Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at STERIS (NYSE: STE) and the best and worst performers in the surgical equipment & consumables - diversified industry.

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 satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.1%.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

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 $1.59 billion, up 7.3% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a narrow beat of analysts’ full-year EPS guidance estimates but revenue in line with analysts’ estimates.

STERIS delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 4.6% since reporting and currently trades at $211.12.

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

Best Q1: 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 $2.09 billion, up 9.3% year on year, outperforming analysts’ expectations by 0.9%. The business had a strong quarter with a beat of analysts’ EPS and full-year EPS guidance estimates.

Zimmer Biomet scored the fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 10.7% since reporting. It currently trades at $82.67.

Is now the time to buy Zimmer Biomet? Access our full analysis of the earnings results 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 $4.71 billion, up 5.2% year on year, exceeding analysts’ expectations by 0.8%. It was a satisfactory quarter as it also posted a narrow beat of analysts’ full-year EPS guidance estimates.

Interestingly, the stock is up 1.9% since the results and currently trades at $147.50.

Read our full analysis of BD’s results here.

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 $2.01 billion, down 3% year on year. This number beat analysts’ expectations by 1.9%. It was a strong quarter as it also put up a decent beat of analysts’ revenue and EPS estimates.

Solventum had the slowest revenue growth among its peers. The stock is up 7.8% since reporting and currently trades at $74.43.

Read our full, actionable report on Solventum 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 $317 million, down 1.3% year on year. This result topped analysts’ expectations by 2.1%. Overall, it was a strong quarter as it also recorded an impressive beat of analysts’ revenue and EPS estimates.

CONMED pulled off the biggest analyst estimates beat among its peers. The stock is down 1.3% since reporting and currently trades at $35.50.

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

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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