The healthcare industry may be more vulnerable to a recession now than in the past. However, early earnings reports from Kalamazoo, MI-based Stryker and Warsaw, INbased Biomet confirm that as healthcare sectors go, orthopedics may be a less risky one.

Although Stryker previously lowered its fourth-quarter revenue expectations, those adjustments were attributed largely to declines in hospital capital spending and not to reduced orthopedic procedure volumes. The company preannounced its fourthquarter 2008 earnings in early January. Sales of orthopedic implants were up 9% in both the fourth quarter and the full year on a constant currency basis.

Additionally, Biomet reported its second fiscal quarter for 2009 in mid-January. Worldwide reconstructive sales grew 10% on a constant currency basis, with hip sales increasing by 14% and knee sales up by 10%. U.S. reconstructive sales increased through Nov. 30, 2008.