The Top 10

As we researched the firms for this year’s top companies report, “challenging” was the word that most often was used to describe fiscal 2009. Along the lines of the old adage, “What doesn’t kill you makes you stronger,” orthopedic firms reported a lot of belt tightening and streamlining with the hope of conserving cash and being better prepared to compete. While many industries felt the effects of the downturn in 2008, the medical device industry was slow to feel the impact. 2009 changed all that. But despite the austerity (and a noticeable lack of the double-digit growth we’d all gotten used to), what’s most surprising about this list is how it hasn’t changed all that much. The orthopedic sector continues to expand, though modestly. Time (and that time is getting closer) will tell how healthcare reform, stricter controls on relationships with physicians, and a looming device excise tax will affect the industry in the short and long terms. But in FY09 at least, companies continued to innovate and—yes—grow. The difference now? It’s a lot harder than it used to be. And it was never that easy to begin with.

Top 10 Orthopedic Device Companies

1.	Stryker Corp.	$6.7B
2.	DePuy Orthopaedics (J&J)	$5.4B
3.	Zimmer Holdings	$4.1B
4.	Smith & Nephew	$3.8B
5.	Medtronic Spinal & Biologics	$3.4B
5.	Synthes	$3.4B
7.	Biomet	$2.5B
8.	DJO Incorporated	$946M
9.	Orthofix	$546M
10.	Wright Medical	$488M