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Best Medical Device Stocks to Buy Now (2023)
Top medical device stocks in 2023 ranked by overall Zen Score. See the best medical device stocks to buy now, according to analyst forecasts for the medical devices industry.

Industry: Medical Devices
Ticker
Company
Exchange
Industry
Zen Score
Market Cap
Price
1d %
EBITDA
P/E
D/E
SWAV
SHOCKWAVE MEDICAL INC
NASDAQ
Medical Devices
$6.79B$187.83-3.50%$97.73M76.35x0.34
SRTS
SENSUS HEALTHCARE INC
NASDAQ
Medical Devices
$146.19M$8.80-1.79%$29.29M5.47x0.16
INMD
INMODE LTD
NASDAQ
Medical Devices
$2.92B$35.481.60%$192.48M16.66x0.14
ZYXI
ZYNEX INC
NASDAQ
Medical Devices
$574.91M$15.350.33%$28.51M31.85x0.77
SMLR
SEMLER SCIENTIFIC INC
NASDAQ
Medical Devices
$253.83M$37.112.51%$16.06M19.84x0.16
VREX
VAREX IMAGING CORP
NASDAQ
Medical Devices
$833.28M$20.78-0.14%$121.30M27.34x1.20
AVNS
AVANOS MEDICAL INC
NYSE
Medical Devices
$1.41B$30.270.40%$116.20M33.26x0.41
EW
EDWARDS LIFESCIENCES CORP
NYSE
Medical Devices
$48.31B$78.14-0.09%$1.87B33.39x0.39
AHCO
ADAPTHEALTH CORP
NASDAQ
Medical Devices
$2.85B$21.19-0.28%$577.20M32.60x1.43
VMD
VIEMED HEALTHCARE INC
NASDAQ
Medical Devices
$314.43M$8.270.85%$25.07M43.53x0.27
IRMD
IRADIMED CORP
NASDAQ
Medical Devices
$456.16M$36.30-0.77%$16.34M34.90x0.14
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
NASDAQ
Medical Devices
$4.86B$58.232.45%$373.62M28.13x1.21
PODD
INSULET CORP
NASDAQ
Medical Devices
$19.83B$285.50-0.22%$121.90M1,142.00x4.06
ABT
ABBOTT LABORATORIES
NYSE
Medical Devices
$191.71B$109.95-1.01%$13.19B24.60x1.03
BRKR
BRUKER CORP
NASDAQ
Medical Devices
$10.54B$71.65-0.33%$498.70M38.94x2.55
ALGN
ALIGN TECHNOLOGY INC
NASDAQ
Medical Devices
$21.03B$269.202.38%$855.63M41.42x0.60
QIPT
QUIPT HOME MEDICAL CORP
NASDAQ
Medical Devices
$211.50M$5.940.68%$20.48M58.24x0.66
NVCN
NEOVASC INC
NASDAQ
Medical Devices
$76.22M$27.75-0.36%-$31.51M-2.26x0.59
SNN
SMITH & NEPHEW PLC
NYSE
Medical Devices
$12.46B$28.15-0.60%$1.23B24.87x0.87
ITGR
INTEGER HOLDINGS CORP
NYSE
Medical Devices
$2.35B$70.99-1.18%$211.24M32.71x1.02
AEMD
AETHLON MEDICAL INC
NASDAQ
Medical Devices
$10.78M$0.474.21%-$12.86M-0.60x0.16
MDT
MEDTRONIC PLC
NYSE
Medical Devices
$109.85B$82.580.90%$8.87B25.57x0.79
KIDS
ORTHOPEDIATRICS CORP
NASDAQ
Medical Devices
$1.08B$47.383.77%$19.31M118.45x0.12
CVRX
CVRX INC
NASDAQ
Medical Devices
$304.44M$14.792.92%-$40.62M-14.64x0.07
FONR
FONAR CORP
NASDAQ
Medical Devices
$126.51M$18.280.02%$25.37M12.11x0.33
RWLK
REWALK ROBOTICS LTD
NASDAQ
Medical Devices
$53.15M$0.86-1.49%-$17.71M-2.96x0.07
LUNG
PULMONX CORP
NASDAQ
Medical Devices
$344.16M$9.202.79%-$52.53M-5.86x0.24
EDAP
EDAP TMS SA
NASDAQ
Medical Devices
$361.45M$10.800.09%$4.61M118.68x0.41
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
NASDAQ
Medical Devices
$11.25M$0.40-2.21%-$12.03M-0.12x0.46
AXNX
AXONICS INC
NASDAQ
Medical Devices
$3.09B$62.46-0.32%-$65.70M-38.09x0.15
GMED
GLOBUS MEDICAL INC
NYSE
Medical Devices
$7.57B$75.860.90%$258.05M49.26x0.12
INSP
INSPIRE MEDICAL SYSTEMS INC
NYSE
Medical Devices
$7.32B$253.24-0.40%-$45.03M-139.14x0.12
MASS
908 DEVICES INC
NASDAQ
Medical Devices
$299.99M$9.461.61%-$25.80M-10.87x0.27
SONX
SONENDO INC
NYSE
Medical Devices
$133.85M$2.69-0.74%-$53.35M0.15x0.58
RCEL
AVITA MEDICAL INC
NASDAQ
Medical Devices
$231.04M$9.236.21%-$28.47M-7.76x0.13
APYX
APYX MEDICAL CORP
NASDAQ
Medical Devices
$102.41M$2.96-2.63%-$17.86M-5.29x0.31
PROF
PROFOUND MEDICAL CORP
NASDAQ
Medical Devices
$265.85M$12.75-1.92%-$22.66M-12.39x0.08
RPID
RAPID MICRO BIOSYSTEMS INC
NASDAQ
Medical Devices
$62.15M$1.481.37%-$56.78M9.25x0.13
SYK
STRYKER CORP
NYSE
Medical Devices
$96.19B$254.170.70%$3.05B39.10x1.19
OM
OUTSET MEDICAL INC
NASDAQ
Medical Devices
$1.37B$28.28-0.35%-$154.20M-8.13x0.31
QTRX
QUANTERIX CORP
NASDAQ
Medical Devices
$529.14M$14.28-1.24%-$93.83M-5.37x0.20
ASXC
ASENSUS SURGICAL INC
NYSEMKT
Medical Devices
$196.58M$0.83-1.43%-$59.12M-2.68x0.14
TELA
TELA BIO INC
NASDAQ
Medical Devices
$225.69M$11.78-2.08%-$38.02M-4.12x2.42
MDGS
MEDIGUS LTD
NASDAQ
Medical Devices
$8.29M$5.03-3.66%-$6.53M-2.10x0.91
HYPR
HYPERFINE INC
NASDAQ
Medical Devices
$61.40M$0.872.35%-$85.10M-0.08x0.10
NSPR
INSPIREMD INC
NASDAQ
Medical Devices
$9.34M$1.12-1.23%-$17.53M-0.49x0.28
ZBH
ZIMMER BIOMET HOLDINGS INC
NYSE
Medical Devices
$26.42B$125.880.30%$1.42B95.36x0.74
AXGN
AXOGEN INC
NASDAQ
Medical Devices
$431.75M$10.212.30%-$23.43M-15.24x0.93
VRAY
VIEWRAY INC
NASDAQ
Medical Devices
$820.00M$4.520.00%-$97.64M-7.66x1.50
PRCT
PROCEPT BIOROBOTICS CORP
NASDAQ
Medical Devices
$1.68B$37.530.00%-$68.08M55.19x0.47
LNSR
LENSAR INC
NASDAQ
Medical Devices
$31.20M$2.835.60%-$17.48M-1.33x0.29
ELMD
ELECTROMED INC
NYSEMKT
Medical Devices
$91.64M$10.80-2.35%$3.03M46.96x0.18
NARI
INARI MEDICAL INC
NASDAQ
Medical Devices
$3.15B$58.67-7.12%-$12.51M-139.69x0.18
RBOT
VICARIOUS SURGICAL INC
NYSE
Medical Devices
$343.86M$2.815.64%$39.71M6.69x0.38
SILK
SILK ROAD MEDICAL INC
NASDAQ
Medical Devices
$2.09B$54.952.10%-$50.48M-33.71x1.84
POCI
PRECISION OPTICS CORPORATION INC
NASDAQ
Medical Devices
$34.51M$6.120.23%-$16.09k-102.00x0.91
XAIR
BEYOND AIR INC
NASDAQ
Medical Devices
$197.11M$6.591.70%-$49.27M-3.68x0.31
TMDX
TRANSMEDICS GROUP INC
NASDAQ
Medical Devices
$2.21B$69.074.45%-$34.40M-46.05x0.46
CTKB
CYTEK BIOSCIENCES INC
NASDAQ
Medical Devices
$1.61B$11.932.49%$4.70M-1,193.00x0.20
MDXG
MIMEDX GROUP INC
NASDAQ
Medical Devices
$420.57M$3.70-2.89%-$25.03M-11.94x-5.11
INGN
INOGEN INC
NASDAQ
Medical Devices
$523.74M$22.850.31%-$10.39M-10.34x0.34
TMCI
TREACE MEDICAL CONCEPTS INC
NASDAQ
Medical Devices
$1.41B$25.390.55%-$37.41M-30.96x1.52
SGHT
SIGHT SCIENCES INC
NASDAQ
Medical Devices
$618.26M$12.843.63%-$79.59M-8.98x0.30
AFIB
ACUTUS MEDICAL INC
NASDAQ
Medical Devices
$44.95M$1.58-3.66%-$73.60M-0.51x0.98
INVO
INVO BIOSCIENCE INC
NASDAQ
Medical Devices
$7.40M$0.614.83%-$7.76M-0.95x2.63
NMTC
NEUROONE MEDICAL TECHNOLOGIES CORP
NASDAQ
Medical Devices
$22.41M$1.380.00%-$9.77M-2.19x0.34
CTSO
CYTOSORBENTS CORP
NASDAQ
Medical Devices
$103.42M$2.371.72%-$40.72M-2.47x0.59
CSII
CARDIOVASCULAR SYSTEMS INC
NASDAQ
Medical Devices
$560.38M$13.38-1.07%-$32.17M-13.52x0.29
THMO
THERMOGENESIS HOLDINGS INC
NASDAQ
Medical Devices
$4.04M$3.95-1.25%-$4.57M-0.13x3.10
OFIX
ORTHOFIX MEDICAL INC
NASDAQ
Medical Devices
$424.57M$21.22-0.93%$10.22M-9.23x0.35
BJDX
BLUEJAY DIAGNOSTICS INC
NASDAQ
Medical Devices
$8.28M$0.41-0.96%-$8.00M-0.93x0.14
TNDM
TANDEM DIABETES CARE INC
NASDAQ
Medical Devices
$2.58B$40.172.06%-$45.24M-38.26x1.48
IRIX
IRIDEX CORP
NASDAQ
Medical Devices
$35.98M$2.25-0.88%-$8.22M-4.02x1.49
RXST
RXSIGHT INC
NASDAQ
Medical Devices
$395.03M$14.258.04%-$58.22M-8.05x0.62
ICCM
ICECURE MEDICAL LTD
NASDAQ
Medical Devices
$49.36M$1.34-0.74%-$15.72M-2.95x0.32
NUWE
NUWELLIS INC
NASDAQ
Medical Devices
$2.38M$7.54-5.99%-$16.57M-0.06x0.32
RMED
RA MEDICAL SYSTEMS INC
NYSEMKT
Medical Devices
$7.07M$3.270.00%-$26.28M-0.04x0.40
VVOS
VIVOS THERAPEUTICS INC
NASDAQ
Medical Devices
$30.15M$1.31-2.24%-$24.09M-1.11x0.87
TLIS
TALIS BIOMEDICAL CORP
NASDAQ
Medical Devices
$33.53M$0.59-1.33%-$106.55M-0.18x0.27
SSKN
STRATA SKIN SCIENCES INC
NASDAQ
Medical Devices
$30.04M$0.871.17%$11.00k-4.55x1.44
CFMS
CONFORMIS INC
NASDAQ
Medical Devices
$20.37M$2.71-1.45%-$53.89M-0.31x0.71
ISO
ISOPLEXIS CORP
NASDAQ
Medical Devices
$50.66M$1.281.59%-$88.76M0.06x0.84
INBS
INTELLIGENT BIO SOLUTIONS INC
NASDAQ
Medical Devices
$15.03M$0.82-14.69%-$8.07M-1.52x0.96
VANI
VIVANI MEDICAL INC
NASDAQ
Medical Devices
$62.40M$1.234.24%-$4.84M-2.80x0.11
CUTR
CUTERA INC
NASDAQ
Medical Devices
$671.05M$34.21-0.09%-$70.76M-8.13x26.63
SIBN
SI-BONE INC
NASDAQ
Medical Devices
$593.34M$17.20-0.46%-$58.95M-9.05x0.54
APEN
APOLLO ENDOSURGERY INC
NASDAQ
Medical Devices
$409.26M$9.83-0.20%-$29.48M-9.36x1.74
TBIO
TELESIS BIO INC
NASDAQ
Medical Devices
$55.80M$1.891.07%-$49.01M-1.13x0.65
BTCY
BIOTRICITY INC
NASDAQ
Medical Devices
$41.31M$0.82-7.70%-$22.19M-1.80x-1.76
CLPT
CLEARPOINT NEURO INC
NYSEMKT
Medical Devices
$243.34M$9.915.43%-$15.07M-13.96x0.45
BFLY
BUTTERFLY NETWORK INC
NYSE
Medical Devices
$575.63M$2.875.51%-$145.38M-3.78x0.29
XTNT
XTANT MEDICAL HOLDINGS INC
NYSEMKT
Medical Devices
$74.43M$0.697.03%-$5.68M-6.23x0.71
NUVA
NUVASIVE INC
NASDAQ
Medical Devices
$2.39B$45.912.14%$151.76M-114.78x1.61
NPCE
NEUROPACE INC
NASDAQ
Medical Devices
$101.85M$4.096.79%-$36.87M-2.23x1.78
NNOX
NANO-X IMAGING LTD
NASDAQ
Medical Devices
$483.25M$9.243.01%N/A-5.78x0.23
SIEN
SIENTRA INC
NASDAQ
Medical Devices
$16.56M$1.645.81%-$52.52M-0.15x-39.31
TMDI
TITAN MEDICAL INC
NASDAQ
Medical Devices
$98.27M$0.884.64%-$19.93M-4.89x1.60
PEN
PENUMBRA INC
NYSE
Medical Devices
$9.51B$250.442.40%-$20.40M-298.14x0.36
KNW
KNOW LABS INC
NYSEMKT
Medical Devices
$63.57M$1.32-3.65%-$11.73M-2.64x0.40
AHPI
ALLIED HEALTHCARE PRODUCTS INC
NASDAQ
Medical Devices
$2.32M$0.58-19.72%-$4.12M-0.43x2.76

Medical Device Stocks FAQ

What are the best medical device stocks to buy right now in Jan 2023?

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

1. Shockwave Medical (NASDAQ:SWAV)


Shockwave Medical (NASDAQ:SWAV) is the top medical device stock with a Zen Score of 62, which is 32 points higher than the medical device industry average of 30. It passed 21 out of 33 due diligence checks and has strong fundamentals. Shockwave Medical has seen its stock return 46.79% over the past year, overperforming other medical device stocks by 59 percentage points.

Shockwave Medical has an average 1 year price target of $233.43, an upside of 24.28% from Shockwave Medical's current stock price of $187.83.

Shockwave Medical stock has a consensus Buy recommendation according to Wall Street analysts. Of the 7 analysts covering Shockwave Medical, 28.57% have issued a Strong Buy rating, 28.57% have issued a Buy, 28.57% have issued a hold, while 14.29% have issued a Sell rating, and 0% have issued a Strong Sell.

2. Sensus Healthcare (NASDAQ:SRTS)


Sensus Healthcare (NASDAQ:SRTS) is the second best medical device stock with a Zen Score of 61, which is 31 points higher than the medical device industry average of 30. It passed 19 out of 33 due diligence checks and has strong fundamentals. Sensus Healthcare has seen its stock return 25.53% over the past year, overperforming other medical device stocks by 38 percentage points.

Sensus Healthcare has an average 1 year price target of $16.25, an upside of 84.66% from Sensus Healthcare's current stock price of $8.80.

Sensus Healthcare stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 2 analysts covering Sensus Healthcare, 50% have issued a Strong Buy rating, 50% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

3. Inmode (NASDAQ:INMD)


Inmode (NASDAQ:INMD) is the third best medical device stock with a Zen Score of 58, which is 28 points higher than the medical device industry average of 30. It passed 19 out of 33 due diligence checks and has strong fundamentals. Inmode has seen its stock lose -13.82% over the past year, underperforming other medical device stocks by -1 percentage points.

Inmode has an average 1 year price target of $46.00, an upside of 29.65% from Inmode's current stock price of $35.48.

Inmode stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 4 analysts covering Inmode, 75% have issued a Strong Buy rating, 25% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

What are the medical device stocks with highest dividends?

Out of 10 medical device stocks that have issued dividends in the past year, the 3 medical device stocks with the highest dividend yields are:

1. Zynex (NASDAQ:ZYXI)


Zynex (NASDAQ:ZYXI) has an annual dividend yield of N/A, which is N/A percentage points lower than the medical device industry average of 3.36%. Zynex's dividend payout is not stable, having dropped more than 10% one times in the last 10 years. Zynex's dividend has not shown consistent growth over the last 10 years.

Zynex's dividend payout ratio of 20.7% indicates that its dividend yield is sustainable for the long-term.

2. Medigus (NASDAQ:MDGS)


Medigus (NASDAQ:MDGS) has an annual dividend yield of 16.89%, which is 14 percentage points higher than the medical device industry average of 3.36%.

Medigus's dividend payout ratio of 0% indicates that its high dividend yield might not be sustainable for the long-term.

3. Medtronic (NYSE:MDT)


Medtronic (NYSE:MDT) has an annual dividend yield of 3.23%, which is the same as the medical device industry average of 3.36%. 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 81.1% indicates that its dividend yield is sustainable for the long-term.

Why are medical device stocks up?

Medical device stocks were up 0.4% in the last day, and up 1.26% over the last week.

We couldn't find a catalyst for why medical device stocks are up.

What are the most undervalued medical device stocks?

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

1. Inmode (NASDAQ:INMD)


Inmode (NASDAQ:INMD) is the most undervalued medical device stock based on WallStreetZen's Valuation Score. Inmode has a valuation score of 71, which is 46 points higher than the medical device industry average of 25. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has dropped -13.82% in the past year. It has underperformed other stocks in the medical device industry by -1 percentage points.

2. Sensus Healthcare (NASDAQ:SRTS)


Sensus Healthcare (NASDAQ:SRTS) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Sensus Healthcare has a valuation score of 71, which is 46 points higher than the medical device industry average of 25. It passed 5 out of 7 valuation due diligence checks.

Sensus Healthcare's stock has gained 25.53% in the past year. It has overperformed other stocks in the medical device industry by 38 percentage points.

3. Fonar (NASDAQ:FONR)


Fonar (NASDAQ:FONR) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Fonar has a valuation score of 71, which is 46 points higher than the medical device industry average of 25. It passed 5 out of 7 valuation due diligence checks.

Fonar's stock has gained 20.66% in the past year. It has overperformed other stocks in the medical device industry by 33 percentage points.

Are medical device stocks a good buy now?

61.48% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 24.21% over the next year.

What is the average p/e ratio of the medical devices industry?

The average P/E ratio of the medical devices industry is 57.58x.
WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.