As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at surgical equipment & consumables - diversified stocks, starting with Solventum (NYSE: SOLV).

The surgical equipment and consumables industry provides tools, devices, and disposable products essential for surgeries and medical procedures. These companies therefore benefit from relatively consistent demand, driven by the ongoing need for medical interventions, recurring revenue from consumables, and long-term contracts with hospitals and healthcare providers. However, the high costs of R&D and regulatory compliance, coupled with intense competition and pricing pressures from cost-conscious customers, can constrain profitability. Over the next few years, tailwinds include aging populations, which tend to need surgical interventions at higher rates. The increasing integration of AI and robotics into surgical procedures could also create opportunities for differentiation and innovation. However, the industry faces headwinds including potential supply chain vulnerabilities, evolving regulatory requirements, and more widespread efforts to make healthcare less costly.

The 5 surgical equipment & consumables - diversified stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 1.6%.

In light of this news, share prices of the companies have held steady as they are up 2.4% on average since the latest earnings results.

Best Q2: Solventum (NYSE: SOLV)

Founded in 1985, Solventum (NYSE: SOLV) develops, manufactures, and commercializes a portfolio of healthcare products and services addressing critical customer and therapeutic patient needs.

Solventum reported revenues of $2.21 billion, up 2.2% year on year. This print exceeded analysts’ expectations by 2.5%. Overall, it was a stunning quarter for the company with a solid beat of analysts’ organic revenue estimates and a beat of analysts’ EPS estimates.

"The Solventum team delivered another quarter of strong execution with results ahead of our expectations while continuing to advance our transformation," said Bryan Hanson, chief executive officer of Solventum.

Solventum pulled off the biggest analyst estimate beat in the group. Unsurprisingly, the stock is up 3% since reporting and currently trades at $90.09.

Is now the time to buy Solventum? Access our full analysis of the earnings results here, it’s free.

CONMED (NYSE: CNMD)

With over five decades of experience in surgical innovation since its founding in 1970, CONMED (NYSE: CNMD) develops and manufactures medical devices and equipment for surgical procedures, specializing in orthopedic and general surgery products.

CONMED reported revenues of $343.5 million, flat year on year, outperforming analysts’ expectations by 1.8%. The business had a very strong quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates.

The market seems happy with the results as the stock is up 8.4% since reporting. It currently trades at $46.83.

Is now the time to buy CONMED? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: STERIS (NYSE: STE)

With a mission critical role in preventing healthcare-associated infections, STERIS (NYSE: STE) provides infection prevention products, sterilization services, and medical equipment that help healthcare facilities and life science companies maintain sterile environments.

STERIS reported revenues of $1.49 billion, up 7.3% year on year, in line with analysts’ expectations. It was a mixed quarter as it posted a beat of analysts’ EPS estimates.

STERIS delivered the fastest revenue growth but had the weakest performance against analyst estimates in the group. As expected, the stock is down 9.6% since the results and currently trades at $210.31.

Read our full analysis of STERIS’s results here.

Zimmer Biomet (NYSE: ZBH)

With a history dating back to 1927 and a presence in over 100 countries worldwide, Zimmer Biomet (NYSE: ZBH) designs and manufactures orthopedic products including knee and hip replacements, surgical tools, and robotic technologies for joint reconstruction and spine surgeries.

Zimmer Biomet reported revenues of $2.18 billion, up 4.8% year on year. This number topped analysts’ expectations by 2%. Overall, it was a strong quarter as it also logged a narrow beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

The stock is up 1.5% since reporting and currently trades at $97.23.

Read our full, actionable report on Zimmer Biomet here, it’s free.

BD (NYSE: BDX)

With a history dating back to 1897 and a presence in virtually every hospital around the globe, Becton Dickinson (NYSE: BDX) develops and manufactures medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions and professionals worldwide.

BD reported revenues of $4.98 billion, up 5.4% year on year. This result surpassed analysts’ expectations by 2%. It was a strong quarter as it also put up a narrow beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

The stock is up 8.8% since reporting and currently trades at $185.71.

Read our full, actionable report on BD here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.