60% of EPS results significantly exceeded expectations—the strongest revenue beat in four years—ranking among the top ten highlights of U.S. earnings reports to date.

So far, 30% of U.S. companies have reported earnings; key highlights are summarized below: 1. Strongest revenue beat in four years According to Société Générale (SocGen), 84% of companies reported EPS above consensus estimates, and 79% reported revenue above expectations. In recent years, EPS beats were primarily driven by margin surprises—but this earnings season has delivered the strongest revenue-side surprises in four years. Goldman Sachs noted that earnings easily cleared the low bar set ahead of the quarter: 60% of companies posted EPS exceeding consensus by more than one standard deviation (historical average: 48%), while only 11% posted EPS falling short of consensus by more than one standard deviation (historical average: 13%). 2. Market remains rational Stocks with earnings beats outperformed the market by 0.9%, while those missing expectations underperformed by 1.5%—a classic rational market response. 3. Broader margin expansion Overall S&P 500 profit margins continue rising—even after excluding the technology sector (see cover chart). 4. Highest EPS revision ratio in three years The EPS revision ratio stands at 1.4—the highest in three years—meaning for every 10 downward revisions, there are now 14 upward revisions.

Top five healthcare M&A deals of 2024

12. Siemens Healthineers acquired Novartis’ Advanced Accelerator Applications (AAA) in December, expanding its molecular imaging capabilities. This transaction added 13 European manufacturing sites to Siemens’ PETNET Solutions network, strengthening its production and delivery capacity for OEM PET radiopharmaceuticals. The newly integrated workforce of approximately 420 employees will operate as Advanced Accelerator Applications, a subsidiary of Siemens Healthineers. According to Siemens, the covered PET diagnostics market—driven by tracer innovations in oncology, neurology, and cardiology—is valued at €500 million annually and is projected to triple by 2033. PETNET Solutions is the global leader in PET radiopharmaceutical production and distribution, supplying nearly 1.6 million doses annually to over 2,800 imaging centers worldwide. 4. Duke Street acquires AGITO Medical from Philips In July, European private equity firm Duke Street acquired Denmark-based AGITO Medical—a mobile imaging equipment leasing and pre-owned imaging systems supplier—from Philips. Founded in 2004, AGITO provides flexible, customized mobile imaging equipment leasing solutions—including CT, MR, and ECG suites—to hospitals and clinics, with optional staffing and other value-added services. It also supplies pre-owned imaging systems and spare parts. James Almond, Managing Partner at Duke Street, described the investment as a ‘classic’ private equity deal: a spin-off from a global blue-chip company, acquiring an excellent healthcare product and team supported by Duke Street—and creating value for all stakeholders through a dedicated investment plan. The European medical imaging leasing market is currently valued at approximately €500 million and is expected to grow 6–7% annually over the coming years. 5. Avante Health Solutions files for bankruptcy and agrees to sale In October, Avante Health Solutions and its affiliated entities filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on October 8, to facilitate their sale to private equity firm Staple Street Capital. The company listed assets between $50 million and $100 million, and liabilities between $100 million and $500 million—including its 30 largest unsecured creditors, led by Philips Medical Systems. Jim Leitl, CEO and President of Avante, stated: “Facing an increasingly difficult situation due to ongoing litigation, our team has been working diligently to strengthen our financial foundation. Over the past several years, Avante has incurred losses totaling approximately $20 million.”

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Avient Corp reported Q3 earnings exceeding analyst expectations with an EPS of $0.86 and revenue of $891 million. It also provided favorable FY 2026 EPS guidance above consensus, contributing to a 38% stock increase over the past year.

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