Direct Answer
84 SEC filers are classified under the Standard Industrial Classification codes that describe the ophthalmic devices industry, and their latest annual reports show $177.7 billion of combined revenue and a median operating margin of -16.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Ophthalmic device makers produce intraocular lenses, glaucoma and retina devices, contact lenses and surgical systems used by eye surgeons. Cataract and refractive procedure volumes drive sales, and premium lens adoption supports pricing. The first numbers to compare across companies here are procedure volumes, premium lens share and gross margin.
Key Industry Metrics
- Procedure volumes: Number of cataract, refractive and retinal procedures. Device sales follow procedures, so volume shows demand.
- Premium lens share: Portion of lens implants that are advanced types. Premium lenses carry higher prices, so a rising share lifts revenue per procedure.
- Gross margin: Share of sales left after cost of making devices. Premium products and consumables earn more, so mix drives it.
- Surgical equipment installed base: Number of surgical systems in operating rooms. Each system pulls through disposables and lenses, so base growth supports recurring sales.
- Organic growth: Sales growth excluding acquisitions and currency. It reflects procedures, pricing and share in a field with a large elective component.
Primary Macro Drivers
- Aging population and cataract surgery: Cataracts are age related, so a growing older population expands cataract surgery and the lenses and equipment used.
- Consumer spending on premium lenses and LASIK: Many patients pay extra for premium lenses and laser procedures, so household budgets move premium lens share and procedure volume.
- Reimbursement: What insurers and Medicare pay for surgery and lenses affects surgeon choices and facility budgets, which moves pricing and volume.
- Product innovation: New lens designs and surgical systems can win share and support higher prices, which lifts organic growth and gross margin.
Major Risks
- Reimbursement and pricing pressure: Lower payment for surgery or lenses pressures prices and what surgeons use; watch reimbursement updates and premium lens share.
- Competition: Rivals offer comparable lenses and surgical systems, which can pull share and lower prices; watch organic growth and gross margin.
- Elective procedure demand: Laser vision correction and premium lenses are optional, so consumers delay them when budgets are tight; watch procedure volumes.
- Regulatory clearances: New devices need clearance before sale, so delays postpone revenue; watch regulatory timelines in the pipeline.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | U.S. / Global |
Ophthalmic Devices Filers in the SEC Record
84 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3851, 3841. Their latest fiscal years end between 2022 and 2026, and together they reported $177.7 billion of revenue. Median revenue growth over the prior year was 14.4%. Median operating margin was -16.6% and median net margin -17.8%. Median total liabilities were 47% of total assets, and 28 of 84 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| 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 |
| Resmed Inc | $5.1 billion | 9.8% | 32.7% | 27.2% | FY 2025 |
The 8 largest of 84 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 Ophthalmic 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 Ophthalmic Devices industry?
Key performance indicators for the Ophthalmic Devices industry include: Procedure volumes, Premium lens share, Gross margin, Surgical equipment installed base, Organic growth. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Ophthalmic Devices industry?
The Ophthalmic Devices industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Ophthalmic Devices industry?
The primary risks for Ophthalmic Devices companies include: Reimbursement and pricing pressure, Competition, Elective procedure demand, Regulatory clearances. Investors should assess each company's exposure to these factors and its track record of navigating them.