Wrapping up Q1 earnings, we look at the numbers and key takeaways for the medical devices & supplies - diversified stocks, including Stryker (NYSE: SYK) and its peers.

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 5 medical devices & supplies - diversified stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 0.7% 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 7.4% since the latest earnings results.

Weakest Q1: 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 $6.02 billion, up 2.6% year on year. This print fell short of analysts’ expectations by 5%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ revenue and EPS estimates.

“I am pleased with our team’s ability to recover quickly from the cyber incident and continue delivering for our customers and their patients,” said Kevin A. Lobo, Chair and CEO.

Stryker delivered the weakest performance against analyst estimates of the whole group. Unsurprisingly, the stock is down 6.9% since reporting and currently trades at $293.33.

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

Best Q1: 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 $2.70 billion, up 2.9% year on year, outperforming analysts’ expectations by 3.5%. The business had a very strong quarter with a solid beat of analysts’ revenue and EPS estimates.

Baxter pulled off the biggest analyst estimates beat among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $16.77.

Is now the time to buy Baxter? Access our full analysis of the earnings results 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 $5.20 billion, up 11.6% year on year, exceeding analysts’ expectations by 0.5%. Still, it was a softer quarter as it posted revenue guidance for next quarter missing analysts’ expectations and a significant miss of analysts’ EPS guidance for next quarter estimates.

As expected, the stock is down 5.1% since the results and currently trades at $56.49.

Read our full analysis of Boston Scientific’s results here.

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 $11.16 billion, up 7.8% year on year. This number beat analysts’ expectations by 1.3%. It was a satisfactory quarter as it also produced a narrow beat of analysts’ revenue estimates.

The stock is down 14% since reporting and currently trades at $87.30.

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

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 $211.2 million, down 4.4% year on year. This print topped analysts’ expectations by 3.4%. It was a very strong quarter as it also put up a beat of analysts’ EPS and revenue estimates.

Neogen had the slowest revenue growth among its peers. The stock is down 10.3% since reporting and currently trades at $9.28.

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

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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