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:

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.

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.

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.

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:

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.

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.

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.

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.

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

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.

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.

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.