The choppy/consolidating (or perhaps worse) market conditions sometimes give the impression that growth plays do not exist, but that is not the case, and one growth company worth a review is Quidel Corp. (Note: Quidel is only for investors who can tolerate high-risk.)

Quidel Corporation (Nasdaq: QDEL) develops, manufactures, and markets point-of-care, rapid diagnostic tests for the detection and management of a variety of medical conditions and illnesses. Its products are used to identify a pregnancy, and detect infectious diseases, autoimmune diseases, and osteoporosis, among other conditions.

Analysts like Quidel's flu testing market share, and solid positions in strep and pregnancy detection. Analysts expect 15-20% revenue growth in 2008, after a double-digit increase in 2007.

Readers of this space know that the investment bias is toward large-cap companies with demonstrated business models and who have a competitive advantage in established markets, preferably with a favorable global trend as a support. But every once in while an exception is made for a smaller, innovative company, and along this line Masimo looks attractive.

Masimo Corporation (Nasdaq: MASI)'s signal extraction technology non-invasively monitors patients' arterial blood-oxygen saturation levels and pulse rates.

Analysts like MASI's product variation, which features pulse oximeters in both hand-held and stand-alone versions, and the company's client diversity: MASI has sold products to more than 35 medical equipment companies. The Reuters FY 2007/FY 2008 EPS consensus estimates for MASI are $0.66 to $0.50.

In a choppy/consolidating (or perhaps worse) market, discretion dictates that one looks for companies where the demographics are running in the company's favor. Health care services in the United States is one such sector, and in this category, Stryker Corp (NYSE: SYK) is worth an evaluation.

Stryker (NYSE: SYK) is a leading provider of artificial hip, prosthetic knee and trauma products.As one might sense, orthopedic implant demand is robust and looks to remain so in the immediate years ahead, and probably beyond. Not only because the U.S.'s population is aging, but also the population in key international markets.

Analysts see sustained, double-digit earnings growth driven by the above demand and by new product launches. Further, Stryker also has modest pricing power, and analysts also see market share gains in selected business segments. The Reuters F2007/F2008 EPS consensus estimates for SYK are $2.40/$2.88.

The risks? A negative change in Medicare reimbursement rates would hurt Stryker's results. The company also remains vulnerable to the emergence of a 'game changer' -- an innovative product launch by a competitor in one of its tech-intensive business lines.

The First Call mean rating for SYK is: Buy [22 firms]. Mean 2008 target: $82.00 [high: $90, low: $74].

Stock Analysis: Stryker is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than two years should be rewarded from SYK's shares. Sell / Stop Loss: $48.