2025 Q3 Performance of the Seven Major MedTech Giants: A Tale of Two Fortunes

With only one and a half months left in 2025, major medical device companies have entered the final sprint stage. The verdict on how this year will be judged will come in just one and a half months.

However, the performance of major companies in Q3 2025 also reveals that by the end of the year, these companies will experience mixed fortunes. Companies like Boston Scientific and Intuitive, with double-digit high growth, have become the darlings of capital, while Johnson & Johnson and Siemens, with single-digit growth, appear out of place among these fast-growing medical device giants. In pursuit of high growth, Johnson & Johnson has already started streamlining (with its orthopedics business being the first target).Due to the lack of catching up with the robotics era, Johnson & Johnson has decided to spin off this business, which has shown weak growth. Siemens also has plans.Sell itsDiagnostic Business, Allowing for Greater Focus (Imaging and Varian, etc.High-profit areas）。

The following lists the performance of seven mainstream medical device companies in Q3 2025:

【01】Intuitive

Revenue in 2024: 8.4 billion USD

2025Q3 Performance

• Third-quarter revenue increased by 23% year-over-year, reaching $2.51 billion.

• Global surgical volume increased by 20%.

• Nearly 11,000 Installed GloballyDa Vinci System,da Vinci 5The number of installations doubled year-over-year (240 units vs. 110 units).

• Recurring revenue from instruments, accessories, and services now accounts for 85% of total sales.

【02】Boco

Revenue in 2024: $16.7 billion

2025Q3 Performance

• Third-quarter revenue increased by 20.3% year-over-year, reaching $5.07 billion, flat with the second quarter.

• Sales growth for the entire year is expected to be around 20%. Such a large volume with such growth is astonishing.

• Expected to capture 50% of the global PFA market by the end of 2025, and ambitiously challenging Johnson & Johnson, striving to become the leader in the electrophysiology market.

• Sales growth in the Chinese market continues to lead the industry.

Challenges This Year

• The estimated impact of tariffs this year is $100 million (relatively small compared to the company's scale).

• The post-acquisition integration of Axonics has not met expectations.

Market Perspective

Boston Scientific's performance stability is extraordinary. Strategic mergers and acquisitions continue to be its key growth engine, with acquired technologies such as Watchman and Farapulse driving its leadership in niche markets. As competitors accelerate their respective PFA programs, the question remains whether Boston Scientific can maintain its aggressive goal of achieving 80% global market penetration by 2028.

【03】Edward

Revenue in 2024: $5.4 billion

2025Q3 Performance

• Third-quarter revenue increased by 14.7% year-over-year, reaching $1.55 billion, a slight rise from the second quarter.

• The company has once again raised its full-year guidance and now expects sales growth of 9-10%.

• TAVR remains the growth engine, while transcatheter mitral and tricuspid valve therapies are emerging as the second pillar.

Challenges This Year

• Resistance from currency and tariffs persists.

• Increased spending to expand the company's global commercial infrastructure for transcatheter therapies has compressed profit margins.

Market Viewpoint

A Standard Answer from the Leader in Structural Heart Disease Intervention. Edwards has executed well across all its growth pillars while also building future growth potential in heart failure (through the acquisition of Vectorious) and aortic regurgitation, which we are optimistic about. In the medical technology field, few companies can boast such excellent product-market synergy as they head into 2026.

【04】Abbott

2024 CampReceive:$18.9 Billion (Medical Device Business)

2025Q3 Performance

• Third-quarter revenue increased by 12.8% year-over-year, reaching $5.45 billion, up from $5.37 billion in the second quarter.

• Almost all business categories achieved strong double-digit growth, led by diabetes care, heart failure, rhythm management, structural heart disease, and electrophysiology businesses.

• The only area that appears slightly weak: vascular and neuromodulation.

Challenges This Year

• Earnings Miss Analysts' Expectations, Leading to Short-Term Stock Price Decline.

Market Perspective

Abbott Remains One of the Most Balanced Companies in the Medical Technology Field. Despite Missing Expectations, Its Core Business Categories Achieved Strong Double-Digit Growth. The Volt PFA, Expected to Launch in 2026, Has Already Gained Momentum in International Markets and Could Reshape Abbott’s Electrophysiology Business Next Year.

【05】Stryker

2024 CampReceive:$22.6 billion

2025Q3 Performance

• Third-quarter revenue increased by 10.3% year-over-year, reaching $6.1 billion.

• Comprehensive growth in orthopedics, medical surgery, and vascular businesses.

• Mako Robot Installation Hits Quarterly Record, Supported by Rising Surgical Volume.

• After adjusting for the impact of the U.S. spine business divestiture, orthopedic sales increased by 11.4%.

Challenges This Year

• It is estimated that tariffs will cause a loss of approximately 200 million U.S. dollars in 2025.

• Increased Leverage (i.e., Increased Debt) Following Recent Acquisition.

Market Perspective

Stryker continues to demonstrate strength in its core markets, with robotic technology being the main driver. Mako remains a significant growth catalyst. The upcoming neurovascular robotics partnership with Siemens Healthineers could open a new frontier in surgical robotics, but it remains to be seen.

【06】Johnson & Johnson

2024 CampReceive:$31.9 billion (Johnson & Johnson Medical Technologies)

2025Q3 Performance

• Third-quarter revenue increased by 6.8% year-over-year, reaching $8.4 billion.

• Executing the plan to divest DePuy Synthes, with a stronger focus on high-growth categories, including electrophysiology, left ventricular assist devices, and intravascular lithotripsy.

Challenges This Year

• As the company focuses on fewer, high-intensity fields, the reduced diversification increases risk.

• Increased competitive pressure in the cardiovascular device sector may challenge Johnson & Johnson's share in new core markets.

Market Perspective

Johnson & Johnson’s Restructuring Marks a Key Strategic ShiftThe restructuring of Johnson & Johnson marks a key strategic shift. By streamlining its focus to cardiovascular, optical, and robotic surgery, the company is betting on high-growth, high-complexity sectors. The upcoming submission of the OTTAVA soft tissue surgical robot application to the FDA will be a decisive milestone. However, its less diversified medtech business also carries potential risks and costs. CEO Joaquin Duato’s message remains consistent: optimize the product portfolio, leverage strengths, and pursue excellence in medical technology.

【07】Siemens

2024 CampReceive:$24 billion

2025Q3 Performance

• Revenue in the fourth quarter (fiscal year-end) increased by 3.7% year-over-year, reaching US$7.34 billion.

• Revenue of $27.16 billion for the 2025 fiscal year, at the high end of the guidance range.

• Growth was driven by the Imaging and Varian businesses, both of which are strong profit contributors.

• All regions except China performed robustly.

Challenges This Year

• China Market Still a Drag, Particularly in the Flat-Growth Integrated Diagnostics Business.

• The news of the parent company's plan to spin off and merge affected investor sentiment.

Market Perspective

Operations Remain Steady, but Market Response Lacks Enthusiasm. Despite Siemens Healthineers consistently delivering stable performance in imaging, oncology, and diagnostics, market reaction has remained lukewarm. In the long term, the spin-off and merger may prove beneficial, providing the company with greater flexibility and focus (a trend reflected by multiple strategic firms in 2025).