Table of contents
Stock Performance Overview 3
Our Views On The Stocks 4
A Closer Look At Stock Performance 7
S&P 500 Sector Performance 8
S&P 500 Healthcare 9
MedTech Individual Stock Performance 13
Short Interest Positions 18
MedTech Valuations 19
Sector Valuation 20
Washington Update 25
American Health Future Act – Medical Device Fee 26
An Update on FX Rates 29
What’s Ahead in MedTech 34
Earnings: A Look Back At Last Quarter 36
2Q09 Earnings Review: Sales Depressed By Currency 37
Expense Controls and Lower Share Counts Helped EPS Growth 38
Earnings: Prepping for 3Q 39
Earnings Preview Summary 40
3Q09 Earnings Preview: Early Read-Thrus 42
Company One-Pagers 44
Company Profiles 55
Bard (BCR-Neutral) 56
Baxter International (BAX-Neutral) 68
Becton Dickinson (BDX-Neutral) 86
Boston Scientific (BSX-Neutral) 102
CareFusion (CFN-Neutral) 115
Covidien (COV-Outperform) 124
Edwards Lifesciences (EW-Outperform) 141
Medtronic (MDT-Neutral) 153
Nanosphere (NSPH-Outperform) 169
St. Jude Medical (STJ-Neutral) 174
Stryker (SYK-Neutral) 187
Zimmer Holdings (ZMH-Neutral) 199
Major Product Categories 212
Cardiac Rhythm Management (CRM) 213
Coronary Stents 223
Heart Valves 234
Orthopedics 243
Blood Plasma Market 245
Glossary 246
Company Databox Summaries 249
C. R. Bard, Inc. BCR 250
Baxter International BAX 251
Becton Dickinson & Co. BDX 252
Boston Scientific Corp. BSX 253
CareFusion CFN 254
Covidien COV 255
Edwards Lifesciences Corp. EW 256
Medtronic MDT 257
Nanosphere NSPH 258
St. Jude Medical STJ 259
Stryker Corporation SYK 260
Zimmer Holdings, Inc. ZMH 261