Power Rankings: October 6th, 2025

Robin Young’s Entirely Subjective Ordering of Public Orthopedic Companies

This Week: It’s a tale of two markets — the AI, Mega cap, M&A, OpenAi driven market and the real economy market — which includes healthcare, med devices, orthopedics and spine. The real economy is showing signs of weakness, slowing consumer consumption and a weaking labor market. Ortho procedures, which are dependent on insurance coverage, are vulnerable when unemployment rises and/or private and public insurance programs (i.e., Obamacare or Medicare) are cut.

Rank	Last Week	Company	TTM Op Margin	30-Day Change	Comment
1	2	Enovis	2.41%	4.44%	#1 this week on the strength of both valuation (5th best) and stock performance (also 5th best). The Street is expecting 7% sales growth and lower EPS for Q3.
2	4	Globus Medical	17.33	2.86	Up two points to #2 on this week’s Power Rankings. Now 3rd lowest priced stock in all of orthopedics and spine. Unbelievable. If fundamentals mean anything, GMED should be 20-30% higher.
3	5	Axogen	(3.42)	14.54	Buyers clearly like Axogen’s combination of technology and management. Up 15% in the last 30 days. Up 27% last 12 months. Up 46% last 3 years.
4	1	Pacira BioSciences	4.63	(8.61)	After rising 26% year-to-date and 43% over the last 12 months, investors are taking some chips off the table. For Q3, the Street is looking for 8% sales growth and down EPS.
5	NR	Kuros Biosciences	5.52	15.78	Kuros was the top performer in our universe of public ortho and spine companies for September. Biggest news is the launch of MagnetOS MIS delivery system. Also that nice profit %.
6	3	Smith & Nephew	11.30	(2.76)	Biggest news for SNN, the 7th cheapest equity in ortho, is the launch of CORIOGRAPH™ Pre-op Planning and Modeling services for total shoulder arthroplasty.
7	9	Johnson & Johnson	28.31	5.98	Buyers added $28 billion to JNJ’s value in the last 12 months — think of it as equity capital moving to a safe haven in an increasingly volatile equity market.
8	10	Xtant	13.06	2.85	Our favorite orthopedic penny stock, Xtant, which kicks out a very impressive 13% operating profit margin, is up to #8 on this week’s Power Rankings.
9	8	Integra Lifesciences	7.86	(2.18)	THE cheapest equity in all of orthopedics is Integra. This feels and looks like a bottom. The external environment may not be ideal right now, but IART is an easy "Buy" for long-term investors.
10	NR	Medtronic	18.69	5.91	Not a top ten equity in terms of valuation, but buyers are moving to MDT (and JNJ) so there is more upside available. Also, BIG fan of the MDT spine’s management.

Top Performers Last 30 Days

	Company	Symbol	Price	Mkt Cap	30-Day Chg
1	Kuros Biosciences	KURN:SW	$35.84	$1,395	15.78%
2	AxoGen	AXGN	$17.88	$823	14.54%
3	Johnson & Johnson	JNJ	$188.64	$454,309	5.98%
4	Medtronic	MDT	$97.70	$125,318	5.91%
5	ENOVIS	ENOV	$32.02	$1,830	4.44%
6	Medacta	MOVE	$182.32	$3,646	4.15%
7	Globus Medical	GMED	$60.48	$8,168	2.86%
8	Xtant Medical Hldgs	XTNT	$0.65	$91	2.85%
9	Aurora Spine	ASG.V	$0.21	$16	2.38%
10	Aclarion	ACON	$7.35	$4	2.08%

Worst Performers Last 30 Days

	Company	Symbol	Price	Mkt Cap	30-Day Chg
1	Dynatronics Corp	DYNT	$0.06	$1	-33.04%
2	SINTX Technologies	SINT	$3.94	$14	-25.66%
3	Alphatec Holdings	ATEC	$13.96	$2,066	-12.20%
4	SI-BONE, Inc	SIBN	$14.50	$626	-10.60%
5	OrthoPediatrics Corp	KIDS	$18.77	$471	-10.19%
6	ConMed	CNMD	$48.13	$1,490	-8.97%
7	Pacira BioSciences	PCRX	$24.84	$1,116	-8.61%
8	Stryker	SYK	$370.50	$141,645	-4.65%
9	Zimmer Biomet	ZBH	$100.78	$19,964	-4.06%
10	Smith & Nephew	SNN	$36.32	$15,441	-2.76%

Lowest Price / Earnings Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	P/E
1	ConMed	CNMD	$48.13	$1,490	14.50
2	Zimmer Biomet	ZBH	$100.78	$19,964	19.88
3	Medtronic	MDT	$97.70	$125,318	22.38
4	Johnson & Johnson	JNJ	$188.64	$454,309	22.58
5	Pacira BioSciences	PCRX	$24.84	$1,116	28.30

Highest Price / Earnings Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	P/E
1	Smith & Nephew	SNN	$36.32	$15,441	37.48
2	Medacta	MOVE	$182.32	$3,646	35.20
3	Stryker	SYK	$370.50	$141,645	32.32
4	Globus Medical	GMED	$60.48	$8,168	29.07
5	Pacira BioSciences	PCRX	$24.84	$1,116	28.30

Lowest P/E to Growth Ratio (Earnings Estimates)

	Company	Symbol	Price	Mkt Cap	PEG
1	Medacta	MOVE	$182.32	$3,646	1.26
2	Smith & Nephew	SNN	$36.32	$15,441	2.06
3	ConMed	CNMD	$48.13	$1,490	2.20
4	Globus Medical	GMED	$60.48	$8,168	2.55
5	Pacira BioSciences	PCRX	$24.84	$1,116	2.62

Highest P/E to Growth Ratio (Earnings Estimates)

	Company	Symbol	Price	Mkt Cap	PEG
1	Medtronic	MDT	$97.70	$125,318	3.29
2	Stryker	SYK	$370.50	$141,645	3.14
3	Johnson & Johnson	JNJ	$188.64	$454,309	3.14
4	Pacira BioSciences	PCRX	$24.84	$1,116	2.62
5	Globus Medical	GMED	$60.48	$8,168	2.55

Lowest Price to Sales Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	PSR
1	Dynatronics Corp	DYNT	$0.06	$1	0.02
2	Aurora Spine	ASG.V	$0.21	$16	0.67
3	Integra LifeSciences	IART	$14.80	$1,153	0.72
4	Orthofix	OFIX	$14.61	$577	0.72
5	Xtant Medical Hldgs	XTNT	$0.65	$91	0.78

Highest Price to Sales Ratio (TTM)

	Company	Symbol	Price	Mkt Cap	PSR
1	Aclarion	ACON	$7.35	$4	93.61
2	Kuros Biosciences	KURN:SW	$35.84	$1,395	16.26
3	Carlsmed	CARL	$12.97	$345	12.69
4	Stryker	SYK	$370.50	$141,645	6.27
5	Medacta	MOVE	$182.32	$3,646	6.17

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