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HOLX vs. SYK: Which Medical Device Leader Is a Solid Bet Now?
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Key Takeaways
HOLX's Diagnostics growth was likely led by U.S. molecular sales and Panther Fusion assays.
SYK's MedSurg and Neurotechnology likely saw solid U.S. growth, supported by capital demand and backlog.
SYK grew into peripheral vascular with Inari Medical and saw strength in Orthopaedics and Mako adoption.
The global medical device industry is characterized by rapid technological advances, innovations and scientific discoveries. In the United States, the market is projected to expand at a CAGR of 6.8% during 2025-2032, with Hologic (HOLX - Free Report) and Stryker (SYK - Free Report) being two of the most prominent players. Hologic develops and markets diagnostic products, medical imaging systems, and surgical products focused on women’s health and well-being through early detection and treatment. The company is currently in the middle of a buyout process by Blackstone & TPG, a transaction expected to accelerate its growth and enhance the delivery of critical medical technologies.
Stryker offers products and services across surgical, orthopaedic and neurotechnology areas in approximately 75 countries. Hologic presently has a market capitalization of $16.71 billion, while Stryker is significantly larger at $139.1 billion. Ahead of their upcoming earnings on Jan. 29, let’s evaluate how the companies are positioned.
Hologic Leading Up to Q1: Trends to Note
Starting with the largest division, Diagnostics performance is expected to have been driven by solid U.S. molecular diagnostics sales. Growth may have been fueled by the BV, CV/TV vaginitis assay, supported by broader adoption by laboratory customers, alongside higher sales of Panther Fusion assays. During the quarter, Hologic achieved the FDA’s 510(k) clearance and CE IVDR mark for the new Panther Fusion Gastrointestinal Bacterial and Expanded Bacterial Assays, advancing diagnostic innovation. In addition, the Genius Digital Diagnostics System secured the expanded CE marking in the European Union, now enabling image and review of both cell and tissue specimens.
The Breast Health results for the quarter are expected to reflect the ongoing improvement in U.S. sales execution. The inclusion of Endomagnetics is likely to have supported stronger sales of interventional products, favorably impacting the company’s revenues. Meanwhile, higher sales of MyoSure and Fluent, as well as the Gynesonics acquisition, are likely to have driven Hologic’s GYN Surgical revenues.
Stryker Ahead of Q4: The Case for Staying Bullish
Having exited the third quarter with an elevated backlog, Stryker is likely to have sustained the strong demand momentum for its capital products. In the fourth quarter, MedSurg and Neurotechnology may have posted solid organic growth, driven mainly by continued strength in the U.S. market. Instruments’ results are expected to have been supported by the Surgical Technologies business, including Neptune waste management, SurgiCount and smoke evacuation products. Endoscopy performance in the United States may have been supported by several recent shoulder product launches in the Sports Medicine business.
Despite ongoing supply-chain disruptions in Emergency Care, Stryker expects its Medical business to achieve 10% organic sales growth for the year. The company’s LIFEPAK 35 monitor/defibrillator is likely to continue to see strong market demand, with the device launched in Europe at the end of the third quarter.
In February, Stryker completed the acquisition of Inari Medical, Inc., providing entry into the high-growth peripheral vascular segment. Recent Vascular launches, such as the Surpass Elite flow-diverting stent and the Broadway aspiration system, are expected to support stronger growth for the business.
In Orthopaedics, the ongoing success of the company’s Insignia Hip Stem and the broader adoption of the Mako robotic hip platform, now addressing more difficult primary hip cases and hip revisions, may drive robust U.S. Hip business organic results. Operationally, Stryker is likely to achieve its second straight year of 100 basis points of adjusted operating margin expansion, reflecting strong execution and sustained business performances.
Further, the company views international markets as a significant opportunity for long-term growth. With a healthy deal pipeline and strong balance sheet, Stryker also expects to stay active on the M&A front.
Earnings Estimate Trend for HOLX and SYK
The Zacks Consensus Estimate for Hologic’s first-quarter fiscal 2026 earnings indicates 5.8% growth year over year to $1.09. In the past 60 days, the estimate has moved up 1 cent.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Stryker’s fourth-quarter 2025 earnings indicates 9.5% growth year over year to $4.39. The estimate has remained stable in the past 60 days.
Image Source: Zacks Investment Research
HOLX and SYK Price Performance
Hologic shares have climbed 17.7% in the past six months, while shares of Stryker have declined 6.1%.
Image Source: Zacks Investment Research
Comparing Valuations: HOLX and SYK
Hologic trades at a forward two-year price-to-earnings (P/E) of 16.15X, lower than its median. It also compares favorably to Stryker’s P/E of 24.14X.
Image Source: Zacks Investment Research
Conclusion: HOLX Has the Edge
Hologic and Stryker both exhibit solid fundamentals, as reflected in their established market positions. Hologic presently carries a Zacks Rank #2 (Buy). Its upcoming earnings are expected to be shaped by the drivers across all of its segments. Meanwhile, Stryker, carrying a Zacks Rank #3 (Hold), is expected to once again demonstrate broad business strength and strong operational performance. Both companies are expected to deliver year-over-year improvement in earnings growth. Hologic’s recent price performance and compelling valuation currently give it an edge, while current SYK shareholders should continue to retain their position for its long-term prospects. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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HOLX vs. SYK: Which Medical Device Leader Is a Solid Bet Now?
Key Takeaways
The global medical device industry is characterized by rapid technological advances, innovations and scientific discoveries. In the United States, the market is projected to expand at a CAGR of 6.8% during 2025-2032, with Hologic (HOLX - Free Report) and Stryker (SYK - Free Report) being two of the most prominent players. Hologic develops and markets diagnostic products, medical imaging systems, and surgical products focused on women’s health and well-being through early detection and treatment. The company is currently in the middle of a buyout process by Blackstone & TPG, a transaction expected to accelerate its growth and enhance the delivery of critical medical technologies.
Stryker offers products and services across surgical, orthopaedic and neurotechnology areas in approximately 75 countries. Hologic presently has a market capitalization of $16.71 billion, while Stryker is significantly larger at $139.1 billion. Ahead of their upcoming earnings on Jan. 29, let’s evaluate how the companies are positioned.
Hologic Leading Up to Q1: Trends to Note
Starting with the largest division, Diagnostics performance is expected to have been driven by solid U.S. molecular diagnostics sales. Growth may have been fueled by the BV, CV/TV vaginitis assay, supported by broader adoption by laboratory customers, alongside higher sales of Panther Fusion assays. During the quarter, Hologic achieved the FDA’s 510(k) clearance and CE IVDR mark for the new Panther Fusion Gastrointestinal Bacterial and Expanded Bacterial Assays, advancing diagnostic innovation. In addition, the Genius Digital Diagnostics System secured the expanded CE marking in the European Union, now enabling image and review of both cell and tissue specimens.
The Breast Health results for the quarter are expected to reflect the ongoing improvement in U.S. sales execution. The inclusion of Endomagnetics is likely to have supported stronger sales of interventional products, favorably impacting the company’s revenues. Meanwhile, higher sales of MyoSure and Fluent, as well as the Gynesonics acquisition, are likely to have driven Hologic’s GYN Surgical revenues.
Stryker Ahead of Q4: The Case for Staying Bullish
Having exited the third quarter with an elevated backlog, Stryker is likely to have sustained the strong demand momentum for its capital products. In the fourth quarter, MedSurg and Neurotechnology may have posted solid organic growth, driven mainly by continued strength in the U.S. market. Instruments’ results are expected to have been supported by the Surgical Technologies business, including Neptune waste management, SurgiCount and smoke evacuation products. Endoscopy performance in the United States may have been supported by several recent shoulder product launches in the Sports Medicine business.
Despite ongoing supply-chain disruptions in Emergency Care, Stryker expects its Medical business to achieve 10% organic sales growth for the year. The company’s LIFEPAK 35 monitor/defibrillator is likely to continue to see strong market demand, with the device launched in Europe at the end of the third quarter.
In February, Stryker completed the acquisition of Inari Medical, Inc., providing entry into the high-growth peripheral vascular segment. Recent Vascular launches, such as the Surpass Elite flow-diverting stent and the Broadway aspiration system, are expected to support stronger growth for the business.
In Orthopaedics, the ongoing success of the company’s Insignia Hip Stem and the broader adoption of the Mako robotic hip platform, now addressing more difficult primary hip cases and hip revisions, may drive robust U.S. Hip business organic results. Operationally, Stryker is likely to achieve its second straight year of 100 basis points of adjusted operating margin expansion, reflecting strong execution and sustained business performances.
Further, the company views international markets as a significant opportunity for long-term growth. With a healthy deal pipeline and strong balance sheet, Stryker also expects to stay active on the M&A front.
Earnings Estimate Trend for HOLX and SYK
The Zacks Consensus Estimate for Hologic’s first-quarter fiscal 2026 earnings indicates 5.8% growth year over year to $1.09. In the past 60 days, the estimate has moved up 1 cent.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Stryker’s fourth-quarter 2025 earnings indicates 9.5% growth year over year to $4.39. The estimate has remained stable in the past 60 days.
Image Source: Zacks Investment Research
HOLX and SYK Price Performance
Hologic shares have climbed 17.7% in the past six months, while shares of Stryker have declined 6.1%.
Image Source: Zacks Investment Research
Comparing Valuations: HOLX and SYK
Hologic trades at a forward two-year price-to-earnings (P/E) of 16.15X, lower than its median. It also compares favorably to Stryker’s P/E of 24.14X.
Image Source: Zacks Investment Research
Conclusion: HOLX Has the Edge
Hologic and Stryker both exhibit solid fundamentals, as reflected in their established market positions. Hologic presently carries a Zacks Rank #2 (Buy). Its upcoming earnings are expected to be shaped by the drivers across all of its segments. Meanwhile, Stryker, carrying a Zacks Rank #3 (Hold), is expected to once again demonstrate broad business strength and strong operational performance. Both companies are expected to deliver year-over-year improvement in earnings growth. Hologic’s recent price performance and compelling valuation currently give it an edge, while current SYK shareholders should continue to retain their position for its long-term prospects. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.