Key Highlights

  • Inspire Medical Systems ranked first with Revenue of $206.7 million, down 7.9% from a year earlier.
  • Bioventus reported net sales of $142.4 million and lowered its 2026 revenue guidance to $590 million to $595 million.
  • Tactile Systems Technology grew revenue 7.1% to $91.9 million and raised 2026 adjusted EBITDA guidance to $50 million to $52 million.
  • HealthStream posted revenue of $83.3 million, up 8.9%, and raised full-year revenue guidance to $331.0 million to $333.0 million.
  • SI-BONE grew revenue 14.5% to $55.7 million, the fastest of the five, and narrowed its net loss to $3.6 million.

Which Medical Device and Health Technology Companies Reported the Highest Revenue for the Third Quarter of 2026?

Five medical device and health technology companies that reported on Nov 2 and Nov 3, 2026 are ranked here by third quarter revenue, highest first. All figures are in U.S. dollars. Fiscal periods differ slightly, as Bioventus reported for the quarter ended Sep 26, 2026, while the others reported for the quarter ended Sep 30, 2026.

Inspire Medical Systems (NYSE:INSP) ranks first with $206.7 million, down 7.9%, and a net loss of $24.4 million. Bioventus (NASDAQ:BVS) is second at $142.4 million, up 2.7%, with Net Income of $6.9 million. Tactile Systems Technology (NASDAQ:TCMD) ranks third at $91.9 million, up 7.1%, with net income of $7.2 million.

HealthStream (NASDAQ:HSTM) follows at $83.3 million, up 8.9%, with net income of $5.4 million. SI-BONE (NASDAQ:SIBN) ranks fifth at $55.7 million, up 14.5%, with a net loss of $3.6 million. Growth rises as revenue falls down the ranking, but the Bioventus 2.7% figure is calculated per its article.

1. Inspire Medical Systems: What Pulled Revenue Down 7.9%?

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

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

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

2. Bioventus: Why Was 2026 Revenue Guidance Cut Despite Higher Profit?

Bioventus reported net sales of $142.4 million, up from $138.7 million, with net income of $6.9 million versus $4.0 million. Pain treatments revenue rose 6% to $71 million, while bone graft substitutes fell 6%.

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

Revenue guidance was lowered to $590 million to $595 million, a cut of roughly $12 million at the midpoint, mostly tied to bone graft substitutes, while adjusted EPS guidance of $0.75 to $0.79 was maintained. The board is also reviewing strategic Options after an unsolicited Acquisition proposal, and management gave no further detail.

3. Tactile Systems Technology: Can Lymphedema Growth Offset an Airway Clearance Drop?

Tactile Systems Technology reported revenue of $91.9 million, up 7.1%. Lymphedema revenue rose 13.1% to $81.8 million, while airway clearance revenue fell 25.1% to $10.0 million as some customers worked through excess inventory during a product transition.

Net income was $7.2 million, or $0.31 per diluted share, versus $8.2 million, or $0.36, even as gross Margin widened to 76.7% from 75.8%. Operating expenses rose 12.7% to $60.9 million.

Revenue guidance was kept at $360 million to $366 million, while adjusted EBITDA guidance was raised to $50 million to $52 million. The article draws its results from the call transcript, checked against the filing, and notes that the prior EBITDA range is not stated in its files.

4. HealthStream: How Did Revenue Rise 8.9% While Net Income Fell?

HealthStream reported revenue of $83.3 million, up from $76.5 million, with $3.2 million of the gain coming from two acquisitions completed in the fourth quarter of 2025. Net income fell 11.7% to $5.4 million, or $0.18 per diluted share.

Operating income declined 13.0% to $6.6 million on higher platform spending, and results absorbed about $250,000 of expense tied to a Cybersecurity incident disclosed on Jul 29, 2026. Adjusted EBITDA rose 1.0% to $19.3 million.

The company raised 2026 revenue guidance to $331.0 million to $333.0 million from $327.0 million to $332.0 million. It also raised about $40 million in a private Placement on Sep 14, 2026, and ended the quarter with $115.2 million of cash and marketable securities.

5. SI-BONE: What Narrowed the Loss as Revenue Grew 14.5%?

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

The net loss narrowed 20.7% to $3.6 million, or $0.08 per diluted share, and adjusted EBITDA was $3.0 million, up from $2.3 million. Gross margin was 79.3% versus 79.8%.

The company reaffirmed 2026 revenue guidance of $231 million to $233 million and cut its Operating Expense growth expectation to about 10.5% from about 12.0%. Cash and equivalents were $146.3 million. Management said the midpoint implies more than 20% fourth quarter growth.

Medtech Revenue Ranking: Do Smaller Revenue Bases Grow Faster?

Combined revenue for the five was $580.0 million (calculated), and Inspire's was about 3.7 times SI-BONE's (calculated). The gap between ranks 1 and 2 was $64.3 million (calculated), while ranks 3 and 4 were only $8.6 million apart (calculated).

Growth rose steadily down the table, from negative 7.9% at Inspire to 14.5% at SI-BONE. The simple average was 5.1% (calculated), and the spread between the best and worst growth rates was 22.4 percentage points (calculated).

Profit was thin. Combined net income was negative $8.5 million (calculated), with Inspire and SI-BONE reporting losses and the other three each earning between $5.4 million and $7.2 million. Bases differ because Inspire's loss reflects restructuring and legal charges, and the five companies do not share a Business model.

What to Watch Next: Billing Codes, Product Launches and Dividend Dates in Medtech

HealthStream's $0.035 per share dividend is payable Nov 27, 2026 to holders of record on Nov 16, 2026. Inspire's new Category I billing code takes effect on Jan 1, 2028, and Tactile Systems Technology has a Category III billing code application scheduled for final review in February 2027.

SI-BONE expects full launch of its new device in January and will report fourth quarter results with 2027 guidance in late February. Tactile Systems Technology is targeting a Flexitouch Pro launch in the second half of 2027, subject to regulatory approval.

Bioventus's materials identified no dated event, with its strategic review the main open item.