Key Highlights

  • Inspire Medical Systems ranked top with $206.7 million of revenue, though that figure dropped 7.9% year over year.
  • Bioventus recorded net sales of $142.4 million and trimmed its 2026 Revenue range to $590 million through $595 million.
  • Tactile Systems Technology's revenue climbed 7.1% to $91.9 million, and its 2026 adjusted EBITDA outlook rose to $50 million through $52 million.
  • HealthStream grew revenue 8.9% to $83.3 million and raised full-year revenue guidance to between $331.0 million and $333.0 million.
  • SI-BONE's revenue expanded 14.5% to $55.7 million, the strongest pace among the five, while its net loss narrowed to $3.6 million.

Which Medical Device and Health Tech Companies Posted the Largest Third Quarter 2026 Revenue?

Names from medical devices and health technology that reported on Nov 2 and Nov 3, 2026 are listed below, running from the largest third quarter revenue to the smallest, five in all. All numbers are U.S. dollars. Bioventus reports for a period that ended Sep 26, 2026, while the rest end on Sep 30, 2026.

Inspire Medical Systems (NYSE:INSP) is at the head of the list with $206.7 million, a 7.9% decline and a $24.4 million net loss. Second place goes to Bioventus (NASDAQ:BVS), with $142.4 million of sales (up 2.7%) and $6.9 million of profit. Tactile Systems Technology (NASDAQ:TCMD) is third at $91.9 million, a 7.1% increase, and $7.2 million of net income.

HealthStream (NASDAQ:HSTM) comes next at $83.3 million, a rise of 8.9%, and $5.4 million of net income. SI-BONE (NASDAQ:SIBN) sits fifth with $55.7 million, up 14.5%, and a $3.6 million net loss. Growth climbs as revenue shrinks down the table, and Bioventus's 2.7% is a calculated value.

1. Inspire Medical Systems: What Drove Revenue Lower by 7.9%?

Inspire's revenue came to $206.7 million, below $224.5 million a year earlier, yet higher by about 3% sequentially. Leadership placed most of the decline on billing and reimbursement doubts around its latest device, calculating that coding issues removed roughly $30 million from third quarter sales.

Inspire swung from $9.9 million of net Earnings a year ago to a $24.4 million loss, which equals $0.84 a diluted share. Operating expenses carried $24.1 million in restructuring and a $7.0 million legal payment, while adjusted diluted EPS came to $0.14.

Inspire tightened its 2026 revenue outlook to $850 million through $860 million and expects low-single-digit revenue growth in 2027. The company holds $453.1 million in cash and investments and carries no debt.

2. Bioventus: A Lower Revenue Outlook Paired With Stronger Earnings

Bioventus's net sales moved up to $142.4 million from $138.7 million, while Net Income reached $6.9 million, against $4.0 million. Pain treatment sales increased 6% to $71 million, yet bone graft substitute sales decreased 6%.

Bioventus generated $28 million of adjusted EBITDA, a 20% margin, and its adjusted EPS climbed 13% to $0.17. After repaying $19 million on its term loan, net Debt dipped below the $200 million mark.

The company reduced revenue guidance to $590 million through $595 million, a midpoint cut of roughly $12 million mostly attributable to bone graft substitutes, but kept adjusted EPS guidance at $0.75 through $0.79. An unsolicited Acquisition proposal has prompted a strategic review by the board, with no further details offered.

3. Tactile Systems Technology: Lymphedema Strength Against an Airway Clearance Slide

Tactile Systems Technology generated $91.9 million in revenue, a 7.1% gain. Lymphedema climbed 13.1% to $81.8 million, whereas airway clearance dropped 25.1% to $10.0 million, a decline tied to some customers drawing down extra inventory during a product changeover.

Tactile's profit was $7.2 million ($0.31 per diluted share) compared with $8.2 million ($0.36) a year earlier, even though gross Margin widened from 75.8% to 76.7%. Operating expenses grew 12.7% to $60.9 million.

The revenue outlook is unchanged at $360 million to $366 million, but the adjusted EBITDA outlook moved up to between $50 million and $52 million. Results came from the call transcript, verified against the filing, and the prior EBITDA range is absent from the files.

4. HealthStream: Explaining Why Higher Revenue Didn't Translate Into Higher Net Income

HealthStream's revenue grew to $83.3 million from $76.5 million, and $3.2 million of the increase stemmed from two deals closed during the fourth quarter of 2025. Net income at HealthStream retreated 11.7% to $5.4 million; per diluted share that is $0.18.

Operating income dropped 13.0% to $6.6 million as platform Investment rose, and about $250,000 of expenses linked to a Cybersecurity event disclosed on Jul 29, 2026 flowed through results. Adjusted EBITDA inched up 1.0% to $19.3 million.

HealthStream's 2026 revenue view was raised to $331.0 million through $333.0 million, from an earlier band of $327.0 million through $332.0 million. A private Placement on Sep 14, 2026 brought in about $40 million, and the quarter ended with $115.2 million held in cash and marketable securities.

5. SI-BONE: How the Loss Shrank While Revenue Climbed 14.5%

SI-BONE's revenue reached $55.7 million, versus $48.7 million. U.S. procedure Volume rose roughly 19.5%, but a smaller average selling price restrained revenue, a shift management tied to case mix and where procedures take place.

SI-BONE's loss contracted 20.7%, reaching $3.6 million, or $0.08 per diluted share; adjusted EBITDA went from $2.3 million to $3.0 million. Gross margin landed at 79.3%, slightly under 79.8%.

SI-BONE kept its 2026 revenue range at $231 million to $233 million and trimmed the Operating Expense growth outlook to about 10.5%, down from roughly 12.0%. Cash and equivalents amounted to $146.3 million. Management indicated the guidance midpoint requires more than 20% fourth quarter growth.

Comparing the Group: Revenue Spacing, Growth Gradient and Thin Profitability

Pooled sales of the five reached $580.0 million (calculated); Inspire's figure works out to about 3.7 times SI-BONE's (calculated). Ranks 1 and 2 are $64.3 million apart (calculated), while ranks 3 and 4 differ by just $8.6 million (calculated).

Growth steps up through the ranking, starting at negative 7.9% for Inspire and reaching 14.5% at SI-BONE. Averaging the growth rates yields 5.1% (calculated), and the gap from best to worst is 22.4 percentage points (calculated).

Earnings were slim overall, with combined net income at negative $8.5 million (calculated). Two names, Inspire and SI-BONE, lost money; the other three each cleared a profit in the $5.4 million to $7.2 million band. Inspire's loss stems from restructuring and legal items, and the five businesses differ in structure, so these are not like-for-like.

What to Watch Next: Coding Milestones, Launch Timing and Payout Dates in Medtech

HealthStream's $0.035 per share Dividend is set for Nov 27, 2026 payment to holders recorded on Nov 16, 2026. A new Category I billing code for Inspire takes effect Jan 1, 2028, while Tactile Systems Technology's Category III application is due for final review in February 2027.

SI-BONE expects its new device launch to be fully rolled out in January, and its fourth quarter report, which includes 2027 guidance, lands in late February. Tactile Systems Technology is aiming for a Flexitouch Pro launch during the second half of 2027, contingent on regulatory approval.

Bioventus's materials contain no dated milestone, leaving its strategic review as the main open matter.