth excluding acquisitions and currency, split among areas such as valves, rhythm management and vascular. It shows which product categories are taking share.
- Procedure volumes: Number of procedures in which devices are used. Demand follows procedure counts, so rising volume signals patient access and capacity, while hospital backlogs can limit it.
- Gross margin: Share of sales left after the cost to make devices. High-value implants earn more, so product mix and manufacturing scale drive margin.
- New product launches: Introduction of new devices or generations. Launches renew pricing and share, but adoption depends on surgeon training and hospital approval.
- Clinical trial results: Outcome data comparing devices with existing therapy. Strong trials support coverage and surgeon adoption, while safety findings can quickly restrict use.
Primary Macro Drivers
- Aging population and heart disease prevalence: Older people have more heart rhythm and valve disease, so a growing older population raises procedure volumes for implants and catheters.
- Reimbursement and coverage decisions: Decisions by Medicare and insurers on which procedures and devices are covered decide how many patients can receive them, setting procedure volume.
- Innovation such as structural heart and electrophysiology: Newer devices that treat valves or rhythm through less invasive routes can expand eligible patients and lift organic growth by product line.
- Hospital capital spending: Hospitals buy imaging and lab systems out of capital budgets, so tight budgets can delay purchases of equipment used in heart procedures.
Major Risks
- Product recalls and safety issues: A recall or safety alert can halt sales, bring costs and damage trust with surgeons; watch recall notices and regulatory correspondence.
- Pricing pressure: Hospitals and buying groups press suppliers on price for older devices, lowering average selling price; watch gross margin and pricing commentary.
- Competition: Rival devices with better trial data can take share in a procedure; watch clinical trial results and launch timing.
- Regulatory delays: Slow approval or additional data requests delay launches and expected revenue; watch regulatory timelines in the pipeline.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Defensive |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | U.S. / Global |
Cardiovascular Devices Filers in the SEC Record
96 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3841, 3845. Their latest fiscal years end between 2022 and 2026, and together they reported $210.5 billion of revenue. Median revenue growth over the prior year was 15.3%. Median operating margin was -27.3% and median net margin -24.1%. Median total liabilities were 47% of total assets, and 29 of 96 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Medtronic Plc | $36.4 billion | 8.4% | 17.8% | 0.0% | FY 2026 |
| Medline Inc. | $28.4 billion | 11.5% | 7.8% | 4069.4% | FY 2025 |
| Stryker Corp | $25.1 billion | 11.2% | 19.5% | 12.9% | FY 2025 |
| 3m Co | $24.9 billion | 1.5% | 18.6% | 13.0% | FY 2025 |
| Becton Dickinson & Co | $21.8 billion | 8.2% | 11.8% | 7.7% | FY 2025 |
| Boston Scientific Corp | $20.1 billion | 19.9% | 18.0% | 14.4% | FY 2025 |
| Baxter International Inc | $11.2 billion | 5.7% | -2.7% | -8.5% | FY 2025 |
| Solventum Corp | $8.3 billion | 0.9% | 26.2% | 18.7% | FY 2025 |
The 8 largest of 96 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Cardiovascular Devices guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Cardiovascular Devices industry?
Key performance indicators for the Cardiovascular Devices industry include: Organic growth by product line, Procedure volumes, Gross margin, New product launches, Clinical trial results. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Cardiovascular Devices industry?
The Cardiovascular Devices industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.
What are the biggest risks in the Cardiovascular Devices industry?
The primary risks for Cardiovascular Devices companies include: Product recalls and safety issues, Pricing pressure, Competition, Regulatory delays. Investors should assess each company's exposure to these factors and its track record of navigating them.