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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
Country
Market Cap
Shares
Institutional %
Insider %
Net Insider (L12M)
Net Insider (L3M)
SMLR
SEMLER SCIENTIFIC INC
United States
$194.34M7,031,08340.20%59.80%Net Buying
INMD
INMODE LTD
Israel
$1.50B83,982,46262.26%0.00%
TCMD
TACTILE SYSTEMS TECHNOLOGY INC
United States
$348.82M23,600,58476.27%23.73%Net SellingNet Selling
VMD
VIEMED HEALTHCARE INC
United States
$317.03M38,756,63659.68%12.53%Net SellingNet Selling
EW
EDWARDS LIFESCIENCES CORP
United States
$54.26B601,000,00079.55%1.16%Net SellingNet Buying
MDT
MEDTRONIC PLC
Ireland
$106.40B1,327,822,53982.10%0.53%Net SellingNet Selling
NSYS
NORTECH SYSTEMS INC
United States
$43.84M2,740,1781.76%98.24%Net Buying
IRMD
IRADIMED CORP
United States
$522.85M12,662,80951.01%41.22%Net Selling
DXCM
DEXCOM INC
United States
$52.48B385,515,42195.53%4.47%Net SellingNet Selling
ALGN
ALIGN TECHNOLOGY INC
United States
$23.66B75,104,13284.67%15.33%Net SellingNet Selling
PODD
INSULET CORP
United States
$12.25B69,925,73080.09%19.91%Net SellingNet Selling
ZBH
ZIMMER BIOMET HOLDINGS INC
United States
$25.53B205,084,02274.93%25.07%Net SellingNet Selling
GMED
GLOBUS MEDICAL INC
United States
$6.99B135,372,39177.48%22.52%Net SellingNet Selling
BRKR
BRUKER CORP
United States
$12.06B137,671,14349.25%50.75%Net SellingNet Selling
ABT
ABBOTT LABORATORIES
United States
$189.33B1,735,184,28975.12%1.14%Net SellingNet Selling
STE
STERIS PLC
Ireland
$20.16B98,814,03595.00%0.91%Net Selling
KIDS
ORTHOPEDIATRICS CORP
United States
$732.15M23,549,49643.14%56.86%Net SellingNet Selling
PEN
PENUMBRA INC
United States
$8.42B38,703,65988.87%11.04%Net SellingNet Selling
QTRX
QUANTERIX CORP
United States
$699.23M38,063,61863.62%36.38%Net BuyingNet Selling
RPID
RAPID MICRO BIOSYSTEMS INC
United States
$40.33M42,497,41347.28%50.76%Net BuyingNet Selling
AXNX
AXONICS INC
United States
$3.45B51,003,42956.63%43.37%Net SellingNet Selling
BWAY
BRAINSWAY LTD
Israel
$85.60M33,242,18913.01%0.00%
SYK
STRYKER CORP
United States
$130.07B380,264,03645.77%54.23%Net SellingNet Selling
SWAV
SHOCKWAVE MEDICAL INC
United States
$12.25B37,396,81679.54%20.46%Net SellingNet Selling
VREX
VAREX IMAGING CORP
United States
$690.00M40,000,00098.75%1.25%Net SellingNet Selling
LFWD
LIFEWARD LTD
Israel
$45.50M8,497,1628.06%91.94%Net Buying
ITGR
INTEGER HOLDINGS CORP
United States
$3.87B33,404,74095.54%4.46%Net SellingNet Selling
ELMD
ELECTROMED INC
United States
$125.12M8,605,22719.72%80.28%Net BuyingNet Buying
SNN
SMITH & NEPHEW PLC
United Kingdom
$10.43B877,672,6433.64%0.00%
BSX
BOSTON SCIENTIFIC CORP
United States
$99.87B1,467,095,62790.84%5.78%Net SellingNet Selling
AXGN
AXOGEN INC
United States
$311.52M43,206,24654.13%45.87%Net SellingNet Selling
NSPR
INSPIREMD INC
Israel
$54.42M23,456,59031.64%68.36%Net Buying
SIBN
SI-BONE INC
United States
$614.74M41,064,51156.69%43.31%Net SellingNet Selling
CVRX
CVRX INC
United States
$360.58M20,927,72936.38%63.62%Net BuyingNet Buying
HYPR
HYPERFINE INC
United States
$71.59M71,950,43314.95%36.66%Net SellingNet Selling
INSP
INSPIRE MEDICAL SYSTEMS INC
United States
$6.86B29,585,10464.68%35.32%Net BuyingNet Selling
CNMD
CONMED CORP
United States
$2.30B30,780,56797.43%2.57%Net BuyingNet Buying
OM
OUTSET MEDICAL INC
United States
$103.54M50,505,68385.44%14.56%Net SellingNet Selling
NURO
NEUROMETRIX INC
United States
$7.41M1,986,5400.64%99.36%Net BuyingNet Buying
LUNG
PULMONX CORP
United States
$304.06M38,537,35686.30%13.70%Net SellingNet Selling
SGHT
SIGHT SCIENCES INC
United States
$287.91M49,553,37133.61%55.04%Net SellingNet Selling
AEMD
AETHLON MEDICAL INC
United States
$3.96M2,620,3990.16%99.84%Net SellingNet Selling
LIVN
LIVANOVA PLC
United Kingdom
$2.86B53,956,15890.86%9.14%Net SellingNet Selling
RXST
RXSIGHT INC
United States
$2.04B36,987,55670.19%29.81%Net SellingNet Selling
MASI
MASIMO CORP
United States
$7.30B52,913,16683.94%16.06%Net BuyingNet Selling
RCEL
AVITA MEDICAL INC
United States
$253.98M25,706,66227.60%3.35%Net BuyingNet Buying
UFPT
UFP TECHNOLOGIES INC
United States
$1.75B7,641,88382.80%17.20%Net SellingNet Selling
PRCT
PROCEPT BIOROBOTICS CORP
United States
$2.58B50,964,21165.48%34.52%Net SellingNet Buying
TMDX
TRANSMEDICS GROUP INC
United States
$3.00B32,715,31677.97%22.03%Net SellingNet Selling
NNOX
NANO-X IMAGING LTD
Israel
$561.03M57,778,62822.32%0.00%
BFLY
BUTTERFLY NETWORK INC
United States
$185.03M208,134,21237.79%44.10%Net SellingNet Selling
NARI
INARI MEDICAL INC
United States
$2.36B57,960,55578.25%21.75%Net SellingNet Selling
CTKB
CYTEK BIOSCIENCES INC
United States
$807.18M130,824,06960.34%21.51%Net SellingNet Selling
SILK
SILK ROAD MEDICAL INC
United States
$712.98M39,174,61983.32%16.68%Net SellingNet Selling
PACB
PACIFIC BIOSCIENCES OF CALIFORNIA INC
United States
$849.41M267,951,88092.99%7.01%Net BuyingNet Buying
NPCE
NEUROPACE INC
United States
$382.65M28,344,63729.57%70.43%Net SellingNet Selling
MASS
908 DEVICES INC
United States
$199.76M32,909,92958.40%41.60%Net SellingNet Selling
CODX
CO-DIAGNOSTICS INC
United States
$37.51M31,259,66814.99%27.92%Net Selling
SRTS
SENSUS HEALTHCARE INC
United States
$55.41M16,394,17115.94%32.93%Net Buying
IART
INTEGRA LIFESCIENCES HOLDINGS CORP
United States
$2.57B78,219,78064.83%35.17%Net SellingNet Selling
MXCT
MAXCYTE INC
United States
$416.51M104,128,65062.67%11.15%Net BuyingNet Buying
NVNO
ENVVENO MEDICAL CORP
United States
$66.45M13,317,00027.51%72.49%Net BuyingNet Buying
IRTC
IRHYTHM TECHNOLOGIES INC
United States
$3.50B30,978,77277.02%22.98%Net SellingNet Selling
ICAD
ICAD INC
United States
$44.85M26,540,03024.44%62.73%
CLPT
CLEARPOINT NEURO INC
United States
$156.73M26,976,28923.33%25.71%Net SellingNet Selling
MOTS
MOTUS GI HOLDINGS INC
United States
$1.32M5,031,3760.73%99.27%
TELA
TELA BIO INC
United States
$121.28M24,649,59547.74%52.26%Net SellingNet Selling
PROF
PROFOUND MEDICAL CORP
Canada
$169.25M21,370,56543.20%0.00%
ECOR
ELECTROCORE INC
United States
$34.46M6,002,6287.07%92.93%Net Buying
QIPT
QUIPT HOME MEDICAL CORP
United States
$161.67M42,102,00043.00%0.00%
ICCM
ICECURE MEDICAL LTD
Israel
$57.16M45,729,6840.62%0.00%
NVCR
NOVOCURE LTD
Jersey
$1.45B107,093,43258.51%41.49%Net BuyingNet Buying
SRDX
SURMODICS INC
United States
$384.37M14,236,00062.61%37.39%Net SellingNet Buying
LNSR
LENSAR INC
United States
$37.38M11,395,05632.17%48.15%Net Buying
TNDM
TANDEM DIABETES CARE INC
United States
$2.20B65,631,04165.59%34.41%Net BuyingNet Selling
AFIB
ACUTUS MEDICAL INC
United States
$5.20M29,715,96223.54%25.01%Net SellingNet Selling
INGN
INOGEN INC
United States
$171.69M23,326,78372.74%27.26%Net SellingNet Selling
MGRM
MONOGRAM ORTHOPAEDICS INC
United States
$98.38M31,633,9950.45%23.64%
TMCI
TREACE MEDICAL CONCEPTS INC
United States
$733.65M61,755,14652.10%47.90%Net Selling
HSCS
HEART TEST LABORATORIES INC
United States
$7.02M65,561,6301.84%1.37%
FNA
PARAGON 28 INC
United States
$849.08M82,837,09217.89%82.11%Net SellingNet Buying
DCTH
DELCATH SYSTEMS INC
United States
$121.59M24,562,69227.18%15.74%Net BuyingNet Buying
XTNT
XTANT MEDICAL HOLDINGS INC
United States
$108.99M130,216,54140.30%59.70%Net SellingNet Selling
INBS
INTELLIGENT BIO SOLUTIONS INC
United States
$6.53M2,147,78920.85%77.09%Net Buying
ATEC
ALPHATEC HOLDINGS INC
United States
$1.84B137,979,12621.40%78.60%Net SellingNet Selling
NMTC
NEUROONE MEDICAL TECHNOLOGIES CORP
United States
$30.60M25,930,92616.63%8.66%Net BuyingNet Selling
THMO
THERMOGENESIS HOLDINGS INC
United States
$2.57M3,136,5040.26%99.74%Net BuyingNet Buying
HSDT
HELIUS MEDICAL TECHNOLOGIES INC
United States
$5.47M887,2950.03%99.97%Net Buying
NAOV
NANOVIBRONIX INC
United States
$2.12M2,784,3543.85%20.26%
INVO
INVO BIOSCIENCE INC
United States
$2.02M2,474,7563.87%96.13%
ASXC
ASENSUS SURGICAL INC
United States
$73.71M271,986,3699.02%60.17%Net SellingNet Selling
CERS
CERUS CORP
United States
$317.24M181,282,72578.26%5.95%Net SellingNet Selling
TBIO
TELESIS BIO INC
United States
$12.34M30,103,28425.19%74.81%Net SellingNet Selling
MYO
MYOMO INC
United States
$84.61M28,487,16833.21%11.64%Net BuyingNet Buying
ZIMV
ZIMVIE INC
United States
$430.63M27,083,83986.28%13.72%Net SellingNet Selling
BMRA
BIOMERICA INC
United States
$13.93M16,821,64622.27%34.05%Net Buying
ANIK
ANIKA THERAPEUTICS INC
United States
$371.25M14,849,94284.64%15.36%Net SellingNet Selling
TLIS
TALIS BIOMEDICAL CORP
United States
$269.33M31,685,6602.51%9.23%
RSLS
RESHAPE LIFESCIENCES INC
United States
$3.87M23,457,0901.86%93.06%Net Buying
SOLV
SOLVENTUM CORP
United States
N/A172,466,0220.00%19.93%

Medical Device Stocks FAQ

What are the best medical device stocks to buy right now in Apr 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 17.57% over the past year, overperforming other medical device stocks by 30 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 -51.44% over the past year, underperforming other medical device stocks by -39 percentage points.

Inmode has an average 1 year price target of $27.00, an upside of 50.67% from Inmode's current stock price of $17.92.

Inmode stock has a consensus Buy recommendation according to Wall Street analysts. Of the 3 analysts covering Inmode, 33.33% have issued a Strong Buy rating, 0% have issued a Buy, 66.67% 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 60, which is 33 points higher than the medical device industry average of 27. It passed 19 out of 33 due diligence checks and has strong fundamentals. Tactile Systems Technology has seen its stock lose -16.64% over the past year, underperforming other medical device stocks by -5 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 3.44%, which is 2 percentage points higher than the medical device industry average of 1.56%. 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 3.16%, which is 2 percentage points higher than the medical device industry average of 1.56%. 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 1.94%, which is the same as the medical device industry average of 1.56%. 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 -1.97% in the last day, and down -2.1% over the last week. Motus Gi Holdings was the among the top losers in the medical devices industry, dropping -37.83% yesterday.

Motus GI Holdings shares are trading lower after the company announced that it does not believe that it will be able to maintain the listing of its common stock on the Nasdaq and that it does not intend to appeal the staff's determination. The company said it is exploring a range of strategic and financing alternatives.

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 17.57% in the past year. It has overperformed other stocks in the medical device industry by 30 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 -51.44% in the past year. It has underperformed other stocks in the medical device industry by -39 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 86, which is 71 points higher than the medical device industry average of 15. It passed 6 out of 7 valuation due diligence checks.

Tactile Systems Technology's stock has dropped -16.64% in the past year. It has underperformed other stocks in the medical device industry by -5 percentage points.

Are medical device stocks a good buy now?

44.44% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 17.37% 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 29.43x.
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.