Power Rankings – March 17th, 2025

Robin Young’s Entirely Subjective Ordering of Public Orthopedic Companies

This Week: Wall Street’s mood has turned from ‘Trump Bump’ to ‘Trump Dump’. S&P down 10%. Retailers like Costco, Walmart, Dollar General are choping their 2025 sales forecasts. Inflation is going higher. Government spending is going lower. Tariff taxes higher. Employment softening which the next few labor reports will undoubtedly show. So, as I’m seeing in the capital flow numbers, investors are moving into safe havens like T-Bills and, for MSK equities, large caps like JNJ, MDT, SNN and ZBH. For long term investors, that creates buying opportunities. I highlight a handful in this week’s Power Rankings.

Rank	Last Week	Company	TTM Op Margin	30-Day Change	Comment
1	1	Smith & Nephew	11.60%	12.61%	Strong 2024 report. Sales up 8.3% to $1.571 billion and a near quadrupling of free cash flow: $551 million in 2024 vs $129 million in 2023. Investors are happy.
2	2	Johnson & Johnson	24.52	4.86	Behemoth JNJ added almost 5% to its market value (now $392 billion) in the last month. We hung out at JNJ Medtech’s booth at AAOS and it was JNJ’s best showing in years.
3	4	Medtronic	19.17	1.88	For the first 9 months of MDT’s fiscal year, cranial & spinal technologies sales came in at high single digits which means Medtronic Spine GAINED share.
4	8	Integra LifeSciences	6.60	(7.18)	Not that earnings expectations are breaking through the macro noise in this market, but IART ranks #3 in terms of future earnings growth in our universe. At these prices…a bargain.
5	7	Zimmer Biomet	20.70	11.09	Nice 11% price bounce. Still low priced equity. To sustain momentum, management needs to deliver better-than-expected sales growth and operating profit margins.
6	6	Globus Medical	17.67	(15.44)	At these prices GMED is a screaming value. As we’ve opined in past Power Ranking blurbs, GMED is a classic corporate wealth generator, using M&A to build cash flows.
7	3	Medacta	15.78	(4.57)	Medacta is the best MSK operator in the EU, if not the world. Excellent operating margins and market share accumulating sales growth rates. Had an excellent AAOS, by all accounts.
8	10	Axogen	4.08	(3.04)	The “Axe” posted up 18% sales growth to $187 million for 2024. Management expects to grow 15-17% in 2025 with gross profit margins coming in at a strong 73-75%.
9	NR	Enovis	6.70	(15.58)	Had good meetings with new CEO Tim Czarkoski and came away excited about the direction he and his team are taking ENOVIS. At current prices, 6th cheapest equity in our universe.
10	NR	ConMed	15.54	(5.87)	On our valuation screen, CMND ranks as the 6th least expensive MSK equity and even though the stock is down almost 6%, that’s still above average performance in this Bear market.

Top Performers Last 30 Days

	Company	Symbol	Price	Mkt Cap	30-Day Chg
1	MicroPort Scientific	853	$1.12	$2,075	18.54%
2	SINTX Technologies	SINT	$3.42	$10	13.62%
3	Smith & Nephew	SNN	$28.57	$12,491	12.61%
4	Zimmer Biomet	ZBH	$109.97	$21,891	11.09%
5	Johnson & Johnson	JNJ	$162.81	$392,347	4.86%
6	Medtronic	MDT	$93.07	$119,366	1.88%
7	OrthoPediatrics Corp	KIDS	$25.08	$609	0.68%
8	AxoGen	AXGN	$17.25	$765	-3.04%
9	Stryker	SYK	$369.53	$141,005	-4.17%
10	Medacta	MOVE	$142.15	$2,843	-4.57%

Worst Performers Last 30 Days

	Company	Symbol	Price	Mkt Cap	30-Day Chg
1	Aclarion	ACON	$0.77	$1	-83.50%
2	Aurora Spine	ASG.V	$0.21	$16	-19.57%
3	Pacira Biosciences	PCRX	$22.87	$1,058	-15.70%
4	ENOVIS	ENOV	$37.05	$2,110	-15.58%
5	Globus Medical	GMED	$71.04	$11,364	-15.44%
6	Xtant Medical Hldgs	XTNT	$0.48	$67	-14.29%
7	Alphatec Holdings	ATEC	$9.29	$1,339	-13.01%
8	Anika Therapeutics	ANIK	$15.91	$233	-9.65%
9	SI-BONE, Inc	SIBN	$14.75	$626	-9.06%
10	Orthofix	OFIX	$16.53	$645	-8.47%

Lowest Price / Earnings Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	P/E
1	Pacira Biosciences	PCRX	$22.87	$1,058	17.68
2	ConMed	CNMD	$58.83	$1,818	18.51
3	Zimmer Biomet	ZBH	$109.97	$21,891	20.76
4	Johnson & Johnson	JNJ	$162.81	$392,347	21.64
5	Medtronic	MDT	$93.07	$119,366	21.78

Highest Price / Earnings Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	P/E
1	Globus Medical	GMED	$71.04	$11,364	55.71
2	Medacta	MOVE	$142.15	$2,843	46.59
3	Stryker	SYK	$369.53	$141,005	33.99
4	Smith & Nephew	SNN	$28.57	$12,491	30.32
5	Medtronic	MDT	$93.07	$119,366	21.78

Lowest P/E to Growth Ratio (Earnings Estimates)

	Company	Symbol	Price	Mkt Cap	PEG
1	Pacira Biosciences	PCRX	$22.87	$1,058	1.64
2	Medacta	MOVE	$142.15	$2,843	1.67
3	Smith & Nephew	SNN	$28.57	$12,491	1.75
4	ConMed	CNMD	$58.83	$1,818	2.40
5	Medtronic	MDT	$93.07	$119,366	2.98

Highest P/E to Growth Ratio (Earnings Estimates)

	Company	Symbol	Price	Mkt Cap	PEG
1	Globus Medical	GMED	$71.04	$11,364	4.89
2	Johnson & Johnson	JNJ	$162.81	$392,347	3.67
3	Stryker	SYK	$369.53	$141,005	3.47
4	Zimmer Biomet	ZBH	$109.97	$21,891	3.19
5	Medtronic	MDT	$93.07	$119,366	2.98

Lowest Price to Sales Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	PSR
1	Dynatronics Corp	DYNT	$0.12	$1	0.03
2	Xtant Medical Hldgs	XTNT	$0.48	$67	0.57
3	Orthofix	OFIX	$16.53	$645	0.81
4	Aurora Spine	ASG.V	$0.21	$16	0.82
5	ENOVIS	ENOV	$37.05	$2,110	1.00

Highest Price to Sales Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	PSR
1	Aclarion	ACON	$0.77	$1	10.40
2	Stryker	SYK	$369.53	$141,005	6.24
3	Medacta	MOVE	$142.15	$2,843	5.57
4	Globus Medical	GMED	$71.04	$11,364	4.51
5	Johnson & Johnson	JNJ	$162.81	$392,347	4.42

PSR: Aggregate current market capitalization divided by aggregate sales and the calculation excluded the companies for which sales figures are not available.