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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.

Industry: Medical Devices
Ticker
Company
Exchange
Industry
Zen Score
Market Cap
Price
1d %
EBITDA
P/E
D/E
QIPT
QUIPT HOME MEDICAL CORP
NASDAQ
Medical Devices
$189.26M$5.660.53%$22.48M29.03x0.68
SWAV
SHOCKWAVE MEDICAL INC
NASDAQ
Medical Devices
$9.33B$259.6117.06%$63.94M167.49x0.37
SRTS
SENSUS HEALTHCARE INC
NASDAQ
Medical Devices
$229.15M$13.74-0.65%$22.44M10.73x0.27
VMD
VIEMED HEALTHCARE INC
NASDAQ
Medical Devices
$236.98M$6.20-5.34%$25.52M29.52x0.24
ZYXI
ZYNEX INC
NASDAQ
Medical Devices
$362.17M$9.43-3.08%$29.90M18.31x0.73
SMLR
SEMLER SCIENTIFIC INC
NASDAQ
Medical Devices
$286.95M$42.20-0.75%$16.72M21.87x0.14
INMD
INMODE LTD
NASDAQ
Medical Devices
$2.93B$35.35-7.63%$183.46M17.00x0.16
PODD
INSULET CORP
NASDAQ
Medical Devices
$17.95B$258.68-1.67%$150.90M507.22x4.00
VREX
VAREX IMAGING CORP
NASDAQ
Medical Devices
$817.55M$20.49-5.36%$124.20M31.05x1.23
AVNS
AVANOS MEDICAL INC
NYSE
Medical Devices
$1.36B$28.840.95%$70.40M73.95x0.41
ALGN
ALIGN TECHNOLOGY INC
NASDAQ
Medical Devices
$21.37B$273.64-6.63%$989.67M34.81x0.61
MDT
MEDTRONIC PLC
NYSE
Medical Devices
$123.70B$93.10-0.51%$8.76B24.83x0.73
BRKR
BRUKER CORP
NASDAQ
Medical Devices
$8.94B$60.34-2.93%$478.40M33.15x2.47
ABMD
ABIOMED INC
NASDAQ
Medical Devices
$12.81B$281.71-4.11%$297.53M58.94x0.11
SNN
SMITH & NEPHEW PLC
NYSE
Medical Devices
$11.57B$26.14-0.80%$1.23B23.09x0.87
ITGR
INTEGER HOLDINGS CORP
NYSE
Medical Devices
$2.35B$70.81-2.61%$213.11M30.00x1.02
IRMD
IRADIMED CORP
NASDAQ
Medical Devices
$439.15M$34.95-3.19%$15.10M35.66x0.15
MDGS
MEDIGUS LTD
NASDAQ
Medical Devices
$9.68M$0.61-0.33%$5.08M3.06x0.27
GMED
GLOBUS MEDICAL INC
NYSE
Medical Devices
$6.35B$63.790.43%$252.00M41.69x0.13
NVCN
NEOVASC INC
NASDAQ
Medical Devices
$510.35M$7.48-4.10%-$31.25M-0.62x0.37
QTRX
QUANTERIX CORP
NASDAQ
Medical Devices
$275.93M$7.46-54.76%-$72.89M-3.49x0.21
INVO
INVO BIOSCIENCE INC
NASDAQ
Medical Devices
$12.70M$1.05-6.25%-$6.37M-1.72x0.52
RWLK
REWALK ROBOTICS LTD
NASDAQ
Medical Devices
$65.64M$1.050.00%-$13.67M-4.04x0.06
CLPT
CLEARPOINT NEURO INC
NYSEMKT
Medical Devices
$344.37M$14.52-2.88%-$14.32M-19.89x0.35
RPID
RAPID MICRO BIOSYSTEMS INC
NASDAQ
Medical Devices
$174.48M$4.16-5.67%-$62.52M-0.21x0.11
RCEL
AVITA MEDICAL INC
NASDAQ
Medical Devices
$188.66M$7.56-3.57%-$27.22M-6.69x0.09
SGHT
SIGHT SCIENCES INC
NASDAQ
Medical Devices
$464.96M$9.77-3.84%-$68.83M-3.58x0.22
MASS
908 DEVICES INC
NASDAQ
Medical Devices
$588.89M$18.75-12.42%-$24.30M-21.55x0.22
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
NASDAQ
Medical Devices
$4.59B$54.97-1.13%$364.58M27.76x1.26
CVRX
CVRX INC
NASDAQ
Medical Devices
$178.19M$8.66-8.84%-$36.40M-10.43x0.05
FONR
FONAR CORP
NASDAQ
Medical Devices
$102.80M$14.82-1.07%$25.84M9.44x0.35
CTSO
CYTOSORBENTS CORP
NASDAQ
Medical Devices
$80.62M$1.85-8.87%-$34.93M-2.23x0.50
SSKN
STRATA SKIN SCIENCES INC
NASDAQ
Medical Devices
$36.81M$1.06-1.85%$2.31M-13.25x1.32
VERO
VENUS CONCEPT INC
NASDAQ
Medical Devices
$33.47M$0.52-8.25%-$14.16M-1.41x3.45
NSPR
INSPIREMD INC
NASDAQ
Medical Devices
$16.06M$1.93-5.90%-$16.96M-0.87x0.27
PROF
PROFOUND MEDICAL CORP
NASDAQ
Medical Devices
$147.42M$7.07-4.72%-$22.98M-6.25x0.08
KIDS
ORTHOPEDIATRICS CORP
NASDAQ
Medical Devices
$1.13B$55.97-1.55%$1.70M-94.86x0.46
CTKB
CYTEK BIOSCIENCES INC
NASDAQ
Medical Devices
$1.97B$14.69-2.26%$7.10M-734.50x0.19
AHCO
ADAPTHEALTH CORP
NASDAQ
Medical Devices
$2.99B$22.24-13.53%$663.77M15.89x1.46
VRAY
VIEWRAY INC
NASDAQ
Medical Devices
$590.09M$3.26-4.68%-$96.90M-5.43x1.22
OM
OUTSET MEDICAL INC
NASDAQ
Medical Devices
$923.18M$19.23-4.99%-$144.07M-5.86x0.30
DNAY
CODEX DNA INC
NASDAQ
Medical Devices
$58.21M$1.98-13.91%-$41.42M-0.92x0.42
GBS
GBS INC
NASDAQ
Medical Devices
$10.42M$0.70-5.28%-$7.07M-1.52x0.65
XAIR
BEYOND AIR INC
NASDAQ
Medical Devices
$281.84M$9.43-3.78%-$41.81M-5.61x0.29
ABT
ABBOTT LABORATORIES
NYSE
Medical Devices
$188.97B$107.91-1.00%$13.95B22.34x1.02
AEMD
AETHLON MEDICAL INC
NASDAQ
Medical Devices
$20.74M$1.31-9.03%-$10.26M-1.85x0.14
ZBH
ZIMMER BIOMET HOLDINGS INC
NYSE
Medical Devices
$23.60B$112.49-0.59%$1.45B102.26x0.77
AVGR
AVINGER INC
NASDAQ
Medical Devices
$9.03M$1.59-6.47%-$15.30M-0.29x2.09
EW
EDWARDS LIFESCIENCES CORP
NYSE
Medical Devices
$62.89B$101.44-3.81%$1.85B43.35x0.42
ESTA
ESTABLISHMENT LABS HOLDINGS INC
NASDAQ
Medical Devices
$1.52B$62.63-6.23%-$25.14M-37.73x1.96
DYNT
DYNATRONICS CORP
NASDAQ
Medical Devices
$11.67M$0.64-4.61%$2.14M32.05x0.61
TMDI
TITAN MEDICAL INC
NASDAQ
Medical Devices
$71.17M$0.648.84%-$8.32M-8.00x0.33
RXST
RXSIGHT INC
NASDAQ
Medical Devices
$421.22M$15.24-2.62%-$54.27M-8.28x0.52
PRCT
PROCEPT BIOROBOTICS CORP
NASDAQ
Medical Devices
$1.87B$42.040.10%-$60.40M-1,401.33x0.30
LUNG
PULMONX CORP
NASDAQ
Medical Devices
$764.38M$20.51-4.11%-$48.76M-13.95x0.24
BSX
BOSTON SCIENTIFIC CORP
NYSE
Medical Devices
$58.74B$41.030.15%$2.74B71.98x0.87
LNSR
LENSAR INC
NASDAQ
Medical Devices
$69.21M$6.28-2.03%-$19.79M-2.63x0.31
INSP
INSPIRE MEDICAL SYSTEMS INC
NYSE
Medical Devices
$5.86B$211.85-2.89%-$39.16M-132.41x0.29
SIEN
SIENTRA INC
NASDAQ
Medical Devices
$67.65M$1.08-21.74%-$12.95M-2.51x6.65
THMO
THERMOGENESIS HOLDINGS INC
NASDAQ
Medical Devices
$2.82M$0.22-2.65%-$4.85M-0.24x9.24
AXNX
AXONICS INC
NASDAQ
Medical Devices
$3.26B$69.16-2.69%-$67.55M-41.17x0.17
IRIX
IRIDEX CORP
NASDAQ
Medical Devices
$52.43M$3.30-0.60%-$4.77M-9.17x1.25
ASXC
ASENSUS SURGICAL INC
NYSEMKT
Medical Devices
$130.20M$0.55-1.79%-$55.85M-1.83x0.12
PETV
PETVIVO HOLDINGS INC
NASDAQ
Medical Devices
$21.47M$2.15-4.44%-$4.96M-3.77x0.24
SILK
SILK ROAD MEDICAL INC
NASDAQ
Medical Devices
$1.62B$46.13-5.63%-$51.10M-28.65x1.11
APEN
APOLLO ENDOSURGERY INC
NASDAQ
Medical Devices
$257.14M$6.32-2.47%-$24.60M-6.32x1.51
SPNE
SEASPINE HOLDINGS CORP
NASDAQ
Medical Devices
$243.21M$6.54-3.54%-$53.07M-3.55x0.34
SYK
STRYKER CORP
NYSE
Medical Devices
$81.32B$214.95-1.09%$2.73B39.01x1.30
RSLS
RESHAPE LIFESCIENCES INC
NASDAQ
Medical Devices
$9.16M$0.49-5.77%-$62.98M-0.10x0.22
NUWE
NUWELLIS INC
NASDAQ
Medical Devices
$6.85M$0.65-8.71%-$18.35M-0.32x0.20
EYES
SECOND SIGHT MEDICAL PRODUCTS INC
NASDAQ
Medical Devices
$77.24M$1.96-2.97%-$8.23M-8.91x0.04
MDXG
MIMEDX GROUP INC
NASDAQ
Medical Devices
$465.80M$4.10-2.15%-$18.79M-15.77x-6.60
NAOV
NANOVIBRONIX INC
NASDAQ
Medical Devices
$18.76M$0.67-4.29%-$10.42M-1.63x0.46
APYX
APYX MEDICAL CORP
NASDAQ
Medical Devices
$351.42M$10.20-3.13%-$14.92M-21.70x0.27
VVOS
VIVOS THERAPEUTICS INC
NASDAQ
Medical Devices
$27.84M$1.21-6.92%-$21.79M-1.15x0.42
NARI
INARI MEDICAL INC
NASDAQ
Medical Devices
$4.38B$82.13-1.55%-$6.68M-283.21x0.17
BSGM
BIOSIG TECHNOLOGIES INC
NASDAQ
Medical Devices
$24.48M$0.623.00%-$30.94M-0.68x0.32
TMCI
TREACE MEDICAL CONCEPTS INC
NASDAQ
Medical Devices
$1.03B$18.57-5.78%-$21.94M-36.41x0.69
CSII
CARDIOVASCULAR SYSTEMS INC
NASDAQ
Medical Devices
$640.73M$15.71-5.98%-$25.56M-18.70x0.28
AFIB
ACUTUS MEDICAL INC
NASDAQ
Medical Devices
$42.79M$1.51-1.95%-$115.62M-0.34x0.91
TNDM
TANDEM DIABETES CARE INC
NASDAQ
Medical Devices
$3.46B$53.84-10.42%$7.78M-269.20x1.31
BTCY
BIOTRICITY INC
NASDAQ
Medical Devices
$61.87M$1.23-3.91%-$29.13M-1.85x-8.78
ELMD
ELECTROMED INC
NYSEMKT
Medical Devices
$78.75M$9.25-0.70%$3.63M33.04x0.15
NNOX
NANO-X IMAGING LTD
NASDAQ
Medical Devices
$672.36M$12.91-7.32%N/A-9.16x0.25
ARAY
ACCURAY INC
NASDAQ
Medical Devices
$192.10M$2.07-3.27%-$5.53M-14.79x8.10
INGN
INOGEN INC
NASDAQ
Medical Devices
$631.34M$27.610.00%$4.57M-22.09x0.32
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
NASDAQ
Medical Devices
$1.86M$0.49-2.58%-$18.76M-0.07x0.35
NVNO
ENVVENO MEDICAL CORP
NASDAQ
Medical Devices
$52.37M$5.53-4.66%-$23.31M-2.40x0.07
RMED
RA MEDICAL SYSTEMS INC
NYSEMKT
Medical Devices
$5.43M$0.17-11.11%-$22.00M-0.05x0.31
AXGN
AXOGEN INC
NASDAQ
Medical Devices
$399.16M$9.44-9.14%-$26.00M-12.76x0.93
SIBN
SI-BONE INC
NASDAQ
Medical Devices
$530.06M$15.63-5.50%-$54.42M-8.45x0.44
SINT
SINTX TECHNOLOGIES INC
NASDAQ
Medical Devices
$14.09M$0.579.62%-$8.27M-1.54x0.31
TLIS
TALIS BIOMEDICAL CORP
NASDAQ
Medical Devices
$42.42M$0.75-1.96%-$123.10M-0.20x0.25
TELA
TELA BIO INC
NASDAQ
Medical Devices
$126.21M$8.67-3.77%-$31.83M-3.50x4.52
TMDX
TRANSMEDICS GROUP INC
NASDAQ
Medical Devices
$1.23B$43.92-4.63%-$40.37M-25.53x1.30
MOVE
MOVANO INC
NASDAQ
Medical Devices
$93.76M$2.862.88%-$22.99M-4.09x0.12
MYO
MYOMO INC
NYSEMKT
Medical Devices
$11.97M$1.71-1.16%-$9.92M-1.01x0.41
HYPR
HYPERFINE INC
NASDAQ
Medical Devices
$124.49M$1.77-7.81%-$87.50M-0.10x0.07
BBLG
BONE BIOLOGICS CORP
NASDAQ
Medical Devices
$15.22M$1.47-0.68%-$1.28M-5.35x0.01
BFLY
BUTTERFLY NETWORK INC
NYSE
Medical Devices
$1.17B$5.86-1.18%-$105.60M-10.46x0.28

Medical Device Stocks FAQ

What are the best medical device stocks to buy right now in Aug 2022?

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

1. Quipt Home Medical (NASDAQ:QIPT)


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.

2. Shockwave Medical (NASDAQ:SWAV)


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.

3. Viemed Healthcare (NASDAQ:VMD)


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.

What are the medical device stocks with highest dividends?

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:

1. Smith & Nephew (NYSE:SNN)


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.

2. Iradimed (NASDAQ:IRMD)


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.

3. Medtronic (NYSE:MDT)


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.

Why are medical device stocks down?

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.

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. Quipt Home Medical (NASDAQ:QIPT)


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.

2. Varex Imaging (NASDAQ:VREX)


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.

3. Inmode (NASDAQ:INMD)


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.

Are medical device stocks a good buy now?

62.96% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 38.2% 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 31.84x.
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.