Medtech earnings season is drawing to a close, but there are still a handful of important prints coming up.

Here are five medtech companies whose earnings results have broader implications for the industry. Notable developments to watch include if Zimmer Biomet’s report upholds current orthopedics patterns, an update on Masimo’s patent fight with Apple, and whether companies were impacted by the rise of weight-loss drugs and anti-corruption activities in China.

1. Zimmer Biomet

Zimmer Biomet is the last of four large orthopedic device manufacturers to report results. The earnings of the other three companies — Johnson & Johnson, Smith & Nephew and Stryker — suggest Zimmer will be affected by the seasonal shift in demand for orthopedic devices, analysts at RBC Capital Markets wrote in a note to investors. Zimmer’s guidance foresees a quarter-on-quarter dip in sales.

While seasonality weighed on demand at Zimmer’s rivals, their results also showed “positive utilization trends and backlog” remain underlying strengths of the sector, the analysts wrote. The trends may help Ivan Tornos as he settles into his new role as CEO of Zimmer.

Analysts at J.P. Morgan want Tornos to increase Zimmer’s “sustainable organic sales growth rate from 4% to 5%,” a target they believe can be met through “a series of small to medium-sized M&A deals, supplemented by internal R&D.”

Zimmer reports its third-quarter results Tuesday morning.

2. BD

Becton Dickinson is coming off a third quarter in which sales and earnings beat analyst expectations. BD, which reports its results Thursday, attributed its performance in the last quarter to growth across its medical and interventional businesses, while noting that questions about “how health systems, governments, distributors and suppliers are managing inflation, inventory and other supply chain dynamics” were creating uncertainty. 

The company’s fourth-quarter results will provide new information about how those forces are affecting BD, as well as details of the impact of the July 510(k) clearance for its updated BD Alaris infusion system. Upgrading or replacing Alaris devices in the U.S. is expected to take years, and the financial results could show how BD’s early efforts are going.

“We do think F4Q23 should fall in-line to above current consensus even as we’re starting off a touch below Street numbers,” J.P. Morgan analysts wrote in a recent note to investors. “Our revenue forecast of $4.99B (+5.0% organic) comes in $27M below but should set a conservative bar as competitor commentary has highlighted a healthy environment for both capital and procedures.”

3. Masimo

Masimo’s third-quarter results, scheduled for release Tuesday, follow its success in a pulse oximeter patent dispute with Apple. The victory was a positive development for a company that has been under pressure in recent months, during which time an activist investor has added two people to its board and a shortfall in sales has spurred cost cutting.

The quarterly results will reveal whether hospital budget constraints and weaker consumer demand are continuing to hurt sales. 

4. Illumina

Illumina has faced its own problems with activist investors this year. The company will report third-quarter results on Thursday, providing an opportunity for the company to discuss the European Commission’s order to sell Grail and its work to achieve its recently reduced forecast for 2023. Cost-constrained customers and the slowdown in China hurt Illumina in the second quarter and will be areas of focus in the new results. 

5. Medtronic

Medtronic, as a large, diversified medtech company, is exposed to many of the forces that have shaped the earnings season so far. RBC analysts identified Medtronic as one of the companies that could be affected by a worsening of the capital spending environment and China's anti-corruption laws and price caps. More positively, Medtronic’s cardiac business could benefit from procedure volume trends.

The company could also be affected by the rise of GLP-1 weight loss drugs, which multiple medtech execs have already discussed with investors.

RBC analysts wrote that “execution remains front and center of investors' minds.” Investors will be looking for updates on Medtronic’s renal denervation plans and the impact of pulsed-field ablation on its electrophysiology business when the company reports results on Nov. 21.