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Best Medical Device Stocks to Buy Now (2024)
Top medical device stocks in 2024 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
SMLR
SEMLER SCIENTIFIC INC
$263.20M$37.25N/AN/AN/AN/AN/AN/AN/AN/A
IRMD
IRADIMED CORP
$535.82M$42.31$65.0053.63%Strong Buy111.89%10.91%35.27%30.50%
PEN
PENUMBRA INC
$6.82B$176.03$275.0056.22%Strong Buy715.17%29.26%17.29%13.17%
ZBH
ZIMMER BIOMET HOLDINGS INC
$21.95B$106.69$135.5527.05%Hold114.27%26.30%16.18%9.50%
DXCM
DEXCOM INC
$46.39B$116.64$153.4331.54%Strong Buy716.51%17.60%56.29%19.51%
INMD
INMODE LTD
$1.47B$17.41$29.5069.44%Buy24.50%-6.43%N/AN/A
BRKR
BRUKER CORP
$9.71B$66.79$85.7128.33%Buy710.65%8.25%39.98%12.56%
MDT
MEDTRONIC PLC
$105.89B$79.75$90.5713.57%Hold74.21%25.90%16.22%9.25%
PODD
INSULET CORP
$13.76B$196.40$224.3014.21%Strong Buy1015.61%11.58%53.32%16.07%
NSYS
NORTECH SYSTEMS INC
$35.48M$12.87N/AN/AN/AN/AN/AN/AN/AN/A
ALGN
ALIGN TECHNOLOGY INC
$18.23B$242.20$332.5037.28%Buy88.58%20.48%24.25%14.81%
ABT
ABBOTT LABORATORIES
$180.90B$103.99$126.4321.58%Strong Buy75.56%20.32%27.40%14.76%
EW
EDWARDS LIFESCIENCES CORP
$53.29B$88.52$96.799.34%Strong Buy148.44%14.23%33.09%24.19%
ELMD
ELECTROMED INC
$122.48M$14.15N/AN/AN/AN/AN/AN/AN/AN/A
VMD
VIEMED HEALTHCARE INC
$256.61M$6.61N/AN/AN/AN/AN/AN/A14.02%10.53%
GMED
GLOBUS MEDICAL INC
$9.05B$67.02$72.578.28%Strong Buy714.44%88.70%15.58%12.36%
BSX
BOSTON SCIENTIFIC CORP
$112.19B$76.31$80.725.78%Strong Buy189.27%34.98%24.20%13.15%
TCMD
TACTILE SYSTEMS TECHNOLOGY INC
$273.03M$11.49N/AN/AN/AN/A10.88%-15.79%15.60%11.09%
CNMD
CONMED CORP
$2.08B$67.48$90.4033.97%Buy57.45%34.21%26.96%9.98%
SRTS
SENSUS HEALTHCARE INC
$84.59M$5.16$10.0093.80%Strong Buy28.29%0.00%15.05%13.45%
SYK
STRYKER CORP
$132.83B$348.67$377.888.38%Strong Buy166.99%18.54%33.20%16.16%
SNN
SMITH & NEPHEW PLC
$11.03B$25.14N/AN/AN/AN/A5.25%83.67%38.02%19.86%
NSPR
INSPIREMD INC
$68.31M$2.74N/AN/AN/AN/A61.51%N/A-27.71%-23.13%
KIDS
ORTHOPEDIATRICS CORP
$713.44M$29.94$39.0030.26%Buy622.00%N/A-8.62%-7.30%
VREX
VAREX IMAGING CORP
$607.60M$15.19N/AN/AN/AN/A0.02%-10.31%7.15%3.29%
LFWD
LIFEWARD LTD
$36.22M$4.21$13.00208.79%Buy168.91%N/A20.76%15.27%
PROF
PROFOUND MEDICAL CORP
$219.62M$8.99$9.9010.12%Buy2115.68%N/A134.28%107.32%
AXNX
AXONICS INC
$3.44B$67.51$71.005.17%Hold517.51%N/A14.56%12.76%
SIBN
SI-BONE INC
$510.53M$12.39$26.29112.15%Strong Buy716.68%N/A-12.78%-9.45%
STE
STERIS PLC
$21.41B$216.50$248.2514.67%Strong Buy45.75%40.59%16.56%9.44%
RPID
RAPID MICRO BIOSYSTEMS INC
$33.00M$0.77N/AN/AN/AN/A28.05%N/A-24.27%-20.13%
INSP
INSPIRE MEDICAL SYSTEMS INC
$4.82B$162.38$249.1353.42%Strong Buy819.37%N/A20.00%17.18%
MASS
908 DEVICES INC
$189.32M$5.49$14.00155.01%Strong Buy125.90%N/A-21.38%-17.67%
QIPT
QUIPT HOME MEDICAL CORP
$138.09M$3.28$9.00174.39%Strong Buy323.30%N/A63.25%28.07%
UFPT
UFP TECHNOLOGIES INC
$1.95B$253.79$255.000.48%Buy14.04%N/AN/AN/A
TMDX
TRANSMEDICS GROUP INC
$4.81B$145.96$130.00-10.93%Strong Buy729.88%N/A44.20%9.74%
RXST
RXSIGHT INC
$2.12B$57.07$69.5021.78%Strong Buy630.09%N/A-3.18%-2.84%
HYPR
HYPERFINE INC
$59.77M$0.83$1.6092.77%Hold118.50%N/A-47.60%-42.14%
INBS
INTELLIGENT BIO SOLUTIONS INC
$5.89M$1.89N/AN/AN/AN/A56.31%N/A9.80%6.40%
BWAY
BRAINSWAY LTD
$101.22M$6.09$13.00113.46%Buy212.34%N/A6.86%4.42%
AXGN
AXOGEN INC
$312.49M$7.15$12.0067.83%Strong Buy110.89%N/A-2.81%-1.41%
AEMD
AETHLON MEDICAL INC
$1.77M$0.68$10.001,381.48%Buy185.26%N/AN/AN/A
QTRX
QUANTERIX CORP
$527.36M$13.78$28.50106.82%Strong Buy212.09%N/A-9.98%-8.27%
SGHT
SIGHT SCIENCES INC
$318.44M$6.40$6.501.56%Buy210.16%N/A-18.68%-13.11%
ITGR
INTEGER HOLDINGS CORP
$3.85B$115.03$133.0015.62%Strong Buy57.55%32.37%17.38%8.50%
ECOR
ELECTROCORE INC
$34.65M$5.77$15.00159.97%Buy138.74%N/A85.50%27.67%
BFLY
BUTTERFLY NETWORK INC
$184.58M$0.88N/AN/AN/AN/A14.09%N/A-42.86%-30.76%
ICCM
ICECURE MEDICAL LTD
$37.82M$0.79$2.95273.89%Strong Buy2105.32%N/A107.12%77.64%
CLPT
CLEARPOINT NEURO INC
$143.96M$5.25$9.0071.43%Strong Buy131.79%N/A-42.81%-27.61%
ICAD
ICAD INC
$38.48M$1.45N/AN/AN/AN/AN/AN/AN/AN/A
CTKB
CYTEK BIOSCIENCES INC
$736.44M$5.61$9.2564.88%Strong Buy211.13%N/A4.24%3.38%
MXCT
MAXCYTE INC
$461.04M$4.41$9.50115.42%Strong Buy2-17.83%N/A-21.09%-18.51%
LUNG
PULMONX CORP
$228.82M$5.90$15.33160.10%Strong Buy618.27%N/AN/AN/A
OM
OUTSET MEDICAL INC
$188.27M$3.64$6.0064.84%Buy218.05%N/AN/AN/A
NPCE
NEUROPACE INC
$186.99M$6.50$17.00161.54%Strong Buy614.15%N/A-106.32%-15.42%
MASI
MASIMO CORP
$7.21B$135.80$155.4014.43%Strong Buy56.21%63.44%17.24%7.96%
CVRX
CVRX INC
$238.63M$11.05$16.6050.23%Strong Buy529.20%N/A-51.49%-32.14%
PRCT
PROCEPT BIOROBOTICS CORP
$3.19B$62.00$67.258.47%Strong Buy437.38%N/A-6.04%-4.16%
NNOX
NANO-X IMAGING LTD
$417.74M$7.23$17.00135.13%Strong Buy1N/AN/A6.87%6.17%
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
$2.29B$29.00$28.00-3.45%Hold66.42%92.39%N/AN/A
CATX
PERSPECTIVE THERAPEUTICS INC
$742.80M$11.93$21.0076.03%Strong Buy4N/AN/AN/AN/A
TNDM
TANDEM DIABETES CARE INC
$2.77B$42.83$51.3619.93%Strong Buy1111.13%N/A7.97%2.06%
NAOV
NANOVIBRONIX INC
$2.04M$0.73N/AN/AN/AN/AN/AN/AN/AN/A
LNSR
LENSAR INC
$50.37M$4.42N/AN/AN/AN/AN/AN/AN/AN/A
SRDX
SURMODICS INC
$598.06M$41.94$50.0019.22%Buy40.56%-65.89%8.57%5.81%
SILK
SILK ROAD MEDICAL INC
$1.06B$26.88$23.10-14.06%Buy59.23%N/AN/AN/A
DCTH
DELCATH SYSTEMS INC
$212.28M$7.64$23.50207.59%Strong Buy2192.82%N/A121.63%49.26%
NARI
INARI MEDICAL INC
$2.64B$45.43$59.6031.19%Buy516.49%N/A7.71%5.21%
FNA
PARAGON 28 INC
$473.65M$5.71$16.75193.35%Strong Buy416.36%N/A-13.11%-6.45%
RCEL
AVITA MEDICAL INC
$206.91M$8.02$15.0087.03%Buy241.19%N/A-127.54%-42.65%
CODX
CO-DIAGNOSTICS INC
$47.86M$1.53$2.0030.72%Hold1-76.04%N/A-45.91%-41.50%
MGRM
MONOGRAM TECHNOLOGIES INC
$66.51M$2.10N/AN/AN/AN/A466.82%N/A30.97%25.25%
TMCI
TREACE MEDICAL CONCEPTS INC
$373.91M$6.03$6.609.45%Hold59.40%N/AN/AN/A
NVNO
ENVVENO MEDICAL CORP
$62.65M$4.70N/AN/AN/AN/AN/AN/A-21.08%-19.92%
CERS
CERUS CORP
$312.46M$1.69$3.2592.31%Buy21.21%N/A-11.23%-2.93%
HSCS
HEART TEST LABORATORIES INC
$3.35M$5.11N/AN/AN/AN/AN/AN/AN/AN/A
NVRO
NEVRO CORP
$323.58M$8.81$15.0070.26%Hold103.58%N/A-24.35%-11.38%
PACB
PACIFIC BIOSCIENCES OF CALIFORNIA INC
$448.03M$1.65$4.39166.81%Buy910.55%N/A-20.84%-8.10%
TELA
TELA BIO INC
$125.25M$5.08$13.00155.91%Strong Buy324.66%N/A-112.27%-22.48%
APYX
APYX MEDICAL CORP
$47.12M$1.36N/AN/AN/AN/A3.93%N/A-97.50%-27.93%
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
$2.52M$1.00N/AN/AN/AN/A208.76%N/AN/AN/A
BVS
BIOVENTUS INC
$463.36M$5.82$8.5046.05%Strong Buy24.18%N/A25.57%5.51%
ANIK
ANIKA THERAPEUTICS INC
$384.50M$25.93$30.5017.62%Buy23.15%N/A2.28%1.80%
BMRA
BIOMERICA INC
$8.95M$0.53N/AN/AN/AN/AN/AN/AN/AN/A
DYNT
DYNATRONICS CORP
$1.88M$0.36N/AN/AN/AN/A7.18%N/AN/AN/A
IRTC
IRHYTHM TECHNOLOGIES INC
$3.05B$98.16$131.5033.96%Strong Buy416.16%N/A-30.14%-2.99%
NURO
NEUROMETRIX INC
$7.49M$3.73N/AN/AN/AN/AN/AN/AN/AN/A
AMIX
AUTONOMIX MEDICAL INC
$21.11M$1.12N/AN/AN/AN/AN/AN/AN/AN/A
AVNS
AVANOS MEDICAL INC
$876.31M$19.09N/AN/AN/AN/A4.13%N/AN/AN/A
NVCR
NOVOCURE LTD
$2.09B$19.44$24.8027.57%Buy58.47%N/A-39.53%-12.67%
ESTA
ESTABLISHMENT LABS HOLDINGS INC
$1.20B$43.50$58.0033.33%Strong Buy526.92%N/A4.83%0.91%
ASXC
ASENSUS SURGICAL INC
$88.78M$0.33$0.357.36%Hold180.06%N/A62.73%20.02%
XTNT
XTANT MEDICAL HOLDINGS INC
$91.28M$0.70$3.00327.96%Strong Buy1N/AN/AN/AN/A
RBOT
VICARIOUS SURGICAL INC
$32.98M$6.72$30.00346.43%Hold1N/AN/A-71.92%-57.39%
TBIO
TELESIS BIO INC
$6.38M$3.79N/AN/AN/AN/A24.21%N/AN/AN/A
LIVN
LIVANOVA PLC
$2.89B$53.42$69.7530.57%Buy44.41%N/A16.23%8.06%
GKOS
GLAUKOS CORP
$5.71B$113.39$117.003.18%Strong Buy1018.49%N/A-3.24%-1.56%
XAIR
BEYOND AIR INC
$45.41M$1.26$8.00534.92%Strong Buy1395.40%N/A-135.06%-54.15%
MYO
MYOMO INC
$93.07M$3.23$6.50101.24%Buy1N/AN/AN/AN/A
VTAK
CATHETER PRECISION INC
$3.90M$0.52N/AN/AN/AN/AN/A-26.76%N/AN/A

Medical Device Stocks FAQ

What are the best medical device stocks to buy right now in Jun 2024?

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

1. Semler Scientific (NASDAQ:SMLR)


Semler Scientific (NASDAQ:SMLR) is the top medical device stock with a Zen Score of 68, which is 41 points higher than the medical device industry average of 27. It passed 21 out of 33 due diligence checks and has strong fundamentals. Semler Scientific has seen its stock return 44.44% over the past year, overperforming other medical device stocks by 68 percentage points.

2. Iradimed (NASDAQ:IRMD)


Iradimed (NASDAQ:IRMD) is the second best medical device stock with a Zen Score of 66, which is 39 points higher than the medical device industry average of 27. It passed 26 out of 38 due diligence checks and has strong fundamentals. Iradimed has seen its stock lose -11.63% over the past year, overperforming other medical device stocks by 12 percentage points.

Iradimed has an average 1 year price target of $65.00, an upside of 53.63% from Iradimed's current stock price of $42.31.

Iradimed stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 1 analyst covering Iradimed, 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.

3. Penumbra (NYSE:PEN)


Penumbra (NYSE:PEN) is the third best medical device stock with a Zen Score of 61, which is 34 points higher than the medical device industry average of 27. It passed 21 out of 33 due diligence checks and has strong fundamentals. Penumbra has seen its stock lose -47.88% over the past year, underperforming other medical device stocks by -24 percentage points.

Penumbra has an average 1 year price target of $275.00, an upside of 56.22% from Penumbra's current stock price of $176.03.

Penumbra stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 7 analysts covering Penumbra, 71.43% have issued a Strong Buy rating, 14.29% have issued a Buy, 14.29% 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. Medtronic (NYSE:MDT)


Medtronic (NYSE:MDT) has an annual dividend yield of 3.46%, which is 2 percentage points higher than the medical device industry average of 1.62%. 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 87.3% indicates that its dividend yield is sustainable for the long-term.

2. Smith & Nephew (NYSE:SNN)


Smith & Nephew (NYSE:SNN) has an annual dividend yield of 2.98%, which is 1 percentage points higher than the medical device industry average of 1.62%. 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 shown consistent growth over the last 10 years.

Smith & Nephew's dividend payout ratio of 124.2% indicates that its dividend yield might not be sustainable for the long-term.

3. Abbott Laboratories (NYSE:ABT)


Abbott Laboratories (NYSE:ABT) has an annual dividend yield of 2.04%, which is the same as the medical device industry average of 1.62%. Abbott Laboratories's dividend payout is stable, having never dropped by more than 10% in the last 10 years. Abbott Laboratories's dividend has shown consistent growth over the last 10 years.

Abbott Laboratories's dividend payout ratio of 65.6% indicates that its dividend yield is sustainable for the long-term.

Why are medical device stocks down?

Medical device stocks were down -0.21% in the last day, and down -1.13% over the last week. Biolase was the among the top losers in the medical devices industry, dropping -13.42% yesterday.

Biolase shares are trading lower after the company announced that it will delist from the Nasdaq.

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. Semler Scientific (NASDAQ:SMLR)


Semler Scientific (NASDAQ:SMLR) is the most undervalued medical device stock based on WallStreetZen's Valuation Score. Semler Scientific has a valuation score of 100, which is 88 points higher than the medical device industry average of 12. It passed 7 out of 7 valuation due diligence checks.

Semler Scientific's stock has gained 44.44% in the past year. It has overperformed other stocks in the medical device industry by 68 percentage points.

2. Nortech Systems (NASDAQ:NSYS)


Nortech Systems (NASDAQ:NSYS) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Nortech Systems has a valuation score of 71, which is 59 points higher than the medical device industry average of 12. It passed 5 out of 7 valuation due diligence checks.

Nortech Systems's stock has gained 28.57% in the past year. It has overperformed other stocks in the medical device industry by 52 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 59 points higher than the medical device industry average of 12. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has dropped -53.59% in the past year. It has underperformed other stocks in the medical device industry by -30 percentage points.

Are medical device stocks a good buy now?

54.64% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 27.93% 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 29.87x.
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.