Sectors & IndustriesHealthcareMedical Devices

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.

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

Inmode (NASDAQ:INMD) is the top medical device stock with a Zen Score of 61, which is 35 points higher than the medical device industry average of 26. It passed 19 out of 33 due diligence checks and has strong fundamentals. Inmode has seen its stock lose -44.03% over the past year, underperforming other medical device stocks by -31 percentage points.

Inmode has an average 1 year price target of $27.00, an upside of 46.26% from Inmode's current stock price of $18.46.

Inmode stock has a consensus Buy recommendation according to Wall Street analysts. Of the 3 analysts covering Inmode, 33.33% have issued a Strong Buy rating, 0% have issued a Buy, 66.67% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Semler Scientific (NASDAQ:SMLR) is the second best medical device stock with a Zen Score of 58, which is 32 points higher than the medical device industry average of 26. It passed 18 out of 33 due diligence checks and has strong fundamentals. Semler Scientific has seen its stock lose -24.75% over the past year, underperforming other medical device stocks by -11 percentage points.

Iradimed (NASDAQ:IRMD) is the third best medical device stock with a Zen Score of 56, which is 30 points higher than the medical device industry average of 26. It passed 22 out of 38 due diligence checks and has strong fundamentals. Iradimed has seen its stock lose -8.31% over the past year, overperforming other medical device stocks by 5 percentage points.

Iradimed has an average 1 year price target of $65.00, an upside of 54.65% from Iradimed's current stock price of $42.03.

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.

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:

Medtronic (NYSE:MDT) has an annual dividend yield of 3.21%, which is 2 percentage points higher than the medical device industry average of 1.55%. 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.

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 1.55%. 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.

Abbott Laboratories (NYSE:ABT) has an annual dividend yield of 2.04%, which is the same as the medical device industry average of 1.55%. 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.

Medical device stocks were down -0.35% in the last day, and up 1.37% over the last week. Heart Test Laboratories was the among the top losers in the medical devices industry, dropping -38.37% yesterday.

Heart Test Laboratories shares are trading lower after the company's 1-for-100 reverse stock split began trading on a split-adjusted basis.

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

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 87 points higher than the medical device industry average of 13. It passed 7 out of 7 valuation due diligence checks.

Inmode's stock has dropped -44.03% in the past year. It has underperformed other stocks in the medical device industry by -31 percentage points.

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 58 points higher than the medical device industry average of 13. It passed 5 out of 7 valuation due diligence checks.

Nortech Systems's stock has gained 25.89% in the past year. It has overperformed other stocks in the medical device industry by 39 percentage points.

Varex Imaging (NASDAQ:VREX) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Varex Imaging has a valuation score of 71, which is 58 points higher than the medical device industry average of 13. It passed 5 out of 7 valuation due diligence checks.

Varex Imaging's stock has dropped -31.95% in the past year. It has underperformed other stocks in the medical device industry by -18 percentage points.