Sectors & IndustriesHealthcareMedical Devices

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.

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

Semler Scientific (NASDAQ:SMLR) is the top medical device stock with a Zen Score of 63, which is 33 points higher than the medical device industry average of 30. It passed 20 out of 33 due diligence checks and has strong fundamentals. Semler Scientific has seen its stock lose -58.31% over the past year, underperforming other medical device stocks by -39 percentage points.

Semler Scientific has an average 1 year price target of $45.00, an upside of 105.39% from Semler Scientific's current stock price of $21.91.

Semler Scientific stock has a consensus Hold recommendation according to Wall Street analysts. Of the 1 analyst covering Semler Scientific, 0% have issued a Strong Buy rating, 0% have issued a Buy, 100% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Sensus Healthcare (NASDAQ:SRTS) is the second best medical device stock with a Zen Score of 63, which is 33 points higher than the medical device industry average of 30. It passed 20 out of 33 due diligence checks and has strong fundamentals. Sensus Healthcare has seen its stock lose -52.13% over the past year, underperforming other medical device stocks by -33 percentage points.

Sensus Healthcare has an average 1 year price target of $15.25, an upside of 188.28% from Sensus Healthcare's current stock price of $5.29.

Sensus Healthcare stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 2 analysts covering Sensus Healthcare, 50% have issued a Strong Buy rating, 50% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Inmode (NASDAQ:INMD) is the third best medical device stock with a Zen Score of 57, which is 27 points higher than the medical device industry average of 30. It passed 18 out of 33 due diligence checks and has strong fundamentals. Inmode has seen its stock lose -20.8% over the past year, underperforming other medical device stocks by -2 percentage points.

Inmode has an average 1 year price target of $46.25, an upside of 46.36% from Inmode's current stock price of $31.60.

Inmode stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 4 analysts covering Inmode, 75% have issued a Strong Buy rating, 25% 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:

Medigus (NASDAQ:MDGS) has an annual dividend yield of 20.39%, which is 17 percentage points higher than the medical device industry average of 3.76%.

Medigus's dividend payout ratio of 0% indicates that its high dividend yield might not be sustainable for the long-term.

Medtronic (NYSE:MDT) has an annual dividend yield of 3.29%, which is the same as the medical device industry average of 3.76%. 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 87.5% indicates that its dividend yield is sustainable for the long-term.

Iradimed (NASDAQ:IRMD) has an annual dividend yield of 2.73%, which is -1 percentage points lower than the medical device industry average of 3.76%.

Iradimed's dividend payout ratio of 102.9% indicates that its dividend yield might not be sustainable for the long-term.

Medical device stocks were up 1.97% in the last day, and up 1.54% over the last week.

We couldn't find a catalyst for why medical device stocks are up.

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

Semler Scientific (NASDAQ:SMLR) is the most undervalued medical device stock based on WallStreetZen's Valuation Score. Semler Scientific has a valuation score of 86, which is 61 points higher than the medical device industry average of 25. It passed 6 out of 7 valuation due diligence checks.

Semler Scientific's stock has dropped -58.31% in the past year. It has underperformed other stocks in the medical device industry by -39 percentage points.

Inmode (NASDAQ:INMD) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Inmode has a valuation score of 71, which is 46 points higher than the medical device industry average of 25. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has dropped -20.8% in the past year. It has underperformed other stocks in the medical device industry by -2 percentage points.

Sensus Healthcare (NASDAQ:SRTS) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Sensus Healthcare has a valuation score of 71, which is 46 points higher than the medical device industry average of 25. It passed 5 out of 7 valuation due diligence checks.

Sensus Healthcare's stock has dropped -52.13% in the past year. It has underperformed other stocks in the medical device industry by -33 percentage points.