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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
Performance Score
Market Cap
Revenue
EBITDA
Earnings
EPS
Revenue Growth Y/Y
Revenue Growth 5Y
Earnings Growth Y/Y
Earnings Growth 5Y
Earnings Date
SMLR
SEMLER SCIENTIFIC INC
$316.51M$66.92M$25.81M$19.58M$2.9222.94%27.66%56.15%35.05%2024-03-05
INMD
INMODE LTD
$1.75B$492.05M$217.89M$197.92M$2.378.32%37.49%20.92%42.03%
PODD
INSULET CORP
$13.44B$1.56B$217.70M$120.00M$1.7225.23%24.08%588.00%N/A2024-02-22
MDT
MEDTRONIC PLC
$114.22B$31.96B$8.80B$4.10B$3.083.73%1.02%-4.64%13.02%
BRKR
BRUKER CORP
$11.34B$2.82B$525.20M$319.10M$2.1712.48%8.52%17.93%28.06%
PEN
PENUMBRA INC
$9.97B$995.06M$75.12M$40.61M$1.0619.90%18.82%N/A30.51%2024-02-22
EW
EDWARDS LIFESCIENCES CORP
$52.08B$6.00B$1.79B$1.40B$2.3111.56%10.03%-6.10%14.97%
DXCM
DEXCOM INC
$44.87B$3.62B$916.70M$541.50M$1.4024.49%28.56%59.09%N/A
SWAV
SHOCKWAVE MEDICAL INC
$9.54B$671.28M$180.36M$243.88M$6.7356.15%N/A173.58%N/A
GMED
GLOBUS MEDICAL INC
$7.45B$1.57B$290.00M$122.87M$1.0953.34%17.08%-42.33%-7.39%
ALGN
ALIGN TECHNOLOGY INC
$23.33B$3.81B$757.81M$362.81M$4.73-1.48%15.48%-27.23%3.88%
ABT
ABBOTT LABORATORIES
$204.53B$40.11B$10.54B$5.72B$3.28-8.12%5.58%-16.75%19.61%2024-04-17
TCMD
TACTILE SYSTEMS TECHNOLOGY INC
$327.58M$274.42M$22.31M$28.52M$1.2411.20%13.81%N/A28.06%
VMD
VIEMED HEALTHCARE INC
$321.77M$169.78M$33.42M$9.20M$0.2427.38%N/A26.32%N/A2024-02-29
KIDS
ORTHOPEDIATRICS CORP
$657.16M$142.11M-$6.54M-$22.13M-$1.0122.40%21.05%N/AN/A2024-02-26
ZBH
ZIMMER BIOMET HOLDINGS INC
$26.82B$7.28B$1.84B$474.30M$2.265.62%-1.70%71.21%-23.56%
MASI
MASIMO CORP
$6.98B$2.12B$276.00M$88.50M$1.6828.18%18.36%-50.00%-15.67%2024-02-27
IRMD
IRADIMED CORP
$545.95M$62.97M$20.63M$16.33M$1.2925.17%16.93%22.86%23.45%
ITGR
INTEGER HOLDINGS CORP
$3.29B$1.60B$270.75M$90.65M$2.7216.03%5.62%36.00%-12.26%
QTRX
QUANTERIX CORP
$975.25M$116.64M-$37.05M-$38.51M-$1.026.05%28.46%N/AN/A2024-02-27
AXNX
AXONICS INC
$3.44B$342.56M-$1.88M-$12.00M-$0.2342.19%337.80%N/AN/A2024-02-28
VREX
VAREX IMAGING CORP
$671.20M$877.80M$101.70M$44.60M$1.111.34%2.31%37.04%17.29%
SIBN
SI-BONE INC
$821.77M$131.98M-$35.22M-$43.53M-$1.1932.40%19.78%N/AN/A2024-02-26
SYK
STRYKER CORP
$132.16B$20.50B$4.07B$3.17B$8.3411.11%8.55%33.87%-2.57%
STE
STERIS PLC
$23.01B$5.41B$1.39B$566.84M$5.7113.04%14.65%N/A12.35%
BSX
BOSTON SCIENTIFIC CORP
$96.46B$14.24B$3.45B$1.57B$1.0812.29%7.71%140.00%-2.25%
ELMD
ELECTROMED INC
$129.85M$51.69M$6.01M$3.94M$0.4718.03%11.25%88.00%15.36%
RPID
RAPID MICRO BIOSYSTEMS INC
$39.85M$20.56M-$57.35M-$57.74M-$1.3414.41%N/AN/AN/A2024-03-01
NARI
INARI MEDICAL INC
$3.29B$469.31M$11.99M-$2.77M-$0.0430.76%N/AN/AN/A2024-02-28
UFPT
UFP TECHNOLOGIES INC
$1.61B$389.81M$66.71M$41.78M$5.4822.24%17.11%13.46%26.23%2024-03-05
INSP
INSPIRE MEDICAL SYSTEMS INC
$5.46B$624.80M-$15.66M-$21.15M-$0.7253.19%65.32%N/AN/A
CNMD
CONMED CORP
$2.51B$1.17B$85.50M$57.97M$1.949.36%6.83%N/A-5.54%
HYPR
HYPERFINE INC
$73.03M$9.77M-$45.56M-$46.61M-$0.6667.70%N/AN/AN/A2024-03-19
RCEL
AVITA MEDICAL INC
$444.58M$47.80M-$32.28M-$33.67M-$1.3439.36%N/AN/AN/A2024-02-22
NSPR
INSPIREMD INC
$56.12M$5.47M-$19.22M-$19.36M-$1.52-1.00%8.65%N/AN/A2024-03-28
TMDX
TRANSMEDICS GROUP INC
$2.84B$191.82M-$22.27M-$35.78M-$1.09167.34%N/AN/AN/A2024-02-26
LFWD
LIFEWARD LTD
$54.02M$9.15M-$21.54M-$21.81M-$0.36100.02%7.14%N/AN/A
BWAY
BRAINSWAY LTD
$104.45M$28.79M-$8.13M-$8.19M-$0.48-2.79%N/AN/AN/A2024-03-19
NURO
NEUROMETRIX INC
$3.40M$6.43M-$5.53M-$5.57M-$5.52-21.85%-17.95%N/AN/A2024-02-22
LIVN
LIVANOVA PLC
$3.06B$1.12B$136.06M$2.87M$0.059.96%0.54%N/AN/A
AEMD
AETHLON MEDICAL INC
$4.45M$574.25k-$11.89M-$12.25M-$5.094,278.20%20.67%N/AN/A
TBIO
TELESIS BIO INC
$10.55M$30.00M-$32.79M-$38.89M-$1.3042.56%N/AN/AN/A2024-03-19
RXST
RXSIGHT INC
$1.97B$76.59M-$46.12M-$55.04M-$1.7285.25%N/AN/AN/A2024-02-28
NSYS
NORTECH SYSTEMS INC
$33.15M$138.90M$6.04M$2.14M$0.785.25%4.75%-71.64%N/A2024-03-14
CVRX
CVRX INC
$458.74M$39.30M-$38.73M-$41.20M-$1.9974.89%N/AN/AN/A
PRCT
PROCEPT BIOROBOTICS CORP
$2.45B$116.39M-$98.72M-$106.56M-$2.3389.63%N/AN/AN/A2024-02-27
LUNG
PULMONX CORP
$555.47M$64.82M-$53.70M-$61.24M-$1.6224.79%N/AN/AN/A
AXGN
AXOGEN INC
$447.65M$152.25M-$17.42M-$23.24M-$0.5613.66%14.47%N/AN/A2024-03-05
CTKB
CYTEK BIOSCIENCES INC
$1.15B$183.12M-$4.86M-$14.12M-$0.1018.45%N/AN/AN/A2024-02-28
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
$4.08M$792.00k-$12.80M-$12.69M-$38.993.80%N/AN/AN/A2024-03-07
AFIB
ACUTUS MEDICAL INC
$6.42M$19.66M-$21.40M-$32.79M-$1.1224.72%N/AN/AN/A2024-03-14
APYX
APYX MEDICAL CORP
$69.98M$50.30M-$15.36M-$15.16M-$0.433.23%28.39%N/AN/A
ANIK
ANIKA THERAPEUTICS INC
$360.46M$163.31M-$13.42M-$24.58M-$1.697.14%8.63%N/AN/A2024-03-04
OM
OUTSET MEDICAL INC
$161.16M$131.88M-$156.97M-$175.64M-$3.5718.25%N/AN/AN/A
CODX
CO-DIAGNOSTICS INC
$33.94M$4.66M-$51.05M-$42.56M-$1.40-91.25%171.31%N/AN/A2024-03-14
ECOR
ELECTROCORE INC
$42.20M$13.40M-$19.86M-$20.59M-$4.1978.11%73.18%N/AN/A2024-03-06
NPCE
NEUROPACE INC
$410.29M$60.20M-$27.73M-$37.90M-$1.4937.66%N/AN/AN/A2024-03-05
TMCI
TREACE MEDICAL CONCEPTS INC
$920.20M$174.68M-$35.60M-$47.66M-$0.7839.17%N/AN/AN/A2024-02-27
PACB
PACIFIC BIOSCIENCES OF CALIFORNIA INC
$1.36B$169.52M-$286.01M-$309.10M-$1.2723.76%15.07%N/AN/A
SNN
SMITH & NEPHEW PLC
$12.54B$5.22B$932.00M$223.00M$0.500.06%1.82%-55.83%-21.18%2024-02-27
SGHT
SIGHT SCIENCES INC
$205.72M$82.85M-$54.85M-$61.76M-$1.2726.54%N/AN/AN/A
MASS
908 DEVICES INC
$225.36M$47.52M-$35.40M-$38.76M-$1.21-6.91%N/AN/AN/A2024-03-05
NNOX
NANO-X IMAGING LTD
$533.31M$9.64M-$92.90M-$103.37M-$1.9024.39%N/AN/AN/A2024-03-07
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
$3.50B$1.54B$290.86M$100.85M$1.23-1.44%1.14%-40.58%4.02%2024-02-28
SRTS
SENSUS HEALTHCARE INC
$76.51M$24.94M-$318.00k-$896.00k-$0.06-43.89%0.10%N/AN/A
CLPT
CLEARPOINT NEURO INC
$177.02M$22.32M-$20.95M-$21.86M-$0.9013.53%27.00%N/AN/A2024-02-28
IRTC
IRHYTHM TECHNOLOGIES INC
$3.43B$472.79M-$80.12M-$104.91M-$3.4524.38%28.82%N/AN/A2024-02-22
QIPT
QUIPT HOME MEDICAL CORP
$189.88M$182.44M$36.92M-$2.74M-$0.0767.84%N/AN/AN/A
SILK
SILK ROAD MEDICAL INC
$671.42M$169.94M-$44.77M-$55.44M-$1.4433.98%N/AN/AN/A2024-02-28
SRDX
SURMODICS INC
$448.43M$138.20M$22.74M$5.52M$0.3935.65%9.81%N/AN/A
DCTH
DELCATH SYSTEMS INC
$92.81M$2.17M-$44.10M-$46.69M-$3.52-48.32%-6.86%N/AN/A2024-03-25
LNSR
LENSAR INC
$52.76M$40.29M-$8.97M-$12.95M-$1.3110.85%N/AN/AN/A2024-03-14
TNDM
TANDEM DIABETES CARE INC
$1.48B$747.72M-$194.66M-$222.61M-$3.43-6.68%32.39%N/AN/A
BFLY
BUTTERFLY NETWORK INC
$209.19M$68.37M-$113.02M-$123.28M-$0.60-6.85%N/AN/AN/A2024-02-28
CERS
CERUS CORP
$405.88M$184.78M-$36.70M-$49.79M-$0.27-1.23%19.94%N/AN/A2024-03-05
INGN
INOGEN INC
$218.86M$327.86M-$112.74M-$132.50M-$5.75-10.31%-0.45%N/AN/A2024-02-27
MOTS
MOTUS GI HOLDINGS INC
$636.37k$364.00k-$12.07M-$13.74M-$29.18-37.46%57.13%N/AN/A2024-03-29
NVNO
ENVVENO MEDICAL CORP
$70.85M$0.00-$23.51M-$24.05M-$2.15N/A-100.00%N/AN/A
TELA
TELA BIO INC
$171.42M$53.08M-$37.85M-$43.75M-$2.0239.05%N/AN/AN/A2024-03-19
ICAD
ICAD INC
$36.37M$22.21M-$9.07M-$10.00M-$0.39-18.55%-3.52%N/AN/A2024-03-26
SENS
SENSEONICS HOLDINGS INC
$361.34M$19.93M-$16.48M-$31.64M-$0.0634.44%6.37%N/AN/A2024-02-29
INBS
INTELLIGENT BIO SOLUTIONS INC
$8.68M$2.88M-$12.02M-$13.40M-$106.11140.61%N/AN/AN/A
ICCM
ICECURE MEDICAL LTD
$58.88M$2.91M-$15.78M-$15.61M-$0.36-17.48%N/AN/AN/A
XTNT
XTANT MEDICAL HOLDINGS INC
$126.21M$78.46M$5.60M$2.75M$0.0138.46%1.38%N/AN/A2024-03-05
NUWE
NUWELLIS INC
$2.03M$8.65M-$7.02M-$16.60M$25.2310.27%14.85%N/AN/A2024-02-26
PROF
PROFOUND MEDICAL CORP
$176.69M$4.71M-$13.68M-$12.51M-$1.02-1.84%N/AN/AN/A2024-03-07
NAOV
NANOVIBRONIX INC
$2.19M$1.00M-$4.44M-$4.96M-$3.18-38.37%24.70%N/AN/A2024-04-15
INVO
INVO BIOSCIENCE INC
$2.23M$1.92M-$7.86M-$8.81M-$12.33-46.64%35.43%N/AN/A2024-03-28
OFIX
ORTHOFIX MEDICAL INC
$500.62M$668.46M-$82.74M-$136.28M-$3.9044.20%8.29%N/AN/A2024-03-04
NMTC
NEUROONE MEDICAL TECHNOLOGIES CORP
$28.78M$2.82M-$13.14M-$13.47M-$0.68-22.86%N/AN/AN/A
THMO
THERMOGENESIS HOLDINGS INC
$3.34M$9.72M-$4.59M-$14.39M-$8.42-4.99%-0.43%N/AN/A2024-03-28
ASXC
ASENSUS SURGICAL INC
$76.65M$5.61M-$75.15M-$79.09M-$0.33-20.97%-22.43%N/AN/A2024-02-29
GKOS
GLAUKOS CORP
$4.53B$303.57M-$77.03M-$129.34M-$2.696.56%12.45%N/AN/A
MYO
MYOMO INC
$76.10M$18.53M-$7.21M-$7.85M-$0.4919.18%54.54%N/AN/A2024-03-11
SINT
SINTX TECHNOLOGIES INC
$634.70k$2.49M-$8.40M-$14.37M-$8.41159.38%N/AN/AN/A
TLIS
TALIS BIOMEDICAL CORP
$32.82M$2.20M-$66.64M-$75.48M-$41.79-59.43%N/AN/AN/A2024-03-20
RBOT
VICARIOUS SURGICAL INC
$62.26M$0.00-$66.50M-$69.14M-$0.53N/AN/AN/AN/A2024-03-04
NXL
NEXALIN TECHNOLOGY INC
$2.57M$128.64k-$4.56M-$4.60M-$0.63-90.16%N/AN/AN/A
BMRA
BIOMERICA INC
$18.17M$5.50M-$5.65M-$6.08M-$0.38-65.80%0.82%N/AN/A2024-04-12
MXCT
MAXCYTE INC
$466.09M$38.05M-$33.45M-$37.45M-$0.37-9.39%N/AN/AN/A

Medical Device Stocks FAQ

What are the best medical device stocks to buy right now in Feb 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 60, which is 34 points higher than the medical device industry average of 26. It passed 19 out of 33 due diligence checks and has strong fundamentals. Semler Scientific has seen its stock return 115.49% over the past year, overperforming other medical device stocks by 125 percentage points.

2. Inmode (NASDAQ:INMD)


Inmode (NASDAQ:INMD) 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. Inmode has seen its stock lose -41.8% over the past year, underperforming other medical device stocks by -32 percentage points.

Inmode has an average 1 year price target of $26.00, an upside of 24.76% from Inmode's current stock price of $20.84.

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, 0% have issued a Buy, 75% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

3. Insulet (NASDAQ:PODD)


Insulet (NASDAQ:PODD) is the third best medical device stock with a Zen Score of 57, which is 31 points higher than the medical device industry average of 26. It passed 20 out of 33 due diligence checks and has strong fundamentals. Insulet has seen its stock lose -34.12% over the past year, underperforming other medical device stocks by -24 percentage points.

Insulet has an average 1 year price target of $226.56, an upside of 17.7% from Insulet's current stock price of $192.49.

Insulet stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 9 analysts covering Insulet, 55.56% have issued a Strong Buy rating, 33.33% have issued a Buy, 11.11% 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 3.2%, which is 2 percentage points higher than the medical device industry average of 1.42%. 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.

2. Smith & Nephew (NYSE:SNN)


Smith & Nephew (NYSE:SNN) has an annual dividend yield of 2.62%, which is 1 percentage points higher than the medical device industry average of 1.42%. 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.

3. Abbott Laboratories (NYSE:ABT)


Abbott Laboratories (NYSE:ABT) has an annual dividend yield of 1.76%, which is the same as the medical device industry average of 1.42%. 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 63.4% indicates that its dividend yield is sustainable for the long-term.

Why are medical device stocks down?

Medical device stocks were down -0.45% in the last day, and up 1.15% over the last week. Tandem Diabetes Care was the among the top losers in the medical devices industry, dropping -4.29% yesterday.

Tandem Diabetes Care shares are trading higher amid volatility after the company reported Q4 financial results.

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 57 points higher than the medical device industry average of 14. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has dropped -41.8% in the past year. It has underperformed other stocks in the medical device industry by -32 percentage points.

2. Semler Scientific (NASDAQ:SMLR)


Semler Scientific (NASDAQ:SMLR) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Semler Scientific has a valuation score of 71, which is 57 points higher than the medical device industry average of 14. It passed 5 out of 7 valuation due diligence checks.

Semler Scientific's stock has gained 115.49% in the past year. It has overperformed other stocks in the medical device industry by 125 percentage points.

3. Tactile Systems Technology (NASDAQ:TCMD)


Tactile Systems Technology (NASDAQ:TCMD) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Tactile Systems Technology has a valuation score of 57, which is 43 points higher than the medical device industry average of 14. It passed 4 out of 7 valuation due diligence checks.

Tactile Systems Technology's stock has gained 7.1% in the past year. It has overperformed other stocks in the medical device industry by 17 percentage points.

Are medical device stocks a good buy now?

46% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 15.21% 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 36.28x.
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.