Stocks for the big medical device companies achieved more stability during the first half of 2016. As of June 30, a little more than half had stock prices that were up for the year.

But there was also a "tale of two continents," according to a recent report by EP Vantage.

Among the world's largest medical device companies, all but one of the five worst performers were based outside the U.S.

Meanwhile, the best performer was Teleflex, a Wayne, PA-based maker of critical care and surgery devices, has had a great deal of success transitioning into a pure-play medical device company. It is also boosting profits amid a two-year consolidation plan that involves workforce reductions, relocation of manufacturing locations, and relocation and outsourcing of certain distribution locations. Says EP Vantage: "While innovation was the driving force behind many of the top performers last year--Edwards being an example--the reasons for this year's gains were generally more prosaic, with bankable performers like Stryker, [Boston Scientific] and Teleflex bagging the top spots."

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