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Structural heart

The 8 companies in this industry listed on the NYSE and Nasdaq are worth $68 bn combined; the largest are Edwards Lifesciences (EW), Penumbra (PEN) and AtriCure, Inc. (ATRC). 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

Clear leader
8 companies value 68 bn revenue 9.1 bn margin 11.2% free cash flow 1.5 bn avg. score 2.4
EW holds 74.4% of the group's value, 4.0x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 EW Edwards Lifesciences
United States · score 6.5
74% 50 bn 6.5 bn 15.4% 1.4 bn 2.9% — Transcatheter heart valves and hemodynamic monitoring · Dominates transcatheter heart valves (TAVR) worldwide
2 PEN Penumbra
United States · score 5.4
19% 13 bn 1.5 bn 10.7% 0.2 bn 1.7% — Thrombectomy devices for stroke and embolism · Leader in thrombectomy (mechanical clot removal)
3 ATRC AtriCure, Inc.
United States · score 4.9
4% 2.8 bn 0.6 bn 1.9% 0.1 bn 1.9% — Surgical treatments for atrial fibrillation and post-operative pain · Ohio — revenue of $570m
4 AORT ARTIVION, INC.
United States · score 0.0
2% 1.1 bn 0.5 bn -0.7% -0.0 bn -0.8% — Implantable devices and tissues for aortic and vascular surgery · Georgia — revenue of $471m
5 AVR Anteris Technologies Global Corp.
United States · score 0.0
1% 0.6 bn 0.0 bn -46x -0.1 bn -14.6% — Heart valve medical technology · Minnesota — revenue of $2m
6 PMI Picard Medical, Inc.
United States · score 1.4
0% 0.0 bn 0.0 bn — -0.0 bn -44.4% — Total artificial heart · Arizona — revenue of $6m
7 NSPR InspireMD, Inc.
United States · score 0.0
0% 0.0 bn 0.0 bn -484.1% -0.0 bn -207.1% — Stents for carotid artery disease, from Israel · Florida — revenue of $11m
8 ADGM Adagio Medical Holdings, Inc.
United States · score 0.8
— — 0.0 bn — -0.0 bn — — Cryoablation and pulsed field ablation for arrhythmias · California

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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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