Medtech Q3 Earnings: How Top Strategics Performed

With Q3 wrapped and the final stretch of 2025 underway, the latest wave of earnings results offers a clearer read on how major strategics are navigating a year marked by slower spending, geopolitical uncertainty, and shifting global demand. This recap looks at the key trends shaping medtech Q3 earnings, highlighting who gained ground, where pressure is building, and what to keep an eye on as the industry moves toward 2026.

Abbott: Solid Momentum With a Softer Market Reaction

2024 revenue: $18.9 billion (medtech business)

Q3 revenue: $5.45 billion (+12.8% YoY)

Abbott delivered another quarter of broad strength, with diabetes care, rhythm management, heart failure, structural heart, and electrophysiology showing strong double-digit growth. Revenue ticked up from $5.37 billion in Q2. Vascular and neuromodulation were the only slower categories.

The company still came in slightly below analyst expectations, prompting a brief dip in shares. Even so, Abbott remains one of the category’s most consistently balanced performers. Interest in the Volt PFA system continues to build internationally ahead of its planned 2026 launch, which could further lift electrophysiology growth in the coming year.

Boston Scientific: High Growth and Clear PFA Leadership

2024 revenue: $16.7 billion

Q3 revenue: $5.07 billion (+20.3% YoY)

Boston Scientific continues to deliver standout growth. The company expects full-year sales expansion of roughly 20%, impressive at this scale. Management anticipates reaching 50% global PFA share by year-end and is positioning aggressively to challenge J&J in electrophysiology.

China remains a strong contributor relative to peers. Tariff impact of about $100 million for the year is manageable, though Axonics integration is proceeding more slowly than expected. Acquired technologies like Watchman and FARAPULSE remain major growth drivers. Whether the company can maintain its ambitious target for global PFA reach by 2028 will be a key trend to watch.

Edwards Lifesciences: Consistent Execution and Expanding Growth Pillars

2024 revenue: $5.4 billion

Q3 revenue: $1.55 billion (+14.7% YoY)

Edwards Lifesciences raised guidance once again, now forecasting 9–10% growth for the full year. TAVR continues to anchor performance, while the transcatheter mitral and tricuspid portfolio is steadily emerging as a second major driver.

Currency headwinds and tariffs remain ongoing challenges. Higher investment in global commercialization compressed margins. Still, Edwards enters 2026 with strong alignment between market needs and its pipeline, including opportunities in heart failure following the Vectorious Medical Technologies acquisition and continued development in aortic regurgitation.

Stryker: Strong Broad-Based Growth and Record Robotics Demand

2024 revenue: $22.6 billion

Q3 revenue: $6.1 billion (+10.3% YoY)

Stryker delivered another quarter of healthy expansion across orthopedics, vascular, and medsurg. Orthopedic sales rose 11.4% when adjusted for the prior U.S. spine divestiture. Mako had its best installation quarter to date, supported by growing procedure volume and continued hospital adoption.

Tariff exposure of roughly $200 million in 2025 and higher leverage from recent acquisitions present mild pressure. Even so, Stryker remains well-positioned. The upcoming neurovascular robotics partnership with Siemens Healthineers is one of the more notable developments as the robotics market continues to evolve.

Siemens Healthineers: Stable Fundamentals With Mixed Market Sentiment

2024 revenue: $26.0 billion

FY Q4 revenue: $7.34 billion (+3.7% YoY)

Siemens Healthineers ended its fiscal year with $27.16 billion in revenue, landing at the upper end of its guidance. Imaging and Varian remain the top contributors to both revenue and profitability. Most regions delivered steady growth, though China continued to weigh down diagnostics performance.

The company’s financial results remained solid, but investor sentiment was more reserved as the market digested the parent company’s deconsolidation plan. The structural shift could offer more strategic flexibility, and the full implications will be clearer once the annual report is released.

Intuitive Surgical: Strong Procedure Growth and Installed Base Expansion

2024 revenue: $8.4 billion

Q3 revenue: $2.51 billion (+23% YoY)

Intuitive reported one of the strongest quarters across all major strategics. Global procedures grew 20%. Installations of the da Vinci 5 system doubled YoY (240 vs. 110). Recurring revenue from instruments, accessories, and services now accounts for 85% of total sales.

The primary challenge is the decline in U.S. bariatric surgery volume, influenced by increased adoption of GLP-1 weight-loss drugs. Capital spending softness in Japan, China, and the U.K. also played a role. Still, Intuitive’s installed base and recurring revenue model reinforce a durable competitive position entering 2026.

Johnson & Johnson MedTech: Portfolio Shift and Narrower Strategic Focus

2024 revenue: $31.9 billion

Q3 revenue: $8.4 billion (+6.8% YoY)

J&J is moving ahead with the planned separation of DePuy Synthes, which will concentrate the company’s medtech portfolio around key growth areas, including electrophysiology, intravascular lithotripsy (IVL), and LVAD. This tighter focus creates more clarity around long-term growth areas but also heightens exposure to competitive dynamics, especially in cardiovascular devices.

The anticipated FDA submission for the OTTAVA robotic system will be a major milestone. Leadership continues to emphasize a leaner, stronger medtech business aligned around areas where J&J has meaningful differentiation.

The Industry Scorecard

Taken together, the major strategics delivered a more encouraging quarter than many expected after a slower summer in private financings and M&A. Several companies achieved double-digit growth, and most leaned into the same themes: reinforcing core businesses, divesting non-strategic assets, and using acquisitions to extend category leadership.

Despite macroeconomic headwinds, the foundation for a strong end to 2025 is in motion. As a whole, medtech Q3 earnings show an industry that is adapting well, even in a more cautious environment, and building momentum for the year ahead.