Power Rankings: March 24th, 2025

Robin Young’s Entirely Subjective Ordering of Public Orthopedic Companies

This Week: Actions speak louder than words. Just 4 out of 22 MSK companies rose in value in the last 30 days. Market caps of those 4 companies (SNN, MDT, JNJ and ZBH), $544 billion, is 4x the market caps of ALL the rest of the MSK companies combined. Money is leaving small to medium cap companies and moving to mega-cap, dividend paying, diversified companies. Investors are playing defense. They fear rising inflation, which cuts the dollar’s value, and recession, which erodes wealth. Wall Street runs in herds. In times like these, buck the herd, buy high quality companies, buy more if they get cheaper and HOLD. Here are my high quality picks.

Rank	Last Week	Company	TTM Op Margin	30-Day Change	Comment
1	1	Smith & Nephew	11.60%	9.80%	We hung out in the orange booth at AAOS. Key takeaways, Coriograph pre-op planning and modeling, really cool. Aimed at THA. Two key features: simulation and personalization.
2	3	Medtronic	19.17	3.83	Up one spot to #2. Medtronic’s cranial and spine technologies grew sales by a market beating—means they took share—7.8%. Why? Current leadership. They act like an emerging growth team.
3	4	Integra LifeSciences	6.60	(0.79)	IART also up a spot. Why? Solid $1.6 billion diversified supplier and really good value in a large defensive industry. How good? 2nd cheapest equity out of 22 MSK stocks.
4	2	Johnson & Johnson	24.52	3.64	Not as great a value as it used to be, now #11 out of 22. But that dividend is still best of the bunch and it’s a no-brainer haven in any economic storm.
5	5	Zimmer Biomet	20.70	7.15	ZBH is having a moment, for sure. Up 7.15% while the average MSK stock is down nearly 2% over the last 30 days. These next couple earnings calls will tell the longer term story.
6	10	ConMed	15.54	(5.36)	Another high quality MSK company, $1.3 billion in sales and trading at historically low valuations. Excellent operating margins and a great operator. Up 4 spots this week.
7	NR	Pacira Biosciences	15.77	(7.30)	Pacira, whose value is down about 20% in the last year, is the target of shareholder activist firm, DOMA Perpetual. Not good news for CEO Lee, but usually benefits shareholders.
8	9	Enovis	6.70	(12.26)	Another high quality, Blue Light Special MSK company—5th cheapest out of 22. Plus, we’re massive fans of new president of U.S. Surgical and Global Product and Enabling Technologies Tim Czartoski.
9	7	Medacta	15.78	(5.28)	Medacta keeps putting up amazing numbers and is on a serious roll. Based in Switzerland, this MSK growth company will likely post up $670 million in 2025 sales.
10	6	Globus Medical	17.67	(12.49)	Finally, one of the more interesting and profitable companies in all of MSK, Globus Medical. Trading at historically low valuations that belie its long-term potential and value.

Top Performers Last 30 Days

	Company	Symbol	Price	Mkt Cap	30-Day Chg
1	Smith & Nephew	SNN	$28.13	$12,299	9.80%
2	Zimmer Biomet	ZBH	$110.73	$22,042	7.15%
3	MicroPort Scientific	0853	$1.11	$2,049	6.22%
4	Medtronic	MDT	$90.33	$115,852	3.83%
5	Johnson & Johnson	JNJ	$163.63	$394,323	3.64%
6	OrthoPediatrics Corp	KIDS	$24.97	$606	2.42%
7	Integra LifeSciences	IART	$22.49	$1,737	-0.79%
8	Dynatronics Corp	DYNT	$0.13	$1	-3.76%
9	Stryker	SYK	$371.11	$141,608	-4.48%
10	AxoGen	AXGN	$17.72	$786	-5.14%

Worst Performers Last 30 Days

	Company	Symbol	Price	Mkt Cap	30-Day Chg
1	Aclarion	ACON	$0.75	$1	-83.37%
2	SINTX Technologies	SINT	$3.00	$8	-37.76%
3	SI-BONE, Inc	SIBN	$14.66	$622	-19.05%
4	Anika Therapeutics	ANIK	$15.42	$219	-13.47%
5	Globus Medical	GMED	$73.59	$10,122	-12.49%
6	ENOVIS	ENOV	$39.08	$2,226	-12.26%
7	Aurora Spine	ASG.V	$0.22	$17	-11.75%
8	Xtant Medical Hldgs	XTNT	$0.54	$75	-10.09%
9	Orthofix	OFIX	$16.63	$649	-10.06%
10	Alphatec Holdings	ATEC	$9.93	$1,431	-8.56%

Lowest Price / Earnings Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	P/E
1	Pacira Biosciences	PCRX	$24.14	$1,117	18.66
2	ConMed	CNMD	$59.64	$1,843	18.77
3	Zimmer Biomet	ZBH	$110.73	$22,042	20.90
4	Medtronic	MDT	$90.33	$115,852	21.14
5	Johnson & Johnson	JNJ	$163.63	$394,323	21.75

Highest Price / Earnings Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	P/E
1	Globus Medical	GMED	$73.59	$10,122	57.71
2	Medacta	MOVE	$143.62	$2,872	47.08
3	Stryker	SYK	$371.11	$141,608	34.13
4	Smith & Nephew	SNN	$28.13	$12,299	29.85
5	Johnson & Johnson	JNJ	$163.63	$394,323	21.75

Lowest P/E to Growth Ratio (Earnings Estimates)

	Company	Symbol	Price	Mkt Cap	PEG
1	Medacta	MOVE	$143.62	$2,872	1.69
2	Smith & Nephew	SNN	$28.13	$12,299	1.73
3	Pacira Biosciences	PCRX	$24.14	$1,117	1.73
4	ConMed	CNMD	$59.64	$1,843	2.44
5	Medtronic	MDT	$90.33	$115,852	2.90

Highest P/E to Growth Ratio (Earnings Estimates)

	Company	Symbol	Price	Mkt Cap	PEG
1	Globus Medical	GMED	$73.59	$10,122	5.06
2	Johnson & Johnson	JNJ	$163.63	$394,323	3.69
3	Stryker	SYK	$371.11	$141,608	3.48
4	Zimmer Biomet	ZBH	$110.73	$22,042	3.22
5	Medtronic	MDT	$90.33	$115,852	2.90

Lowest Price to Sales Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	PSR
1	Dynatronics Corp	DYNT	$0.13	$1	0.03
2	Xtant Medical Hldgs	XTNT	$0.54	$75	0.64
3	Orthofix	OFIX	$16.63	$649	0.81
4	Aurora Spine	ASG.V	$0.22	$17	0.88
5	ENOVIS	ENOV	$39.08	$2,226	1.06

Highest Price to Sales Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	PSR
1	Aclarion	ACON	$0.75	$1	10.10
2	Stryker	SYK	$371.11	$141,608	6.27
3	Medacta	MOVE	$143.62	$2,872	5.62
4	Johnson & Johnson	JNJ	$163.63	$394,323	4.44
5	AxoGen	AXGN	$17.72	$786	4.19

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