Sectors & IndustriesHealthcareMedical Devices

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.

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

Sensus Healthcare (NASDAQ:SRTS) is the top medical device stock with a Zen Score of 63, which is 35 points higher than the medical device industry average of 28. It passed 20 out of 33 due diligence checks and has strong fundamentals. Sensus Healthcare has seen its stock return 143.8% over the past year, overperforming other medical device stocks by 141 percentage points.

Sensus Healthcare has an average 1 year price target of $10.00, an upside of 58.98% from Sensus Healthcare's current stock price of $6.29.

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.

Iradimed (NASDAQ:IRMD) is the second best medical device stock with a Zen Score of 63, which is 35 points higher than the medical device industry average of 28. It passed 25 out of 38 due diligence checks and has strong fundamentals. Iradimed has seen its stock return 15.37% over the past year, overperforming other medical device stocks by 13 percentage points.

Iradimed has an average 1 year price target of $60.00, an upside of 22.03% from Iradimed's current stock price of $49.17.

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

Dexcom (NASDAQ:DXCM) is the third best medical device stock with a Zen Score of 59, which is 31 points higher than the medical device industry average of 28. It passed 20 out of 33 due diligence checks and has strong fundamentals. Dexcom has seen its stock lose -27.78% over the past year, underperforming other medical device stocks by -30 percentage points.

Dexcom has an average 1 year price target of $104.93, an upside of 59.76% from Dexcom's current stock price of $65.68.

Dexcom stock has a consensus Buy recommendation according to Wall Street analysts. Of the 14 analysts covering Dexcom, 50% have issued a Strong Buy rating, 14.29% have issued a Buy, 35.71% 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:

Medtronic (NYSE:MDT) has an annual dividend yield of 3.17%, which is 2 percentage points higher than the medical device industry average of 1.53%. 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 93% indicates that its dividend yield might not be sustainable for the long-term.

Smith & Nephew (NYSE:SNN) has an annual dividend yield of 2.49%, which is 1 percentage points higher than the medical device industry average of 1.53%. Smith & Nephew's dividend payout is not stable, having dropped more than 10% nine times in the last 10 years. Smith & Nephew's dividend has shown consistent growth over the last 10 years.

Smith & Nephew's dividend payout ratio of 107.1% indicates that its dividend yield might not be sustainable for the long-term.

Abbott Laboratories (NYSE:ABT) has an annual dividend yield of 1.92%, which is the same as the medical device industry average of 1.53%. 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 67.9% indicates that its dividend yield is sustainable for the long-term.

Medical device stocks were down -1.46% in the last day, and down -2.16% 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:

Nortech Systems (NASDAQ:NSYS) is the most undervalued medical device stock based on WallStreetZen's Valuation Score. Nortech Systems has a valuation score of 71, which is 57 points higher than the medical device industry average of 14. It passed 5 out of 7 valuation due diligence checks.

Nortech Systems's stock has gained 38.99% in the past year. It has overperformed other stocks in the medical device industry by 36 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 57 points higher than the medical device industry average of 14. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has dropped -46.61% in the past year. It has underperformed other stocks in the medical device industry by -49 percentage points.

Varex Imaging (NASDAQ:VREX) is the third most undervalued medical device stock based on WallStreetZen's Valuation Score. Varex Imaging has a valuation score of 71, which is 57 points higher than the medical device industry average of 14. It passed 5 out of 7 valuation due diligence checks.

Varex Imaging's stock has dropped -39.41% in the past year. It has underperformed other stocks in the medical device industry by -42 percentage points.