Top 10 Medical Devices Stocks to Watch in Nov 2024: Essential Guide for Investors
Nov 21, 2024 03:10What are Medical Devices Stocks?
The Medical Devices sector is a highly innovative and rapidly evolving field that involves the design, manufacture, and sale of equipment used for diagnosing, treating, and preventing diseases. This sector is crucial for enhancing the quality and efficiency of patient care, ranging from basic surgical instruments to complex diagnostic systems and therapeutic devices. With technological advancements and an aging population, the demand for medical devices continues to grow, offering abundant opportunities for investors.
Key Aspects of Medical Devices Stocks
Diagnostic Equipment:
- Involves the development of technologies used for disease detection and health monitoring.
- Examples: Medtronic, Philips, and Boston Scientific.
Therapeutic Devices:
- Includes medical instruments used for disease treatment and condition management.
- Examples: Intuitive Surgical, Edwards Lifesciences, and Abbott Laboratories.
Monitoring and Support Devices:
- Comprises devices used for continuous monitoring of patient health and assisting in treatments.
- Examples: ResMed, Masimo, and DexCom.
10 Top Medical Devices Stocks
Abbott Laboratories(ABT.US)
Company overview
Abbott Laboratories engages in the discovery, development, manufacture, and sale of health care products. It operates through the following business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products. The Diagnostic Products segment markets diagnostic systems and tests for blood banks, hospitals, commercial laboratories, and alternate-care testing sites. The Nutritional Products segment caters to the worldwide sales of adult and pediatric nutritional products. The Medical Devices segment includes electrophysiology, heart failure, vascular and structural heart devices for the treatment of cardiovascular diseases, and diabetes care products for people with diabetes, as well as neuromodulation devices for the management of chronic pain and movement disorders. The company was founded by Wallace Calvin Abbott in 1888 and is headquartered in Abbott Park, IL.
Market value of Abbott Laboratories(ABT.US): US$200.989B
Stock price performance in 2024: +7.39%
What's the latest news:
New Irish Facility: Abbott opens a state-of-the-art global manufacturing facility in Kilkenny, Ireland.
Maintains Buy Rating: Wells Fargo maintains a buy rating for Abbott Laboratories with a target price of $133.
Stock Buy Analysis: Abbott Laboratories is under review for its recent stock performance and earnings projections.
Diversity in Trials: Abbott unveils new recommendations and partnerships to enhance diversity in clinical trials.
Amplatzer Amulet Data: Long-term data on Abbott's Amplatzer Amulet device shows its benefits in stroke prevention.
Stryker Corp(SYK.US)
Company overview
Stryker Corp. is a medical technology company, which engages in the provision of products and services that help improve patient and healthcare outcomes. It operates under the MedSurg and Neurotechnology, and Orthopaedics and Spine segments. The MedSurg and Neurotechnology segment includes surgical equipment and navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment, intensive care disposable products, clinical communication, workflow solutions, products for the treatment of acute ischemic and hemorrhagic stroke, traditional brain, and open skull based surgical procedures, orthobiologic, and biosurgery. The Orthopaedics and Spine segment focuses on implants used in hip and knee joint replacements and trauma and extremity surgeries, and cervical, thoracolumbar, and interbody systems used in spinal injury, deformity, and degenerative therapies. The company was founded by Homer H. Stryker in 1941 and is headquartered in Portage, MI.
Market value of Stryker Corp(SYK.US): US$146.772B
Stock price performance in 2024: +29.45%
What's the latest news:
SurgiCount+ Next Gen: Stryker launches the next generation of SurgiCount+, integrating Triton technology to enhance sponge management and blood loss assessment in hospitals.
Oculan Lighting Unveiled: Stryker unveils the Oculan Lighting Platform, designed to improve surgical visualization and illumination in operating rooms.
Boston Scientific(BSX.US)
Company overview
Boston Scientific Corp. engages in the development, manufacture, and marketing of medical devices that are used in interventional medical procedures. It operates through the MedSurg and Cardiovascular segments. The MedSurg segment includes Endoscopy, Urology, and Neuromodulation. The Cardiovascular segment consists of Cardiology and Peripheral Interventions. The company was founded by John E. Abele and Pete Michael Nicholas on June 29, 1979 and is headquartered in Marlborough, MA.
Market value of Boston Scientific(BSX.US): US$132.674B
Stock price performance in 2024: +55.72%
What's the latest news:
WATCHMAN FLX Trial Success: Boston Scientific's WATCHMAN FLX device shows superior results in the OPTION global clinical trial compared to oral anticoagulants.
Boston Scientific Stock Rises: Boston Scientific attracts investor attention due to profitability and growth prospects.
TD Cowen Maintains Buy Rating: TD Cowen analyst maintains a Buy rating on Boston Scientific with a price target of $100.
Positive WATCHMAN FLX Data: Study shows Boston Scientific's WATCHMAN FLX device reduces bleeding risks post-cardiac ablation better than oral anticoagulants.
Optimistic Buy Rating: Morgan Stanley analyst maintains a Buy rating on Boston Scientific stock based on promising WATCHMAN FLX trial results.
Medtronic(MDT.US)
Company overview
Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment includes products for the diagnosis, treatment, and management of cardiac rhythm disorders and cardiovascular disease. The Neuroscience Portfolio is made up of cranial and spinal technologies, specialty therapies, and neuromodulation divisions. The Medical Surgical Portfolio is comprised of surgical innovations and respiratory, gastrointestinal, and renal divisions. The Diabetes Group segment offers insulin pumps, continuous glucose monitoring systems, and insulin pump consumables. The company was founded in 1949 and is headquartered in Dublin, Ireland.
Market value of Medtronic(MDT.US): US$107.677B
Stock price performance in 2024: +4.48%
What's the latest news:
Stock Dips: Medtronic's stock falls 2.6% despite innovation growth.
Stock Rises: Medtronic's stock climbs 1.78% against market downturn.
Earnings Beat: Medtronic reports a rise in Q2 non-GAAP earnings and revenue.
Hold Rating: Needham maintains a Hold rating on Medtronic.
Analyst Ratings: Analysts update ratings and target prices for Medtronic.
Edwards Lifesciences(EW.US)
Company overview
Edwards Lifesciences Corp. engages in patient-focused medical innovations for heart disease and critical care monitoring. Its products are categorized into four main areas: Transcatheter Aortic Valve Replacement, Transcatheter Mitral and Tricuspid Therapies, Surgical Structural Heart, and Critical Care. It operates through the following geographical segments: United States, Europe, Japan, and Rest of World. The company was founded by Miles Lowell Edwards in 1958 and is headquartered in Irvine, CA.
Market value of Edwards Lifesciences(EW.US): US$40.935B
Stock price performance in 2024: -8.97%
What's the latest news:
Edwards Lifesciences stock rises: Edwards Lifesciences' stock price increased by 3.14% to $69.89 on November 18.
DexCom(DXCM.US)
Company overview
DexCom, Inc. is a medical device company, which engages in the design, development, and commercialization of glucose monitoring systems for ambulatory use by people with diabetes. Its products include Dexcom G6, Dexcom G7, Dexcom Stelo, Dexcom Share, Dexcom Real-Time API, and Dexcom ONE. The company was founded by John F. Burd on May 13, 1999 and is headquartered in San Diego, CA.
Market value of DexCom(DXCM.US): US$28.986B
Stock price performance in 2024: -40.20%
What's the latest news:
Maintains Buy Rating: Wells Fargo maintains a Buy rating on DexCom with a target price of $90.
Strategic Partnership: DexCom enters a strategic partnership with Oura, investing $75M.
Safe Debt Usage: DexCom safely manages its debt, holding $52.7M in net cash.
Oura Valued at $5 Billion: DexCom's deal with Oura values the ring maker at over $5 billion.
Reaffirms Buy Rating: Wells Fargo reaffirms DexCom's Buy rating, maintaining a $90 target price.
Royal Philips(PHG.US)
Company overview
Koninklijke Philips NV is a technology company, which engages in the healthcare, lighting, and consumer well-being markets. It operates through the following segments: Diagnosis and Treatment; Connected Care; Personal Health; and Other. The Diagnosis and Treatment segment consists of systems, smart devices, software, and services, powered by AI-enabled solutions that support precision diagnoses and minimally invasive treatment in therapeutic areas such as cardiology, peripheral vascular, neurology, surgery, and oncology. The Connected Care segment focuses on Hospital Patient Monitoring, Sleep and Respiratory Care, and Enterprise Informatics. The Personal Health segment represents Oral Healthcare business unit, Personal Care business unit, and Mother and Child Care business unit. The Other segment is involved on the Innovation and Strategy, IP Royalties, Central costs, and other small items. The company was founded by Anton Frederik Philips and Gerard Leonard Frederik Philips in 1891 and is headquartered in Amsterdam, the Netherlands.
Market value of Royal Philips(PHG.US): US$24.455B
Stock price performance in 2024: +16.31%
What's the latest news:
Philips Partners with ECU: Philips collaborates with Edith Cowan University to enhance ultrasound training for healthcare professionals.
Philips Competes in Medical Imaging: Philips competes with Siemens and GE in the high-end medical imaging market, holding a dominant position.
Philips Launches New Monitor: Philips introduces a new 27-inch 4K monitor priced at 1099 yuan, featuring eye protection technology.
Zimmer Biomet Holdings(ZBH.US)
Company overview
Zimmer Biomet Holdings, Inc. engages in the design, manufacture, and marketing of orthopedic reconstructive products. The firm also offers sports medicine, biologics, extremities, and trauma products, spine, craniomaxillofacial, and thoracic products, office-based technologies, dental implants, and related surgical products. It operates through the following geographical segments: Americas, Europe Middle East and Africa, and Asia Pacific. The Americas segment consists of the U.S. and includes other North, Central and South American markets. The Europe Middle East and Africa segment includes France, Germany, Italy, Spain, and the United Kingdom. The Asia Pacific segment refers to the key markets such as Japan, China, Australia, New Zealand, Korea, Taiwan, India, Thailand, Singapore, Hong Kong, and Malaysia. The company was founded by Justin O. Zimmer in 1927 and is headquartered in Warsaw, IN.
Market value of Zimmer Biomet Holdings(ZBH.US): US$21.759B
Stock price performance in 2024: -9.62%
What's the latest news:
Low Quant Stock Rank: Zimmer Biomet Holdings ranks low on UBS' list of bottom quant stocks in sectors like AI, IT, and healthcare.
Q3 2024 Earnings: Zimmer Biomet Holdings has released its Q3 2024 earnings, showing growth in revenue and EPS.
CE Mark Certification: Zimmer Biomet's Persona Revision Knee System has received CE Mark certification, expanding its market reach.
Steris PLC(STE.US)
Company overview
STERIS Plc engages in the provision of healthcare and life science products and service solutions. It operates through the following segments: Healthcare, Life Sciences, Applied Sterilization Technologies, and Dental. The Healthcare segment provides a comprehensive offering for healthcare providers worldwide, focused on sterile processing departments and procedural centers, such as operating rooms and endoscopy suites. The Life Sciences segment designs, manufactures, and sells consumable products, equipment maintenance, specialty services, and capital equipment. The Applied Sterilization Technologies segment is involved in contract sterilization and testing services for medical device and pharmaceutical manufacturers. The Dental segment offers a comprehensive offering for dental practitioners and dental schools, offering instruments, infection prevention consumables and instrument management systems. The company was founded in 1985 and is headquartered in Dublin, Ireland.
Market value of Steris PLC(STE.US): US$20.881B
Stock price performance in 2024: -2.85%
What's the latest news:
Analyst Ratings: Multiple analysts maintain a buy rating for Steris PLC with a target price of $265.
Dividend Announcement: Steris PLC goes ex-dividend on November 19, 2024, with a dividend of $0.57 per share.
Quarterly Earnings: Steris PLC reports a 30.43% increase in net profit for Q3 2024, totaling $150 million.
Insulet(PODD.US)
Company overview
Insulet Corp. is a medical device company, which engages in the development, manufacture, and marketing of an insulin infusion system for people with insulin-dependent diabetes. It specializes in diabetes supplies, including the OmniPod System, as well as other diabetes related products and supplies such as blood glucose testing supplies, traditional insulin pumps, pump supplies, and pharmaceuticals. The company was founded by John L. Brooks III and John T. Garibotto in July 2000 and is headquartered in Acton, MA.
Market value of Insulet(PODD.US): US$18.475B
Stock price performance in 2024: +21.38%
What's the latest news:
Strong Q3 Earnings: Insulet reported a 49.33% increase in net profit and a 25.64% rise in revenue for Q3 2024.
Healthcare Conference: Insulet will present at the Wolfe Research Healthcare Conference in New York City.
Omnipod 5 Update: Insulet's Omnipod 5 system is now compatible with Abbott's FreeStyle Libre 2 Plus sensor in the U.S.
Strong Profits, Weak Fundamentals: Despite strong earnings, Insulet's financial fundamentals show concerning details.
Upcoming Investor Conferences: Insulet will present at three upcoming investor conferences.
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