4 stories this morning, for surgeons and the people who support them.
- Stryker Q3 2026: net sales $6.5B, organic +7.7%; knees +1.2% and hips -0.7% in constant currency; FY26 organic growth guidance cut to 6.5-7.0% (from 8.3-9.3% in July) and adjusted EPS to $14.80-14.90 (from $14.95-15.10) — Earnings release dated Oct 29, 2026 (8-K Ex. 99.1). Lobo: quarter 'did fall short of our expectations'. MedSurg & Neurotech +9.2%; Orthopaedics $2.9B +5.7% reported, +5.9% organic. Q3 constant-currency: Knees $635M +1.2% (US +1.3%; nine months +4.0%), Hips $453M -0.7%, Trauma & Extremities $1,010M +5.5%, Ortho Tech $754M +16.0%, Endoscopy +14.0%, Medical +9.8%, Vascular +7.4%. Adjusted op margin 26.2% (+60 bps); adjusted EPS $3.52 (+10.3%); reported EPS $1.96 (-11.7%). $1.0B buyback in Q3; board added $3.0B authorization in October. Prior guidance from the Jul 30, 2026 Q2 release (https://www.sec.gov/Archives/edgar/data/310764/000031076426000048/sykex991earningsq22026.htm). Prior episodes mentioned only the earnings date in events breaks (10-27, 10-29). Source
- ATEC (Alphatec) Q3 2026: revenue $221M (+13%), surgical $202M (+14%), case volume +~20%, net new surgeon users +25%, hardware +17%; short of expectations on lower biologics attachment; FY26 revenue guidance lowered to ~$862M from ~$882M — Earnings release dated Oct 29, 2026 (8-K Ex. 99.1). Non-GAAP gross margin 71.9%; adjusted EBITDA $38M (17.3%, +400 bps); GAAP net loss $5M; Q3 free cash flow $6M; cash $80M. FY26 now ~$862M total (~$789M surgical, ~$73M EOS), adjusted EBITDA ~$137M, FCF ~$10M. Aug 4 Q2 release reaffirmed ~$882M total (~$805M surgical, ~$77M EOS) and raised adj. EBITDA to ~$140M (https://www.sec.gov/Archives/edgar/data/1350653/000119312526332870/atec-ex99_1.htm). CEO Pat Miles cites biologics attachment; OsteoAdapt (Theradaptive) named as longer-term biologics opportunity. ATEC not previously a story (only market-share context 09-22). Source
- BMJ, FIRST RCT: 430 patients at 26 UK hospitals after zone 1-2 flexor tendon repair; no significant difference in PRWHE over a year between forearm-based, Manchester short and relative motion flexion splints — Bamford E et al., BMJ 2026 Oct 27;395:e100953, doi:10.1136/bmj-2026-100953. Pragmatic superiority trial, 1:1:1, splint worn continuously 5 weeks plus 1 week intermittently. Mean post-randomisation PRWHE (6, 12, 26, 52 wk) 24.5 long, 23.5 short, 22.4 mini; adjusted differences 0.3 (P=0.88), 2.3 (P=0.19), 2.0 (P=0.25). Adherence 83%/76%/78%. Serious adverse events 10%/11%/11%. 403 in ITT. NIHR funded. ISRCTN10236011. Source
- BMJ, Inject RCT: 192 adults with midportion Achilles tendinopathy; high-volume injection with or without hydrocortisone no better than sham on VISA-A at 12 months; steroid arm better at 6 weeks but worse than steroid-free arm at 26 weeks — Malliaras P et al., BMJ 2026 Oct 28;395:e100807, doi:10.1136/bmj-2026-100807. Single-centre Melbourne community trial, participant- and assessor-masked, enrolled Dec 2019-Jul 2022; sham 2-3 mL 0.5% bupivacaine vs 50 mL saline + bupivacaine with or without 25 mg hydrocortisone; all arms had the same exercise programme. 12-month VISA-A differences vs sham: -3.5 (steroid) and +4.0 (no steroid), both CIs crossing zero; 6 weeks steroid vs sham +9.2; 26 weeks steroid vs no-steroid -8.6. Steroid HVI less costly than sham with similar QALYs. 94% follow-up. NHMRC funded; one author works where HVI is offered. Authors: data do not support routine use. No prior Achilles story. Source
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