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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
Forecast Score
Market Cap
Price
Price Target
Upside/Downside
Top Analysts Upside/Downside
Consensus
Top Analysts Consensus
Analysts
Top Analysts
Fore. Revenue Growth
Fore. Earnings Growth
Forecast ROE
Forecast ROA
INMD
INMODE LTD
$2.05B$24.54$40.2564.02%Buy47.12%N/AN/AN/A
SMLR
SEMLER SCIENTIFIC INC
$276.99M$40.30N/AN/AN/AN/AN/AN/A23.50%20.94%
MDT
MEDTRONIC PLC
$106.36B$79.99$93.7817.24%Buy93.03%28.60%N/AN/A
PODD
INSULET CORP
$13.42B$192.19$240.4225.09%Strong Buy1214.43%24.38%N/AN/A
DXCM
DEXCOM INC
$45.06B$116.62$133.5814.55%Strong Buy1213.50%20.58%N/AN/A
SWAV
SHOCKWAVE MEDICAL INC
$6.72B$182.20$255.2040.07%Buy518.21%-6.67%N/AN/A
GMED
GLOBUS MEDICAL INC
$6.34B$46.01$64.3339.82%Buy631.27%19.79%N/AN/A
PEN
PENUMBRA INC
$8.79B$227.75$333.0046.21%Strong Buy912.60%32.47%N/AN/A
TCMD
TACTILE SYSTEMS TECHNOLOGY INC
$323.44M$13.77$30.00117.94%Buy17.27%-47.54%N/AN/A
IRMD
IRADIMED CORP
$534.85M$42.43N/AN/AN/AN/A6.91%-15.09%N/AN/A
ABT
ABBOTT LABORATORIES
$182.08B$104.88$116.0010.60%Buy53.35%24.01%N/AN/A
BRKR
BRUKER CORP
$9.14B$66.06$65.00-1.60%Hold14.92%16.00%N/AN/A
ALGN
ALIGN TECHNOLOGY INC
$16.88B$220.45$326.8348.26%Strong Buy66.00%51.37%N/AN/A
KIDS
ORTHOPEDIATRICS CORP
$730.73M$31.29$46.0047.01%Strong Buy412.88%N/A-6.68%-5.78%
EW
EDWARDS LIFESCIENCES CORP
$41.43B$68.36$84.2123.19%Buy146.98%12.88%N/AN/A
AEMD
AETHLON MEDICAL INC
$5.24M$2.10$23.00995.24%Buy185.26%N/A149.78%120.48%
ZBH
ZIMMER BIOMET HOLDINGS INC
$24.65B$117.97$135.3614.74%Hold113.37%53.46%N/AN/A
ELMD
ELECTROMED INC
$89.59M$10.44N/AN/AN/AN/AN/AN/AN/AN/A
VMD
VIEMED HEALTHCARE INC
$294.83M$7.66N/AN/AN/AN/A-11.24%16.67%14.86%10.82%
AXNX
AXONICS INC
$2.91B$57.50$71.0023.48%Strong Buy815.66%N/AN/AN/A
CODX
CO-DIAGNOSTICS INC
$39.45M$1.29$3.00132.56%Hold147.69%N/AN/AN/A
MASI
MASIMO CORP
$5.11B$96.71$107.2510.90%Buy40.02%88.19%N/AN/A
STE
STERIS PLC
$20.11B$203.51$242.6019.21%Buy55.18%27.12%N/AN/A
BSX
BOSTON SCIENTIFIC CORP
$82.24B$56.14$61.759.99%Strong Buy166.53%43.68%N/AN/A
SYK
STRYKER CORP
$113.13B$297.79$318.386.91%Buy85.50%21.77%N/AN/A
UFPT
UFP TECHNOLOGIES INC
$1.27B$166.67$222.0033.20%Strong Buy1N/AN/A10.85%7.39%
QIPT
QUIPT HOME MEDICAL CORP
$196.90M$4.68$11.00135.04%Strong Buy139.49%442.88%N/AN/A
QTRX
QUANTERIX CORP
$960.12M$25.38$33.0030.02%Strong Buy28.67%N/AN/AN/A
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
$4.62M$6.52N/AN/AN/AN/A282.53%N/AN/AN/A
HYPR
HYPERFINE INC
$95.23M$1.33$2.3878.57%Buy237.27%N/AN/AN/A
NNOX
NANO-X IMAGING LTD
$397.10M$6.88$22.83231.88%Strong Buy357.58%N/AN/AN/A
SIBN
SI-BONE INC
$762.23M$18.82$27.8047.72%Strong Buy513.36%N/AN/AN/A
ECOR
ELECTROCORE INC
$35.29M$5.88$11.0087.07%Buy138.51%N/AN/AN/A
RCEL
AVITA MEDICAL INC
$287.19M$11.24$26.50135.77%Strong Buy432.66%N/AN/AN/A
AXGN
AXOGEN INC
$296.14M$6.88$13.6798.65%Strong Buy39.96%N/AN/AN/A
NSPR
INSPIREMD INC
$51.93M$2.41$4.5086.72%Strong Buy134.52%N/AN/AN/A
VREX
VAREX IMAGING CORP
$752.00M$18.80$30.0059.57%Buy12.74%N/AN/AN/A
TMDX
TRANSMEDICS GROUP INC
$2.44B$74.66$78.004.47%Buy328.57%N/AN/AN/A
BWAY
BRAINSWAY LTD
$108.08M$6.54$9.0037.61%Buy210.47%N/A25.66%17.70%
ITGR
INTEGER HOLDINGS CORP
$2.95B$88.65$101.3314.31%Strong Buy35.20%38.70%N/AN/A
RWLK
REWALK ROBOTICS LTD
$42.14M$0.70$3.00327.35%Buy166.40%N/AN/AN/A
LIVN
LIVANOVA PLC
$2.47B$45.92$56.7523.58%Hold44.43%296.28%N/AN/A
CTKB
CYTEK BIOSCIENCES INC
$971.89M$7.17$8.5018.55%Buy213.62%N/AN/AN/A
NSYS
NORTECH SYSTEMS INC
$24.65M$9.00N/AN/AN/AN/AN/AN/AN/AN/A
APYX
APYX MEDICAL CORP
$80.72M$2.33$6.17164.68%Strong Buy312.43%N/A-35.32%-19.81%
RXST
RXSIGHT INC
$1.06B$29.46$30.001.83%Buy424.08%N/A-49.75%-44.17%
CVRX
CVRX INC
$456.28M$21.92N/AN/AN/AN/A28.42%N/AN/AN/A
TBIO
TELESIS BIO INC
$13.16M$0.44N/AN/AN/AN/A38.13%N/AN/AN/A
NARI
INARI MEDICAL INC
$3.52B$61.20$78.0027.45%Strong Buy411.54%N/A2.93%2.41%
INSP
INSPIRE MEDICAL SYSTEMS INC
$4.48B$151.72$276.9282.52%Strong Buy1218.34%N/AN/AN/A
LUNG
PULMONX CORP
$430.20M$11.23$14.7531.34%Strong Buy413.99%N/AN/AN/A
MASS
908 DEVICES INC
$249.32M$7.70$14.0081.82%Strong Buy111.36%N/AN/AN/A
RPID
RAPID MICRO BIOSYSTEMS INC
$47.49M$1.12N/AN/AN/AN/A20.06%N/A-19.24%-16.38%
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
$3.21B$41.02$47.8016.53%Hold53.38%49.67%N/AN/A
CLPT
CLEARPOINT NEURO INC
$146.49M$5.95$11.5093.28%Strong Buy224.48%N/AN/AN/A
ICAD
ICAD INC
$46.64M$1.77$5.00182.49%Strong Buy1N/AN/A-51.80%-35.08%
CNMD
CONMED CORP
$3.37B$109.62$127.0015.85%Strong Buy68.15%38.38%N/AN/A
SILK
SILK ROAD MEDICAL INC
$378.94M$9.73$18.7192.33%Hold78.21%N/AN/AN/A
SRTS
SENSUS HEALTHCARE INC
$39.81M$2.43$8.00229.22%Buy16.34%N/AN/AN/A
PRCT
PROCEPT BIOROBOTICS CORP
$1.89B$37.36$42.6714.21%Strong Buy336.45%N/AN/AN/A
PACB
PACIFIC BIOSCIENCES OF CALIFORNIA INC
$2.37B$8.88$10.5719.04%Buy726.71%N/AN/AN/A
BMRA
BIOMERICA INC
$15.64M$0.93N/AN/AN/AN/AN/AN/AN/AN/A
ANIK
ANIKA THERAPEUTICS INC
$331.76M$22.66$25.5012.53%Buy24.82%N/AN/AN/A
SGHT
SIGHT SCIENCES INC
$141.37M$2.90$4.4051.72%Hold5-2.05%N/A-47.57%-34.22%
SNN
SMITH & NEPHEW PLC
$11.58B$26.38$33.0025.09%Buy13.94%101.49%46.29%24.61%
MDGS
MEDIGUS LTD
$5.22M$3.16N/AN/AN/AN/AN/AN/A-23.29%-8.64%
XAIR
BEYOND AIR INC
$53.07M$1.66$11.25577.71%Strong Buy4542.52%N/A162.68%72.21%
ARAY
ACCURAY INC
$246.56M$2.54$7.50195.28%Strong Buy15.21%N/AN/AN/A
NURO
NEUROMETRIX INC
$4.10M$3.82N/AN/AN/AN/AN/AN/AN/AN/A
NVNO
ENVVENO MEDICAL CORP
$47.28M$3.55N/AN/AN/AN/AN/AN/A-117.59%-104.28%
NUWE
NUWELLIS INC
$1.98M$0.61N/AN/AN/AN/AN/AN/A-1,706.98%-1,170.49%
IRTC
IRHYTHM TECHNOLOGIES INC
$2.73B$89.20$125.8841.12%Strong Buy811.26%N/AN/AN/A
CERS
CERUS CORP
$302.60M$1.67$3.0079.64%Strong Buy1-1.43%N/A22.57%5.28%
TMCI
TREACE MEDICAL CONCEPTS INC
$574.20M$9.31$18.92103.19%Strong Buy614.65%N/AN/AN/A
NPCE
NEUROPACE INC
$233.92M$8.90$9.253.93%Buy49.89%N/A-274.68%-45.26%
OM
OUTSET MEDICAL INC
$285.66M$5.69$7.7536.20%Buy49.36%N/AN/AN/A
CTSO
CYTOSORBENTS CORP
$51.99M$1.17$4.75305.98%Strong Buy234.15%N/AN/AN/A
DCTH
DELCATH SYSTEMS INC
$63.49M$2.88$18.00525.00%Strong Buy4182.81%N/AN/AN/A
INGN
INOGEN INC
$133.32M$5.72$7.5031.12%Sell21.17%N/AN/AN/A
SRDX
SURMODICS INC
$472.67M$33.39$57.5072.21%Buy210.79%N/AN/AN/A
LNSR
LENSAR INC
$28.80M$2.56N/AN/AN/AN/AN/AN/A-48.85%-25.08%
BFLY
BUTTERFLY NETWORK INC
$207.12M$1.00N/AN/AN/AN/A-4.40%N/AN/AN/A
DYNT
DYNATRONICS CORP
$2.72M$0.60$3.80533.33%Hold1-0.13%N/AN/AN/A
TELA
TELA BIO INC
$138.12M$5.64$15.00165.96%Buy119.92%N/A-84.16%-29.45%
AFIB
ACUTUS MEDICAL INC
$6.94M$0.24N/AN/AN/AN/A-0.12%N/AN/AN/A
MOTS
MOTUS GI HOLDINGS INC
$2.82M$4.88$37.50668.44%Buy1207.86%N/AN/A-56.21%
PROF
PROFOUND MEDICAL CORP
$233.25M$10.92$11.000.76%Hold195.05%N/AN/AN/A
ICCM
ICECURE MEDICAL LTD
$47.01M$1.03$3.50239.81%Strong Buy2101.06%N/AN/AN/A
INBS
INTELLIGENT BIO SOLUTIONS INC
$2.93M$0.34N/AN/AN/AN/A66.05%N/AN/AN/A
TIVC
TIVIC HEALTH SYSTEMS INC
$2.96M$2.02N/AN/AN/AN/A243.93%N/A-2,085.33%-1,715.71%
NVCR
NOVOCURE LTD
$1.34B$12.50$49.14293.14%Buy74.09%N/AN/AN/A
VERO
VENUS CONCEPT INC
$8.02M$1.45N/AN/AN/AN/A51.50%N/AN/A-8.38%
ATEC
ALPHATEC HOLDINGS INC
$1.71B$12.58$21.8673.74%Strong Buy714.69%N/AN/AN/A
SENS
SENSEONICS HOLDINGS INC
$337.57M$0.64$1.2595.62%Hold2N/AN/AN/AN/A
XTNT
XTANT MEDICAL HOLDINGS INC
$169.14M$1.30$1.20-7.69%Buy1N/AN/AN/AN/A
INVO
INVO BIOSCIENCE INC
$4.70M$1.90N/AN/AN/AN/A261.71%N/A3,982.99%76.24%
TNDM
TANDEM DIABETES CARE INC
$1.38B$21.19$35.7868.84%Buy96.76%N/AN/AN/A
NAOV
NANOVIBRONIX INC
$2.15M$1.05N/AN/AN/AN/AN/AN/AN/AN/A
SINT
SINTX TECHNOLOGIES INC
$1.61M$0.38N/AN/AN/AN/AN/AN/AN/AN/A
OFIX
ORTHOFIX MEDICAL INC
$408.73M$11.12$18.3364.87%Buy39.40%N/AN/AN/A

Medical Device Stocks FAQ

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

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

1. Inmode (NASDAQ:INMD)


Inmode (NASDAQ:INMD) is the top medical device stock with a Zen Score of 71, which is 44 points higher than the medical device industry average of 27. It passed 23 out of 33 due diligence checks and has strong fundamentals. Inmode has seen its stock lose -35.73% over the past year, underperforming other medical device stocks by -15 percentage points.

Inmode has an average 1 year price target of $40.25, an upside of 64.02% from Inmode's current stock price of $24.54.

Inmode stock has a consensus Buy recommendation according to Wall Street analysts. Of the 4 analysts covering Inmode, 25% have issued a Strong Buy rating, 25% have issued a Buy, 50% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

2. Semler Scientific (NASDAQ:SMLR)


Semler Scientific (NASDAQ:SMLR) is the second best medical device stock with a Zen Score of 59, which is 32 points higher than the medical device industry average of 27. It passed 19 out of 33 due diligence checks and has strong fundamentals. Semler Scientific has seen its stock return 29.37% over the past year, overperforming other medical device stocks by 50 percentage points.

3. Insulet (NASDAQ:PODD)


Insulet (NASDAQ:PODD) is the third best medical device stock with a Zen Score of 54, which is 27 points higher than the medical device industry average of 27. It passed 19 out of 33 due diligence checks and has strong fundamentals. Insulet has seen its stock lose -37.6% over the past year, underperforming other medical device stocks by -17 percentage points.

Insulet has an average 1 year price target of $240.42, an upside of 25.09% from Insulet's current stock price of $192.19.

Insulet stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 12 analysts covering Insulet, 50% have issued a Strong Buy rating, 25% have issued a Buy, 25% 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. Medigus (NASDAQ:MDGS)


Medigus (NASDAQ:MDGS) has an annual dividend yield of 26.9%, which is 23 percentage points higher than the medical device industry average of 4.14%.

Medigus's dividend payout ratio of -9.8% indicates that its high dividend yield might not be sustainable for the long-term.

2. Medtronic (NYSE:MDT)


Medtronic (NYSE:MDT) has an annual dividend yield of 3.43%, which is -1 percentage points lower than the medical device industry average of 4.14%. 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 89% indicates that its dividend yield is sustainable for the long-term.

3. Smith & Nephew (NYSE:SNN)


Smith & Nephew (NYSE:SNN) has an annual dividend yield of 2.84%, which is -1 percentage points lower than the medical device industry average of 4.14%. Smith & Nephew's dividend payout is not stable, having dropped more than 10% ten 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 150% indicates that its dividend yield might not be sustainable for the long-term.

Why are medical device stocks up?

Medical device stocks were up 1.76% in the last day, and up 1.87% 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 100, which is 84 points higher than the medical device industry average of 16. It passed 7 out of 7 valuation due diligence checks.

Inmode's stock has dropped -35.73% in the past year. It has underperformed other stocks in the medical device industry by -15 percentage points.

2. Nuwellis (NASDAQ:NUWE)


Nuwellis (NASDAQ:NUWE) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Nuwellis has a valuation score of 71, which is 55 points higher than the medical device industry average of 16. It passed 5 out of 7 valuation due diligence checks.

Nuwellis's stock has dropped -96.01% in the past year. It has underperformed other stocks in the medical device industry by -75 percentage points.

3. Medtronic (NYSE:MDT)


Medtronic (NYSE:MDT) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Medtronic has a valuation score of 57, which is 41 points higher than the medical device industry average of 16. It passed 4 out of 7 valuation due diligence checks.

Medtronic's stock has gained 0.93% in the past year. It has overperformed other stocks in the medical device industry by 22 percentage points.

Are medical device stocks a good buy now?

43.81% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 38.94% 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 34.96x.
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.