Filing Flows › Industries › Surgical & Medical Instruments & Apparatus › Capital spending and supply chain
Surgical & Medical Instruments & Apparatus: capital spending and supply chain
SIC 3841 · 88 companies with filed cash-flow statements
Capital spending, 12 months$6.2B
Operating cash flow$26.6B
Capex / cash flow23%
Capex / revenue3.3%
Top 3 share44%
Analysis
88 companies in Surgical & Medical Instruments & Apparatus (SIC 3841) spent $6.2B on capital projects over their latest twelve months, 23% of the $26.6B their operations generated; the three largest spenders — MMM, BSX, SYK — account for 44%.
Capital spending is 3.3% of the industry's $190.4B of annual revenue.
By the industry's asset mix most of it goes to equipment (55%); about $1.1B is imported.
The largest supplier of that spending is electromedical and electrotherapeutic apparatus manufacturing ($941M).
Its largest supplying industries, by the input-output tables: imports ($10.1B), professional and commercial equipment and supplies ($7.2B), surgical appliance and supplies manufacturing ($4.2B).
Charts
Capital spending by company
| Company | Capital spending | Operating cash flow | Capex / OCF | Period |
|---|---|---|---|---|
| MMM 3M | $952M | $3.6B | 26% | TTM to Q3 2026 |
| BSX Boston Scientific | $903M | $4.2B | 21% | TTM to Q3 2026 |
| SYK Stryker | $873M | $5.4B | 16% | TTM to Q3 2026 |
| BDX Becton Dickinson | $753M | $4.0B | 19% | TTM to Q3 FY26 |
| MDLN Medline | $486M | $2.4B | 20% | TTM to Q3 2026 |
| DXCM DexCom | $316M | $1.4B | 22% | TTM to Q3 2026 |
| SOLV Solventum | $310M | $310M | 100% | TTM to Q3 2026 |
| PODD Insulet | $249M | $509M | 49% | TTM to Q3 2026 |
| WST West Pharmaceutical Services | $201M | $654M | 31% | TTM to Q3 2026 |
| RMD ResMed | $162M | $1.8B | 9% | TTM to Q1 FY27 |
| GMED Globus Medical | $159M | $926M | 17% | TTM to Q3 2026 |
| TFX Teleflex | $78.3M | $321M | 24% | TTM to Q3 2026 |
| ICUI ICU Medical | $70.6M | $279M | 25% | TTM to Q3 2026 |
| MMSI Merit Medical Systems | $70.2M | $274M | 26% | TTM to Q3 2026 |
| PEN Penumbra | $60.8M | $261M | 23% | TTM to Q3 2026 |
| AORT Artivion | $59.3M | $14.9M | 398% | TTM to Q3 2026 |
| ATEC Alphatec Holdings | $58.3M | $61.3M | 95% | TTM to Q3 2026 |
| IART Integra Lifesciences Holdings | $54.6M | $140M | 39% | TTM to Q3 2026 |
| IRTC iRhythm Holdings | $48.2M | $55.6M | 87% | TTM to Q3 2026 |
| HAE Haemonetics | $46.7M | $345M | 14% | TTM to Q2 FY27 |
| INSP Inspire Medical Systems | $37.1M | $135M | 27% | TTM to Q3 2026 |
| KMTS Kestra Medical Technologies | $35.1M | −$87.7M | — | TTM to Q1 FY27 |
| NVCR NovoCure | $23.9M | −$722K | — | TTM to Q3 2026 |
| TNDM Tandem Diabetes Care | $21.7M | −$14.6M | — | TTM to Q3 2026 |
| ATRC AtriCure | $15.6M | $68.5M | 23% | TTM to Q3 2026 |
| GKOS Glaukos | $11.7M | $47.7M | 25% | TTM to Q3 2026 |
| SIBN Si-Bone | $10.3M | $6.1M | 169% | TTM to Q3 2026 |
| TMCI Treace Medical Concepts | $9.8M | −$8.7M | — | TTM to Q3 2026 |
| EMBC Embecta | $9.5M | $174M | 5% | TTM to Q3 FY26 |
| KIDS Orthopediatrics | $9.3M | $12.5M | 75% | TTM to Q3 2026 |
| LMAT Lemaitre Vascular | $9.2M | $76.2M | 12% | TTM to Q3 2026 |
| NONE. EBR Systems | $8.9M | −$65.6M | — | TTM to Q2 2026 |
| PRCT Procept BioRobotics | $8.4M | −$76.7M | — | TTM to Q3 2026 |
| SI Shoulder Innovations | $7.8M | −$34.9M | — | TTM to Q3 2026 |
| HTFL Heartflow | $6.9M | −$52.2M | — | TTM to Q2 2026 |
| BBNX Beta Bionics | $6.6M | −$59.4M | — | TTM to Q3 2026 |
| ANIK Anika Therapeutics | $5.2M | $7.5M | 69% | TTM to Q3 2026 |
| OSUR Orasure Technologies | $5.2M | −$42.9M | — | TTM to Q2 2026 |
| ARAY Accuray | $4.1M | −$23.0M | — | TTM to Q1 FY27 |
| TCMD Tactile Systems Technology | $3.2M | $32.2M | 10% | TTM to Q3 2026 |
| CERS Cerus | $3.0M | $3.5M | 86% | TTM to Q3 2026 |
| BVS Bioventus | $2.4M | $87.4M | 3% | TTM to Q3 2026 |
| ANGO Angiodynamics | $2.2M | $3.7M | 61% | TTM to Q1 FY27 |
| DCTH Delcath Systems | $2.1M | $19.6M | 11% | TTM to Q2 2026 |
| PREM Premier Air Charter Holdings | $2.0M | $157K | 1281% | TTM to Q2 2026 |
| VVOS Vivos Therapeutics | $1.9M | −$17.1M | — | TTM to Q2 2026 |
| CNSY Cerenome | $1.4M | −$22.2M | — | TTM to Q2 2026 |
| STIM Neuronetics | $1.3M | −$8.3M | — | TTM to Q3 2026 |
| XTNT Xtant Medical Holdings | $1.3M | $570K | 222% | TTM to Q2 2026 |
| NSPR InspireMD | $1.3M | −$41.2M | — | TTM to Q2 2026 |
| CLPT ClearPoint Neuro | $1.0M | −$32.1M | — | TTM to Q3 2026 |
| XAIR Beyond Air | $1.0M | −$18.6M | — | TTM to Q1 FY27 |
| IRMD Iradimed | $1.0M | $27.1M | 4% | TTM to Q3 2026 |
| SNWV Sanuwave Health | $978K | $5.2M | 19% | TTM to Q2 2026 |
| SKIN SkinHealth Systems | $883K | $23.6M | 4% | TTM to Q3 2026 |
| OBIO Orchestra BioMed Holdings | $781K | −$58.3M | — | TTM to Q2 2026 |
| PDEX Pro DEX | $731K | $11.4M | 6% | TTM to Q1 FY27 |
| APYX Apyx Medical | $666K | −$8.2M | — | TTM to Q3 2026 |
| KRMD Koru Medical Systems | $614K | $1.4M | 44% | TTM to Q2 2026 |
| TELA Tela Bio | $480K | −$31.1M | — | TTM to Q2 2026 |
Customers and suppliers named in annual reports
| Supplier | Customer | Share of supplier revenue | Evidence | Source |
|---|---|---|---|---|
| ITGR | BSX | 49% | Stated in 10-K (sentence) | filing |
| IRTC | Medicare & Medicaid | 24% | Stated in 10-K (customer table) | filing |
| UFPT | ISRG | 22% | Stated in 10-K (sentence) | filing |
| MDXG | U.S. government | 22% | Stated in 10-K (sentence) | filing |
| TCMD | Medicare & Medicaid | 51% | Stated in 10-K (sentence) | filing |
| ANIK | JNJ | 50% | Stated in 10-K (sentence) | filing |
| RVP | U.S. government | 54% | Stated in 10-K (name in text, share from XBRL) | filing |
| IDXG | Medicare & Medicaid | 27% | Stated in 10-K (sentence) | filing |
| CLPT | PTCT | 15% | Stated in 10-K (sentence) | filing |
| EMBC | COR | — | Stated in 10-K (named, share not stated) | filing |
| EMBC | MCK | — | Stated in 10-K (named, share not stated) | filing |
| EMBC | CAH | — | Stated in 10-K (named, share not stated) | filing |
| GE | PREM | — | Stated in 10-K (named, share not stated) | filing |
| NDAQ | OSRH | — | Stated in 10-K (named, share not stated) | filing |
| ICUI | INFU | 60% | Stated in 10-K (sentence) | filing |
| ICUI | LQDA | — | Stated in 10-K (named, share not stated) | filing |
| AMZN | HTFL | — | Stated in 10-K (named, share not stated) | filing |
| SANM | OBIO | — | Stated in 10-K (named, share not stated) | filing |
| MDAI | U.S. government | — | Stated in 10-K (receivables) | filing |
| AAPL | DRIO | — | Stated in 10-K (named, share not stated) | filing |
| UFPT | SYK | — | Stated in 10-K (named, share not stated) | filing |
| GOOGL | DRIO | — | Stated in 10-K (named, share not stated) | filing |
The interactive money flow: switch views, follow each dollar →
Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.