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Best Medical Device Stocks to Buy Now (2022)

Top medical device stocks in 2022 ranked by overall Zen Score. See the best medical device stocks to buy now, according to analyst forecasts for the medical devices industry.

According to Zen Score, the 3 best medical equipment stocks to buy right now are:

Quipt Home Medical (NASDAQ:QIPT) is the top medical device stock with a Zen Score of 71, which is 37 points higher than the medical device industry average of 34. It passed 23 out of 33 due diligence checks and has strong fundamentals. Quipt Home Medical has seen its stock return 0% over the past year, overperforming other medical device stocks by 32 percentage points.

Quipt Home Medical has an average 1 year price target of $7.50, an upside of 32.51% from Quipt Home Medical's current stock price of $5.66.

Quipt Home Medical stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 1 analyst covering Quipt Home Medical, 100% have issued a Strong Buy rating, 0% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Shockwave Medical (NASDAQ:SWAV) is the second best medical device stock with a Zen Score of 65, which is 31 points higher than the medical device industry average of 34. It passed 22 out of 33 due diligence checks and has strong fundamentals. Shockwave Medical has seen its stock return 36.77% over the past year, overperforming other medical device stocks by 69 percentage points.

Shockwave Medical has an average 1 year price target of $239.67, a downside of -7.68% from Shockwave Medical's current stock price of $259.61.

Shockwave Medical stock has a consensus Buy recommendation according to Wall Street analysts. Of the 6 analysts covering Shockwave Medical, 33.33% have issued a Strong Buy rating, 50% have issued a Buy, 16.67% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Viemed Healthcare (NASDAQ:VMD) is the third best medical device stock with a Zen Score of 60, which is 26 points higher than the medical device industry average of 34. It passed 19 out of 33 due diligence checks and has strong fundamentals. Viemed Healthcare has seen its stock lose -11.05% over the past year, overperforming other medical device stocks by 21 percentage points.

Viemed Healthcare has an average 1 year price target of $9.00, an upside of 45.16% from Viemed Healthcare's current stock price of $6.20.

Viemed Healthcare stock has a consensus Buy recommendation according to Wall Street analysts. Of the 1 analyst covering Viemed Healthcare, 0% have issued a Strong Buy rating, 100% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Out of 9 medical device stocks that have issued dividends in the past year, the 3 medical device stocks with the highest dividend yields are:

Smith & Nephew (NYSE:SNN) has an annual dividend yield of 2.87%, which is 1 percentage points higher than the medical device industry average of 1.61%. Smith & Nephew's dividend payout is not stable, having dropped more than 10% nine times in the last 10 years. Smith & Nephew's dividend has not shown consistent growth over the last 10 years.

Smith & Nephew's dividend payout ratio of 66.3% indicates that its dividend yield is sustainable for the long-term.

Iradimed (NASDAQ:IRMD) has an annual dividend yield of 2.86%, which is 1 percentage points higher than the medical device industry average of 1.61%.

Iradimed's dividend payout ratio of 102% indicates that its dividend yield might not be sustainable for the long-term.

Medtronic (NYSE:MDT) has an annual dividend yield of 2.76%, which is 1 percentage points higher than the medical device industry average of 1.61%. Medtronic's dividend payout is stable, having never dropped by more than 10% in the last 10 years. Medtronic's dividend has shown consistent growth over the last 10 years.

Medtronic's dividend payout ratio of 67.2% indicates that its dividend yield is sustainable for the long-term.

Medical device stocks were down -2.49% in the last day, and down -0.12% over the last week. Quanterix was the among the top losers in the medical devices industry, dropping -54.76% yesterday.

Quanterix shares are trading lower after the company reported worse-than-expected Q2 sales results. Additionally, SVB Leerink downgraded the stock from Outperform to Market Perform.

Based on WallStreetZen's Valuation Score, the 3 most undervalued medical device stocks right now are:

Quipt Home Medical (NASDAQ:QIPT) is the most undervalued medical device stock based on WallStreetZen's Valuation Score. Quipt Home Medical has a valuation score of 86, which is 55 points higher than the medical device industry average of 31. It passed 6 out of 7 valuation due diligence checks.

Quipt Home Medical's stock has gained 0% in the past year. It has overperformed other stocks in the medical device industry by 32 percentage points.

Varex Imaging (NASDAQ:VREX) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Varex Imaging has a valuation score of 86, which is 55 points higher than the medical device industry average of 31. It passed 6 out of 7 valuation due diligence checks.

Varex Imaging's stock has dropped -28.53% in the past year. It has overperformed other stocks in the medical device industry by 4 percentage points.

Inmode (NASDAQ:INMD) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Inmode has a valuation score of 71, which is 40 points higher than the medical device industry average of 31. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has dropped -38.12% in the past year. It has underperformed other stocks in the medical device industry by -6 percentage points.