Operating leverage at work
Revenue growing +28.3% YoY vs OpEx -0.1% - 28.4pp operating leverage (OpMargin: -45093.7%)
Analyze MedTech through installed-base economics, consumable mix, and cash conversion rather than generic healthcare averages.
MedTech is often a razor-and-blade business. Capital equipment placements create a recurring stream of consumables, reagents, service contracts, and replacement demand, so the real economic questions sit in gross-margin quality, commercial execution, and free-cash-flow conversion. The StatsAlpha(TM) MedTech framework reads medical devices, instruments, and diagnostics companies through installed-base expansion, pricing power, operating leverage, acquisition-aware balance-sheet analysis, and durable moat signals. It is designed for informational analysis, not investment advice.
A quick read on where this framework looks strongest today.
Top slices selected from the strongest data already available for this industry.
Recurring storylines, tone distribution, and representative beats pulled from active companies inside this setup.
Revenue growing +28.3% YoY vs OpEx -0.1% - 28.4pp operating leverage (OpMargin: -45093.7%)
Revenue growing +17.0% YoY vs OpEx +0.2% - 16.8pp operating leverage (OpMargin: 32.2%)
Trading at 334.9x EV/EBITDA (-28004% premium to sector median -1.2x), but justified by 98.0pp ROIC-WACC spread (ROIC 137.7% vs WACC 39.7%).
For informational purposes only. Not investment advice.
Metrics that recur most often across stronger operators in this framework.
Healthcare: MedTech (Devices & Supplies)
This framework uses all three Trade-Off Ledger axes with industry-specific weights.
Each axis sets a minimum evidence threshold. Higher coverage means the framework needs more supporting signals before the lens is treated as dependable.
Coverage thresholds and enabled metrics across the core trade-off axes.
Median and interquartile range across 279 companies in this framework.
Interquartile ranges show where the middle half of companies cluster, with the median pin marking the center of gravity for each pillar.
Scan the full company universe mapped into the Medical Devices & Diagnostics framework using live search across company name, ticker, and industry.
| Company | Market Cap | Score | Price | Strongest Pillar |
|---|---|---|---|---|
|
Diagnostics & Research
|
187.95B
|
63.7
Composite
|
$505.75
|
Profitability
75.1
|
|
Medical Devices
|
162.41B
|
70.3
Composite
|
$93.24
|
Profitability
82.6
|
|
Medical Instruments & Supplies
|
141.56B
|
70.5
Composite
|
$399.69
|
Profitability
87.7
|
|
Diagnostics & Research
|
136.75B
|
66.4
Composite
|
$193.21
|
Profitability
76.4
|
|
Medical Devices
|
121.18B
|
72.1
Composite
|
$316.11
|
Profitability
83.7
|
|
MDT
Medtronic plc.
Medical Devices
|
103.07B
|
70.4
Composite
|
$80.52
|
Valuation
79.6
|
|
Medical Devices
|
65.70B
|
71.4
Composite
|
$44.20
|
Profitability
82.9
|
|
Medical Devices
|
51.66B
|
66.9
Composite
|
$89.72
|
Profitability
84.9
|
|
Diagnostics & Research
|
43.78B
|
68.9
Composite
|
$554.94
|
Profitability
84.7
|
|
Medical Instruments & Supplies
|
41.71B
|
64.2
Composite
|
$151.38
|
Valuation
75.6
|
|
Diagnostics & Research
|
38.27B
|
63.6
Composite
|
$135.51
|
Valuation
78.5
|
|
NTRA
Natera, Inc.
Diagnostics & Research
|
37.34B
|
51.7
Composite
|
$260.74
|
Efficiency
62.4
|
|
Diagnostics & Research
|
37.01B
|
68.9
Composite
|
$376.89
|
Profitability
80.2
|
|
ALC
Alcon Inc.
Medical Instruments & Supplies
|
33.59B
|
62.8
Composite
|
$68.13
|
Profitability
72.6
|
|
Diagnostics & Research
|
31.12B
|
66.2
Composite
|
$186.43
|
Profitability
74.5
|
|
RMD
ResMed Inc.
Medical Instruments & Supplies
|
28.81B
|
69.2
Composite
|
$198.60
|
Profitability
82.3
|
|
ILMN
Illumina, Inc.
Diagnostics & Research
|
26.88B
|
66.5
Composite
|
$177.65
|
Profitability
81.2
|
|
DXCM
DexCom, Inc.
Medical Devices
|
26.49B
|
75.0
Composite
|
$68.65
|
Profitability
88.0
|
|
Medical Devices
|
25.94B
|
66.1
Composite
|
$27.29
|
Profitability
76.5
|
|
Diagnostics & Research
|
25.13B
|
59.7
Composite
|
$1,243.42
|
Profitability
79.3
|
|
Medical Instruments & Supplies
|
24.48B
|
64.1
Composite
|
$346.56
|
Profitability
77.2
|
|
Diagnostics & Research
|
22.83B
|
66.6
Composite
|
$206.24
|
Profitability
75.2
|
|
Diagnostics & Research
|
21.84B
|
64.6
Composite
|
$266.34
|
Profitability
71.2
|
|
Medical Devices
|
20.52B
|
71.1
Composite
|
$210.60
|
Valuation
83.0
|
|
Diagnostics & Research
|
20.03B
|
58.5
Composite
|
$104.91
|
Efficiency
70.7
|
|
Diagnostics & Research
|
18.95B
|
39.4
Composite
|
$142.94
|
Profitability
54.0
|
|
Medical Devices
|
17.60B
|
67.4
Composite
|
$90.96
|
Profitability
81.2
|
|
HOLX
Hologic, Inc.
Medical Instruments & Supplies
|
16.97B
|
63.4
Composite
|
$76.01
|
Valuation
77.7
|
|
Diagnostics & Research
|
14.85B
|
66.8
Composite
|
$519.96
|
Profitability
84.2
|
|
Medical Instruments & Supplies
|
13.78B
|
58.8
Composite
|
$70.64
|
Profitability
74.9
|
|
Medical Devices
|
13.26B
|
71.7
Composite
|
$30.22
|
Profitability
83.3
|
|
RVTY
Revvity, Inc.
Diagnostics & Research
|
12.67B
|
60.8
Composite
|
$113.53
|
Profitability
71.0
|
|
Medical Instruments & Supplies
|
12.58B
|
64.5
Composite
|
$175.71
|
Profitability
79.2
|
|
PEN
Penumbra, Inc.
Medical Devices
|
12.48B
|
69.3
Composite
|
$317.40
|
Profitability
82.3
|
|
ICLR
ICON plc
Diagnostics & Research
|
12.32B
|
56.8
Composite
|
$160.96
|
Profitability
69.1
|
|
GMED
Globus Medical, Inc.
Medical Devices
|
11.49B
|
71.4
Composite
|
$84.65
|
Profitability
84.3
|
|
Medical Instruments & Supplies
|
11.13B
|
50.1
Composite
|
$21.55
|
Profitability
54.6
|
|
PODD
Insulet Corporation
Medical Devices
|
10.65B
|
68.9
Composite
|
$153.82
|
Profitability
83.4
|
|
Diagnostics & Research
|
10.25B
|
57.8
Composite
|
$212.71
|
Profitability
64.4
|
|
MASI
Masimo Corporation
Medical Devices
|
9.42B
|
54.5
Composite
|
$179.95
|
Profitability
68.0
|
|
BRKR
Bruker Corporation
Medical Devices
|
9.27B
|
61.5
Composite
|
$60.89
|
Profitability
76.0
|
|
GKOS
Glaukos Corporation
Medical Devices
|
8.37B
|
48.2
Composite
|
$142.57
|
Profitability
61.9
|
|
RGEN
Repligen Corporation
Medical Instruments & Supplies
|
8.19B
|
64.6
Composite
|
$145.23
|
Valuation
69.8
|
|
ATR
AptarGroup, Inc.
Medical Instruments & Supplies
|
8.07B
|
65.3
Composite
|
$126.43
|
Profitability
76.4
|
|
QGEN
Qiagen N.V.
Diagnostics & Research
|
8.05B
|
64.1
Composite
|
$38.94
|
Profitability
74.6
|
|
Medical Devices
|
7.98B
|
65.9
Composite
|
$298.29
|
Profitability
81.6
|
|
Medical Devices
|
7.16B
|
65.9
Composite
|
$296.49
|
Profitability
81.7
|
|
AVTR
Avantor, Inc.
Medical Instruments & Supplies
|
6.88B
|
50.1
Composite
|
$10.08
|
Efficiency
59.4
|
|
Diagnostics & Research
|
6.02B
|
43.0
Composite
|
$96.65
|
Profitability
54.2
|
|
Medical Instruments & Supplies
|
5.67B
|
54.7
Composite
|
$15.91
|
Health
60.8
|
|
Medical Instruments & Supplies
|
5.66B
|
37.8
Composite
|
$127.79
|
Health
48.0
|
|
Medical Instruments & Supplies
|
5.02B
|
58.8
Composite
|
$18.39
|
Valuation
70.5
|
|
Diagnostics & Research
|
4.88B
|
64.6
Composite
|
$17.10
|
Valuation
71.0
|
|
RDNT
RadNet, Inc.
Diagnostics & Research
|
4.72B
|
61.2
Composite
|
$60.01
|
Valuation
67.4
|
|
VCYT
Veracyte, Inc.
Diagnostics & Research
|
4.67B
|
62.1
Composite
|
$58.55
|
Profitability
70.5
|
|
LIVN
LivaNova PLC
Medical Devices
|
4.45B
|
53.7
Composite
|
$81.05
|
Profitability
67.1
|
|
Medical Instruments & Supplies
|
4.34B
|
57.4
Composite
|
$26.64
|
Efficiency
65.3
|
|
Medical Instruments & Supplies
|
4.23B
|
61.5
Composite
|
$70.83
|
Profitability
69.3
|
|
Medical Devices
|
3.81B
|
64.4
Composite
|
$115.99
|
Profitability
69.5
|
|
ICUI
ICU Medical, Inc.
Medical Instruments & Supplies
|
3.71B
|
56.1
Composite
|
$148.83
|
Efficiency
62.8
|
|
Medical Instruments & Supplies
|
3.53B
|
65.0
Composite
|
$77.62
|
Valuation
71.1
|
|
WRBY
Warby Parker Inc.
Medical Instruments & Supplies
|
3.37B
|
61.7
Composite
|
$27.50
|
Valuation
73.7
|
|
Medical Devices
|
3.16B
|
62.5
Composite
|
$93.12
|
Profitability
77.2
|
|
GRAL
GRAIL, Inc.
Diagnostics & Research
|
2.86B
|
37.4
Composite
|
$66.57
|
Growth
51.7
|
|
Medical Devices
|
2.69B
|
73.2
Composite
|
$77.75
|
Profitability
85.0
|
|
Medical Devices
|
2.62B
|
47.1
Composite
|
$89.07
|
Profitability
56.3
|
|
AXGN
AxoGen, Inc.
Medical Devices
|
2.37B
|
62.9
Composite
|
$44.49
|
Valuation
73.3
|
|
XRAY
DENTSPLY SIRONA Inc.
Medical Instruments & Supplies
|
2.16B
|
49.6
Composite
|
$10.78
|
Profitability
55.9
|
|
Medical Instruments & Supplies
|
2.15B
|
68.2
Composite
|
$93.93
|
Profitability
77.5
|
|
Medical Devices
|
2.10B
|
49.2
Composite
|
$8.02
|
Efficiency
55.7
|
|
NEOG
Neogen Corporation
Diagnostics & Research
|
2.07B
|
53.8
Composite
|
$9.51
|
Valuation
75.9
|
|
Diagnostics & Research
|
2.04B
|
64.0
Composite
|
$68.67
|
Valuation
74.7
|
|
Medical Devices
|
1.96B
|
69.4
Composite
|
$252.73
|
Profitability
82.5
|
|
Medical Instruments & Supplies
|
1.90B
|
29.5
Composite
|
$27.50
|
Efficiency
40.7
|
|
Diagnostics & Research
|
1.79B
|
48.1
Composite
|
$13.73
|
Profitability
54.1
|
|
NVCR
NovoCure Limited
Medical Devices
|
1.74B
|
52.5
Composite
|
$15.05
|
Profitability
59.6
|
|
Medical Instruments & Supplies
|
1.55B
|
36.7
Composite
|
$31.21
|
Profitability
42.9
|
|
CDNA
CareDx, Inc.
Diagnostics & Research
|
1.44B
|
53.1
Composite
|
$27.85
|
Efficiency
66.4
|
|
ATRC
AtriCure, Inc.
Medical Instruments & Supplies
|
1.42B
|
58.1
Composite
|
$28.13
|
Efficiency
81.1
|
|
Medical Devices
|
1.41B
|
47.9
Composite
|
$18.10
|
Efficiency
58.4
|
|
Medical Devices
|
1.36B
|
55.2
Composite
|
$8.83
|
Health
63.8
|
|
Medical Instruments & Supplies
|
1.34B
|
60.5
Composite
|
$27.50
|
Growth
73.1
|
|
AHCO
AdaptHealth Corp.
Medical Devices
|
1.33B
|
63.2
Composite
|
$10.02
|
Profitability
75.3
|
|
PSNL
Personalis, Inc.
Diagnostics & Research
|
1.32B
|
36.7
Composite
|
$12.59
|
Growth
45.7
|
|
Medical Devices
|
1.25B
|
73.4
Composite
|
$43.45
|
Profitability
86.3
|
|
Medical Devices
|
1.22B
|
53.6
Composite
|
$21.49
|
Profitability
63.2
|
|
IRMD
iRadimed Corporation
Medical Devices
|
1.20B
|
74.1
Composite
|
$93.87
|
Profitability
87.1
|
|
AVNS
Avanos Medical, Inc.
Medical Devices
|
1.17B
|
57.0
Composite
|
$24.90
|
Efficiency
68.8
|
|
Diagnostics & Research
|
1.14B
|
36.9
Composite
|
$1.51
|
Profitability
48.9
|
|
AZTA
Azenta, Inc.
Medical Instruments & Supplies
|
1.14B
|
46.5
Composite
|
$24.63
|
Efficiency
57.3
|
|
AORT
Artivion, Inc.
Medical Devices
|
1.10B
|
65.1
Composite
|
$22.66
|
Profitability
75.9
|
|
Medical Devices
|
1.08B
|
51.6
Composite
|
$15.76
|
Efficiency
63.4
|
|
CNMD
CONMED Corporation
Medical Devices
|
1.04B
|
67.5
Composite
|
$34.56
|
Profitability
77.1
|
|
Medical Instruments & Supplies
|
961.74M
|
25.9
Composite
|
$9.88
|
Growth
40.2
|
|
INMD
InMode Ltd.
Medical Devices
|
938.34M
|
67.9
Composite
|
$14.81
|
Profitability
81.7
|
|
Medical Devices
|
921.90M
|
47.1
Composite
|
$13.52
|
Efficiency
71.9
|
|
CBLL
CeriBell, Inc.
Medical Devices
|
748.61M
|
49.8
Composite
|
$19.73
|
Profitability
60.9
|
|
SIBN
SI-BONE, Inc.
Medical Devices
|
743.29M
|
52.0
Composite
|
$16.76
|
Profitability
71.2
|
|
BBNX
Beta Bionics, Inc.
Medical Devices
|
708.98M
|
51.4
Composite
|
$15.91
|
Growth
56.9
|
|
Diagnostics & Research
|
694.86M
|
53.7
Composite
|
$22.91
|
Efficiency
73.9
|
|
Diagnostics & Research
|
685.75M
|
35.4
Composite
|
$4.91
|
Efficiency
50.2
|
|
BVS
Bioventus Inc.
Medical Devices
|
659.19M
|
63.2
Composite
|
$9.73
|
Profitability
78.3
|
|
Medical Devices
|
631.60M
|
68.9
Composite
|
$28.00
|
Profitability
79.2
|
|
BWAY
Brainsway Ltd.
Medical Devices
|
590.59M
|
68.2
Composite
|
$14.54
|
Profitability
80.8
|
|
MOVE
Movano Inc.
Medical Devices
|
579.88M
|
28.0
Composite
|
$21.72
|
Efficiency
44.5
|
|
Medical Devices
|
577.27M
|
44.9
Composite
|
$4.47
|
Profitability
63.2
|
|
CERS
Cerus Corporation
Medical Devices
|
573.06M
|
57.0
Composite
|
$2.86
|
Profitability
67.2
|
|
ANGO
AngioDynamics, Inc.
Medical Instruments & Supplies
|
569.38M
|
51.0
Composite
|
$13.66
|
Valuation
73.5
|
|
NPCE
Neuropace, Inc.
Medical Devices
|
557.77M
|
51.9
Composite
|
$16.36
|
Profitability
64.9
|
|
Diagnostics & Research
|
552.10M
|
42.9
Composite
|
$19.44
|
Profitability
57.0
|
|
Medical Devices
|
538.61M
|
45.3
Composite
|
$17.96
|
Profitability
53.1
|
|
Diagnostics & Research
|
512.85M
|
38.0
Composite
|
$5.43
|
Efficiency
55.0
|
|
Medical Devices
|
503.94M
|
48.3
Composite
|
$19.62
|
Profitability
68.0
|
|
Medical Devices
|
496.96M
|
44.0
Composite
|
$1.60
|
Efficiency
51.3
|
|
Medical Devices
|
448.16M
|
61.7
Composite
|
$11.69
|
Profitability
81.0
|
|
Medical Devices
|
433.20M
|
55.4
Composite
|
$10.29
|
Profitability
69.5
|
|
Medical Devices
|
425.31M
|
70.3
Composite
|
$12.32
|
Growth
85.7
|
|
Medical Devices
|
376.30M
|
50.1
Composite
|
$9.31
|
Profitability
64.3
|
|
Medical Devices
|
342.14M
|
40.5
Composite
|
$3.00
|
Efficiency
48.2
|
|
MASS
908 Devices Inc.
Medical Devices
|
339.57M
|
52.5
Composite
|
$8.98
|
Profitability
73.4
|
|
Diagnostics & Research
|
332.36M
|
38.7
Composite
|
$19.75
|
Profitability
45.1
|
|
ELMD
Electromed, Inc.
Medical Devices
|
331.62M
|
72.2
Composite
|
$40.05
|
Valuation
82.2
|
|
Medical Instruments & Supplies
|
303.62M
|
31.9
Composite
|
$4.41
|
Efficiency
49.8
|
|
SGHT
Sight Sciences, Inc.
Medical Devices
|
297.08M
|
48.3
Composite
|
$5.46
|
Profitability
54.9
|
|
Medical Devices
|
288.91M
|
39.7
Composite
|
$0.74
|
Profitability
49.9
|
|
Medical Devices
|
288.68M
|
45.2
Composite
|
$4.45
|
Efficiency
62.2
|
|
Medical Devices
|
281.37M
|
37.7
Composite
|
$5.39
|
Health
48.6
|
|
Medical Devices
|
268.39M
|
43.8
Composite
|
$4.37
|
Profitability
55.4
|
|
Medical Devices
|
243.79M
|
0.0
Composite
|
$6.00
|
No pillar score
-
|
|
Medical Devices
|
229.15M
|
41.2
Composite
|
$6.37
|
Growth
50.1
|
|
Medical Instruments & Supplies
|
212.92M
|
61.4
Composite
|
$66.87
|
Profitability
80.1
|
|
RXST
RxSight, Inc.
Medical Devices
|
212.36M
|
45.5
Composite
|
$5.13
|
Profitability
65.3
|
|
SMTI
Sanara MedTech Inc.
Medical Instruments & Supplies
|
211.90M
|
41.3
Composite
|
$23.12
|
Health
54.3
|
|
PDEX
Pro-Dex, Inc.
Medical Instruments & Supplies
|
208.69M
|
57.5
Composite
|
$65.31
|
Profitability
65.8
|
|
BDSX
Biodesix, Inc.
Diagnostics & Research
|
202.58M
|
34.1
Composite
|
$20.04
|
Growth
43.8
|
|
Medical Devices
|
198.40M
|
37.0
Composite
|
$1.04
|
Growth
56.0
|
|
Medical Instruments & Supplies
|
196.59M
|
48.7
Composite
|
$4.28
|
Efficiency
57.8
|
|
Medical Devices
|
186.69M
|
40.5
Composite
|
$0.86
|
Health
48.7
|
|
EMBC
Embecta Corp.
Medical Instruments & Supplies
|
184.51M
|
54.0
Composite
|
$3.11
|
Profitability
65.3
|
|
INGN
Inogen, Inc
Medical Devices
|
183.60M
|
54.9
Composite
|
$6.78
|
Profitability
69.7
|
|
Medical Instruments & Supplies
|
182.64M
|
61.0
Composite
|
$9.05
|
Efficiency
69.5
|
|
Medical Devices
|
177.10M
|
43.5
Composite
|
$3.76
|
Profitability
49.5
|
|
Medical Devices
|
174.61M
|
48.7
Composite
|
$4.17
|
Profitability
59.4
|
|
HYPR
Hyperfine, Inc.
Medical Devices
|
167.77M
|
39.6
Composite
|
$1.69
|
Efficiency
60.6
|
|
Medical Devices
|
161.90M
|
64.6
Composite
|
$3.65
|
Profitability
74.7
|
|
STXS
Stereotaxis, Inc.
Medical Instruments & Supplies
|
158.33M
|
34.5
Composite
|
$1.62
|
Growth
47.9
|
|
OWLT
Owlet, Inc.
Medical Devices
|
154.87M
|
43.5
Composite
|
$5.34
|
Profitability
49.0
|
|
CVRX
CVRx, Inc.
Medical Devices
|
139.31M
|
48.7
Composite
|
$5.25
|
Profitability
52.1
|
|
MXCT
MaxCyte, Inc.
Medical Devices
|
136.04M
|
50.5
Composite
|
$1.27
|
Profitability
64.7
|
|
FONR
Fonar Corporation
Diagnostics & Research
|
125.10M
|
55.7
Composite
|
$19.09
|
Valuation
67.7
|
|
RCEL
Avita Medical, Inc.
Medical Devices
|
120.64M
|
39.3
Composite
|
$3.92
|
Efficiency
57.4
|
|
Medical Instruments & Supplies
|
118.90M
|
40.4
Composite
|
$1.77
|
Growth
56.8
|
|
XGN
Exagen Inc.
Diagnostics & Research
|
112.10M
|
43.7
Composite
|
$4.64
|
Profitability
51.1
|
|
Medical Devices
|
90.61M
|
32.9
Composite
|
$5.55
|
Efficiency
38.4
|
|
STIM
Neuronetics, Inc.
Diagnostics & Research
|
88.38M
|
41.1
Composite
|
$1.27
|
Health
50.7
|
|
Medical Devices
|
87.00M
|
36.1
Composite
|
$1.49
|
Efficiency
65.4
|
|
Medical Devices
|
85.98M
|
32.4
Composite
|
$1.90
|
Valuation
51.9
|
|
Medical Devices
|
85.09M
|
43.1
Composite
|
$4.59
|
Health
54.9
|
|
Diagnostics & Research
|
84.54M
|
37.8
Composite
|
$1.04
|
Profitability
47.0
|
|
Medical Devices
|
84.01M
|
34.9
Composite
|
$1.70
|
Efficiency
46.3
|
|
Diagnostics & Research
|
83.84M
|
42.0
Composite
|
$7.95
|
Profitability
54.3
|
|
LNSR
LENSAR, Inc.
Medical Devices
|
74.32M
|
43.5
Composite
|
$6.14
|
Profitability
62.6
|
|
NYXH
Nyxoah SA
Medical Instruments & Supplies
|
73.37M
|
29.6
Composite
|
$1.63
|
Efficiency
49.7
|
|
Medical Devices
|
70.49M
|
41.3
Composite
|
$1.80
|
Valuation
50.4
|
|
Medical Instruments & Supplies
|
61.30M
|
24.9
Composite
|
$11.80
|
Efficiency
47.2
|
|
NNOX
NANO-X IMAGING LTD
Medical Devices
|
61.20M
|
39.4
Composite
|
$0.88
|
Efficiency
59.9
|
|
Medical Instruments & Supplies
|
60.14M
|
56.9
Composite
|
$10.32
|
Growth
72.4
|
|
ECOR
electroCore, Inc.
Medical Devices
|
59.60M
|
37.0
Composite
|
$7.19
|
Profitability
48.6
|
|
Medical Devices
|
59.12M
|
64.3
Composite
|
$0.42
|
Profitability
74.0
|
|
Medical Instruments & Supplies
|
56.09M
|
35.5
Composite
|
$5.09
|
Growth
44.1
|
|
MDAI
Spectral AI, Inc.
Medical Devices
|
53.15M
|
41.7
Composite
|
$1.67
|
Profitability
50.1
|
|
COCH
Envoy Medical, Inc.
Medical Devices
|
51.73M
|
35.0
Composite
|
$0.67
|
Valuation
42.0
|
|
Medical Instruments & Supplies
|
50.79M
|
27.7
Composite
|
$1.20
|
Growth
43.3
|
|
Medical Devices
|
48.60M
|
53.3
Composite
|
$2.95
|
Profitability
64.6
|
|
Medical Devices
|
46.60M
|
59.3
Composite
|
$16.67
|
Profitability
69.6
|
|
ZTEK
Zentek Ltd.
Medical Instruments & Supplies
|
44.60M
|
36.5
Composite
|
$0.39
|
Growth
54.9
|
|
ELUT
Elutia, Inc.
Medical Devices
|
41.91M
|
41.2
Composite
|
$0.95
|
Health
57.8
|
|
MYO
Myomo Inc.
Medical Devices
|
41.73M
|
41.5
Composite
|
$1.08
|
Profitability
53.2
|
|
Diagnostics & Research
|
40.10M
|
42.3
Composite
|
$10.85
|
Profitability
57.5
|
|
PRPO
Precipio, Inc.
Diagnostics & Research
|
39.84M
|
60.2
Composite
|
$22.41
|
Valuation
69.8
|
|
ARAY
Accuray Incorporated
Medical Devices
|
37.74M
|
49.8
Composite
|
$0.32
|
Health
63.8
|
|
NEPH
Nephros, Inc.
Medical Instruments & Supplies
|
35.50M
|
61.0
Composite
|
$3.27
|
Growth
74.8
|
|
TELA
TELA Bio, Inc.
Medical Devices
|
33.13M
|
40.0
Composite
|
$0.74
|
Health
49.1
|
|
PAVM
PAVmed Inc.
Medical Devices
|
31.14M
|
41.0
Composite
|
$4.35
|
Profitability
50.2
|
|
NSPR
InspireMD Inc.
Medical Devices
|
30.68M
|
38.9
Composite
|
$0.66
|
Efficiency
53.1
|
|
Medical Devices
|
30.50M
|
39.0
Composite
|
$0.99
|
Profitability
50.7
|
|
Medical Devices
|
28.89M
|
44.6
Composite
|
$0.46
|
Profitability
52.3
|
|
Medical Instruments & Supplies
|
28.36M
|
28.7
Composite
|
$0.32
|
Efficiency
59.6
|
|
Medical Devices
|
27.80M
|
49.9
Composite
|
$3.20
|
Profitability
57.9
|
|
Medical Instruments & Supplies
|
26.88M
|
40.9
Composite
|
$5.96
|
Efficiency
60.3
|
|
MDXH
MDxHealth SA
Diagnostics & Research
|
23.35M
|
42.7
Composite
|
$0.46
|
Profitability
55.8
|
|
Medical Devices
|
22.29M
|
39.6
Composite
|
$4.12
|
Efficiency
54.5
|
|
Medical Instruments & Supplies
|
20.81M
|
32.0
Composite
|
$0.70
|
Profitability
42.5
|
|
IRIX
IRIDEX Corporation
Medical Devices
|
20.54M
|
47.3
Composite
|
$1.18
|
Profitability
66.5
|
|
ICCM
IceCure Medical Ltd.
Medical Devices
|
19.70M
|
36.7
Composite
|
$7.02
|
Health
50.4
|
|
LFWD
Lifeward Ltd.
Medical Devices
|
19.50M
|
32.2
Composite
|
$6.93
|
Profitability
35.7
|
|
Medical Instruments & Supplies
|
18.16M
|
53.5
Composite
|
$2.32
|
Profitability
63.6
|
|
AIMD
Ainos, Inc.
Medical Devices
|
15.30M
|
32.3
Composite
|
$1.80
|
Efficiency
43.2
|
|
Medical Devices
|
13.82M
|
36.6
Composite
|
$0.62
|
Health
53.5
|
|
Medical Instruments & Supplies
|
12.85M
|
32.9
Composite
|
$1.12
|
Efficiency
46.7
|
|
CODX
Co-Diagnostics, Inc.
Medical Devices
|
11.16M
|
38.6
Composite
|
$3.05
|
Valuation
47.3
|
|
FEMY
Femasys Inc.
Medical Instruments & Supplies
|
10.87M
|
31.2
Composite
|
$3.60
|
Growth
55.0
|
|
VNRX
VolitionRX Limited
Medical Devices
|
10.70M
|
36.7
Composite
|
$1.29
|
Efficiency
55.0
|
|
HSCS
HeartSciences Inc.
Medical Devices
|
9.53M
|
38.2
Composite
|
$2.99
|
Health
47.4
|
|
XWEL
XWELL, Inc.
Diagnostics & Research
|
8.78M
|
30.7
Composite
|
$1.04
|
Profitability
46.0
|
|
Medical Devices
|
8.03M
|
33.8
Composite
|
$1.86
|
Valuation
49.5
|
|
Medical Devices
|
7.40M
|
37.0
Composite
|
$11.05
|
Efficiency
50.5
|
|
TRIB
Trinity Biotech plc
Medical Devices
|
7.07M
|
34.2
Composite
|
$0.35
|
Profitability
48.8
|
|
Medical Devices
|
7.02M
|
37.7
Composite
|
$0.34
|
Efficiency
54.9
|
|
Medical Devices
|
6.41M
|
27.9
Composite
|
$0.20
|
Efficiency
42.6
|
|
XAIR
Beyond Air, Inc.
Medical Devices
|
6.30M
|
40.4
Composite
|
$0.48
|
Growth
51.7
|
|
Medical Devices
|
6.03M
|
32.9
Composite
|
$0.43
|
Profitability
35.5
|
|
PTHL
Pheton Holdings Ltd
Medical Devices
|
6.01M
|
42.7
Composite
|
$0.30
|
Profitability
53.4
|
|
TNON
Tenon Medical, Inc.
Medical Devices
|
5.70M
|
38.2
Composite
|
$0.49
|
Efficiency
62.2
|
|
Diagnostics & Research
|
5.46M
|
25.5
Composite
|
$4.30
|
Efficiency
53.6
|
|
BMRA
Biomerica, Inc.
Medical Devices
|
5.40M
|
41.4
Composite
|
$1.75
|
Profitability
51.8
|
|
Medical Devices
|
5.14M
|
37.3
Composite
|
$2.15
|
Efficiency
61.2
|
|
NXGL
NexGel, Inc
Medical Instruments & Supplies
|
4.70M
|
33.5
Composite
|
$0.52
|
Growth
42.1
|
|
MYNZ
Mainz Biomed N.V.
Diagnostics & Research
|
4.28M
|
27.2
Composite
|
$0.34
|
Efficiency
50.0
|
|
Diagnostics & Research
|
3.81M
|
26.2
Composite
|
$0.84
|
Growth
47.6
|
|
ISPC
iSpecimen Inc.
Diagnostics & Research
|
3.69M
|
27.6
Composite
|
$2.57
|
Efficiency
59.8
|
|
Medical Devices
|
3.47M
|
40.5
Composite
|
$6.38
|
Growth
58.3
|
|
Medical Devices
|
3.42M
|
33.5
Composite
|
$3.31
|
Growth
45.9
|
|
Medical Devices
|
3.26M
|
31.2
Composite
|
$1.21
|
Efficiency
46.4
|
|
BBLG
Bone Biologics Corp
Medical Devices
|
2.41M
|
51.9
Composite
|
$1.34
|
Growth
76.3
|
|
Medical Devices
|
2.11M
|
38.3
Composite
|
$0.89
|
Health
40.9
|
|
GCTK
GlucoTrack, Inc.
Medical Instruments & Supplies
|
2.07M
|
29.5
Composite
|
$0.33
|
Growth
47.1
|
|
Medical Devices
|
1.73M
|
37.1
Composite
|
$0.54
|
Efficiency
59.7
|
|
Medical Devices
|
1.42M
|
44.8
Composite
|
$0.13
|
Profitability
56.4
|
|
NOTV
Inotiv, Inc.
Diagnostics & Research
|
608,798
|
41.7
Composite
|
$0.02
|
Efficiency
51.1
|
|
VERO
Venus Concept Inc.
Medical Devices
|
563,314
|
32.7
Composite
|
$0.31
|
Efficiency
37.2
|
|
PRPH
ProPhase Labs, Inc.
Diagnostics & Research
|
331,590
|
26.7
Composite
|
$0.09
|
Health
39.7
|
|
NUWE
Nuwellis, Inc.
Medical Devices
|
278,318
|
30.2
Composite
|
$3.31
|
Health
41.1
|
|
DHAI
DIH Holding US, Inc.
Medical Devices
|
62,779
|
45.5
Composite
|
$0.00
|
Profitability
71.8
|
|
Medical Devices
|
27,326
|
54.1
Composite
|
$2.24
|
Profitability
65.3
|
|
TTOO
T2 Biosystems, Inc.
Diagnostics & Research
|
11,218
|
26.5
Composite
|
$0.00
|
Growth
54.5
|
|
Diagnostics & Research
|
-
|
41.3
Composite
|
$0.61
|
Growth
43.9
|
|
Medical Devices
|
-
|
28.2
Composite
|
-
|
Health
36.4
|
|
Medical Devices
|
-
|
33.9
Composite
|
$0.10
|
Growth
48.5
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
$0.08
|
No pillar score
-
|
|
AVGR
Avinger, Inc.
Medical Instruments & Supplies
|
-
|
26.0
Composite
|
-
|
Efficiency
46.4
|
|
Medical Devices
|
-
|
44.6
Composite
|
$0.12
|
Profitability
57.0
|
|
Diagnostics & Research
|
-
|
28.9
Composite
|
$0.29
|
Growth
55.1
|
|
Medical Devices
|
-
|
46.0
Composite
|
$14.50
|
Growth
61.9
|
|
CHEK
Check-Cap Ltd.
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
CUTR
Cutera, Inc.
Medical Devices
|
-
|
33.9
Composite
|
$0.10
|
Profitability
42.7
|
|
Medical Devices
|
-
|
44.0
Composite
|
$0.00
|
Profitability
65.9
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
WGSWW
GeneDx Holdings Corp.
Diagnostics & Research
|
-
|
61.7
Composite
|
$0.01
|
Growth
69.2
|
|
Diagnostics & Research
|
-
|
16.8
Composite
|
-
|
Growth
26.9
|
|
Medical Devices
|
-
|
36.5
Composite
|
$0.07
|
Health
47.4
|
|
ICAD
icad inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NARI
Inari Medical, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
31.1
Composite
|
$0.04
|
Growth
54.8
|
|
Medical Instruments & Supplies
|
-
|
44.1
Composite
|
-
|
Profitability
60.2
|
|
NAOV
NanoVibronix, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NURO
NeuroMetrix, Inc.
Medical Devices
|
-
|
36.6
Composite
|
$4.58
|
Health
50.3
|
|
NVRO
Nevro Corp.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NXLIW
Nexalin Technology, Inc.
Medical Devices
|
-
|
36.9
Composite
|
-
|
Growth
54.5
|
|
NXGLW
NexGel, Inc Warrant
Medical Instruments & Supplies
|
-
|
34.4
Composite
|
$0.06
|
Growth
42.6
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
FNA
Paragon 28, Inc.
Medical Devices
|
-
|
54.0
Composite
|
-
|
Profitability
65.0
|
|
PAVMZ
PAVmed Inc. - Series Z
Medical Devices
|
-
|
37.2
Composite
|
-
|
Profitability
43.7
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
PRENW
Prenetics Global Limited
Diagnostics & Research
|
-
|
40.1
Composite
|
$0.02
|
Profitability
47.5
|
|
QSIAW
Quantum-Si incorporated
Medical Devices
|
-
|
38.9
Composite
|
$0.20
|
Health
48.9
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
50.1
Composite
|
$20.33
|
Profitability
70.6
|
|
Medical Instruments & Supplies
|
-
|
29.2
Composite
|
$0.03
|
Growth
48.3
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
46.3
Composite
|
$9.74
|
Profitability
61.3
|
|
SRDX
Surmodics, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
46.3
Composite
|
$0.82
|
Profitability
55.7
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
ZIMV
ZimVie Inc.
Medical Devices
|
-
|
55.4
Composite
|
-
|
Profitability
72.6
|
|
ZOM
Zomedica Corp.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
Try a broader company name, ticker, sector, or industry keyword.
This framework combines industry-specific diagnostics, moat context, and peer benchmarks so each signal stays grounded in how this business model actually compounds.
We group medical devices, medical instruments and supplies, and diagnostics businesses into a dedicated framework because their economics differ from both generic industrials and broad healthcare. The money-flow layer starts with revenue and gross profit, then tracks R&D, SG&A, operating income, EBITDA, operating cash flow, and free cash flow with explicit awareness that serial acquisition activity can make amortisation-heavy GAAP earnings understate owner cash generation.
The scoring and trade-off layers then emphasize the signals that matter most for MedTech: revenue compounding, gross margin, free-cash-flow margin, operating margin, ROIC, interest coverage, and measured leverage tolerance. Current ratio and other generic liquidity screens carry less weight because mature consolidators often look healthier through debt-service capacity than through simple working-capital optics.
On the moat side, StatsAlpha(TM) looks for evidence of consumable-driven pricing power, R&D pipeline durability, cash conversion quality, commercial execution, and capital-structure resilience. The result is a framework built to distinguish genuine installed-base compounding from superficially strong but less durable healthcare growth. This framework is for informational purposes only, not investment advice.
Each layer answers a different question: where value is created, what protects it, and how execution compares with the rest of the coverage set.
Benchmarks and narrative cues are meant to clarify what the framework is seeing in the data. They are not investment advice.
Coverage starts with the companies that actually operate inside this business model, so peer comparisons stay relevant instead of generic.
The Medical Devices & Diagnostics layer isolates the cash-flow mechanics, capital demands, and operating risk that matter most for this industry.
We then layer in Medical Devices & Diagnostics, pillar ranges, and peer leaders to show what strong execution looks like relative to the broader cohort.