Healthcare
Healthcare Medtech
Seven medtech prints, not a TAM
Abbott $44.3 billion is the whole company. Medtronic $36.4 billion is FY26 (ended April 24, 2026). Stryker $25.1 billion, Boston Scientific $20.1 billion, and GE HealthCare $20.6 billion are calendar 2025. Intuitive $10.1 billion and Edwards $6.1 billion are the robotics and structural-heart specialists.
Medtronic is still a cardiovascular company
FY26: Cardiovascular $13.976 billion, Neuroscience $10.287 billion, Medical Surgical $8.815 billion, Diabetes $3.112 billion. Diabetes is the MiniMed carve-out candidate, not the core hospital franchise.
Intuitive is a procedure company
2025: instruments and accessories $6.02 billion, systems $2.47 billion, services $1.57 billion. About 3.15 million da Vinci procedures, up 18 percent. The razor is the procedure, not the robot placement.
Edwards is TAVR plus a smaller TMTT option
2025 continuing ops after the Critical Care sale: TAVR $4.49 billion, Surgical Structural Heart $1.03 billion, TMTT $551 million. TMTT grew 56 percent and is still a $0.6 billion line.
