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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.

Industry: Medical Devices
Ticker
Company
Country
Market Cap
Shares
Institutional %
Insider %
Net Insider (L12M)
Net Insider (L3M)
SWAV
SHOCKWAVE MEDICAL INC
United States
$6.77B36,142,29278.29%21.71%Net SellingNet Selling
SRTS
SENSUS HEALTHCARE INC
United States
$146.68M16,612,10536.25%31.93%Net SellingNet Selling
INMD
INMODE LTD
Israel
$3.07B82,306,00055.87%0.00%
ZYXI
ZYNEX INC
United States
$510.86M37,453,44528.64%43.35%Net SellingNet Selling
AVNS
AVANOS MEDICAL INC
United States
$1.47B46,497,60892.07%2.19%Net SellingNet Selling
QIPT
QUIPT HOME MEDICAL CORP
United States
$211.85M35,605,28026.13%0.00%
EW
EDWARDS LIFESCIENCES CORP
United States
$50.77B618,260,49980.45%1.10%Net BuyingNet Buying
AHCO
ADAPTHEALTH CORP
United States
$2.88B134,731,66542.77%57.23%Net SellingNet Selling
SMLR
SEMLER SCIENTIFIC INC
United States
$261.97M6,839,97340.15%59.85%Net SellingNet Selling
VMD
VIEMED HEALTHCARE INC
United States
$314.81M38,020,14748.00%12.28%Net SellingNet Selling
PODD
INSULET CORP
United States
$20.50B69,448,70380.13%19.87%Net SellingNet Selling
VREX
VAREX IMAGING CORP
United States
$777.94M40,100,00099.15%0.85%Net Selling
KIDS
ORTHOPEDIATRICS CORP
United States
$1.11B22,891,50041.75%58.25%Net SellingNet Selling
ALGN
ALIGN TECHNOLOGY INC
United States
$26.80B78,112,35184.82%14.94%Net Selling
BRKR
BRUKER CORP
United States
$10.67B147,082,72447.85%52.15%Net BuyingNet Buying
ABT
ABBOTT LABORATORIES
United States
$194.91B1,743,573,77772.99%1.12%Net SellingNet Selling
NVCN
NEOVASC INC
Canada
$76.82M2,746,6251.63%0.00%
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
United States
$4.98B83,518,16366.94%33.06%Net SellingNet Selling
SNN
SMITH & NEPHEW PLC
United Kingdom
$12.78B885,190,6224.49%0.00%
IRMD
IRADIMED CORP
United States
$518.49M12,566,33644.86%47.50%Net SellingNet Buying
MDT
MEDTRONIC PLC
Ireland
$115.86B1,330,179,97880.46%0.52%Net SellingNet Selling
ITGR
INTEGER HOLDINGS CORP
United States
$2.44B33,130,99395.42%4.58%Net SellingNet Selling
AEMD
AETHLON MEDICAL INC
United States
$13.97M22,946,2325.77%94.23%Net SellingNet Selling
RWLK
REWALK ROBOTICS LTD
Israel
$52.41M62,018,8604.44%23.57%Net BuyingNet Buying
FONR
FONAR CORP
United States
$123.19M6,920,66142.53%3.41%Net Buying
EDAP
EDAP TMS SA
France
$364.13M33,467,59438.06%0.00%
LUNG
PULMONX CORP
United States
$329.58M37,409,19988.64%11.36%Net SellingNet Buying
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
United States
$10.18M28,203,2981.26%98.74%Net BuyingNet Buying
GMED
GLOBUS MEDICAL INC
United States
$7.95B99,842,55770.55%29.45%Net SellingNet Buying
AXNX
AXONICS INC
United States
$2.96B49,529,97155.48%44.52%Net SellingNet Selling
INSP
INSPIRE MEDICAL SYSTEMS INC
United States
$7.26B28,892,38862.60%37.40%Net SellingNet Selling
MASS
908 DEVICES INC
United States
$331.07M31,711,28458.38%41.62%Net SellingNet Selling
SYK
STRYKER CORP
United States
$107.15B378,429,92945.51%54.49%Net SellingNet Buying
RCEL
AVITA MEDICAL INC
United States
$237.79M25,030,90217.22%3.16%Net SellingNet Buying
APYX
APYX MEDICAL CORP
United States
$124.21M34,597,82260.49%18.83%Net Buying
SONX
SONENDO INC
United States
$127.38M49,756,66641.37%19.24%Net SellingNet Selling
PROF
PROFOUND MEDICAL CORP
Canada
$276.70M20,851,32742.11%0.00%
RPID
RAPID MICRO BIOSYSTEMS INC
United States
$58.79M41,994,28555.13%44.87%Net Buying
OM
OUTSET MEDICAL INC
United States
$1.41B48,307,88086.68%13.32%Net SellingNet Selling
CVRX
CVRX INC
United States
$399.33M20,584,16344.00%56.00%Net BuyingNet Buying
QTRX
QUANTERIX CORP
United States
$552.49M37,054,70562.72%37.28%Net BuyingNet Buying
ASXC
ASENSUS SURGICAL INC
United States
$178.58M236,839,89111.96%67.67%Net Buying
NSPR
INSPIREMD INC
Israel
$10.34M8,335,6060.65%99.35%Net Buying
ZBH
ZIMMER BIOMET HOLDINGS INC
United States
$27.17B209,852,39275.31%24.69%Net SellingNet Selling
HYPR
HYPERFINE INC
United States
$83.28M70,575,73223.36%37.26%Net BuyingNet Buying
MDGS
MEDIGUS LTD
Israel
$8.16M24,591,4700.39%0.00%
TELA
TELA BIO INC
United States
$214.77M19,159,14551.37%48.63%Net Buying
VRAY
VIEWRAY INC
United States
$850.84M181,415,78063.38%36.62%Net BuyingNet Buying
AXGN
AXOGEN INC
United States
$418.64M42,286,59054.62%45.38%Net BuyingNet Buying
SGHT
SIGHT SCIENCES INC
United States
$555.67M48,151,30250.29%48.28%Net BuyingNet Selling
INVO
INVO BIOSCIENCE INC
United States
$7.54M12,165,96410.89%23.04%Net Buying
LNSR
LENSAR INC
United States
$35.05M11,023,30454.42%18.66%Net BuyingNet Buying
PRCT
PROCEPT BIOROBOTICS CORP
United States
$1.75B44,720,04758.10%41.90%Net SellingNet Selling
ELMD
ELECTROMED INC
United States
$93.42M8,485,06420.40%79.60%Net Buying
RBOT
VICARIOUS SURGICAL INC
United States
$360.99M122,369,82332.31%55.95%Net SellingNet Selling
NARI
INARI MEDICAL INC
United States
$3.15B53,652,85078.43%21.57%Net SellingNet Selling
XAIR
BEYOND AIR INC
United States
$216.26M29,911,20719.05%15.38%Net BuyingNet Buying
TMDX
TRANSMEDICS GROUP INC
United States
$2.21B31,924,22074.49%25.51%Net SellingNet Selling
SILK
SILK ROAD MEDICAL INC
United States
$2.09B38,122,54984.79%15.21%Net SellingNet Selling
POCI
PRECISION OPTICS CORPORATION INC
United States
$37.72M5,638,3020.00%100.00%Net Buying
MDXG
MIMEDX GROUP INC
United States
$461.49M113,668,17941.64%58.36%Net BuyingNet Selling
VANI
VIVANI MEDICAL INC
United States
$74.58M50,735,7703.51%96.49%Net BuyingNet Buying
CSII
CARDIOVASCULAR SYSTEMS INC
United States
$616.51M41,882,24653.88%46.12%Net SellingNet Selling
NMTC
NEUROONE MEDICAL TECHNOLOGIES CORP
United States
$23.87M16,238,46410.92%7.14%Net Buying
THMO
THERMOGENESIS HOLDINGS INC
United States
$4.32M1,022,1630.96%99.04%Net Buying
OFIX
ORTHOFIX MEDICAL INC
United States
$450.78M20,007,94680.54%19.46%Net SellingNet Selling
INBS
INTELLIGENT BIO SOLUTIONS INC
United States
$12.37M18,352,9951.85%7.82%Net Selling
AFIB
ACUTUS MEDICAL INC
United States
$50.93M28,452,24736.31%34.69%Net SellingNet Selling
INGN
INOGEN INC
United States
$595.95M22,921,00274.02%25.98%Net SellingNet Selling
RXST
RXSIGHT INC
United States
$385.61M27,721,63232.86%47.10%
BJDX
BLUEJAY DIAGNOSTICS INC
United States
$9.67M20,152,3440.94%63.81%Net Buying
TNDM
TANDEM DIABETES CARE INC
United States
$2.90B64,298,78562.61%37.39%Net BuyingNet Selling
NUWE
NUWELLIS INC
United States
$2.93M315,3167.29%92.71%
IRIX
IRIDEX CORP
United States
$38.53M15,989,62215.64%84.36%Net Selling
ICCM
ICECURE MEDICAL LTD
Israel
$52.12M36,835,5540.18%0.00%
TLIS
TALIS BIOMEDICAL CORP
United States
$33.99M56,645,58922.26%5.17%
SSKN
STRATA SKIN SCIENCES INC
United States
$39.93M34,723,0469.89%90.11%Net Buying
CFMS
CONFORMIS INC
United States
$19.69M7,516,75673.18%26.82%Net Selling
RMED
RA MEDICAL SYSTEMS INC
United States
$6.57M2,161,40640.84%59.16%Net Selling
VVOS
VIVOS THERAPEUTICS INC
United States
$27.15M23,012,1199.23%29.37%Net BuyingNet Buying
APEN
APOLLO ENDOSURGERY INC
United States
$413.84M41,634,16221.20%78.80%Net BuyingNet Buying
CTSO
CYTOSORBENTS CORP
United States
$155.34M43,635,71534.04%60.31%Net BuyingNet Buying
CUTR
CUTERA INC
United States
$710.67M19,615,47879.78%20.22%Net SellingNet Selling
NVNO
ENVVENO MEDICAL CORP
United States
$59.01M9,471,93216.31%83.69%Net Buying
TMCI
TREACE MEDICAL CONCEPTS INC
United States
$1.36B55,501,74243.46%56.54%Net SellingNet Selling
ISO
ISOPLEXIS CORP
United States
$57.39M39,575,98944.90%49.56%Net BuyingNet Buying
SIBN
SI-BONE INC
United States
$631.97M34,496,34553.18%46.82%Net SellingNet Selling
CTKB
CYTEK BIOSCIENCES INC
United States
$1.81B134,853,35945.26%24.06%Net BuyingNet Selling
TBIO
TELESIS BIO INC
United States
$59.93M29,521,75724.47%75.53%Net BuyingNet Buying
CLPT
CLEARPOINT NEURO INC
United States
$241.62M24,554,55715.11%27.97%Net SellingNet Buying
NNOX
NANO-X IMAGING LTD
Israel
$517.25M52,300,00017.49%0.00%
BFLY
BUTTERFLY NETWORK INC
United States
$597.69M200,566,42544.28%41.45%Net BuyingNet Selling
NPCE
NEUROPACE INC
United States
$107.83M24,903,14637.89%62.11%Net BuyingNet Buying
TMDI
TITAN MEDICAL INC
Canada
$97.15M111,664,8233.56%0.00%
NUVA
NUVASIVE INC
United States
$2.51B52,133,96187.54%12.46%Net SellingNet Selling
PEN
PENUMBRA INC
United States
$9.91B37,978,50482.41%11.33%Net SellingNet Selling
KNW
KNOW LABS INC
United States
$66.46M48,156,0621.77%32.01%Net Selling
XTNT
XTANT MEDICAL HOLDINGS INC
United States
$74.00M108,659,38838.59%61.41%Net BuyingNet Selling
SIEN
SIENTRA INC
United States
$19.49M10,099,59155.14%44.86%Net SellingNet Selling
BBLG
BONE BIOLOGICS CORP
United States
$4.44M15,301,9860.27%45.91%

Medical Device Stocks FAQ

What are the best medical device stocks to buy right now in Feb 2023?

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

1. Shockwave Medical (NASDAQ:SWAV)


Shockwave Medical (NASDAQ:SWAV) is the top medical device stock with a Zen Score of 62, which is 32 points higher than the medical device industry average of 30. It passed 21 out of 33 due diligence checks and has strong fundamentals. Shockwave Medical has seen its stock return 30.14% over the past year, overperforming other medical device stocks by 45 percentage points.

Shockwave Medical has an average 1 year price target of $233.43, an upside of 24.62% from Shockwave Medical's current stock price of $187.32.

Shockwave Medical stock has a consensus Buy recommendation according to Wall Street analysts. Of the 7 analysts covering Shockwave Medical, 28.57% have issued a Strong Buy rating, 28.57% have issued a Buy, 28.57% have issued a hold, while 14.29% have issued a Sell rating, and 0% have issued a Strong Sell.

2. Sensus Healthcare (NASDAQ:SRTS)


Sensus Healthcare (NASDAQ:SRTS) is the second best medical device stock with a Zen Score of 61, which is 31 points higher than the medical device industry average of 30. It passed 19 out of 33 due diligence checks and has strong fundamentals. Sensus Healthcare has seen its stock return 7.03% over the past year, overperforming other medical device stocks by 21 percentage points.

Sensus Healthcare has an average 1 year price target of $16.25, an upside of 84.03% from Sensus Healthcare's current stock price of $8.83.

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.

3. Inmode (NASDAQ:INMD)


Inmode (NASDAQ:INMD) is the third best medical device stock with a Zen Score of 55, which is 25 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 -20.51% over the past year, underperforming other medical device stocks by -6 percentage points.

Inmode has an average 1 year price target of $46.00, an upside of 23.52% from Inmode's current stock price of $37.24.

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.

What are the medical device stocks with highest dividends?

Out of 10 medical device stocks that have issued dividends in the past year, the 3 medical device stocks with the highest dividend yields are:

1. Zynex (NASDAQ:ZYXI)


Zynex (NASDAQ:ZYXI) has an annual dividend yield of N/A, which is N/A percentage points lower than the medical device industry average of 3.31%. Zynex's dividend payout is not stable, having dropped more than 10% one times in the last 10 years. Zynex's dividend has not shown consistent growth over the last 10 years.

Zynex's dividend payout ratio of 20.7% indicates that its dividend yield is sustainable for the long-term.

2. Medigus (NASDAQ:MDGS)


Medigus (NASDAQ:MDGS) has an annual dividend yield of 17.17%, which is 14 percentage points higher than the medical device industry average of 3.31%.

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

3. Medtronic (NYSE:MDT)


Medtronic (NYSE:MDT) has an annual dividend yield of 3.07%, which is the same as the medical device industry average of 3.31%. 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 81.1% indicates that its dividend yield is sustainable for the long-term.

Why are medical device stocks down?

Medical device stocks were down -0.72% in the last day, and up 4.83% over the last week.

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

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. Sensus Healthcare (NASDAQ:SRTS)


Sensus Healthcare (NASDAQ:SRTS) is the 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 gained 7.03% in the past year. It has overperformed other stocks in the medical device industry by 21 percentage points.

2. Fonar (NASDAQ:FONR)


Fonar (NASDAQ:FONR) is the second most undervalued medical device stock based on WallStreetZen's Valuation Score. Fonar 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.

Fonar's stock has gained 14.1% in the past year. It has overperformed other stocks in the medical device industry by 28 percentage points.

3. Adapthealth (NASDAQ:AHCO)


Adapthealth (NASDAQ:AHCO) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Adapthealth has a valuation score of 57, which is 32 points higher than the medical device industry average of 25. It passed 4 out of 7 valuation due diligence checks.

Adapthealth's stock has gained 24.42% in the past year. It has overperformed other stocks in the medical device industry by 39 percentage points.

Are medical device stocks a good buy now?

61.19% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 19% 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 59.96x.
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.