The TSIA Healthcare Technology 20 Q4 Index

On a GAAP basis, publicly traded healthcare technology companies look healthy. The median operating margin is around 15%, and most of the companies in the index made an operating profit. But the headline numbers don’t always describe the business underneath. Tariff refunds sit inside cost of revenue at several medical systems makers, acquisitions lifted growth at several software providers, and one-time charges skew year-over-year comparisons. The refunds won’t repeat. If you benchmark your services P&L against a peer’s press release or this quarter’s reported margin, you may be measuring yourself against a number that won’t exist next year.

This eBook is TSIA’s GAAP scorecard for the HT 20 Index in Q4 2026, covering publicly traded medical systems makers and healthcare software providers. It is built on the figures each company files with regulators, not the numbers in its press release. Inside, you’ll find how growth and margin compare across the two segments, eight headlines that change once one-time items come out, and four steps to take before your next planning cycle.