Health Care

Pharmaceutical Preparations · 409

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
N Nanobiotix S.A. NBTX	$1.65T	$36.8M	—	−33.2%	—	—	9.5%
A Akari Therapeutics Plc AKTX	$1.23T	—	—	—	—	—	12.5%
B BeOne Medicines Ltd. ONC	$551.0B	$5.3B	40.2%	8.4%	46.7%	—	1.3%
N Novo Nordisk A S NVO	$172.0B	$46.7B	10.9%	41.3%	32.2%	11.1x	1.2%
R Royalty Pharma plc RPRX	$36.4B	$2.4B	5.1%	65.6%	8.7%	34.9x	0.8%
A Alnylam Pharmaceuticals, Inc. ALNY	$31.4B	$3.7B	65.2%	13.5%	—	97.3x	0.4%
Z Zai Lab Ltd ZLAB	$26.3B	$460M	15.3%	−49.9%	−78.6%	—	3.1%
I INSMED Inc INSM	$20.6B	$606M	66.7%	−205.6%	—	—	1.7%
B BridgeBio Pharma, Inc. BBIO	$13.6B	$502M	126.3%	−104.2%	—	—	1.8%
M Madrigal Pharmaceuticals, Inc. MDGL	$12.8B	$958M	432.1%	−31.3%	—	—	0.6%
S Summit Therapeutics Inc. SMMT	$11.9B	—	—	—	—	—	5.7%
P Protagonist Therapeutics, Inc PTGX	$10.0B	$46.0M	−89.4%	−343.6%	—	137.0x	0.6%
T Tg Therapeutics, Inc. TGTX	$8.9B	$616M	87.3%	20.0%	16.4%	20.6x	3.0%
P Praxis Precision Medicines, Inc. PRAX	$7.8B	$0.0M	−100.0%	—	—	—	0.1%
A Axsome Therapeutics, Inc. AXSM	$7.4B	$638M	65.5%	−26.1%	—	—	1.3%
K Kiniksa Pharmaceuticals International, plc KNSA	$7.4B	$678M	60.1%	11.4%	—	98.0x	22.2%
I Ionis Pharmaceuticals Inc IONS	$7.3B	$944M	33.8%	−40.4%	—	—	1.2%
R Rhythm Pharmaceuticals, Inc. RYTM	$6.3B	$190M	45.8%	−101.2%	—	—	3.0%
P Ptc Therapeutics, Inc. PTCT	$5.7B	$1.7B	114.5%	50.1%	—	—	1.7%
V Veradermics, Inc MANE	$5.7B	—	—	—	—	—	2.4%
C Cogent Biosciences, Inc. COGT	$5.5B	—	—	—	—	—	3.6%
M Mirum Pharmaceuticals, Inc. MIRM	$5.4B	$521M	54.7%	−4.2%	—	—	2.8%
A Amarin Corp Plc\Uk AMRN	$5.0B	$214M	−6.5%	−23.5%	—	—	1.2%
T Travere Therapeutics, Inc. TVTX	$4.8B	$491M	110.5%	−12.8%	—	—	1.8%
E Erasca, Inc. ERAS	$4.7B	—	—	—	—	—	1.5%
S Structure Therapeutics Inc. GPCR	$4.7B	—	—	—	—	—	2.1%
L Liquidia Corp LQDA	$4.6B	$158M	1,031.2%	−32.5%	—	32.5x	3.9%
D Dianthus Therapeutics, Inc. /DE/ DNTH	$4.5B	$2.0M	−67.3%	−8,739.3%	—	—	0.2%
A Arcutis Biotherapeutics, Inc. ARQT	$4.3B	$376M	91.3%	−3.3%	−12.5%	144.0x	0.4%
E Edgewise Therapeutics, Inc. EWTX	$4.3B	—	—	—	—	—	0.9%
A AbCellera Biologics Inc. ABCL	$3.9B	$75.1M	160.6%	−289.0%	—	—	6.2%
O Organon & Co. OGN	$3.7B	$6.2B	−2.9%	—	—	17.6x	0.1%
X Xenon Pharmaceuticals Inc. XENE	$3.6B	$7.5M	—	−4,974.3%	—	—	0.7%
T Tango Therapeutics, Inc. TNGX	$3.4B	$62.4M	48.3%	−178.4%	—	—	3.1%
G Gossamer Bio, Inc. GOSS	$3.2B	$48.5M	−57.7%	−352.2%	—	—	6.8%
A Amylyx Pharmaceuticals, Inc. AMLX	$3.1B	$0.0M	−100.0%	—	—	—	4.5%
N Nurix Therapeutics, Inc. NRIX	$3.1B	$84.0M	54.0%	−340.2%	—	11.6x	4.5%
D Disc Medicine, Inc. IRON	$3.1B	—	—	—	—	—	2.9%
I IDEAYA Biosciences, Inc. IDYA	$3.1B	$219M	3,024.4%	−72.8%	—	—	1.9%
V Viking Therapeutics, Inc. VKTX	$2.9B	$0.0M	—	—	—	—	2.8%
E Enliven Therapeutics, Inc. ELVN	$2.9B	—	—	—	—	—	5.3%
S Silence Therapeutics plc SLN	$2.8B	$0.6M	−98.7%	−16,292.8%	—	—	0.0%
D Dyne Therapeutics, Inc. DYN	$2.8B	—	—	—	−3,526.6%	—	7.8%
P Precigen, Inc. PGEN	$2.5B	$9.7M	146.7%	−1,141.1%	−538.0%	—	1.8%
N NewAmsterdam Pharma Co N.V. NAMS	$2.5B	$22.5M	−50.6%	−1,002.9%	—	—	5.0%
M MBX Biosciences, Inc. MBX	$2.5B	—	—	—	—	—	5.3%
S Supernus Pharmaceuticals, Inc. SUPN	$2.4B	$719M	8.6%	−8.7%	—	—	0.5%
A Aurinia Pharmaceuticals Inc. AUPH	$2.3B	$283M	20.4%	37.1%	—	7.5x	1.2%
B Biohaven Ltd. BHVN	$2.3B	—	—	—	—	—	5.8%
S SELLAS Life Sciences Group, Inc. SLS	$2.3B	—	—	—	—	—	7.3%
A Arcus Biosciences, Inc. RCUS	$2.3B	$247M	−4.3%	−156.3%	—	—	2.1%
X Xencor Inc XNCR	$2.3B	$126M	13.7%	−141.4%	−20.0%	—	2.8%
A Agios Pharmaceuticals, Inc. AGIO	$2.3B	$54.0M	48.0%	−873.9%	—	—	3.2%
P Prestige Consumer Healthcare Inc. PBH	$2.3B	$1.1B	−4.3%	28.4%	8.1%	13.3x	1.6%
P PERRIGO Co plc PRGO	$2.2B	$4.3B	−2.8%	−26.4%	−14.6%	—	1.3%
V Vera Therapeutics, Inc. VERA	$2.2B	—	—	—	—	—	6.0%
I Immunome Inc. IMNM	$2.1B	$6.9M	−23.2%	−3,228.8%	—	—	4.9%
Z Zymeworks Inc. ZYME	$2.1B	$106M	38.9%	−87.3%	—	—	1.7%
T Trevi Therapeutics, Inc. TRVI	$2.1B	—	—	—	—	—	6.7%
S Schrodinger, Inc. SDGR	$2.0B	$256M	23.3%	−65.2%	—	—	9.1%
S Sarepta Therapeutics, Inc. SRPT	$2.0B	$2.2B	15.6%	−31.8%	−53.7%	—	5.1%
S Septerna, Inc. SEPN	$2.0B	$46.0M	4,174.5%	−148.6%	—	—	6.7%
P Palvella Therapeutics, Inc. PVLA	$1.9B	$2.6M	303.4%	−1,490.4%	—	—	5.3%
X Xeris Biopharma Holdings, Inc. XERS	$1.8B	$292M	43.7%	8.5%	20.2%	—	2.4%
M Mineralys Therapeutics, Inc. MLYS	$1.8B	—	—	—	—	—	2.8%
S Stoke Therapeutics, Inc. STOK	$1.7B	$184M	404.5%	−11.2%	—	—	2.6%
Z Zenas BioPharma, Inc. ZBIO	$1.7B	$10.0M	100.0%	−3,830.6%	—	—	0.2%
U Ultragenyx Pharmaceutical Inc. RARE	$1.7B	$673M	20.2%	−79.5%	—	—	4.2%
E Eton Pharmaceuticals, Inc. ETON	$1.7B	$80.0M	104.9%	−1.1%	−1.7%	—	2.0%
C COMPASS Pathways plc CMPS	$1.6B	—	—	—	—	—	6.9%
P Phibro Animal Health Corp PAHC	$1.6B	$1.5B	17.1%	12.8%	—	15.8x	1.7%
O Omeros Corp OMER	$1.6B	—	—	—	—	10.1x	7.4%
u uniQure N.V. QURE	$1.5B	$16.1M	−40.6%	−1,151.4%	−76.8%	—	12.1%
O Ocular Therapeutix, Inc OCUL	$1.5B	$52.0M	−18.5%	−519.8%	—	—	3.9%
A Anaptysbio, Inc ANAB	$1.5B	$235M	157.0%	96.7%	—	—	1.8%
P Pacira BioSciences, Inc. PCRX	$1.5B	$726M	3.6%	2.6%	1.5%	101.1x	0.1%
T Tyra Biosciences, Inc. TYRA	$1.4B	—	—	—	—	—	5.4%
D Damora Therapeutics, Inc. DMRA	$1.3B	$1.2M	38.3%	−18,069.6%	—	2.9x	3.3%
A Ascentage Pharma Group International AAPG	$1.3B	$79.9M	−41.4%	—	—	—	3.9%
R Rapport Therapeutics, Inc. RAPP	$1.3B	—	—	—	—	—	8.7%
N Nektar Therapeutics NKTR	$1.3B	$55.2M	−43.9%	−253.7%	—	—	1.4%
S Savara Inc SVRA	$1.2B	—	—	—	—	—	7.5%
M Maravai Lifesciences Holdings, Inc. MRVI	$1.2B	$186M	−28.3%	−115.9%	−59.2%	—	9.0%
G GH Research PLC GHRS	$1.2B	—	—	—	−143.4%	—	4.4%
S Syndax Pharmaceuticals Inc SNDX	$1.2B	$172M	627.8%	−158.4%	−59.2%	—	3.6%
O Opko Health, Inc. OPK	$1.2B	$607M	−14.9%	−19.3%	−7.4%	—	1.2%
L Lb Pharmaceuticals Inc LBRX	$1.2B	—	—	—	—	1.7x	0.8%
B Bicara Therapeutics Inc. BCAX	$1.2B	—	—	—	—	—	3.5%
J Janux Therapeutics, Inc. JANX	$1.1B	$10.0M	−5.6%	−1,576.7%	—	—	3.4%
H Harrow, Inc. HROW	$1.1B	$272M	36.4%	11.2%	10.5%	—	0.4%
M Mannkind Corp MNKD	$1.0B	$349M	22.2%	11.1%	29.3%	—	1.9%
B BGM Group Ltd. BGM	$1.0B	$37.9M	51.1%	−33.2%	—	—	6.8%
V Verastem, Inc. VSTM	$1.0B	$30.9M	209.1%	−550.3%	—	—	1.0%
A Alto Neuroscience, Inc. ANRO	$993M	—	—	—	—	—	4.9%
R Rigel Pharmaceuticals Inc RIGL	$989M	$294M	64.1%	42.6%	43.4%	3.0x	1.3%
C Corvus Pharmaceuticals, Inc. CRVS	$974M	—	—	—	—	—	0.9%
O Oric Pharmaceuticals, Inc. ORIC	$972M	—	—	—	—	—	0.5%
C Cryoport, Inc. CYRX	$929M	$176M	12.4%	−20.9%	—	—	3.5%
J Jade Biosciences, Inc. JBIO	$900M	—	—	—	—	1.7x	1.7%
P Pharming Group N.V. PHAR	$887M	$376M	26.6%	6.9%	—	—	0.3%
M MoonLake Immunotherapeutics MLTX	$882M	—	—	—	—	—	1.0%
K Kura Oncology, Inc. KURA	$880M	$67.5M	25.2%	−449.9%	—	—	2.9%
A Alumis Inc. ALMS	$848M	$24.1M	—	−1,886.9%	—	—	2.0%
A Arbutus Biopharma Corp ABUS	$847M	$14.1M	128.2%	−271.0%	—	5.4x	2.1%
A Annexon, Inc. ANNX	$756M	—	—	—	—	—	1.6%
S Shattuck Labs, Inc. STTK	$749M	$1.0M	−82.5%	−5,150.8%	—	—	4.2%
A Ardelyx, Inc. ARDX	$744M	$407M	22.1%	−10.1%	−30.8%	—	0.0%
C CorMedix Inc. CRMD	$740M	$312M	617.0%	48.2%	—	3.7x	0.8%
O Olema Pharmaceuticals, Inc. OLMA	$735M	—	—	—	—	—	6.3%
A ArriVent BioPharma, Inc. AVBP	$733M	—	—	—	—	—	0.3%
C Climb Bio, Inc. CLYM	$729M	—	—	—	—	—	8.6%
W Wave Life Sciences, Inc. WVE	$704M	$42.7M	−60.5%	−504.1%	—	—	7.5%
I Inventiva S.A. IVA	$688M	$5.1M	−49.2%	−3,145.5%	—	—	0.7%
C Cypherpunk Technologies Inc. CYPH	$681M	—	—	—	—	5.6x	10.8%
D Design Therapeutics, Inc. DSGN	$664M	$0.0M	—	—	—	—	2.8%
G Gyre Therapeutics, Inc. GYRE	$657M	$117M	10.2%	9.9%	—	—	7.6%
L Lexicon Pharmaceuticals, Inc. LXRX	$648M	$49.8M	60.2%	−98.2%	−59.2%	—	2.1%
Z Zevra Therapeutics, Inc. ZVRA	$617M	$106M	350.9%	−59.1%	−236.3%	10.7x	5.5%
N Neurogene Inc. NGNE	$609M	$0.0M	−100.0%	—	—	—	14.7%
I Ironwood Pharmaceuticals Inc IRWD	$587M	$296M	−15.7%	33.3%	—	4.6x	0.3%
P Puma Biotechnology, Inc. PBYI	$574M	$228M	−0.9%	16.3%	58.4%	21.0x	0.6%
E Evotec SE EVO	$558M	$889M	3.1%	−7.1%	−6.3%	—	3.3%
S Sagimet Biosciences Inc. SGMT	$553M	—	—	—	—	—	9.0%
A Aclaris Therapeutics, Inc. ACRS	$541M	$7.8M	−58.2%	−975.9%	—	—	0.0%
I Immix Biopharma, Inc. IMMX	$513M	—	—	—	—	—	0.1%
A Aquestive Therapeutics, Inc. AQST	$509M	$44.5M	−22.6%	−159.5%	—	—	2.5%
C CytomX Therapeutics, Inc. CTMX	$506M	$76.2M	−44.8%	−29.3%	—	—	3.8%
P Phathom Pharmaceuticals, Inc. PHAT	$502M	$175M	216.9%	−91.4%	—	—	0.8%
A Arvinas, Inc. ARVN	$489M	$263M	−0.3%	−45.1%	—	31.0x	1.9%
E Evolus, Inc. EOLS	$486M	$297M	11.6%	−11.0%	−37.3%	—	2.8%
K Kamada Ltd KMDA	$470M	$180M	12.1%	14.5%	11.1%	23.0x	1.4%
P Prothena Corp Public Ltd Co PRTA	$459M	$9.7M	−92.8%	−2,216.4%	—	—	4.9%
N Nuvectis Pharma, Inc. NVCT	$433M	—	—	—	—	—	0.3%
R Rezolute, Inc. RZLT	$427M	—	—	—	—	—	7.6%
O Oculis Holding AG OCS	$409M	$1.4M	85.2%	−6,811.8%	—	—	1.6%
B Benitec Biopharma Inc. BNTC	$404M	—	—	—	—	—	1.0%
O Opus Genetics, Inc. IRD	$385M	$14.2M	29.1%	−271.9%	—	—	4.2%
I Indaptus Therapeutics, Inc. INDP	$384M	—	—	—	—	—	1.0%
A Assembly Biosciences, Inc. ASMB	$383M	$72.3M	153.5%	−16.8%	—	16.8x	3.2%
P Prelude Therapeutics Inc PRLD	$382M	$12.1M	73.4%	−861.3%	—	—	4.9%
A Altimmune, Inc. ALT	$378M	$0.0M	105.0%	−230,461.0%	—	—	0.5%
B Bright Minds Biosciences Inc. DRUG	$372M	—	—	—	—	—	5.7%
M MapLight Therapeutics, Inc. MPLT	$371M	—	—	—	—	0.2x	6.7%
A ARS Pharmaceuticals, Inc. SPRY	$370M	$84.3M	−5.5%	−212.9%	—	—	4.8%
H Helus Pharma Inc. HELP	$366M	—	—	—	—	—	1.5%
R Relmada Therapeutics, Inc. RLMD	$361M	—	—	—	—	—	0.6%
E Enanta Pharmaceuticals Inc ENTA	$354M	$65.3M	−3.4%	−130.7%	—	—	1.5%
C Capricor Therapeutics, Inc. CAPR	$353M	$0.0M	−100.0%	—	—	—	6.3%
E Emergent BioSolutions Inc. EBS	$344M	$743M	−28.8%	13.5%	7.2%	—	5.2%
A Adlai Nortye Group Ltd. ANL	$342M	$5.0M	—	−714.0%	−343.8%	—	1.2%
C Contineum Therapeutics, Inc. CTNM	$337M	—	—	—	—	—	10.4%
A Atea Pharmaceuticals, Inc. AVIR	$334M	—	—	—	—	—	0.2%
I Immunic, Inc. IMUX	$324M	—	—	—	—	3.7x	4.5%
A Arcturus Therapeutics Holdings Inc. ARCT	$319M	$82.0M	−46.1%	−93.0%	—	—	13.3%
T Turn Therapeutics Inc. TTRX	$310M	—	—	—	—	—	1.8%
A Avalo Therapeutics, Inc. AVTX	$294M	$0.1M	−86.6%	−123,601.7%	—	—	0.3%
E Eupraxia Pharmaceuticals Inc. EPRX	$283M	$0.0M	—	—	—	—	3.4%
F Fulcrum Therapeutics, Inc. FULC	$282M	$0.0M	−100.0%	—	—	—	1.6%
R Rocket Pharmaceuticals, Inc. RCKT	$281M	$0.0M	—	—	—	—	7.5%
W Whitehawk Therapeutics, Inc. WHWK	$276M	$7.1M	−72.5%	−1,601.1%	—	—	6.1%
E Eledon Pharmaceuticals, Inc. ELDN	$274M	—	—	—	—	—	9.0%
B Bicycle Therapeutics Plc BCYC	$264M	$72.6M	105.8%	−340.4%	—	—	3.6%
P Prenetics Global Ltd PRE	$259M	$92.4M	479.8%	−48.1%	—	—	0.3%
G Greenwich LifeSciences, Inc. GLSI	$255M	—	—	—	—	—	1.7%
A Abeona Therapeutics Inc. ABEO	$254M	$5.8M	—	−1,536.9%	—	—	3.2%
I Immuneering Corp IMRX	$248M	—	—	—	—	—	3.2%
A ADC Therapeutics SA ADCT	$246M	$81.4M	14.9%	−149.3%	—	—	5.3%
B BioAge Labs, Inc. BIOA	$245M	$9.0M	—	−1,031.5%	—	—	9.6%
L Lifecore Biomedical, Inc. De LFCR	$241M	$129M	0.5%	−13.4%	−11.0%	—	0.0%
S Standard Biotools Inc. LAB	$241M	$85.3M	−6.2%	−129.2%	—	2.8x	2.7%
V Vanda Pharmaceuticals Inc. VNDA	$240M	$216M	8.7%	−70.0%	—	—	1.3%
I Intercure Ltd. INCR	$240M	$78.3M	21.3%	−10.1%	−4.0%	—	4.7%
L Lyell Immunopharma, Inc. LYEL	$236M	$0.0M	−41.0%	−748,344.4%	—	—	8.7%
M Mereo BioPharma Group plc MREO	$234M	$0.5M	—	−8,021.4%	—	—	6.1%
K Korro Bio, Inc. KRRO	$234M	$6.4M	181.5%	−1,906.4%	—	—	10.6%
S Siga Technologies Inc SIGA	$230M	$94.6M	−31.8%	25.1%	—	—	1.4%
N Natures Sunshine Products Inc NATR	$227M	$480M	5.7%	5.2%	—	12.3x	1.0%
A AC Immune SA ACIU	$227M	$4.3M	−86.1%	−1,940.0%	—	—	2.6%
K Keros Therapeutics, Inc. KROS	$226M	$244M	—	27.7%	—	—	0.8%
G Galectin Therapeutics Inc GALT	$223M	—	—	—	—	—	6.0%
G GT Biopharma, Inc. GTBP	$217M	—	—	—	—	1.3x	10.1%
B BridgeBio Oncology Therapeutics, Inc. BBOT	$215M	—	—	—	—	—	1.9%
C Camp4 Therapeutics Corp CAMP	$211M	$3.5M	436.5%	−1,502.4%	—	—	13.7%
C Cartesian Therapeutics, Inc. RNAC	$193M	$2.8M	−92.8%	−5,127.1%	—	—	2.9%
S Sol-Gel Technologies Ltd. SLGL	$190M	$19.4M	68.0%	−38.9%	—	—	2.1%
E Evommune, Inc. EVMN	$186M	$13.0M	85.7%	−623.6%	—	0.9x	0.6%
E Entrada Therapeutics, Inc. TRDA	$186M	$25.4M	−87.9%	−621.1%	—	—	7.2%
P PepGen Inc. PEPG	$180M	—	—	—	—	—	4.4%
A Akebia Therapeutics, Inc. AKBA	$178M	$236M	47.5%	9.9%	—	—	2.6%
Q Q32 Bio Inc. QTTB	$177M	$53.7M	—	31.5%	—	2.8x	3.1%
O Oramed Pharmaceuticals Inc. ORMP	$177M	$2.0M	—	−754.4%	—	1.0x	2.0%
M Minerva Neurosciences, Inc. NERV	$176M	—	—	—	—	—	1.4%
S Sionna Therapeutics, Inc. SION	$175M	—	—	—	—	—	4.9%
A AN2 Therapeutics, Inc. ANTX	$173M	—	—	—	—	—	6.3%
M Macrogenics Inc MGNX	$155M	$150M	−0.3%	−48.7%	—	—	11.4%
U Upstream Bio, Inc. UPB	$152M	$2.9M	20.4%	−5,618.8%	—	—	1.5%
A Adagene Inc. ADAG	$152M	$7.7M	7,333.0%	−279.5%	—	—	3.6%
E Equillium, Inc. EQ	$152M	—	—	—	—	—	8.8%
A Alx Oncology Holdings Inc ALXO	$149M	—	—	—	—	—	2.7%
F Foghorn Therapeutics Inc. FHTX	$145M	$30.9M	36.8%	−279.5%	—	—	0.0%
P Perspective Therapeutics, Inc. CATX	$144M	$0.9M	−39.2%	−12,846.6%	−140.4%	—	1.7%
Z Zentalis Pharmaceuticals, Inc. ZNTL	$141M	$0.0M	−100.0%	—	—	—	4.3%
P ProQR Therapeutics N.V. PRQR	$141M	$17.9M	−12.3%	−273.1%	—	—	8.1%
J Jyong Biotech Ltd. MENS	$139M	—	—	—	—	—	7.9%
J Journey Medical Corp DERM	$136M	$61.9M	10.2%	−13.2%	−19.5%	—	0.2%
C Curanex Pharmaceuticals Inc CURX	$135M	—	—	—	—	—	3.6%
T TuHURA Biosciences, Inc./NV HURA	$135M	$0.0M	—	—	—	—	3.4%
M Medicus Pharma Ltd. MDCX	$135M	−$0.2M	−877.2%	17,405.9%	—	—	2.4%
O OnKure Therapeutics, Inc. OKUR	$129M	$3.4M	—	−1,833.7%	—	—	4.8%
S Scienture Holdings, Inc. SCNX	$128M	$0.4M	216.0%	−9,868.1%	—	—	10.2%
K Korsana Biosciences, Inc. KRSA	$128M	$2.1M	3.7%	−239.8%	—	—	6.3%
N Nkarta, Inc. NKTX	$127M	$0.0M	—	—	—	—	7.1%
O Organigram Global Inc. OGI	$120M	$185M	—	−5.9%	−4.5%	—	0.0%
P Pyxis Oncology, Inc. PYXS	$118M	$13.9M	−14.2%	−609.2%	—	—	8.9%
C Cue Biopharma, Inc. CUE	$116M	$27.5M	195.7%	−96.7%	—	—	0.7%
O Organogenesis Holdings Inc. ORGO	$116M	$564M	17.0%	7.9%	—	—	3.5%
R Rani Therapeutics Holdings, Inc. RANI	$114M	$1.6M	58.9%	−2,346.0%	−210.3%	—	1.3%
A Anixa Biosciences Inc ANIX	$112M	—	—	—	—	—	11.9%
I InflaRx N.V. IFRX	$112M	$0.0M	−81.5%	—	—	—	5.4%
S Spruce Biosciences, Inc. SPRB	$111M	$0.0M	−100.0%	—	—	—	3.8%
F Faeth Therapeutics, Inc. FTH	$108M	—	—	—	—	—	13.5%
N Nervgen Pharma Corp. NGEN	$107M	—	—	—	—	—	4.2%
T Tiziana Life Sciences Ltd TLSA	$103M	—	—	—	—	—	1.2%
S Satellos Bioscience Inc. MSLE	$100M	—	—	—	—	—	5.2%
U Unicycive Therapeutics, Inc. UNCY	$97.2M	—	—	—	—	—	0.8%
C Coya Therapeutics, Inc. COYA	$96.6M	$7.9M	123.6%	−283.9%	—	—	4.3%
R Rallybio Corp RLYB	$92.4M	$0.9M	34.9%	−3,853.6%	—	2.5x	4.3%
G GENELUX Corp GNLX	$92.2M	$0.0M	0.0%	−415,175.0%	—	—	7.3%
P Polaryx Therapeutics, Inc. PLYX	$90.8M	—	—	—	—	—	3.3%
T Tonix Pharmaceuticals Holding Corp. TNXP	$89.7M	$13.1M	29.8%	−959.1%	—	—	1.7%
P ProMIS Neurosciences Inc. PMN	$88.5M	—	—	—	—	—	20.1%
T Tenax Therapeutics, Inc. TENX	$87.5M	$0.0M	—	—	—	—	4.9%
C Corbus Pharmaceuticals Holdings, Inc. CRBP	$80.5M	—	—	—	—	—	4.0%
L Lexaria Bioscience Corp. LEXX	$79.9M	$0.7M	52.0%	−1,683.1%	—	—	10.3%
i iBio, Inc. IBIO	$79.8M	$0.1M	−75.0%	−35,141.0%	—	—	8.5%
L Lifevantage Corp LFVN	$75.3M	$183M	−20.1%	3.3%	—	14.8x	3.0%
C Cumberland Pharmaceuticals Inc CPIX	$74.2M	$44.5M	17.6%	−6.3%	−16.4%	—	13.8%
N Neonc Technologies Holdings, Inc. NTHI	$74.0M	$0.0M	−51.8%	−145,601.0%	—	—	6.4%
V Verrica Pharmaceuticals Inc. VRCA	$73.9M	$35.6M	370.2%	−34.2%	—	—	1.5%
C Cingulate Inc. CING	$72.9M	−$1.4M	−1,472.1%	1,464.9%	—	—	6.8%
A Acrivon Therapeutics, Inc. ACRV	$72.8M	—	—	—	—	—	1.2%
I Inovio Pharmaceuticals, Inc. INO	$72.6M	$0.1M	−70.0%	−132,958.8%	—	—	2.3%
P PDS Biotechnology Corp PDSB	$72.4M	—	—	—	—	—	22.1%
M MAIA Biotechnology, Inc. MAIA	$71.1M	—	—	—	—	—	5.4%
M Medicinova Inc MNOV	$69.4M	$0.4M	—	−3,242.1%	—	—	0.7%
Z Zhengye Biotechnology Holding Ltd ZYBT	$68.2M	$16.2M	−37.5%	−60.6%	−19.9%	—	1.4%
P PMV Pharmaceuticals, Inc. PMVP	$66.7M	$6.3M	−40.5%	−1,360.4%	—	—	10.6%
S Spero Therapeutics, Inc. SPRO	$66.1M	$66.8M	39.2%	9.5%	—	8.1x	6.5%
C Citius Oncology, Inc. CTOR	$65.9M	—	—	—	—	—	2.6%
R Rafael Holdings, Inc. RFL	$63.5M	$0.9M	44.0%	−3,179.8%	—	—	5.1%
T Telomir Pharmaceuticals, Inc. TELO	$62.1M	—	—	—	—	—	2.2%
F Fortress Biotech, Inc. FBIO	$61.4M	$63.3M	9.7%	−111.0%	−222.0%	0.7x	3.2%
S Skye Bioscience, Inc. SKYE	$57.6M	—	—	—	—	—	7.6%
H Heron Therapeutics, Inc. /De/ HRTX	$57.4M	$155M	7.4%	−1.6%	—	—	0.3%
X XBiotech Inc. XBIT	$56.4M	—	—	—	—	—	0.0%
O Oncolytics Biotech Inc ONCY	$55.4M	—	—	—	—	—	2.3%
L Longeveron Inc. LGVN	$54.3M	$1.2M	−49.9%	−1,942.2%	—	—	7.8%
B Boundless Bio, Inc. BOLD	$54.1M	—	—	—	—	—	0.0%
O OS Therapies Inc OSTX	$54.0M	—	—	—	—	—	1.7%
M MindWalk Holdings Corp. HYFT	$53.8M	$11.3M	47.9%	—	—	—	0.9%
N Nomad Power Solutions, Inc. NMAD	$53.1M	—	—	—	—	—	2.5%
P Pliant Therapeutics, Inc. PLRX	$53.1M	$0.0M	—	—	—	—	0.9%
C Connect Biopharma Holdings Ltd CNTB	$53.0M	$0.1M	−99.8%	−90,740.6%	—	—	0.8%
W Werewolf Therapeutics, Inc. HOWL	$50.5M	—	—	—	—	—	6.1%
G Gain Therapeutics, Inc. GANX	$50.2M	—	—	—	—	—	1.7%
R Rein Therapeutics, Inc. RNTX	$47.2M	$0.0M	—	—	—	—	20.7%
B Biomea Fusion, Inc. BMEA	$46.5M	$1.9M	−67.1%	−4,494.7%	—	—	1.1%
S Scynexis Inc SCYX	$44.9M	$20.6M	449.9%	−78.0%	—	3.0x	0.3%
A Actinium Pharmaceuticals, Inc. ATNM	$44.6M	$0.1M	—	−40,274.4%	—	4.1x	1.4%
A Adicet Bio, Inc. ACET	$40.9M	—	—	—	—	—	3.3%
L Lite Strategy, Inc. LITS	$39.9M	—	—	—	—	—	3.1%
D Dogwood Therapeutics, Inc. DWTX	$39.6M	—	—	—	—	0.4x	4.5%
A Aldeyra Therapeutics, Inc. ALDX	$38.7M	—	—	—	—	—	0.1%
A Alterity Therapeutics Ltd ATHE	$37.5M	$1.2M	−77.8%	—	—	—	2.9%
A Annovis Bio, Inc. ANVS	$37.5M	$0.0M	—	—	—	—	4.5%
E Elicio Therapeutics, Inc. ELTX	$35.2M	—	—	—	—	—	7.6%
C CNS Pharmaceuticals, Inc. CNSP	$34.7M	—	—	—	—	—	9.8%
G Grace Therapeutics, Inc. GRCE	$32.3M	—	—	—	—	—	3.3%
F Filana Therapeutics, Inc. FLNA	$31.3M	—	—	—	—	—	6.0%
I Incannex Healthcare Inc. IXHL	$30.5M	$0.0M	−100.0%	—	—	—	0.4%
N NextCure, Inc. NXTC	$30.3M	—	—	—	—	—	9.4%
N Nanoviricides, Inc. NNVC	$29.5M	$0.0M	—	—	—	—	7.4%
A Apollomics Inc. APLM	$28.8M	$8.5M	—	—	—	—	8.9%
A Aardvark Therapeutics, Inc. AARD	$28.4M	$0.0M	—	—	—	—	20.4%
A Aprea Therapeutics, Inc. APRE	$27.4M	$0.3M	−81.0%	−4,630.4%	—	—	14.3%
S Serina Therapeutics, Inc. SER	$27.4M	$0.1M	132.1%	−18,478.5%	—	—	2.3%
A Abvc Biopharma, Inc. ABVC	$27.4M	$0.3M	−41.9%	−2,416.0%	−50.8%	—	0.0%
R Rockwell Medical, Inc. RMTI	$27.2M	$69.3M	−31.8%	−6.8%	−17.8%	—	2.0%
N Nasus Pharma Ltd NSRX	$26.6M	$1.2B	—	−0.4%	—	—	4.9%
B BriaCell Therapeutics Corp. BCTX	$25.8M	—	—	—	—	1.6x	1.7%
C China Pharma Holdings, Inc. CPHI	$25.5M	$4.1M	−8.5%	−78.2%	−10.7%	—	0.8%
C Celularity Inc CELU	$23.2M	$26.6M	−51.0%	−230.9%	—	—	5.4%
I IMMUTEP Ltd IMMP	$23.2M	$16.4M	144.9%	—	—	—	1.6%
C CalciMedica, Inc. CALC	$22.4M	$0.7M	−29.7%	−3,242.8%	—	—	0.8%
C Context Therapeutics Inc. CNTX	$22.3M	—	—	—	—	—	2.2%
A Azitra, Inc. AZTR	$21.6M	$0.0M	−100.0%	—	—	18.7x	26.8%
A Atossa Therapeutics, Inc. ATOS	$21.2M	—	—	—	—	—	2.9%
T TherapeuticsMD, Inc. TXMD	$20.7M	$3.0M	71.6%	−145.3%	—	—	1.1%
M Marker Therapeutics, Inc. MRKR	$18.4M	$3.5M	−46.2%	−363.4%	—	—	5.0%
K Kyntra Bio, Inc. KYNB	$18.2M	$6.4M	−78.3%	−712.7%	—	0.1x	0.0%
S Seres Therapeutics, Inc. MCRB	$17.5M	$0.8M	—	−11,910.1%	—	—	9.1%
Y Yarrow Bioscience, Inc. YARW	$17.3M	$0.6M	13.8%	−5,219.1%	—	—	0.6%
A Adial Pharmaceuticals, Inc. ADIL	$17.1M	—	—	—	—	—	0.8%
Q Quantum Cyber N.V. QUCY	$16.2M	$0.5M	−39.9%	−3,004.9%	−1,797.3%	—	6.3%
N Neuphoria Therapeutics Inc. NEUP	$14.9M	$1.2M	−92.5%	−1,401.0%	—	—	0.3%
C Cellectar Biosciences, Inc. CLRB	$14.8M	—	—	—	—	—	0.0%
R Revelation Biosciences, Inc. REVB	$14.3M	—	—	—	—	0.1x	5.5%
K Kiora Pharmaceuticals Inc KPRX	$14.2M	$0.0M	−100.0%	—	—	—	4.1%
C Cocrystal Pharma, Inc. COCP	$13.5M	—	—	—	—	—	0.9%
P Palatin Technologies Inc PTN	$13.5M	$8.8M	—	−98.2%	—	—	1.0%
C Citius Pharmaceuticals, Inc. CTXR	$13.1M	—	—	—	−8.4%	—	11.6%
P Pasithea Therapeutics Corp. KTTA	$12.8M	—	—	—	—	—	0.7%
A AEON Biopharma, Inc. AEON	$12.5M	—	—	—	—	—	3.5%
N NovaBridge Biosciences NBP	$12.0M	—	—	—	—	—	3.3%
L Lipocine Inc. LPCN	$12.0M	$2.0M	−82.3%	−524.7%	—	—	0.7%
M Matinas BioPharma Holdings, Inc. MTNB	$11.7M	—	—	—	—	—	10.2%
K Kairos Pharma, LTD. KAPA	$11.4M	—	—	—	—	—	1.1%
R Rocket One Inc. RKTO	$11.0M	—	—	—	—	—	5.4%
B Biofrontera Inc. BFRI	$10.9M	$41.7M	11.7%	−27.2%	—	—	2.2%
B Bolt Biotherapeutics, Inc. BOLT	$10.8M	$7.7M	0.1%	−469.3%	—	—	3.3%
N NewcelX Ltd. NCEL	$10.5M	—	—	—	−37.5%	1.3x	7.5%
B Biovie Inc. BIVI	$10.4M	—	—	—	—	—	8.3%
D Dare Bioscience, Inc. DARE	$9.9M	$1.0M	10,412.2%	−1,315.5%	—	—	3.0%
A Actuate Therapeutics, Inc. ACTU	$9.5M	—	—	—	—	—	24.3%
L Lisata Therapeutics, Inc. LSTA	$9.3M	$0.2M	−83.0%	−10,711.2%	—	—	3.8%
R Radiopharm Theranostics Ltd RADX	$9.2M	$2.8M	−23.8%	−2,051.5%	—	—	9.6%
B BullFrog AI Holdings, Inc. BFRG	$8.9M	$0.1M	—	−5,650.9%	—	—	1.2%
A Aspire-Lakewood Holdings, Inc. ASBP	$8.8M	$0.0M	—	−312,117.7%	—	0.0x	3.4%
T Theriva Biologics, Inc. TOVX	$8.6M	—	—	—	−475.2%	0.1x	2.8%
T Tvardi Therapeutics, Inc. TVRD	$8.1M	—	—	—	—	21.6x	2.8%
L Lantern Pharma Inc. LTRN	$8.0M	—	—	—	—	—	2.6%
T Tempest Therapeutics, Inc. TPST	$7.8M	—	—	—	—	—	0.1%
V Vistagen Therapeutics, Inc. VTGN	$7.5M	$1.3M	161.1%	−5,683.7%	—	—	0.1%
M MetaVia Inc. MTVA	$6.8M	$0.5M	−44.6%	−2,687.8%	—	—	5.3%
E Exicure, Inc. XCUR	$6.8M	$0.0M	−100.0%	—	—	—	1.8%
I InMed Pharmaceuticals Inc. INM	$6.6M	—	—	—	—	—	0.0%
A Artelo Biosciences, Inc. ARTL	$6.0M	—	—	—	—	0.2x	0.0%
E Ensysce Biosciences, Inc. ENSC	$5.9M	$5.1M	−2.8%	−202.1%	—	—	0.0%
F FibroBiologics, Inc. FBLG	$5.8M	—	—	—	—	0.3x	0.9%
T Traws Pharma, Inc. TRAW	$5.8M	$2.8M	1,134.5%	−640.7%	—	—	7.3%
S Soligenix, Inc. SNGX	$5.8M	—	—	—	—	—	3.7%
E Enveric Biosciences, Inc. ENVB	$5.7M	−$0.0M	−150.0%	8,774,400.0%	—	—	2.9%
P Pulmatrix, Inc. PULM	$5.4M	—	—	—	—	—	3.5%
S Shuttle Pharmaceuticals Holdings, Inc. SHPH	$5.3M	—	—	—	—	0.2x	3.3%
A Apimeds Pharmaceuticals US, Inc. APUS	$5.2M	—	—	—	—	—	5.4%
A Alzamend Neuro, Inc. ALZN	$5.1M	—	—	—	—	—	0.9%
A Alaunos Therapeutics, Inc. TCRT	$5.0M	$0.0M	−50.0%	−84,500.0%	—	—	3.3%
P Processa Pharmaceuticals, Inc. PCSA	$5.0M	—	—	—	—	1.8x	1.4%
I Imunon, Inc. IMNN	$4.6M	—	—	—	—	—	28.8%
A Acurx Pharmaceuticals, Inc. ACXP	$4.5M	—	—	—	—	—	2.3%
X Xenetic Biosciences, Inc. XBIO	$4.2M	$3.0M	19.0%	−95.2%	—	—	1.4%
V Vyome Holdings, Inc HIND	$3.7M	$0.3M	24.4%	−3,269.5%	—	0.0x	0.6%
D Dermata Therapeutics, Inc. DRMA	$3.0M	—	—	—	—	—	5.2%
G GRI Bio, Inc. GRI	$2.9M	—	—	—	—	0.0x	5.3%
C Cadrenal Therapeutics, Inc. CVKD	$2.7M	—	—	—	—	—	3.5%
P Propanc Biopharma, Inc. PPCB	$2.7M	—	—	—	—	—	6.1%
M Mustang Bio, Inc. MBIO	$2.4M	—	—	—	—	—	0.2%
E Ernexa Therapeutics Inc. ERNA	$2.4M	—	—	—	—	0.0x	2.8%
6 60 Degrees Pharmaceuticals, Inc. SXTP	$2.0M	$1.0M	65.5%	−771.6%	−710.7%	—	14.7%
J Jaguar Health, Inc. JAGX	$1.8M	$11.5M	−1.5%	−398.8%	—	0.0x	5.5%
O Oragenics Inc OGEN	$1.6M	—	—	—	—	0.3x	8.2%
T Transcode Therapeutics, Inc. RNAZ	$1.6M	—	—	—	—	—	2.1%
N Nuvation Bio Inc. NUVB	$1.6M	$62.9M	699.0%	−338.7%	—	—	0.9%
A Aptevo Therapeutics Inc. APVO	$1.5M	—	—	—	—	0.0x	14.7%
H HCW Biologics Inc. HCWB	$1.5M	$0.1M	−97.9%	−24,285.1%	−136.4%	0.0x	3.6%
J Jupiter Neurosciences, Inc. JUNS	$1.5M	$0.0M	—	−40,865.6%	—	3.5x	7.7%
S Silo Pharma, Inc. SILO	$1.4M	$0.1M	0.0%	−5,937.2%	—	0.7x	11.2%
O Onconetix, Inc. ONCO	$1.1M	$0.8M	−67.7%	−2,190.0%	—	0.0x	18.9%
U Universe Pharmaceuticals INC UPC	$1.0M	$17.9B	−22.4%	−16.3%	−7.2%	—	22.2%
L Lunai Bioworks Inc. LNAI	$0.8M	$0.1M	—	−16,726.7%	—	—	8.2%
G Geron Corp GERN	$0.8M	—	—	—	−20.2%	—	0.0%
D Decoy Therapeutics Inc. DCOY	$0.5M	—	—	—	—	0.0x	11.9%
N Nexentis Technologies Inc. NXTS	$0.5M	$0.0M	−100.0%	—	−26.4%	0.0x	3.1%
C CDT Equity Inc. CDT	$0.0M	—	—	—	—	0.0x	14.9%
K Karyopharm Therapeutics Inc. KPTI	$0.0M	$146M	0.6%	−62.1%	—	—	0.4%
K KALA BIO, Inc. KALA	$0.0M	$0.0M	—	—	—	0.0x	5.6%
S Spyre Therapeutics, Inc. SYRE	—	$0.0M	—	—	—	—	6.6%
V Viridian Therapeutics, Inc.\DE VRDN	—	$70.8M	23,359.9%	−512.9%	—	—	3.2%
U UroGen Pharma Ltd. URGN	—	$110M	21.4%	−113.7%	—	—	0.4%
C Crescent Biopharma, Inc. CBIO	—	$10.8M	—	−1,407.5%	—	—	4.0%
O Ovid Therapeutics Inc. OVID	—	$7.3M	1,181.3%	−585.2%	—	—	4.9%
M Monopar Therapeutics MNPR	—	$0.0M	—	—	—	—	1.8%
D DiaMedica Therapeutics Inc. DMAC	—	—	—	—	—	—	0.6%
L Larimar Therapeutics, Inc. LRMR	—	—	—	—	—	—	6.7%
N NRX Pharmaceuticals, Inc. NRXP	—	$1.2M	—	−1,324.4%	—	—	5.5%
v vTv Therapeutics Inc. VTVT	—	$0.0M	−100.0%	—	—	—	0.3%
K Kazia Therapeutics Ltd KZIA	—	$0.0M	−98.2%	—	—	—	3.8%
M Milestone Pharmaceuticals Inc. MIST	—	—	—	—	—	—	7.3%
X Xilio Therapeutics, Inc. XLO	—	$43.8M	589.9%	−95.9%	—	—	9.6%
T Talphera, Inc. TLPH	—	$0.0M	—	−48,157.1%	—	—	1.9%
C Clene Inc. CLNN	—	$0.2M	−41.5%	−11,541.5%	—	—	3.4%
V Veru Inc. VERU	—	—	—	—	—	—	3.2%
E Edesa Biotech, Inc. EDSA	—	—	—	—	—	—	1.5%
B Bioharvest Sciences Inc. BHST	—	$34.5M	37.0%	−16.2%	−171.2%	—	1.2%
C CervoMed Inc. CRVO	—	$4.0M	−58.9%	−706.2%	—	—	0.9%
I Impact Biomedical Inc. IBO	—	$0.0M	—	−13,381.3%	—	4.0x	4.8%
M Mira Pharmaceuticals, Inc. MIRA	—	$0.1M	−40.3%	—	—	—	3.2%
A Aytu Biopharma, Inc AYTU	—	$57.6M	−13.3%	−14.4%	−33.0%	—	1.6%
B BeyondSpring Inc. BYSI	—	$0.0M	—	—	—	—	0.5%
Q Quoin Pharmaceuticals Ltd. QNRX	—	—	—	—	—	—	1.0%
A Allarity Therapeutics, Inc. ALLR	—	$0.3M	—	−3,939.1%	—	—	0.5%
P Phio Pharmaceuticals Corp. PHIO	—	—	—	—	—	—	4.8%
B BioLineRx Ltd. BLRX	—	$1.2M	−95.9%	−871.8%	—	—	1.0%
M Moleculin Biotech, Inc. MBRX	—	$0.0M	—	—	—	—	30.8%
S Sunshine Biopharma Inc. SBFM	—	$36.3M	4.1%	−17.2%	—	—	11.7%
G GeoVax Labs, Inc. GOVX	—	$2.5M	−37.1%	−869.4%	—	—	3.5%
P PMGC Holdings Inc. ELAB	—	$0.6M	—	—	—	—	1.1%
V Valion Bio, Inc. VBIO	—	—	—	—	—	—	6.9%
G Genprex, Inc. GNPX	—	—	—	—	—	—	7.7%

Biological Products, (No Diagnostic Substances) · 136

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
A Anavex Life Sciences Corp. AVXL	$121.7B	$4.7M	−36.1%	−1,098.9%	—	—	2.3%
R Revolution Medicines, Inc. RVMD	$39.3B	$0.0M	—	—	—	—	1.3%
K Kymera Therapeutics, Inc. KYMR	$11.5B	$39.2M	−16.7%	−891.1%	—	—	2.4%
T Twist Bioscience Corp TWST	$10.0B	$377M	20.3%	−36.2%	—	—	10.1%
I ImmunityBio, Inc. IBRX	$9.1B	$113M	668.3%	−226.0%	—	—	10.5%
V Vaxcyte, Inc. PCVX	$8.8B	—	—	—	—	—	1.2%
I Immunovant, Inc. IMVT	$5.9B	—	—	—	—	—	2.5%
K Kodiak Sciences Inc. KOD	$5.7B	—	—	—	—	—	1.9%
C CG Oncology, Inc. CGON	$5.6B	$4.0M	254.7%	−4,722.1%	−1,120.8%	—	2.2%
S Scholar Rock Holding Corp SRRK	$5.5B	$0.0M	—	—	—	—	1.9%
C CRISPR Therapeutics AG CRSP	$5.0B	$3.5M	−90.6%	−18,933.6%	—	—	5.0%
A Adaptive Biotechnologies Corp ADPT	$4.4B	$277M	54.8%	−20.6%	−36.7%	—	5.3%
D DBV Technologies S.A. DBVT	$4.4B	$5.6M	35.8%	−2,609.2%	—	—	1.5%
D Denali Therapeutics Inc. DNLI	$3.6B	$0.0M	—	—	—	—	3.0%
T Tarsus Pharmaceuticals, Inc. TARS	$3.1B	$451M	146.7%	−15.7%	—	—	1.0%
B Beam Therapeutics Inc. BEAM	$2.6B	$140M	120.0%	−274.6%	—	—	4.7%
V Vericel Corp VCEL	$2.3B	$276M	16.5%	4.0%	—	90.1x	0.5%
R Recursion Pharmaceuticals, Inc. RXRX	$2.2B	$74.7M	26.9%	−867.9%	−126.0%	—	6.6%
B Biocryst Pharmaceuticals Inc BCRX	$2.1B	$875M	94.1%	39.0%	—	—	2.8%
V Vir Biotechnology, Inc. VIR	$2.0B	$68.6M	−7.6%	−699.2%	—	—	4.8%
M Maze Therapeutics, Inc. MAZE	$1.9B	—	—	—	—	—	2.0%
M Mesoblast Ltd MESO	$1.7B	$120M	599.2%	—	—	—	6.4%
N Novavax Inc NVAX	$1.6B	$1.1B	64.7%	40.3%	—	—	6.6%
I Immunocore Holdings plc IMCR	$1.6B	$400M	29.0%	−11.3%	—	—	2.2%
T Taysha Gene Therapies, Inc. TSHA	$1.6B	$9.8M	17.3%	−1,130.6%	—	—	6.0%
I Inhibrx Biosciences, Inc. INBX	$1.5B	$1.3M	550.0%	−10,386.5%	—	—	8.0%
A Alvotech ALVO	$1.4B	$586M	19.7%	13.3%	6.0%	47.5x	2.8%
R Replimune Group, Inc. REPL	$1.3B	—	—	—	—	—	4.7%
M Monte Rosa Therapeutics, Inc. GLUE	$1.1B	$124M	63.5%	−43.8%	—	—	1.7%
V Vor Biopharma Inc. VOR	$1.1B	—	—	—	—	0.1x	6.6%
S Solid Biosciences Inc. SLDB	$889M	—	—	—	—	—	6.5%
I Immatics N.V. IMTX	$888M	—	—	—	—	—	1.5%
M MeiraGTx Holdings plc MGTX	$882M	$81.4M	144.6%	−130.2%	—	13.2x	2.4%
4 4D Molecular Therapeutics, Inc. FDMT	$840M	$85.2M	230,194.6%	−187.2%	−122.4%	—	8.4%
P Prime Medicine, Inc. PRME	$771M	$4.6M	55.3%	−4,498.1%	—	—	20.5%
S Sana Biotechnology, Inc. SANA	$730M	—	—	—	—	—	4.7%
G Greenland Mines Ltd GRML	$721M	—	—	—	—	—	1.6%
S Surrozen, Inc./DE SRZN	$684M	$3.5M	−67.4%	−1,210.6%	—	—	8.2%
G Ginkgo Bioworks Holdings, Inc. DNA	$625M	$170M	−25.1%	−185.3%	—	—	12.5%
C Candel Therapeutics, Inc. CADL	$612M	—	—	—	—	—	5.9%
A Aura Biosciences, Inc. AURA	$598M	$6.6M	−29.7%	−1,701.0%	—	—	1.9%
Z Zura Bio Ltd ZURA	$541M	—	—	—	—	—	19.9%
V Valneva SE VALN	$468M	$197M	7.4%	−47.0%	−35.4%	—	3.0%
C C4 Therapeutics, Inc. CCCC	$420M	$35.9M	1.0%	−320.5%	—	—	7.7%
A Autolus Therapeutics plc AUTL	$413M	$75.4M	644.9%	−358.9%	—	—	1.3%
X X4 Pharmaceuticals, Inc XFOR	$411M	$6.5M	150.0%	−1,336.7%	−155.1%	2.6x	0.0%
A Allogene Therapeutics, Inc. ALLO	$405M	$0.0M	−100.0%	—	—	—	1.7%
F Fennec Pharmaceuticals Inc. FENC	$387M	$44.6M	−6.1%	−14.1%	—	—	4.6%
T Tectonic Therapeutic, Inc. TECX	$386M	—	—	—	—	—	2.0%
R REGENXBIO Inc. RGNX	$350M	$170M	104.5%	−94.6%	—	—	0.3%
K Kyverna Therapeutics, Inc. KYTX	$343M	—	—	—	—	—	6.8%
E Editas Medicine, Inc. EDIT	$310M	$40.5M	25.4%	−394.9%	—	—	8.3%
C Century Therapeutics, Inc. IPSC	$298M	$109M	1,556.8%	−15.8%	—	—	2.1%
A Agenus Inc AGEN	$275M	$114M	10.4%	−17.7%	—	2.2x	8.0%
I Inhibikase Therapeutics, Inc. IKT	$274M	$3.7M	—	−1,399.0%	—	—	3.3%
L Lineage Cell Therapeutics, Inc. LCTX	$269M	$14.6M	53.2%	−251.6%	—	—	3.3%
O Ocugen, Inc. OCGN	$257M	$4.4M	8.8%	−1,425.7%	—	—	6.9%
P Palisade Bio, Inc. PALI	$254M	$0.0M	—	—	—	1.8x	2.4%
F Fate Therapeutics Inc FATE	$249M	$6.6M	−51.2%	−2,222.4%	—	—	0.7%
L Lexeo Therapeutics, Inc. LXEO	$246M	—	—	—	—	—	6.3%
S SAB Biotherapeutics, Inc. SABS	$245M	$0.0M	−100.0%	—	—	13.3x	10.0%
A Alector, Inc. ALEC	$234M	$21.0M	−79.1%	−741.3%	—	—	14.8%
C Cabaletta Bio, Inc. CABA	$220M	—	—	—	—	—	7.8%
A Armata Pharmaceuticals, Inc. ARMP	$217M	$4.9M	−5.2%	−747.0%	—	—	1.2%
P Protalix BioTherapeutics, Inc. PLX	$209M	$52.7M	−1.2%	−10.4%	—	10.5x	2.0%
I IRulya Therapeutics Inc. IRLA	$199M	—	—	—	—	0.5x	3.5%
A Alpha Cognition Inc. ACOG	$194M	$10.2M	—	−221.7%	—	—	7.3%
I Invivyd, Inc. IVVD	$189M	$53.4M	110.5%	−104.0%	—	—	0.1%
C Compugen Ltd CGEN	$185M	$72.8M	161.1%	43.1%	—	5.2x	5.1%
P Precision Biosciences Inc DTIL	$176M	$34.3M	−50.1%	−152.2%	—	—	5.9%
A Artiva Biotherapeutics, Inc. ARTV	$168M	$0.0M	−100.0%	—	—	—	30.7%
C Coherus Oncology, Inc. CHRS	$166M	$42.2M	59.8%	−429.5%	—	—	5.9%
A Acumen Pharmaceuticals, Inc. ABOS	$163M	—	—	—	—	—	0.4%
E Entera Bio Ltd. ENTX	$154M	$0.0M	−76.8%	−27,450.0%	—	9.0x	7.0%
P Protara Therapeutics, Inc. TARA	$151M	—	—	—	—	—	5.1%
S Sutro Biopharma, Inc. STRO	$147M	$102M	65.2%	−154.5%	—	—	0.2%
L Liminatus Pharma, Inc. LIMN	$140M	—	—	—	—	—	8.5%
I Innate Pharma SA IPHA	$133M	$10.2M	−53.3%	−599.8%	—	—	1.4%
A Atara Biotherapeutics, Inc. ATRA	$125M	$121M	−6.3%	29.7%	—	—	0.6%
L LeonaBio, Inc. LONA	$116M	—	—	—	—	—	2.7%
e enGene Therapeutics Inc. ENGN	$108M	—	—	—	—	0.6x	1.9%
C Cellectis S.A. CLLS	$105M	$72.9M	75.8%	−45.3%	—	—	8.6%
V Voyager Therapeutics, Inc. VYGR	$105M	$40.4M	−49.5%	−326.6%	—	—	1.1%
H Humacyte, Inc. HUMA	$105M	$2.0M	—	−5,306.0%	—	—	11.4%
B Black Diamond Therapeutics, Inc. BDTX	$100M	$70.0M	—	17.9%	—	—	3.6%
C Cardiol Therapeutics Inc. CRDL	$99.2M	—	—	—	—	—	1.8%
L LENZ Therapeutics, Inc. LENZ	$98.8M	$19.1M	—	−477.5%	—	—	0.2%
E Eloxx Pharmaceuticals, Inc. ELOX	$90.6M	$0.0M	−100.0%	—	—	—	1.3%
T Tenaya Therapeutics, Inc. TNYA	$87.3M	—	—	—	—	—	1.8%
O Outlook Therapeutics, Inc. OTLK	$72.4M	$1.4M	—	−4,744.4%	—	—	3.2%
C Cognition Therapeutics Inc CGTX	$68.8M	—	—	—	—	—	9.2%
N Neumora Therapeutics, Inc. NMRA	$68.2M	—	—	—	—	—	6.3%
C Champions Oncology, Inc. CSBR	$66.8M	$59.4M	4.4%	−1.9%	—	—	0.6%
I ImageneBio, Inc. IMA	$65.0M	$0.8M	−77.1%	−6,056.4%	—	—	0.7%
C Cardiff Oncology, Inc. CRDF	$59.9M	$0.6M	−13.2%	−8,256.3%	—	—	8.8%
M MiNK Therapeutics, Inc. INKT	$53.4M	$0.2M	4.4%	−7,015.6%	—	—	1.9%
P Pelthos Therapeutics Inc. PTHS	$51.3M	$16.8M	—	−193.1%	—	—	4.6%
A Aligos Therapeutics, Inc. ALGS	$49.4M	$2.2M	−39.5%	−4,024.9%	—	—	1.9%
C Caribou Biosciences, Inc. CRBU	$46.5M	$11.2M	11.7%	−1,329.4%	—	—	6.4%
K Kalaris Therapeutics, Inc. KLRS	$44.3M	—	—	—	—	—	3.3%
I Inmune Bio, Inc. INMB	$40.6M	$0.1M	257.1%	−94,766.0%	—	—	6.3%
I Instil Bio, Inc. TIL	$39.6M	—	—	—	—	—	4.8%
E Elutia Inc. ELUT	$35.6M	$12.3M	−15.0%	−218.9%	—	0.8x	0.9%
E Exozymes Inc. EXOZ	$32.9M	—	—	—	—	—	1.3%
M Metagenomi Therapeutics, Inc. MGX	$30.1M	$25.2M	−51.8%	−380.9%	—	—	4.2%
T TScan Therapeutics, Inc. TCRX	$25.0M	$10.3M	266.7%	−1,315.4%	−3,300.3%	—	1.2%
T Tevogen Inc. TVGN	$24.0M	−$0.2M	—	13,364.3%	—	—	0.5%
E Evaxion A/S EVAX	$19.5M	$7.5M	125.1%	−122.7%	—	—	1.3%
C Cel Sci Corp CVM	$19.0M	−$0.6M	—	3,823.3%	−151.2%	—	1.3%
I In8Bio, Inc. INAB	$18.7M	—	—	—	—	—	0.6%
J Jasper Therapeutics, Inc. JSPR	$14.9M	—	—	—	—	—	2.7%
D Dyadic International Inc DYAI	$14.3M	$3.1M	−11.6%	−232.8%	—	—	5.6%
S Scilex Holding Co SCLX	$14.1M	$30.3M	−46.5%	−1,143.7%	—	—	12.0%
G Genenta Science S.p.A. GNTA	$12.2M	—	—	—	—	—	1.0%
a aTYR PHARMA INC ATYR	$12.2M	$0.2M	−19.1%	−40,856.3%	—	—	19.2%
P Pluri Inc. PLUR	$11.6M	$1.0M	−24.0%	−2,454.5%	—	—	6.3%
P Passage BIO, Inc. PASG	$10.7M	—	—	—	—	—	0.3%
I Intensity Therapeutics, Inc. INTS	$8.6M	—	—	—	—	—	0.6%
I Iovance Biotherapeutics, Inc. IOVA	$6.6M	$264M	60.6%	−153.1%	—	—	5.8%
S Senti Biosciences Holdings, Inc. SNTI	$5.8M	$0.0M	—	−312,631.8%	—	—	6.6%
A AgomAb Therapeutics NV AGMB	$4.5M	—	—	—	—	—	2.0%
P PharmaCyte Biotech, Inc. PMCB	$3.7M	$0.0M	—	—	—	—	2.0%
A AIM ImmunoTech Inc. AIM	$2.8M	$0.1M	−48.2%	−13,254.5%	—	—	1.5%
C Creative Medical Technology Holdings, Inc. CELZ	$2.6M	$0.0M	−45.5%	−102,380.0%	—	—	3.1%
C Calidi Biotherapeutics, Inc. CLDI	$0.9M	—	—	—	—	0.0x	3.1%
C Curis Inc CRIS	$0.9M	$9.4M	−13.4%	−60.5%	−1,125.5%	0.0x	6.7%
V VivoSim Labs, INC. VIVS	$0.8M	$0.1M	−9.0%	−8,768.7%	—	—	1.1%
S Silexion Therapeutics Corp SLXN	$0.1M	—	—	—	—	—	5.1%
C Cullinan Therapeutics, Inc. CGEM	—	—	—	—	—	—	2.1%
P Prokidney Corp. PROK	—	$0.9M	1,075.0%	−18,477.8%	—	—	11.4%
C Compass Therapeutics, Inc. CMPX	—	$0.0M	−100.0%	—	—	—	0.0%
M Molecular Partners Ag MOLN	—	$0.0M	−100.0%	—	—	—	6.1%
O OKYO Pharma Ltd OKYO	—	—	—	—	—	—	3.5%
B Black Hawk Acquisition Corp BKHA	—	$2.3M	−9.1%	−40.5%	—	—	8.5%
B BioCardia, Inc. BCDA	—	$0.0M	−100.0%	—	—	—	2.2%
R Relay Therapeutics, Inc. RLAY	—	$15.4M	53.4%	−1,971.6%	—	—	4.0%

Surgical & Medical Instruments & Apparatus · 97

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
M Medline Inc. MDLN	$27.9B	$28.4B	11.5%	7.8%	9.6%	—	3.9%
T Teleflex Inc TFX	$6.1B	$2.0B	17.2%	5.9%	2.2%	—	1.6%
M Merit Medical Systems Inc MMSI	$5.6B	$1.5B	11.8%	12.2%	7.4%	38.5x	0.7%
M MiniMed Group, Inc. MMED	$5.3B	$3.1B	14.3%	−6.1%	—	—	1.4%
H Heartflow, Inc. HTFL	$5.0B	$176M	39.9%	−36.4%	—	19.0x	1.4%
i iRhythm Holdings, Inc. IRTC	$4.1B	$747M	26.2%	−7.7%	—	—	1.5%
A AtriCure, Inc. ATRC	$3.0B	$535M	14.9%	−1.8%	−1.9%	—	0.7%
U Ufp Technologies Inc UFPT	$2.3B	$603M	19.5%	15.3%	14.2%	31.8x	1.2%
K Kestra Medical Technologies, Ltd. KMTS	$1.8B	$95.1M	59.0%	−141.6%	−100.5%	—	1.9%
A Alphatec Holdings, Inc. ATEC	$1.7B	$764M	25.0%	−10.7%	−13.5%	—	0.3%
N NovoCure Ltd NVCR	$1.7B	$655M	8.3%	−23.5%	−27.5%	—	1.5%
T Tandem Diabetes Care Inc TNDM	$1.3B	$1.0B	7.9%	−18.5%	−85.7%	—	1.7%
S SkinHealth Systems Inc. SKIN	$1.3B	$301M	−10.0%	−6.9%	—	—	3.8%
P PROCEPT BioRobotics Corp PRCT	$1.1B	$308M	37.2%	−33.7%	−62.6%	—	0.2%
A Alpha Tau Medical Ltd. DRTS	$1.1B	—	—	—	—	—	4.8%
I Iradimed Corp IRMD	$1.1B	$83.8M	14.4%	31.2%	—	46.9x	0.8%
S SpyGlass Pharma, Inc. SGP	$1.0B	—	—	—	—	—	3.3%
B Bioventus Inc. BVS	$1.0B	$568M	−0.9%	9.5%	12.6%	18.7x	2.0%
S SI-BONE, Inc. SIBN	$954M	$201M	20.2%	−11.1%	−10.3%	—	0.6%
B Beta Bionics, Inc. BBNX	$953M	$100M	53.9%	−71.5%	—	—	4.3%
D Delcath Systems, Inc. DCTH	$586M	$85.2M	129.1%	0.8%	—	—	1.7%
M Mimedx Group, Inc. MDXG	$576M	$419M	20.0%	15.3%	43.2%	97.5x	1.3%
O Orthopediatrics Corp KIDS	$573M	$236M	15.4%	−16.6%	−7.9%	—	0.8%
T Tactile Systems Technology Inc TCMD	$541M	$330M	12.5%	8.9%	14.0%	21.9x	0.3%
S SS Innovations International, Inc. SSII	$524M	$42.5M	105.7%	−19.3%	—	—	5.5%
A Angiodynamics Inc ANGO	$515M	$320M	9.5%	−12.5%	—	—	0.7%
A AVITA Medical, Inc. RCEL	$494M	$71.6M	11.5%	−59.4%	−412.3%	—	5.9%
S Sight Sciences, Inc. SGHT	$492M	$77.4M	−3.1%	−48.0%	−204.1%	—	0.1%
C Cerus Corp CERS	$481M	$234M	16.1%	−3.7%	—	—	1.3%
N NeuroPace Inc NPCE	$444M	$100.0M	25.1%	−16.3%	−76.6%	—	0.2%
B Brainsway Ltd. BWAY	$442M	$52.2M	27.3%	8.3%	—	64.6x	3.7%
C Carlsmed, Inc. CARL	$419M	$50.5M	85.9%	−60.5%	−546.2%	140.2x	3.4%
S Shoulder Innovations, Inc. SI	$401M	$47.3M	49.6%	−55.6%	−66.3%	0.1x	0.2%
O Orthofix Medical Inc. OFIX	$397M	$822M	2.9%	−9.9%	−12.2%	—	0.7%
E Embecta Corp. EMBC	$383M	$1.1B	−3.8%	22.4%	32.5%	4.5x	3.7%
O Orchestra BioMed Holdings, Inc. OBIO	$369M	$33.5M	1,169.2%	−154.7%	—	—	4.1%
C Cytosorbents Corp CTSO	$305M	$37.1M	4.1%	−39.8%	−71.4%	—	8.5%
T Treace Medical Concepts, Inc. TMCI	$296M	$213M	1.6%	−25.5%	−44.4%	—	2.9%
I InfuSystem Holdings, Inc INFU	$296M	$143M	6.4%	8.3%	10.5%	35.3x	2.3%
A Anika Therapeutics, Inc. ANIK	$293M	$113M	−5.9%	−9.8%	—	—	0.4%
C ClearPoint Neuro, Inc. CLPT	$292M	$37.0M	17.8%	−65.4%	−61.2%	—	7.2%
O Orasure Technologies Inc OSUR	$292M	$115M	−38.1%	−62.6%	—	—	0.2%
U Utah Medical Products Inc UTMD	$233M	$38.5M	−5.8%	29.6%	27.2%	22.3x	0.6%
T TriSalus Life Sciences, Inc. TLSI	$222M	$45.2M	53.4%	−59.7%	—	—	5.0%
P Pro Dex Inc PDEX	$207M	$77.5M	16.5%	16.8%	17.7%	15.1x	2.7%
P Profound Medical Corp. PROF	$205M	$16.1M	50.7%	−256.3%	−290.7%	3.8x	1.7%
N Neuronetics, Inc. STIM	$160M	$149M	99.2%	−21.1%	−41.4%	—	2.2%
K KORU Medical Systems, Inc. KRMD	$157M	$41.1M	22.2%	−7.2%	—	—	1.6%
F Fractyl Health, Inc. GUTS	$140M	$0.0M	−100.0%	—	—	—	17.8%
L LENSAR, Inc. LNSR	$137M	$58.4M	9.2%	−42.1%	—	—	0.3%
P PolyPid Ltd. PYPD	$94.4M	—	—	—	−468.5%	2.8x	9.1%
P Pulmonx Corp LUNG	$84.1M	$90.5M	8.0%	−59.3%	−196.6%	—	1.5%
M Microbot Medical Inc. MBOT	$69.2M	—	—	—	—	—	9.4%
R RenovoRx, Inc. RNXT	$65.7M	$1.1M	2,511.6%	−1,114.0%	—	—	6.1%
T TELA Bio, Inc. TELA	$55.1M	$80.3M	15.8%	−42.0%	−239.8%	—	2.2%
S Spectral AI, Inc. MDAI	$49.1M	$19.7M	−33.6%	−43.8%	—	—	2.0%
S Sensus Healthcare, Inc. SRTS	$45.9M	$27.5M	−34.3%	−37.5%	—	—	1.1%
S SANUWAVE Health, Inc. SNWV	$44.1M	$44.1M	35.0%	11.2%	42.5%	5.6x	1.2%
Q QTREX Quantum Ltd. QTEX	$40.0M	$0.3M	—	−4,713.8%	—	—	4.7%
X Xtant Medical Holdings, Inc. XTNT	$39.4M	$134M	14.2%	5.4%	11.5%	—	2.1%
N Nephros Inc NEPH	$39.0M	$18.8M	32.7%	6.1%	—	21.9x	3.3%
I InspireMD, Inc. NSPR	$38.5M	$9.0M	28.1%	−552.6%	—	—	1.1%
N Nexgel, Inc. NXGL	$38.4M	$11.4M	31.5%	−29.3%	−56.0%	—	7.4%
C CVRx, Inc. CVRX	$37.5M	$56.7M	10.4%	−90.5%	−308.4%	—	2.4%
N Nyxoah SA NYXH	$34.7M	—	—	—	—	—	6.4%
D DarioHealth Corp. DRIO	$32.5M	$22.4M	−17.3%	−163.9%	−39.9%	0.6x	2.4%
R Retractable Technologies Inc RVP	$17.6M	$38.3M	15.8%	−55.3%	−23.0%	—	1.4%
P PAVmed Inc. PAVM	$13.4M	$0.1M	−97.6%	−30,712.7%	—	2.0x	5.3%
P Pulsenmore Ltd. PLSM	$11.5M	$11.6M	344.1%	—	—	2.5x	3.5%
C Cerenome, Inc. CNSY	$11.5M	$5.2M	−10.5%	−293.5%	—	0.1x	5.7%
M Modular Medical, Inc. MODD	$9.0M	—	—	—	—	—	0.0%
G Glucotrack, Inc. GCTK	$8.6M	—	—	—	—	—	6.2%
S Sintx Technologies, Inc. SINT	$8.3M	$1.0M	−64.7%	−1,053.1%	—	—	9.6%
B Baird Medical Investment Holdings Ltd BDMD	$7.8M	$22.5M	−39.2%	−113.7%	−50.7%	—	34.1%
N NEUROONE MEDICAL TECHNOLOGIES Corp NMTC	$7.4M	$9.1M	163.5%	−46.5%	—	—	5.7%
P Polyrizon Ltd. PLRZ	$5.8M	—	—	—	—	1.8x	4.2%
F Femasys Inc FEMY	$4.6M	$2.3M	40.8%	−767.0%	—	0.9x	2.8%
e enVVeno Medical Corp NVNO	$4.5M	—	—	—	—	—	0.4%
S Sonoma Pharmaceuticals, Inc. SNOA	$4.4M	$19.5M	36.7%	−12.6%	−211.8%	—	2.7%
I Intelligent Bio Solutions Inc. INBS	$2.5M	$4.2M	38.1%	−299.1%	—	—	4.9%
V Vivos Therapeutics, Inc. VVOS	$2.3M	$17.4M	16.0%	−114.1%	—	—	2.3%
C Co-Diagnostics, Inc. CODX	$2.0M	$0.6M	−84.1%	−8,058.7%	—	—	14.3%
A Aethlon Medical Inc AEMD	$2.0M	—	—	—	—	0.2x	1.6%
I INVO Fertility, Inc. IVF	$1.6M	$6.8M	4.7%	−105.8%	−94.7%	0.0x	8.1%
B Beyond Air, Inc. XAIR	$1.6M	$7.7M	107.3%	−378.2%	—	0.1x	3.3%
B Bluejay Diagnostics, Inc. BJDX	$1.2M	—	—	—	—	0.7x	3.0%
H HeartBeam, Inc. BEATW	$0.7M	—	—	—	—	—	24.9%
P Profusa, Inc. PFSA	$0.0M	—	—	—	—	0.0x	0.0%
T Tenon Medical, Inc. TNON	$0.0M	$3.9M	20.4%	−324.3%	—	—	0.7%
P Pulse Biosciences, Inc. PLSE	—	$0.4M	—	−21,982.6%	—	—	1.0%
A Apyx Medical Corp APYX	—	$52.8M	9.9%	−12.2%	−25.1%	—	1.6%
L Lucid Diagnostics Inc. LUCD	—	$4.7M	8.3%	−1,054.8%	—	—	12.5%
P Picard Medical, Inc. PMI	—	$4.9M	12.5%	−268.4%	—	—	6.2%
S SeaStar Medical Holding Corp ICU	—	$1.2M	814.1%	−986.6%	—	—	2.0%
A Accuray Inc ARAY	—	$402M	−12.3%	−6.6%	−14.0%	—	8.1%
A Autonomix Medical, Inc. AMIX	—	$0.0M	—	—	—	—	1.4%
F Flyte Aviation, Inc. VJET	—	$0.8M	95.0%	−2,581.6%	−166.3%	—	0.7%

Health Care Equipment · 29

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
A Abbott Laboratories ABT	$180.1B	$44.3B	5.7%	18.2%	11.2%	28.8x	1.7%
I Intuitive Surgical ISRG	$156.8B	$10.1B	20.5%	29.3%	20.9%	54.0x	1.3%
M Medtronic MDT	$120.7B	$36.4B	8.4%	17.8%	7.7%	23.1x	0.9%
S Stryker SYK	$116.3B	$25.1B	11.2%	19.5%	11.3%	31.2x	1.5%
B Boston Scientific BSX	$66.5B	$20.1B	19.9%	18.0%	9.6%	18.2x	1.1%
B Becton Dickinson BDX	$53.7B	$21.8B	8.2%	11.8%	5.5%	58.7x	0.7%
E Edwards Lifesciences EW	$52.5B	$6.1B	11.6%	20.8%	15.7%	52.2x	0.3%
I Idexx Laboratories IDXX	$44.5B	$4.3B	10.4%	31.6%	57.3%	39.4x	1.6%
R ResMed | RMD	$36.6B	$5.7B	9.9%	33.4%	26.7%	—	0.9%
G GE HealthCare GEHC	$32.5B	$20.6B	4.8%	13.4%	13.3%	17.0x	1.2%
D Dexcom DXCM	$30.6B	$4.7B	15.6%	19.6%	44.9%	31.2x	0.0%
S Steris STE	$22.4B	$5.9B	8.7%	18.6%	9.6%	27.9x	0.7%
Z Zimmer Biomet ZBH	$18.5B	$8.2B	7.2%	13.3%	4.9%	23.3x	1.4%
R Revvity RVTY	$18.1B	$2.9B	3.7%	12.5%	3.3%	77.4x	0.9%
B Baxter International BAX	$12.9B	$11.2B	5.7%	−2.7%	−1.4%	—	1.5%
P Penumbra PEN	$12.8B	$1.4B	17.5%	13.5%	18.8%	79.6x	0.4%
G Globus Medical GMED	$11.1B	$2.9B	16.7%	16.3%	11.0%	20.7x	1.1%
G Glaukos GKOS	$10.7B	$507M	32.3%	−39.3%	—	—	1.6%
I Insulet PODD	$10.4B	$2.7B	30.7%	17.5%	20.4%	28.1x	0.4%
B Bruker BRKR	$9.3B	$3.4B	2.1%	2.0%	0.9%	—	4.3%
L LivaNova LIVN	$4.5B	$1.4B	10.7%	14.4%	12.8%	23.8x	0.3%
I Integer ITGR	$4.3B	$1.9B	8.0%	11.9%	6.6%	34.7x	0.2%
I Inspire Medical Systems INSP	$2.1B	$912M	13.6%	5.6%	14.2%	15.7x	0.4%
L LeMaitre Vascular LMAT	$2.1B	$250M	13.5%	27.2%	25.5%	29.4x	0.6%
C CONMED CNMD	$1.5B	$1.4B	5.2%	7.5%	3.7%	—	1.0%
E Enovis ENOV	$1.2B	$2.2B	6.7%	−50.0%	−26.9%	—	1.8%
A Artivion AORT	$1.1B	$441M	13.6%	7.7%	3.9%	—	0.2%
I Integra Lifesciences IART	$942M	$1.6B	1.5%	−30.2%	−22.0%	70.5x	0.9%
A AdaptHealth AHCO	$796M	$3.2B	−0.5%	2.8%	2.1%	—	1.3%

Biotechnology · 22

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
A AbbVie ABBV	$507.2B	$61.2B	8.6%	24.7%	15.7%	80.9x	0.1%
A Amgen AMGN	$243.7B	$36.8B	10.0%	24.7%	14.4%	27.8x	0.7%
G Gilead Sciences GILD	$197.7B	$29.4B	2.4%	34.0%	23.0%	—	0.2%
V Vertex Pharmaceuticals VRTX	$133.0B	$12.0B	8.9%	34.8%	31.5%	30.3x	0.7%
R Regeneron Pharmaceuticals REGN	$86.5B	$14.3B	1.0%	25.0%	12.7%	20.2x	1.0%
M Moderna MRNA	$82.8B	$1.9B	−39.9%	−158.1%	−65.4%	—	4.6%
B Biogen BIIB	$37.5B	$9.9B	2.2%	—	7.3%	27.2x	0.2%
U United Therapeutics UTHR	$27.1B	$3.2B	10.6%	46.9%	—	21.2x	0.3%
R Roivant Sciences ROIV	$26.3B	$8.3M	−71.6%	−6,235.7%	−62.6%	—	1.4%
I Incyte INCY	$24.1B	$5.1B	21.2%	29.5%	79.4%	16.5x	2.9%
E Exelixis EXEL	$17.0B	$2.3B	7.0%	37.6%	64.9%	20.6x	0.4%
H Halozyme HALO	$15.6B	$1.4B	37.6%	33.6%	19.2%	37.5x	0.4%
N Neurocrine Biosciences NBIX	$15.2B	$2.9B	21.5%	21.6%	25.6%	21.4x	0.1%
B BioMarin Pharmaceutical BMRN	$10.8B	$3.2B	12.9%	12.7%	5.8%	149.6x	0.7%
K Krystal Biotech KRYS	$9.8B	$389M	33.9%	41.5%	43.6%	40.2x	2.2%
A Arrowhead Pharmaceuticals ARWR	$8.5B	$829M	23,258.2%	11.9%	—	—	0.1%
L Ligand Pharmaceuticals LGND	$6.8B	$268M	60.4%	15.3%	4.9%	33.1x	1.1%
A ADMA Biologics ADMA	$2.6B	$510M	19.6%	37.5%	39.5%	16.0x	0.9%
F Fortrea FTRE	$2.3B	$2.7B	1.0%	−32.0%	−36.2%	—	2.5%
H Harmony Biosciences HRMY	$2.2B	$869M	21.5%	24.0%	48.9%	12.3x	3.0%
R Repligen RGEN	—	$738M	16.4%	7.5%	2.4%	—	2.4%
C Cytokinetics CYTK	—	$88.0M	376.6%	−695.4%	—	—	1.3%

Services-Medical Laboratories · 22

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
N Natera, Inc. NTRA	$58.9B	$2.3B	35.9%	−13.4%	−34.2%	—	1.5%
G Guardant Health, Inc. GH	$23.7B	$982M	32.9%	−44.5%	−170.1%	—	2.8%
C Caris Life Sciences, Inc. CAI	$9.5B	$812M	97.0%	5.6%	22.7%	4.0x	3.7%
G GRAIL, Inc. GRAL	$6.5B	$147M	17.2%	−382.0%	—	—	7.6%
B BillionToOne, Inc. BLLN	$6.2B	$305M	100.0%	5.3%	37.2%	109.7x	2.3%
R RadNet, Inc. RDNT	$5.8B	$2.0B	11.5%	3.0%	2.9%	—	5.0%
V Veracyte, Inc. VCYT	$4.1B	$517M	16.0%	11.2%	—	35.9x	4.3%
C CareDx, Inc. CDNA	$3.8B	$380M	13.8%	−8.1%	—	34.1x	2.1%
C Celcuity Inc. CELC	$3.7B	—	—	—	—	—	3.4%
P Personalis, Inc. PSNL	$1.7B	$69.6M	−17.7%	−126.4%	—	—	0.6%
C Castle Biosciences Inc CSTL	$1.0B	$344M	3.7%	−12.4%	−18.6%	—	3.6%
F Fulgent Genetics, Inc. FLGT	$580M	$323M	13.8%	−28.2%	—	—	2.4%
Y YD Bio Ltd YDES	$403M	$0.6M	16.9%	−883.3%	—	—	14.2%
B Biodesix Inc BDSX	$226M	$88.5M	24.1%	−31.5%	−77.1%	—	3.2%
E Exagen Inc. XGN	$188M	$66.6M	19.7%	−21.1%	−136.6%	—	4.1%
S Sera Prognostics, Inc. SERA	$103M	$0.1M	5.2%	−45,066.7%	—	—	0.5%
A American Shared Hospital Services AMS	$8.7M	$28.1M	−0.9%	−12.8%	−7.5%	—	1.6%
A Aclarion, Inc. ACON	$4.7M	$0.1M	65.6%	−9,316.2%	—	—	0.5%
A Advanced Biomed Inc. ADVB	$3.8M	$0.1M	—	−4,885.2%	—	0.6x	11.4%
B BioNexus Gene Lab Corp BGLC	$2.7M	$7.4M	−21.9%	−39.9%	—	—	2.6%
B Burning Rock Biotech Ltd BNR	—	$75.1M	4.7%	−10.2%	−72.1%	—	6.5%
M MDxHealth SA MDXH	—	$108M	19.8%	−13.4%	−32.5%	—	1.2%

Pharmaceuticals · 21

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
E Eli Lilly LLY	$1.15T	$65.2B	44.7%	—	40.8%	43.0x	0.2%
J Johnson & Johnson JNJ	$658.0B	$94.2B	6.1%	—	28.6%	40.8x	0.9%
M Merck MRK	$350.3B	$65.0B	1.3%	—	24.8%	112.6x	0.9%
A AstraZeneca AZN	$265.7B	$58.7B	8.6%	23.4%	16.8%	—	1.2%
P Pfizer PFE	$169.8B	$62.6B	−1.7%	—	7.3%	39.2x	0.0%
B Bristol Myers Squibb BMY	$126.1B	$48.2B	−0.2%	—	15.2%	13.6x	0.1%
T Teva Pharmaceuticals TEVA	$47.1B	$17.3B	4.3%	12.5%	10.5%	67.3x	1.1%
Z Zoetis ZTS	$32.7B	$9.5B	2.3%	—	29.3%	12.9x	3.4%
V Viatris VTRS	$21.8B	$14.3B	−3.0%	−18.6%	−7.1%	—	2.4%
J Jazz Pharmaceuticals JAZZ	$14.4B	$4.3B	4.9%	−10.1%	−4.2%	14.1x	0.5%
E Elanco ELAN	$11.5B	$4.7B	6.2%	—	−0.1%	—	1.4%
C Corcept Therapeutics CORT	$10.4B	$761M	12.8%	5.9%	15.7%	—	0.5%
A Alkermes ALKS	$7.7B	$1.5B	−5.3%	17.2%	—	116.6x	0.3%
A Amneal Pharmaceuticals AMRX	$7.0B	$3.0B	8.1%	13.1%	16.1%	43.8x	2.0%
I Indivior INDV	$4.3B	$1.2B	4.3%	21.2%	—	12.4x	0.5%
A Acadia Pharmaceuticals ACAD	$3.5B	$1.1B	11.9%	9.8%	—	9.0x	2.2%
B Bausch Health Companies BHC	$2.4B	$10.3B	6.7%	17.7%	4.5%	—	0.6%
A ANI Pharmaceuticals ANIP	$1.6B	$883M	43.8%	12.6%	15.9%	15.4x	2.0%
I Innoviva INVA	$1.5B	$411M	14.7%	39.8%	17.9%	5.1x	0.5%
A Amphstar Pharmaceuticals AMPH	$1.1B	$720M	−1.7%	19.5%	9.9%	15.1x	0.4%
C Collegium Pharmaceutical COLL	$748M	$781M	23.6%	23.0%	53.4%	18.5x	0.9%

Electromedical & Electrotherapeutic Apparatus · 20

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
T TransMedics Group, Inc. TMDX	$2.8B	$605M	37.1%	17.9%	—	18.1x	1.3%
A Axogen, Inc. AXGN	$2.0B	$225M	20.2%	−3.5%	−4.6%	—	1.5%
C Ceribell, Inc. CBLL	$1.0B	$89.1M	36.1%	−65.6%	—	—	0.7%
I InMode Ltd. INMD	$889M	$370M	−6.2%	23.0%	—	9.5x	1.0%
C CapsoVision, Inc CV	$337M	$13.6M	15.3%	−188.3%	—	2.1x	2.0%
E Electromed, Inc. ELMD	$232M	$73.8M	15.3%	18.8%	—	20.5x	0.2%
E Edap Tms Sa FOCL	$155M	$70.5M	1.6%	−35.0%	−91.5%	—	2.6%
S Stereotaxis, Inc. STXS	$103M	$32.4M	20.3%	−68.3%	—	—	4.0%
V Vivani Medical, Inc. VANI	$99.3M	$0.0M	—	—	—	—	0.9%
N Neuraxis, INC NRXS	$89.2M	$3.6M	32.9%	−219.4%	—	—	1.5%
H Hyperfine, Inc. HYPR	$74.8M	$13.6M	5.2%	−273.4%	−494.9%	—	3.7%
i iTonic Holdings Ltd ITOC	$42.5M	$0.5M	16.7%	−991.8%	—	—	4.7%
P Precision Optics Corporation, Inc. POCI	$37.6M	$31.5M	65.2%	−11.1%	−23.4%	—	1.4%
N Nexalin Technology, Inc. NXL	$34.7M	$0.3M	78.8%	−2,782.1%	—	—	4.1%
Q Qt Imaging Holdings, Inc. QTI	$33.8M	$18.9M	287.9%	−23.4%	−57.1%	—	0.9%
I Iridex Corp IRIX	$12.9M	$52.7M	8.2%	−4.9%	—	—	1.8%
E ENDRA Life Sciences Inc. NDRA	$12.3M	—	—	—	—	—	2.9%
N Nuwellis, Inc. NUWE	$1.0M	$8.3M	−5.4%	−134.3%	—	0.0x	74.7%
O Outset Medical, Inc. OM	$0.1M	$119M	5.1%	−55.8%	−97.2%	—	6.4%
e electroCore, Inc. ECOR	$0.1M	$32.0M	27.2%	−41.1%	—	—	4.3%

Health Care Services · 16

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
C CVS Health CVS	$117.3B	$402.1B	7.9%	1.2%	2.9%	24.0x	1.5%
C Cigna CI	$78.7B	$274.9B	11.2%	3.4%	11.7%	12.3x	2.5%
Q Quest Diagnostics DGX	$27.2B	$11.0B	11.8%	14.1%	9.5%	24.2x	0.2%
L Labcorp LH	$27.2B	$14.0B	7.3%	9.9%	8.2%	27.4x	0.4%
B BrightSpring Health Services BTSG	$12.9B	$12.9B	28.2%	2.3%	5.3%	35.2x	0.9%
D DaVita DVA	$12.0B	$13.6B	6.5%	15.0%	17.6%	15.0x	1.3%
C Chemed CHE	$6.7B	$2.5B	4.1%	13.4%	27.3%	25.6x	0.7%
H Hims & Hers Health HIMS	$6.5B	$2.3B	59.0%	4.5%	19.0%	—	1.2%
S Sotera Health SHC	$5.3B	$1.2B	5.7%	—	6.7%	32.4x	0.5%
C Concentra Group Holdings Parent CON	$5.1B	$2.2B	13.9%	15.4%	14.9%	25.8x	0.5%
L Lifestance Health LFST	$5.1B	$1.4B	13.9%	1.7%	1.2%	100.8x	0.3%
C CorVel CRVL	$4.2B	$959M	7.0%	—	—	36.7x	2.3%
A Addus HomeCare ADUS	$2.2B	$1.4B	23.2%	9.7%	9.4%	21.2x	0.1%
A Amn Healthcare Services AMN	$1.9B	$2.7B	−8.5%	−2.0%	−2.8%	17.4x	4.5%
A Alignment Healthcare ALHC	$1.7B	$3.9B	46.1%	0.4%	—	42.4x	2.0%
T Tempus AI TEM	$14.4M	$1.3B	83.4%	−19.9%	—	—	7.4%

Orthopedic, Prosthetic & Surgical Appliances & Supplies · 16

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
E Establishment Labs Holdings Inc. ESTA	$2.0B	$211M	27.1%	−18.5%	−15.8%	—	1.8%
C Cadre Holdings, Inc. CDRE	$1.3B	$610M	7.5%	11.0%	9.2%	38.3x	0.0%
E Envoy Medical, Inc. COCH	$677M	$0.2M	7.1%	−9,240.7%	—	—	0.2%
A Anteris Technologies Global Corp. AVR	$584M	$1.9M	−29.2%	−4,908.2%	—	—	3.8%
J Jin Medical International Ltd. ZJYL	$312M	$20.7M	−12.0%	2.9%	2.8%	199.3x	2.8%
S Sanara MedTech Inc. SMTI	$284M	$103M	19.0%	7.1%	16.3%	—	0.5%
I Inogen Inc INGN	$193M	$349M	3.9%	−8.7%	—	—	0.7%
L Lakeland Industries Inc LAKE	$91.1M	$193M	70.7%	−8.1%	−8.3%	—	0.7%
N NutriBand Inc. NTRB	$72.3M	$2.0M	−4.8%	−408.4%	—	—	0.3%
A Alpha Pro Tech Ltd APT	$56.3M	$59.1M	2.3%	6.5%	—	13.6x	0.0%
M Myomo, Inc. MYO	$50.0M	$40.9M	25.7%	−35.2%	−268.8%	—	2.5%
C Cuprina Holdings (Cayman) LTD CUPR	$37.9M	$0.0M	5.5%	−9,673.0%	−178.5%	—	2.8%
M Milestone Scientific Inc. MLSS	$27.9M	$9.0M	4.0%	−63.5%	—	—	0.8%
L Lifeward Ltd. LFWD	$16.9M	$22.0M	−14.1%	−89.3%	—	—	4.0%
R Regentis Biomaterials Ltd. RGNT	$0.7M	—	—	—	—	—	2.4%
B Bone Biologics Corp BBLG	$0.7M	—	—	—	—	—	2.4%

Medicinal Chemicals & Botanical Products · 14

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
D Definium Therapeutics, Inc. DFTX	$4.1B	—	—	—	—	—	3.9%
T Trulieve Cannabis Corp. TRLV	$2.1B	$1.2B	−0.4%	12.1%	9.1%	—	1.4%
C Cronos Group Inc. CRON	$1.3B	$147M	24.6%	−11.9%	—	17.8x	2.1%
T Tilray Brands, Inc. TLRY	$369M	$915M	11.5%	−6.9%	−3.3%	—	1.8%
U Usana Health Sciences Inc USNA	$260M	$925M	8.3%	4.0%	—	—	0.2%
A Aurora Cannabis Inc ACB	$238M	$232M	11.7%	—	—	—	6.4%
N Niagen Bioscience, Inc. NAGE	$206M	$129M	29.9%	12.6%	—	13.9x	2.5%
G Glass House Brands Inc. GLAS	$192M	$182M	−9.4%	−9.1%	−11.0%	—	9.3%
M MediWound Ltd. MDWD	$143M	$17.0M	−16.1%	−149.0%	—	—	4.0%
F Fitlife Brands, Inc. FTLF	$81.8M	$15.9M	−75.3%	18.6%	—	43.5x	0.7%
b biote Corp. BTMD	$33.8M	$192M	−2.5%	18.5%	146.1%	11.8x	2.6%
M Mannatech Inc MTEX	$16.2M	$108M	−8.3%	−0.4%	—	—	3.0%
N Natural Alternatives International Inc NAII	$6.8M	$143M	9.7%	−13.2%	—	—	1.7%
S SNDL Inc. SNDL	$0.3M	$677M	0.7%	−0.7%	—	—	2.4%

In Vitro & In Vivo Diagnostic Substances · 14

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
N Neogen Corp NEOG	$2.7B	$870M	−2.7%	−2.5%	−0.6%	—	2.1%
C Celldex Therapeutics, Inc. CLDX	$2.3B	$1.5M	−78.0%	−18,599.8%	—	—	2.2%
I Intellia Therapeutics, Inc. NTLA	$1.6B	$67.7M	16.9%	−651.7%	—	—	9.1%
Q QuidelOrtho Corp QDEL	$928M	$2.7B	−1.9%	−33.7%	−15.7%	—	1.3%
A Achieve Life Sciences, Inc. ACHV	$648M	—	—	—	—	—	6.0%
M Myriad Genetics Inc MYGN	$596M	$825M	−1.6%	−47.0%	−90.4%	—	4.5%
A Alpha Teknova, Inc. TKNO	$381M	$40.5M	7.4%	−41.9%	−22.1%	—	7.9%
A Anbio Biotechnology NNNN	$162M	$8.6M	5.6%	66.7%	—	25.2x	0.3%
I Insight Molecular Diagnostics Inc. IMDX	$116M	$4.1M	115.6%	−1,260.8%	—	—	5.3%
I Immucell Corp /De/ ICCC	$94.3M	$27.6M	4.3%	6.0%	4.0%	146.6x	0.2%
B Biomerica Inc BMRA	$5.6M	$4.5M	−16.2%	−119.5%	—	—	0.6%
C Cardio Diagnostics Holdings, Inc. CDIO	$5.0M	$0.0M	−57.6%	−43,811.5%	—	—	1.2%
Q Q/C Technologies, Inc. QCLS	$3.8M	—	—	—	—	0.0x	3.8%
V Volitionrx Ltd VNRX	$1.7M	$1.7M	40.0%	−1,258.5%	—	—	3.6%

Life Sciences Tools & Services · 13

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
T Thermo Fisher Scientific TMO	$257.1B	$44.6B	3.9%	17.4%	9.1%	37.3x	1.2%
D Danaher DHR	$164.0B	$24.6B	2.9%	19.1%	6.1%	38.0x	0.4%
A Agilent Technologies A	$50.2B	$6.9B	6.7%	21.3%	16.5%	35.0x	0.9%
I IQVIA IQV	$46.1B	$16.3B	5.9%	13.4%	9.5%	33.7x	0.7%
W Waters WAT	$46.0B	$3.2B	7.0%	25.4%	21.0%	—	2.8%
I Illumina ILMN	$42.8B	$4.3B	−0.7%	18.6%	20.3%	52.1x	3.1%
M Mettler Toledo MTD	$34.0B	$4.0B	4.0%	—	50.5%	38.0x	0.9%
M Medpace MEDP	$19.1B	$2.5B	20.0%	21.1%	—	37.4x	0.4%
C Charles River Laboratories CRL	$17.2B	$4.0B	−0.9%	0.6%	0.4%	—	0.4%
A Avantor AVTR	$11.6B	$6.6B	−3.4%	−3.8%	−2.1%	—	0.9%
B Bio-Techne TECH	$11.4B	$1.2B	−0.4%	20.7%	9.2%	—	0.1%
B Bio-Rad Laboratories BIO	$10.2B	$2.6B	0.7%	1.8%	0.5%	47.7x	2.3%
A Azenta AZTA	$1.8B	$594M	3.6%	−4.5%	—	—	5.1%

Services-Health Services · 11

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
P Privia Health Group, Inc. PRVA	$2.9B	$2.1B	22.3%	1.6%	—	99.2x	1.5%
G GeneDx Holdings Corp. WGS	$1.9B	$428M	40.0%	−3.1%	−5.4%	—	2.4%
P Pennant Group, Inc. PNTG	$1.5B	$948M	36.3%	5.5%	7.3%	45.8x	2.1%
U U S Physical Therapy Inc /Nv USPH	$1.3B	$781M	16.3%	11.1%	10.7%	—	1.5%
I InnovAge Holding Corp. INNV	$1.2B	$990M	15.9%	0.3%	1.2%	—	1.6%
O Omada Health, Inc. OMDA	$1.2B	$260M	53.2%	−4.6%	−123.7%	17.8x	1.2%
S Strata Critical Medical, Inc. SRTA	$407M	$197M	34.3%	−11.3%	—	9.4x	0.8%
A Alps Group Inc ALPS	$52.7M	$4.9M	44.1%	−41.8%	—	—	0.9%
D DocGo Inc. DCGO	$26.7M	$322M	−47.7%	−55.3%	−150.9%	—	5.4%
P P3 Health Partners Inc. PIII	$12.8M	$1.5B	−2.8%	−18.5%	−229.2%	—	1.8%
A Agape ATP Corp ATPC	$1.5M	$1.5M	15.2%	−213.6%	—	1.2x	9.5%

Health Care Supplies · 10

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
A Alcon ALC	$34.4B	$10.4B	4.9%	13.1%	4.6%	—	0.8%
W West Pharmaceutical Services WST	$28.4B	$3.1B	6.3%	19.0%	18.7%	51.0x	0.9%
C Cooper Companies COO	$11.6B	$4.1B	5.1%	16.7%	4.3%	20.5x	2.1%
A Align Technology ALGN	$10.9B	$4.0B	0.9%	13.5%	13.3%	26.5x	0.2%
L Lantheus LNTH	$6.8B	$1.5B	0.5%	20.2%	22.7%	24.2x	0.2%
H Haemonetics HAE	$5.5B	$1.3B	−2.0%	11.8%	6.7%	58.0x	0.7%
I ICU Medical ICUI	$4.1B	$2.2B	−6.3%	1.9%	0.7%	137.1x	1.7%
E Envista NVST	$3.9B	$2.7B	8.3%	8.0%	3.2%	40.7x	0.3%
D Dentsply Sirona XRAY	$1.9B	$3.7B	−3.0%	−11.5%	−9.9%	—	1.4%
B BioLife Solutions BLFS	—	$96.2M	28.9%	−17.3%	−4.8%	—	—

Health Care Facilities · 8

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
H HCA Healthcare HCA	$102.0B	$75.6B	7.1%	—	22.3%	15.5x	3.3%
T Tenet Health THC	$22.0B	$21.3B	3.1%	16.5%	18.3%	10.1x	2.6%
E Encompass Health EHC	$12.2B	$5.9B	10.5%	—	15.8%	19.8x	2.1%
U Universal Health Services UHS	$10.6B	$17.4B	9.7%	11.5%	13.1%	7.2x	4.5%
E Ensign Group ENSG	$10.1B	$5.1B	18.7%	8.4%	19.7%	26.6x	4.2%
O Option Care Health OPCH	$5.0B	$5.6B	13.0%	6.0%	11.4%	24.4x	0.2%
A Acadia Healthcare ACHC	$2.7B	$3.3B	5.0%	—	−16.0%	—	4.6%
A Astrana Health ASTH	$1.8B	$3.2B	56.4%	2.5%	4.2%	44.5x	0.8%

Services-Commercial Physical & Biological Research · 8

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
A Absci Corp ABSI	$1.7B	$2.8M	−38.2%	−4,297.0%	—	—	11.9%
O OmniAb, Inc. OABI	$639M	$18.7M	−29.3%	−369.5%	—	—	7.6%
N Nrc Health NRC	$479M	$137M	−4.0%	16.4%	16.5%	0.4x	3.1%
O OneMedNet Corp ONMD	$255M	$1.4M	111.4%	−711.3%	—	—	1.6%
M Maxcyte, Inc. MXCT	$165M	$33.0M	−14.5%	−157.1%	—	—	2.0%
b bioAffinity Technologies, Inc. BIAF	$15.5M	$6.2M	−34.2%	−171.6%	—	—	4.6%
i iSpecimen Inc. ISPC	$1.2M	$1.9M	−79.2%	−465.4%	—	0.0x	3.8%
I IB Acquisition Corp. IBAC	—	—	—	—	—	—	0.0%

Managed Health Care · 7

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
U UnitedHealth UNH	$371.8B	$447.6B	11.8%	4.2%	11.2%	26.4x	0.1%
E Elevance Health ELV	$91.7B	$199.1B	12.5%	3.6%	15.2%	17.9x	2.3%
H Humana HUM	$50.1B	$129.7B	10.1%	2.1%	25.7%	44.3x	0.6%
C Centene CNC	$34.2B	$194.8B	19.4%	−3.9%	−26.4%	—	1.0%
O Oscar Health OSCR	$10.5B	$11.7B	27.5%	−3.4%	—	24.1x	0.8%
M Molina Healthcare MOH	$10.3B	$45.4B	11.8%	1.7%	—	—	2.6%
H HealthEquity HQY	$8.5B	$1.3B	9.5%	24.6%	8.9%	36.4x	2.8%

Services-Misc Health & Allied Services, Nec · 7

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
P Progyny, Inc. PGNY	$2.3B	$1.3B	10.4%	6.6%	—	30.1x	1.5%
a agilon health, inc. AGL	$1.6B	$5.9B	−2.1%	−7.8%	—	—	0.3%
C Charming Medical Ltd MCTA	$474M	$4.8M	−22.7%	−0.6%	−2.2%	—	0.0%
V Viemed Healthcare, Inc. VMD	$398M	$270M	20.5%	8.5%	11.5%	26.9x	0.5%
C Cryo Cell International Inc CCEL	$40.0M	$31.6M	−1.3%	1.5%	—	—	1.0%
B BioRestorative Therapies, Inc. BRTX	$24.1M	$0.4M	−10.3%	−4,350.0%	—	—	13.9%
M Mangoceuticals, Inc. MGRX	$4.2M	$0.5M	−26.0%	−3,954.5%	—	—	1.6%

Services-Offices & Clinics Of Doctors Of Medicine · 6

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
T Teladoc Health, Inc. TDOC	$1.2B	$2.5B	−1.5%	−10.4%	—	—	3.4%
S Starling Oncology, Inc. STLN	$679M	$503M	27.8%	−7.2%	−101.4%	—	4.8%
S SBC Medical Group Holdings Inc SBC	$534M	$174M	−15.5%	38.9%	34.5%	10.9x	3.0%
L LifeMD, Inc. LFMD	$101M	$194M	25.3%	−4.0%	—	8.5x	1.9%
A Airsculpt Technologies, Inc. AIRS	$89.9M	$152M	−15.8%	−7.6%	−6.7%	—	8.5%
C Concord Medical Services Holdings Ltd CCM	$15.2M	$64.1M	20.1%	−56.8%	−19.2%	—	10.4%

Health Care Technology · 5

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
V Veeva Systems VEEV	$51.8B	$3.2B	16.3%	28.7%	—	51.3x	1.5%
S Solventum SOLV	$14.4B	$8.3B	0.9%	26.2%	20.4%	10.2x	3.3%
D Doximity DOCS	$6.4B	$645M	13.1%	33.3%	91.3%	39.1x	0.5%
C Certara CERT	$1.7B	$419M	8.8%	5.0%	0.9%	—	3.2%
H HealthStream HSTM	$1.0B	$304M	4.3%	6.7%	—	47.5x	2.0%

Wholesale-Drugs, Proprietaries & Druggists' Sundries · 5

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
H Herbalife Ltd. HLF	$1.4B	$5.0B	0.9%	9.5%	35.4%	8.7x	1.4%
N Nu Skin Enterprises, Inc. NUS	$230M	$1.5B	−14.3%	4.4%	6.8%	—	0.9%
C Cosmos Health Inc. COSM	$14.1M	$65.3M	19.9%	−25.6%	−61.6%	—	1.5%
H HWH International Inc. ESYN	$12.4M	$0.9M	−30.8%	—	—	—	2.9%
D DataMeds AI, Inc. MEDS	$5.3M	$23.3M	28.7%	−401.7%	−338.4%	—	5.9%

Health Care Distributors · 4

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
M McKesson MCK	$115.3B	$403.4B	12.4%	1.5%	—	25.9x	2.6%
C Cencora COR	$63.1B	$321.3B	9.3%	0.8%	—	24.2x	1.4%
C Cardinal Health CAH	$58.4B	$254.2B	14.2%	1.0%	—	—	2.0%
H Henry Schein HSIC	$9.6B	$13.2B	4.0%	5.0%	7.5%	24.6x	0.3%

Ophthalmic Goods · 4

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
B Bausch & Lomb Corp BLCO	$6.3B	$5.1B	6.5%	2.2%	0.8%	—	0.2%
S Staar Surgical Co STAA	$1.2B	$239M	−23.7%	−38.3%	—	—	4.0%
R RxSight, Inc. RXST	$203M	$134M	−3.9%	−35.8%	—	—	0.6%
I Innovative Eyewear Inc LUCY	$5.3M	$2.7M	62.7%	—	—	—	4.9%

Services-General Medical & Surgical Hospitals, Nec · 3

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
S Surgery Partners, Inc. SGRY	$3.0B	$3.3B	6.2%	11.8%	6.3%	—	0.5%
A Ardent Health, Inc. ARDT	$1.7B	$6.3B	6.0%	—	—	21.5x	2.9%
C Community Health Systems Inc CYH	$388M	$12.5B	−1.2%	11.9%	15.9%	1.5x	3.4%

Services-Nursing & Personal Care Facilities · 3

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
B Brookdale Senior Living Inc. BKD	$2.3B	$3.2B	2.2%	0.4%	0.3%	—	2.4%
H Healthcare Services Group Inc HCSG	$1.7B	$1.8B	7.1%	—	—	16.5x	3.0%
S Sonida Senior Living, Inc. SNDA	$1.5B	$381M	25.2%	—	—	—	2.2%

Services-Skilled Nursing Care Facilities · 2

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
P PACS Group, Inc. PACS	$7.8B	$5.3B	29.3%	5.9%	18.9%	28.0x	1.9%
N National Healthcare Corp NHC	$3.4B	$1.5B	16.1%	8.5%	9.5%	23.8x	5.3%

X-Ray Apparatus & Tubes & Related Irradiation Apparatus · 2

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
B Butterfly Network, Inc. BFLY	$1.9B	$97.6M	19.0%	−88.5%	—	—	10.8%
N Nano-X Imaging Ltd. NNOX	$0.0M	$13.0M	15.4%	−600.8%	−65.9%	—	6.6%

Services-Home Health Care Services · 1

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
A Aveanna Healthcare Holdings, Inc. AVAH	$2.9B	$2.4B	20.2%	10.5%	19.7%	10.1x	3.6%

Services-Hospitals · 1

Company	Market cap	Revenue	Growth	Op. margin	ROIC	P/E	Day
P Pediatrix Medical Group, Inc. MD	$2.3B	$1.9B	−4.9%	10.9%	16.6%	13.8x	0.7%