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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
$212.13M$68.18M$24.70M$20.58M$3.0620.28%25.98%43.66%30.13%2024-05-08
INMD
INMODE LTD
$1.74B$492.05M$217.89M$197.92M$2.378.32%37.49%20.92%42.03%2024-04-30
TCMD
TACTILE SYSTEMS TECHNOLOGY INC
$373.72M$274.42M$22.31M$28.52M$1.2411.20%13.81%N/A28.06%2024-05-06
MDT
MEDTRONIC PLC
$111.09B$32.32B$8.88B$4.20B$3.155.03%1.13%3.28%-2.90%
EW
EDWARDS LIFESCIENCES CORP
$55.80B$6.00B$1.79B$1.40B$2.3111.56%10.03%-6.10%14.97%2024-04-24
IRMD
IRADIMED CORP
$562.10M$65.56M$22.50M$17.19M$1.3623.00%16.59%33.33%18.18%2024-05-02
VMD
VIEMED HEALTHCARE INC
$370.51M$183.01M$36.68M$10.24M$0.2731.82%23.21%68.75%1.55%2024-05-06
DXCM
DEXCOM INC
$51.94B$3.62B$916.70M$541.50M$1.4024.49%28.56%59.09%N/A2024-04-25
ALGN
ALIGN TECHNOLOGY INC
$23.74B$3.86B$816.71M$445.05M$5.823.42%14.45%25.97%3.08%2024-04-24
PODD
INSULET CORP
$12.00B$1.70B$323.60M$206.30M$2.9630.02%24.66%4,128.57%118.09%2024-05-02
ZBH
ZIMMER BIOMET HOLDINGS INC
$25.83B$7.39B$2.22B$1.02B$4.916.55%-1.40%346.36%N/A2024-04-30
GMED
GLOBUS MEDICAL INC
$6.99B$1.57B$290.00M$122.87M$1.0953.34%17.08%-42.33%-7.39%2024-05-02
BRKR
BRUKER CORP
$12.67B$2.96B$659.80M$427.20M$2.9217.14%9.36%46.00%20.49%2024-05-02
ABT
ABBOTT LABORATORIES
$195.10B$40.11B$10.54B$5.72B$3.28-8.12%5.58%-16.75%19.61%2024-04-17
KIDS
ORTHOPEDIATRICS CORP
$588.74M$148.73M-$4.13M-$20.97M-$0.9221.62%20.91%N/AN/A2024-04-29
PEN
PENUMBRA INC
$9.07B$1.06B$106.91M$90.95M$2.3724.95%18.93%N/A65.65%2024-04-30
QTRX
QUANTERIX CORP
$1.01B$122.37M-$39.08M-$32.33M-$0.8615.96%26.60%N/AN/A2024-05-07
STE
STERIS PLC
$22.73B$5.41B$1.39B$566.84M$5.7113.04%14.65%N/A12.35%2024-05-08
RPID
RAPID MICRO BIOSYSTEMS INC
$41.65M$22.52M-$52.34M-$52.47M-$1.2231.44%N/AN/AN/A2024-05-07
SWAV
SHOCKWAVE MEDICAL INC
$10.36B$730.23M$194.70M$147.28M$4.0149.11%126.45%-33.39%N/A2024-05-06
BWAY
BRAINSWAY LTD
$100.15M$31.79M-$3.62M-$4.20M-$0.2616.96%6.59%N/AN/A2024-03-19
VREX
VAREX IMAGING CORP
$684.40M$877.80M$101.70M$44.60M$1.111.34%2.31%37.04%17.29%2024-04-30
LFWD
LIFEWARD LTD
$35.18M$13.85M-$20.30M-$22.13M-$2.59151.39%16.18%N/AN/A2024-05-09
BSX
BOSTON SCIENTIFIC CORP
$98.65B$14.24B$3.45B$1.57B$1.0812.29%7.71%140.00%-2.25%2024-04-24
ITGR
INTEGER HOLDINGS CORP
$3.79B$1.60B$270.75M$90.65M$2.7216.03%5.62%36.00%-12.26%2024-04-25
SYK
STRYKER CORP
$134.64B$20.50B$4.07B$3.17B$8.3411.11%8.55%33.87%-2.57%2024-04-29
ELMD
ELECTROMED INC
$148.70M$51.69M$6.01M$3.94M$0.4718.03%11.25%88.00%15.36%2024-05-07
SIBN
SI-BONE INC
$654.98M$138.89M-$34.45M-$43.34M-$1.1330.52%20.19%N/AN/A2024-04-29
AXGN
AXOGEN INC
$333.12M$159.01M-$13.33M-$21.72M-$0.5114.74%13.63%N/AN/A2024-05-07
NSPR
INSPIREMD INC
$53.25M$6.21M-$19.62M-$19.92M-$0.8220.00%11.50%N/AN/A2024-05-14
MASI
MASIMO CORP
$7.06B$2.05B$186.40M$81.50M$1.540.60%16.91%-42.54%-15.94%2024-05-07
AXNX
AXONICS INC
$3.48B$366.38M$3.12M-$6.09M-$0.1233.86%249.06%N/AN/A2024-04-29
HYPR
HYPERFINE INC
$85.20M$9.77M-$45.56M-$46.61M-$0.6667.70%N/AN/AN/A2024-03-21
CNMD
CONMED CORP
$2.35B$1.24B$136.80M$64.46M$2.1019.06%7.68%N/A7.69%2024-04-24
INSP
INSPIRE MEDICAL SYSTEMS INC
$5.89B$624.80M-$15.66M-$21.15M-$0.7253.19%65.32%N/AN/A2024-04-30
SNN
SMITH & NEPHEW PLC
$11.70B$5.55B$1.11B$263.00M$0.606.40%2.50%18.43%-16.85%2024-05-02
OM
OUTSET MEDICAL INC
$101.01M$130.38M-$152.52M-$172.80M-$3.4813.00%130.43%N/AN/A2024-05-01
UFPT
UFP TECHNOLOGIES INC
$1.48B$400.07M$68.95M$44.92M$5.8913.08%16.00%6.70%24.74%2024-04-30
NURO
NEUROMETRIX INC
$7.67M$5.90M-$6.47M-$6.53M-$6.27-28.52%-18.18%N/AN/A2024-05-01
SGHT
SIGHT SCIENCES INC
$233.40M$81.06M-$48.41M-$55.55M-$1.1413.63%60.84%N/AN/A2024-05-02
LUNG
PULMONX CORP
$340.28M$68.68M-$52.81M-$60.84M-$1.6027.98%27.98%N/AN/A2024-04-30
RXST
RXSIGHT INC
$1.73B$89.08M-$41.04M-$48.61M-$1.4181.77%N/AN/AN/A2024-05-07
AEMD
AETHLON MEDICAL INC
$4.38M$574.25k-$11.89M-$12.25M-$5.094,278.20%20.67%N/AN/A
CVRX
CVRX INC
$432.16M$39.30M-$38.73M-$41.20M-$1.9974.89%N/AN/AN/A2024-04-25
LIVN
LIVANOVA PLC
$2.74B$1.15B$38.38M$17.55M$0.3312.89%0.83%N/AN/A2024-05-01
NSYS
NORTECH SYSTEMS INC
$30.33M$138.90M$6.04M$2.14M$0.785.25%4.75%-71.64%N/A2024-05-08
TBIO
TELESIS BIO INC
$16.19M$30.00M-$32.79M-$38.89M-$1.3042.56%N/AN/AN/A2024-03-19
APYX
APYX MEDICAL CORP
$61.32M$50.30M-$15.36M-$15.16M-$0.433.23%28.39%N/AN/A2024-03-21
PRCT
PROCEPT BIOROBOTICS CORP
$2.48B$136.19M-$98.08M-$105.90M-$2.2481.55%N/AN/AN/A2024-04-25
TMDX
TRANSMEDICS GROUP INC
$2.43B$241.62M-$6.66M-$25.03M-$0.77158.53%79.36%N/AN/A2024-04-29
RCEL
AVITA MEDICAL INC
$406.94M$51.57M-$32.79M-$35.38M-$1.4037.03%N/AN/AN/A2024-05-09
BFLY
BUTTERFLY NETWORK INC
$224.78M$65.90M-$123.04M-$133.70M-$0.65-10.21%112.36%N/AN/A2024-05-09
NARI
INARI MEDICAL INC
$2.41B$493.63M$15.18M-$1.64M-$0.0328.73%135.40%N/AN/A2024-05-01
AFIB
ACUTUS MEDICAL INC
$7.68M$19.66M-$21.40M-$32.79M-$1.1224.72%N/AN/AN/A2024-05-09
CTKB
CYTEK BIOSCIENCES INC
$889.60M$193.02M-$4.41M-$12.15M-$0.0917.67%N/AN/AN/A2024-05-06
SILK
SILK ROAD MEDICAL INC
$665.58M$177.13M-$45.08M-$55.74M-$1.4427.77%38.66%N/AN/A2024-05-07
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
$4.11M$792.00k-$12.80M-$12.69M-$38.993.80%N/AN/AN/A2024-03-28
NPCE
NEUROPACE INC
$363.95M$65.42M-$22.83M-$32.96M-$1.2743.72%N/AN/AN/A2024-05-02
CODX
CO-DIAGNOSTICS INC
$33.14M$6.81M-$36.83M-$35.33M-$1.20-80.09%179.54%N/AN/A2024-05-09
PACB
PACIFIC BIOSCIENCES OF CALIFORNIA INC
$983.38M$200.52M-$277.28M-$306.74M-$1.2156.29%20.59%N/AN/A2024-04-30
MASS
908 DEVICES INC
$220.17M$50.23M-$34.03M-$36.40M-$1.137.21%17.89%N/AN/A2024-05-07
SRTS
SENSUS HEALTHCARE INC
$59.02M$24.41M$1.11M$485.00k$0.03-45.20%-1.58%-97.96%N/A2024-05-01
MXCT
MAXCYTE INC
$434.22M$41.29M-$33.36M-$37.92M-$0.37-6.72%N/AN/AN/A2024-05-08
NNOX
NANO-X IMAGING LTD
$656.82M$9.64M-$92.90M-$103.37M-$1.9024.39%N/AN/AN/A
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
$2.68B$1.54B$258.15M$67.74M$0.85-1.03%0.92%-61.01%3.09%2024-04-24
PROF
PROFOUND MEDICAL CORP
$173.74M$5.29M-$23.73M-$24.54M-$0.9910.99%22.94%N/AN/A2024-05-08
CLPT
CLEARPOINT NEURO INC
$190.72M$23.96M-$21.02M-$22.09M-$0.9016.56%26.64%N/AN/A2024-05-09
MOTS
MOTUS GI HOLDINGS INC
$3.19M$319.00k-$11.43M-$12.87M-$15.89-46.11%54.70%N/AN/A2024-03-29
NVNO
ENVVENO MEDICAL CORP
$78.57M$0.00-$22.97M-$23.52M-$1.91N/A-100.00%N/AN/A2024-05-06
IRTC
IRHYTHM TECHNOLOGIES INC
$3.17B$492.68M-$96.86M-$123.41M-$4.0419.90%27.32%N/AN/A2024-05-02
ECOR
ELECTROCORE INC
$42.02M$16.03M-$18.00M-$18.83M-$3.4286.57%74.42%N/AN/A2024-05-01
TELA
TELA BIO INC
$129.79M$53.08M-$37.85M-$43.75M-$2.0239.05%N/AN/AN/A2024-03-21
QIPT
QUIPT HOME MEDICAL CORP
$175.14M$182.44M$36.92M-$2.74M-$0.0767.84%N/AN/AN/A2024-05-14
LNSR
LENSAR INC
$46.38M$42.16M-$10.33M-$14.38M-$1.3119.25%11.57%N/AN/A2024-05-13
SRDX
SURMODICS INC
$391.06M$138.20M$22.74M$5.52M$0.3935.65%9.81%N/AN/A2024-04-24
DCTH
DELCATH SYSTEMS INC
$92.15M$2.17M-$44.10M-$46.69M-$3.52-48.32%-6.86%N/AN/A2024-03-25
TNDM
TANDEM DIABETES CARE INC
$2.04B$747.72M-$194.66M-$222.61M-$3.43-6.68%32.39%N/AN/A2024-05-01
INGN
INOGEN INC
$159.56M$315.66M-$84.19M-$102.45M-$4.42-16.32%-2.49%N/AN/A2024-05-02
TMCI
TREACE MEDICAL CONCEPTS INC
$741.06M$187.12M-$36.55M-$49.53M-$0.8131.92%N/AN/AN/A2024-05-06
FNA
PARAGON 28 INC
$734.77M$216.39M-$26.92M-$47.84M-$0.5819.30%N/AN/AN/A2024-05-06
ICAD
ICAD INC
$39.27M$22.21M-$9.07M-$10.00M-$0.39-18.55%-3.52%N/AN/A2024-05-13
HSCS
HEART TEST LABORATORIES INC
$8.00M$18.60k-$6.00M-$6.39M-$0.48100.02%N/AN/AN/A
XTNT
XTANT MEDICAL HOLDINGS INC
$143.12M$78.46M$5.60M$2.75M$0.0138.46%1.38%N/AN/A2024-05-02
INBS
INTELLIGENT BIO SOLUTIONS INC
$9.02M$2.88M-$12.02M-$13.40M-$106.11140.61%N/AN/AN/A
ICCM
ICECURE MEDICAL LTD
$55.68M$2.91M-$15.78M-$15.61M-$0.36-17.48%N/AN/AN/A2024-05-15
NVCR
NOVOCURE LTD
$1.48B$509.34M-$221.90M-$207.04M-$1.95-5.30%15.47%N/AN/A2024-05-02
NMTC
NEUROONE MEDICAL TECHNOLOGIES CORP
$29.95M$2.82M-$13.14M-$13.47M-$0.68-22.86%N/AN/AN/A2024-05-09
SINT
SINTX TECHNOLOGIES INC
$540.99k$2.49M-$8.40M-$14.37M-$8.41159.38%N/AN/AN/A2024-03-27
MYO
MYOMO INC
$104.55M$19.24M-$7.47M-$8.15M-$0.2823.70%51.09%N/AN/A2024-05-08
ASXC
ASENSUS SURGICAL INC
$75.33M$5.61M-$75.15M-$79.09M-$0.33-20.97%-22.43%N/AN/A2024-03-21
ZIMV
ZIMVIE INC
$447.70M$457.43M-$246.16M-$393.28M-$14.87-1.26%-16.08%N/AN/A2024-05-01
CERS
CERUS CORP
$337.19M$186.80M-$23.87M-$37.49M-$0.21-0.81%19.69%N/AN/A2024-05-02
INVO
INVO BIOSCIENCE INC
$2.52M$1.92M-$7.86M-$8.81M-$12.33-46.64%35.43%N/AN/A2024-03-28
NAOV
NANOVIBRONIX INC
$1.84M$1.00M-$4.44M-$4.96M-$3.18-38.37%24.70%N/AN/A2024-05-13
THMO
THERMOGENESIS HOLDINGS INC
$2.29M$9.72M-$4.59M-$14.39M-$8.42-4.99%-0.43%N/AN/A2024-03-28
NXL
NEXALIN TECHNOLOGY INC
$3.16M$128.64k-$4.56M-$4.60M-$0.63-90.16%N/AN/AN/A
TLIS
TALIS BIOMEDICAL CORP
$35.26M$2.20M-$66.64M-$75.48M-$41.79-59.43%N/AN/AN/A2024-03-20
ANIK
ANIKA THERAPEUTICS INC
$375.26M$166.66M-$71.19M-$82.67M-$5.646.67%9.56%N/AN/A2024-05-07
BMRA
BIOMERICA INC
$18.08M$5.50M-$5.65M-$6.08M-$0.38-65.80%0.82%N/AN/A2024-04-12
IRIX
IRIDEX CORP
$38.18M$54.61M-$5.41M-$7.76M-$0.48-4.25%5.71%N/AN/A2024-05-09

Medical Device Stocks FAQ

What are the best medical device stocks to buy right now in Mar 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 50.93% over the past year, overperforming other medical device stocks by 60 percentage points.

2. Inmode (NASDAQ:INMD)


Inmode (NASDAQ:INMD) is the second best medical device stock with a Zen Score of 65, which is 38 points higher than the medical device industry average of 27. It passed 20 out of 33 due diligence checks and has strong fundamentals. Inmode has seen its stock lose -30.15% over the past year, underperforming other medical device stocks by -21 percentage points.

Inmode has an average 1 year price target of $26.00, an upside of 25.24% from Inmode's current stock price of $20.76.

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. Tactile Systems Technology (NASDAQ:TCMD)


Tactile Systems Technology (NASDAQ:TCMD) is the third best medical device stock with a Zen Score of 56, which is 29 points higher than the medical device industry average of 27. It passed 18 out of 33 due diligence checks and has strong fundamentals. Tactile Systems Technology has seen its stock return 2.16% over the past year, overperforming other medical device stocks by 11 percentage points.

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 3.29%, which is 2 percentage points higher than the medical device industry average of 1.46%. 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 2.81%, which is 1 percentage points higher than the medical device industry average of 1.46%. 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 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 1.85%, which is the same as the medical device industry average of 1.46%. 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 up?

Medical device stocks were up 0.74% in the last day, and down -1.15% 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. 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 85 points higher than the medical device industry average of 15. It passed 7 out of 7 valuation due diligence checks.

Semler Scientific's stock has gained 50.93% in the past year. It has overperformed other stocks in the medical device industry by 60 percentage points.

2. Inmode (NASDAQ:INMD)


Inmode (NASDAQ:INMD) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Inmode has a valuation score of 100, which is 85 points higher than the medical device industry average of 15. It passed 7 out of 7 valuation due diligence checks.

Inmode's stock has dropped -30.15% in the past year. It has underperformed other stocks in the medical device industry by -21 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 71, which is 56 points higher than the medical device industry average of 15. It passed 5 out of 7 valuation due diligence checks.

Tactile Systems Technology's stock has gained 2.16% in the past year. It has overperformed other stocks in the medical device industry by 11 percentage points.

Are medical device stocks a good buy now?

44.9% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 16.57% 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 30.24x.
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.