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Power Rankings: March 2nd, 2010

Robin Young's Entirely Subjective Ordering of Public Orthopedic Companies
This Week: The big news this past week was NuVasive’s trifecta—largest sales increase of any major spinal implant company, largest single-day increase of any orthopedic stock this year and, finally, unequivocal support from two the major private insurers. A bit rich for Power Rankings but top quality is always expensive.
Rank Last Week Company TTM Op
Margin
30-Day
Change
Comment
1 4 Orthofix 11.00% 14.09% Five consecutive quarters of rising cash flows and yet OFIX is trading at only 1x PSR. The pattern of upside surprises is getting routine.
2 3 Smith & Nephew 19.17 1.18 SNN wins suit against Arthrex for patent infringement—4th lowest future P/E.
3 5 Medtronic 31.37 -0.82 Spine disappointed, for sure, but at 13x trailing earnings, the bad news is baked in.
4 10 Exactech 12.61 16.88 Two Gainesville companies led all ortho stocks in price appreciation last month. Only EXAC has the fundamentals to be on Power Rankings.
5 1 Johnson & Johnson 27.1 1.11 Attractive new opportunities pushed JNJ down to #5. JNJ is still the dividend yield play—for widows, orphans and nervous investors.
6 6 Integra LifeSciences 15.37 -1.36 Classic. There’s always money to be made when earnings grow faster than sales, which Stu is doing right now at IART.
7 2 Symmetry 11.48 -6.52 Terrible report for 4Q and 2009. Only reason SMA is still on Power Rankings is because they are so darn cheap. 
8 7 Stryker 24.71 -2.68 Not particularly cheap, given its new lower earnings growth rate, but if sales can grow at double-digit rates this year then…
9 8 Zimmer 27.71 -5.49 Consensus of analysts is that ZMH can grow sales around 6% annually—which is lower than SYK, SNN and Synthes.
10 9 CONMED 7.74 0.23 Decent 4Q report and analysts are forecasting some pretty nice numbers for 1Q. The market isn’t showing confidence, however.
Top Performers Last 30 Days
  Company Symbol
Price
Mkt Cap
30-Day Chg
1 NuVasive NUVA $40.00 $1,530 33.3%
2 Capstone Therapeutics CAPS $1.04 $42 23.8%
3 RTI Biologics Inc RTIX $3.75 $205 18.3%
4 Exactech EXAC $19.39 $249 16.9%
5 Orthofix OFIX $34.09 $584 14.1%
6 CryoLife CRY $7.05 $201 13.5%
7 Osteotech OSTE $3.89 $70 13.4%
8 Alphatec Holdings ATEC $5.13 $270 11.5%
9 Orthovita VITA $3.84 $294 8.8%
10 Mako Surgical MAKO $13.21 $439 5.6%
Worst Performers Last 30 Days
  Company Symbol
Price
Mkt Cap
30-Day Chg
1 TiGenix  TIG.BR $4.72 $116 -14.4%
2 Kensey Nash KNSY $22.07 $241 -12.9%
3 Synthes SYST.VX $118.16 $14,023 -12.2%
4 Wright Medical WMGI $16.85 $631 -6.7%
5 Symmetry Medical SMA $8.60 $308 -6.5%
6 Zimmer Holdings ZMH $57.33 $12,040 -5.5%
7 Stryker SYK $53.10 $21,120 -2.7%
8 Integra LifeSciences  IART $39.80 $1,130 -1.4%
9 Medtronic MDT $43.40 $47,940 -0.8%
10 Average    $11,431 -0.4%
Lowest Price / Earnings Ratio (TTM)
  Company Symbol
Price
Mkt Cap
P/E
1 Kensey Nash KNSY $22.07 $241 12.52
2 Medtronic MDT $43.40 $47,940 13.39
3 Symmetry Medical SMA $8.60 $308 13.45
4 Johnson & Johnson JNJ $63.00 $173,820 13.61
5 Average    $11,431 14.03
Highest Price / Earnings Ratio (TTM)
  Company Symbol
Price
Mkt Cap
P/E
1 Smith & Nephew SNN $51.47 $9,120 78.54
2 RTI Biologics Inc RTIX $3.75 $205 42.44
3 NuVasive NUVA $40.00 $1,530 38.45
4 ArthroCare ARTC $26.57 $712 23.38
5 CONMED CNMD $21.88 $637 22.00
Lowest P/E to Growth Ratio (Earnings Estimates)
  Company Symbol
Price
Mkt Cap
PEG
1 Alphatec Holdings ATEC $5.13 $270 0.70
2 CryoLife CRY $7.05 $201 0.77
3 Medtronic MDT $43.40 $47,940 1.27
4 Exactech EXAC $19.39 $249 1.28
5 Smith & Nephew SNN $51.47 $9,120 1.30
Highest P/E to Growth Ratio (Earnings Estimates)
  Company Symbol
Price
Mkt Cap
PEG
1 CONMED CNMD $21.88 $637 8.97
2 Johnson & Johnson JNJ $63.00 $173,820 1.84
3 Average $11,431 1.67
4 Wright Medical WMGI $16.85 $631 1.47
5 Zimmer Holdings ZMH $57.33 $12,040 1.46
Lowest Price to Sales Ratio (TTM)
  Company Symbol
Price
Mkt Cap
PSR
1 Osteotech OSTE $3.89 $70 0.72
2 Symmetry Medical SMA $8.60 $308 0.79
3 CONMED CNMD $21.88 $637 0.92
4 Orthofix OFIX $34.09 $584 1.07
5 RTI Biologics Inc RTIX $3.75 $205 1.18
Highest Price to Sales Ratio (TTM)
  Company Symbol
Price
Mkt Cap
PSR
1 TiGenix  TIG.BR $4.72 $116 162.33
2 Mako Surgical MAKO $13.21 $439 16.71
3 Synthes SYST.VX $118.16 $14,023 4.13
4 NuVasive NUVA $40.00 $1,530 3.36
5 Orthovita VITA $3.84 $294 3.27