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Orthopedic implants

The 17 companies in this industry listed on the NYSE and Nasdaq are worth $35 bn combined; the largest are Zimmer Biomet (ZBH), Globus Medical (GMED) and Alphatec Holdings (ATEC). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Comfortable leader
17 companies value 35 bn revenue 17 bn margin -0.6% free cash flow 2.3 bn avg. score 1.5
ZBH holds 51.6% of the group's value, 1.8x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 ZBH Zimmer Biomet
United States · score 6.4
52% 18 bn 8.5 bn 9.5% 1.5 bn 8.4% 1.0% Knee, hip and spine orthopedic implants · Global top 2 in knee and hip implants
2 GMED Globus Medical
United States · score 6.5
29% 10 bn 3.1 bn 17.0% 0.8 bn 7.4% — Implants and robotics for spine surgery · Leader in spine implants and robotics
3 ATEC Alphatec Holdings
United States · score 0.0
5% 1.6 bn 0.8 bn -13.5% 0.0 bn 0.1% — Implants and instruments for spine surgery · Spine implants, growing faster than the sector
4 ENOV Enovis CORP
United States · score 1.9
3% 1.1 bn 2.3 bn -48.0% 0.1 bn 5.6% — Medical technology for reconstructive surgery and rehabilitation · Texas — revenue of $2.3bn
5 BVS Bioventus Inc.
United States · score 6.3
3% 0.9 bn 0.6 bn 9.4% 0.1 bn 10.5% — Medical devices for pain and musculoskeletal problems · North Carolina — revenue of $582m
6 SIBN SI-BONE, Inc.
United States · score 0.5
3% 0.9 bn 0.2 bn -6.9% 0.0 bn -0.5% — Implants for sacroiliac joint fusion · California — revenue of $214m
7 KIDS ORTHOPEDIATRICS CORP
United States · score 0.5
2% 0.6 bn 0.3 bn -15.7% 0.0 bn -0.3% — Pediatric orthopedic devices · Indiana — revenue of $253m
8 OFIX Orthofix Medical Inc.
United States · score 0.0
1% 0.4 bn 0.8 bn -7.4% -0.0 bn -7.1% — Orthopedic medical technology, from Lewisville, Texas · Texas — revenue of $833m
9 SI SHOULDER INNOVATIONS, INC.
United States · score 0.1
1% 0.4 bn 0.1 bn -58.3% -0.1 bn -12.4% — Shoulder surgery medical technology · Michigan — revenue of $60m
10 CARL CARLSMED, INC.
United States · score 0.1
1% 0.4 bn 0.1 bn -57.4% -0.0 bn -9.3% — AI-personalized spine implants · California — revenue of $63m
11 TMCI TREACE MEDICAL CONCEPTS, INC.
United States · score 0.0
1% 0.3 bn 0.2 bn -29.0% -0.0 bn -9.9% — Implants and instruments for bunion surgery · Florida — revenue of $205m
12 ANIK Anika Therapeutics, Inc.
United States · score 2.6
1% 0.3 bn 0.1 bn -3.1% 0.0 bn 0.2% — Hyaluronic acid products for orthopedics · Massachusetts — revenue of $121m
13 XTNT Xtant Medical Holdings, Inc.
United States · score 0.6
0% 0.0 bn 0.1 bn -10.2% 0.0 bn -1.7% — Medical technology of biologics and spine implants · Montana — revenue of $110m
14 SINT Sintx Technologies, Inc.
United States · score 0.0
0% 0.0 bn 0.0 bn -848.2% -0.0 bn -80.7% — Silicon nitride for musculoskeletal medical devices · Utah — revenue of $1m
15 RGNT REGENTIS BIOMATERIALS LTD.
Israel · score 0.0
0% 0.0 bn — — 0.0 bn -36.9% — Hydrogel for cartilage repair, from Israel · Israel
16 BBLG Bone Biologics Corp
United States · score 0.0
0% 0.0 bn — — 0.0 bn -239.0% — Bone regeneration medical devices for spinal fusion · Massachusetts
17 TNON Tenon Medical, Inc.
United States · score 0.0
— — 0.0 bn -257.9% -0.0 bn — — Medical devices for sacropelvic disorders · California — revenue of $5m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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