--- title: "Surgical Supplies Industry: Companies" description: "97 SEC filers are classified under the Standard Industrial Classification codes that describe the surgical supplies industry." canonical: https://www.getswoopr.com/stocks/industries/health-care/surgical-supplies/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Surgical Supplies Industry ## Direct Answer 97 SEC filers are classified under the Standard Industrial Classification codes that describe the surgical supplies industry, and their latest annual reports show $211.0 billion of combined revenue and a median operating margin of -12.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Surgical supply companies make the disposable products used in operating rooms such as sutures, drapes, staplers, gloves and wound closure. Volumes follow surgical procedures and hospital purchasing contracts. The first numbers to compare across companies here are organic growth, gross margin and procedure volume exposure. ## Key Industry Metrics - **Organic growth**: Sales growth excluding acquisitions and currency. It follows procedure volumes and contract pricing. - **Gross margin**: Share of sales left after manufacturing and material cost. It responds to raw material, freight and product mix. - **Procedure volume exposure**: Share of sales tied to surgical procedures. High exposure means sales follow case counts, including elective trends. - **Group purchasing contract share**: Portion of sales under agreements negotiated for many hospitals. These contracts add volume but limit pricing. - **Raw material cost**: Price of inputs such as plastics, metals and textiles. Changes pass into cost before prices adjust, so they influence margin. ## Primary Macro Drivers - **Surgical volumes**: Sutures, drapes and staplers are used in every operation, so procedure counts move volume directly. - **Hospital purchasing**: Hospitals buy through contracts and tenders, so winning or losing hospital customers shifts volume and prices. - **Raw material and freight costs**: Plastics, metals and shipping affect cost of goods, which moves gross margin when prices lag input costs. - **Innovation**: New wound closure and stapling products can win share and support higher prices, which lifts organic growth and margin. ## Major Risks - **Hospital pricing pressure**: Hospitals and buying groups push for lower prices, which narrows gross margin; watch contract renewals and pricing commentary. - **Supply chain**: Shipping and raw material problems can leave products short or raise cost; watch inventory levels and gross margin. - **Competition from private label**: Hospital private-label lines and low-cost rivals take commodity products; watch organic growth and share by product line. - **Regulation**: New safety, labeling or sterilization rules can add cost or require product changes; watch regulatory updates and compliance spending. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Defensive | | Capital Intensity | Medium | | Regulatory Intensity | Medium | | Industry Maturity | Mature | | Geographic Importance | U.S. / Global | ## Surgical Supplies Filers in the SEC Record 97 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3841, 3842. Their latest fiscal years end between 2022 and 2026, and together they reported $211.0 billion of revenue. Median revenue growth over the prior year was 12.0%. Median operating margin was -12.6% and median net margin -11.5%. Median total liabilities were 46% of total assets, and 37 of 97 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Medline Inc.](https://www.getswoopr.com/stocks/companies/medline-inc/) | $28.4 billion | 11.5% | 7.8% | 4069.4% | FY 2025 | | [Stryker Corp](https://www.getswoopr.com/stocks/companies/stryker-corporation/) | $25.1 billion | 11.2% | 19.5% | 12.9% | FY 2025 | | [3m Co](https://www.getswoopr.com/stocks/companies/3m/) | $24.9 billion | 1.5% | 18.6% | 13.0% | FY 2025 | | [Becton Dickinson & Co](https://www.getswoopr.com/stocks/companies/becton-dickinson/) | $21.8 billion | 8.2% | 11.8% | 7.7% | FY 2025 | | [Boston Scientific Corp](https://www.getswoopr.com/stocks/companies/boston-scientific/) | $20.1 billion | 19.9% | 18.0% | 14.4% | FY 2025 | | [Baxter International Inc](https://www.getswoopr.com/stocks/companies/baxter-international/) | $11.2 billion | 5.7% | -2.7% | -8.5% | FY 2025 | | [Intuitive Surgical Inc](https://www.getswoopr.com/stocks/companies/intuitive-surgical/) | $10.1 billion | 20.5% | 29.3% | 28.4% | FY 2025 | | [Solventum Corp](https://www.getswoopr.com/stocks/companies/solventum/) | $8.3 billion | 0.9% | 26.2% | 18.7% | FY 2025 | The 8 largest of 97 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 Surgical Supplies 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. ### More in Health Care - [Health Care sector overview](https://www.getswoopr.com/stocks/industries/health-care/) - [Telehealth](https://www.getswoopr.com/stocks/industries/health-care/telehealth/) - [Surgical Robotics](https://www.getswoopr.com/stocks/industries/health-care/surgical-robotics/) - [Urgent Care](https://www.getswoopr.com/stocks/industries/health-care/urgent-care/) - [Specialty Pharmacies](https://www.getswoopr.com/stocks/industries/health-care/specialty-pharmacies/) - [Vaccines](https://www.getswoopr.com/stocks/industries/health-care/vaccines/) - [Specialty Pharmaceuticals](https://www.getswoopr.com/stocks/industries/health-care/specialty-pharmaceuticals/) - [Veterinary Services](https://www.getswoopr.com/stocks/industries/health-care/veterinary-services/) - [Skilled Nursing Facilities](https://www.getswoopr.com/stocks/industries/health-care/skilled-nursing-facilities/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Surgical Supplies industry? Key performance indicators for the Surgical Supplies industry include: Organic growth, Gross margin, Procedure volume exposure, Group purchasing contract share, Raw material cost. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Surgical Supplies industry? The Surgical Supplies 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 Surgical Supplies industry? The primary risks for Surgical Supplies companies include: Hospital pricing pressure, Supply chain, Competition from private label, Regulation. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).