Figure 1. Stocks in Merrill Lynch's medtech universe were up 28% on a market cap–weighted basis in 2000—well ahead of the S&P 500, which ended the year down 10%. Medtech companies are providing heady price performance now even while reported sales growth is subpar. Note: Q4:00 revenue estimate is based on the composite sales estimates for the 21 companies in the Merrill Lynch medtech universe; for comparative purposes, Smith & Nephew, which reports revenue biannually in Sterling, is excluded. Source: Merrill Lynch.