Key Highlights

  • IDEXX Laboratories reported Revenue of $1.214 billion, up 9.9%, and raised its 2026 revenue and EPS outlook.
  • Inspire Medical Systems posted revenue of $206.7 million, down 7.9%, and a net loss of $24.4 million.
  • SI-BONE reported revenue of $55.7 million, up 14.5%, with a net loss that narrowed to $3.6 million.
  • Cerus reported product revenue of $57.7 million, up 10%, and positive Phase III REDeS top-line results.
  • Bioventus posted net sales of $142.4 million and lowered 2026 revenue guidance to $590 million to $595 million.

Which Medical Technology and Diagnostics Companies Reported Third-Quarter 2026 Results?

Five medical technology and diagnostics companies reported results for the third quarter of 2026, four of them on Nov 2, 2026 and one on Nov 3, 2026. Revenue growth ran from a decline of 7.9% to a gain of 14.5%, and the revenue bases differ by more than 20 times.

IDEXX Laboratories (NASDAQ:IDXX) reported revenue of $1.214 billion, up 9.9%, and Net Income of $317.1 million. Inspire Medical Systems (NYSE:INSP) posted revenue of $206.7 million, down 7.9%, and a net loss of $24.4 million. SI-BONE (NASDAQ:SIBN) reported revenue of $55.7 million, up 14.5%, and a net loss of $3.6 million.

Cerus (NASDAQ:CERS) reported product revenue of $57.7 million, up 10%, with total revenue of about $64.0 million (calculated) and a net loss under $1 million. Bioventus (NASDAQ:BVS) posted net sales of $142.4 million and net income of $6.9 million for the quarter ended Sep 26, 2026.

The sections follow the group order and not a ranking.

IDEXX Laboratories: How Did Recurring Diagnostics Revenue Support an Outlook Raise?

IDEXX Laboratories reported revenue of $1.214 billion, up 9.9% from $1.105 billion. Diagnostics Recurring Revenue rose 11% organically to $967.4 million, with about 4% net price within volume-led growth.

Diluted EPS was $4.01 versus $3.40, and Operating Margin widened to 33.1% from 32.1%. Free Cash Flow was $421 million in the quarter.

The company raised its 2026 revenue outlook to $4.741 billion to $4.767 billion and its EPS outlook to $14.96 to $15.16. It bought a veterinary software provider on Sep 15, 2026 for about $250 million, including an estimated $20 million contingent payment.

Inspire Medical Systems: What Pulled Revenue Down 7.9% and Results Into a Loss?

Inspire Medical Systems reported revenue of $206.7 million, down from $224.5 million but up about 3% from the second quarter. Management attributed the decline mainly to billing and reimbursement uncertainty around its latest device and estimated coding problems cost about $30 million of third-quarter revenue.

The net loss was $24.4 million, or $0.84 per share, against net Earnings of $9.9 million. Operating expenses included $24.1 million of restructuring charges and a $7.0 million legal settlement. Adjusted EPS was $0.14.

Management narrowed 2026 revenue guidance to $850 million to $860 million and targeted low-single-digit revenue growth for 2027. Cash and investments were $453.1 million, with no debt.

SI-BONE: Is Procedure Volume Growth Outrunning Operating Expenses?

SI-BONE reported revenue of $55.7 million, up 14.5% from $48.7 million, with U.S. procedure volume up about 19.5%. A lower average selling price tempered revenue growth, which management tied to procedure mix and site of care.

Operating expenses rose 9.7% to $48.5 million, below the pace of revenue growth. Net loss narrowed 20.7% to $3.6 million, or $0.08 per share, and adjusted EBITDA was $3.0 million.

The company reaffirmed 2026 revenue guidance of $231 million to $233 million and cut its expected Operating Expense growth to about 10.5% from about 12.0%. It does not plan 2027 guidance until late February.

Cerus: What Did Positive Phase III Data Add to 10% Product Revenue Growth?

Cerus reported product revenue of $57.7 million, up 10% from $52.7 million, while government contract revenue fell to $6.3 million from $7.5 million. Total revenue was about $64.0 million (calculated), up roughly 6.3% (calculated).

Product gross margin was 52.4% versus 53.4% a year earlier, and the net loss attributable to the company was $0.55 million. Adjusted EBITDA was $5.7 million. Cash and short-term investments were $57.1 million.

The Phase III REDeS study met its primary non-inferiority endpoint for treated red blood cells. The company reaffirmed 2026 product revenue guidance of $229 million to $231 million, and expects European clearance for red cells in late 2027.

Bioventus: Why Did Guidance Fall After Net Income Rose?

Bioventus reported net sales of $142.4 million, up about 2.7% (calculated) from $138.7 million, and net income of $6.9 million versus $4.0 million. Pain treatments rose 6% to $71 million, while bone graft substitutes fell 6%.

Adjusted EPS was $0.17, up 13%, and adjusted EBITDA was $28 million, a 20% margin. Net Debt fell below $200 million after $19 million of term Loan repayment.

Full-year revenue guidance was cut to $590 million to $595 million, mostly tied to bone graft substitutes, while adjusted EPS guidance of $0.75 to $0.79 was reaffirmed. The board is also reviewing strategic Options after an unsolicited Acquisition proposal, and no detail was given.

Medtech Growth and Profitability Compared: Revenue Growth Averaged 5.1% Across a 22.4-Point Spread

Revenue growth averaged 5.1% (calculated) across the five companies, with a spread of 22.4 percentage points (calculated) between SI-BONE and Inspire Medical Systems. Combined quarterly revenue was about $1,683 million (calculated), and combined net income about $295 million (calculated).

IDEXX Laboratories' revenue was about 21.8 times (calculated) SI-BONE's, and its net margin was about 26.1% (calculated), against 4.8% (calculated) for Bioventus. Three companies posted net losses, and two posted profits.

Bases differ because the Cerus growth rate uses total revenue, Bioventus' quarter ended Sep 26, 2026 rather than Sep 30, and Inspire Medical Systems' loss includes restructuring and legal charges. Guidance was raised at IDEXX Laboratories, narrowed at Inspire Medical Systems, reaffirmed at SI-BONE and Cerus, and lowered at Bioventus.

What to Watch Next: Coding Dates, Fourth-Quarter Reports and a Strategic Review

Inspire Medical Systems has a new billing code taking effect on Jan 1, 2028, and management expected a final 2027 hospital outpatient payment rule within days of its call. SI-BONE will report fourth-quarter results and give 2027 guidance in late February, and new payment codes for its Granite products took effect Oct 1, 2026.

Cerus expects a fuller REDeS analysis, with first-half 2027 described as reasonable, and European clearance for red cells in late 2027. Bioventus has an ongoing strategic review with no dated outcome identified in its materials.

No dated event was identified in IDEXX Laboratories' materials beyond its raised 2026 outlook.