Operating leverage at work
Revenue growing +28.3% YoY vs OpEx -0.1% - 28.4pp operating leverage (OpMargin: -45093.7%)
Medical device, instrument, and diagnostics companies with installed-base economics, recurring consumables, and acquisition-aware cash conversion.
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
|
168.20B
|
60.8
Composite
|
$452.60
|
Profitability
75.8
|
|
Medical Instruments & Supplies
|
152.95B
|
68.2
Composite
|
$431.87
|
Profitability
92.3
|
|
Medical Devices
|
146.92B
|
68.5
Composite
|
$84.35
|
Profitability
85.1
|
|
Diagnostics & Research
|
117.67B
|
64.1
Composite
|
$166.26
|
Profitability
79.1
|
|
Medical Devices
|
112.88B
|
68.4
Composite
|
$294.45
|
Profitability
84.6
|
|
MDT
Medtronic plc.
Medical Devices
|
98.63B
|
69.0
Composite
|
$76.82
|
Profitability
81.9
|
|
Medical Devices
|
79.33B
|
67.5
Composite
|
$53.37
|
Profitability
86.1
|
|
Medical Devices
|
44.43B
|
66.7
Composite
|
$77.17
|
Profitability
87.9
|
|
Diagnostics & Research
|
42.12B
|
66.4
Composite
|
$533.92
|
Profitability
88.8
|
|
Medical Instruments & Supplies
|
40.65B
|
60.8
Composite
|
$147.51
|
Profitability
71.6
|
|
Diagnostics & Research
|
34.15B
|
65.9
Composite
|
$348.07
|
Profitability
86.2
|
|
Diagnostics & Research
|
31.91B
|
65.0
Composite
|
$112.90
|
Profitability
81.4
|
|
ALC
Alcon Inc.
Medical Instruments & Supplies
|
31.27B
|
61.3
Composite
|
$63.78
|
Profitability
77.2
|
|
RMD
ResMed Inc.
Medical Instruments & Supplies
|
29.56B
|
69.6
Composite
|
$203.79
|
Profitability
89.9
|
|
Diagnostics & Research
|
29.22B
|
57.5
Composite
|
$175.06
|
Profitability
73.8
|
|
NTRA
Natera, Inc.
Diagnostics & Research
|
28.52B
|
45.1
Composite
|
$199.14
|
Profitability
50.0
|
|
Medical Devices
|
25.74B
|
63.9
Composite
|
$26.73
|
Profitability
79.0
|
|
DXCM
DexCom, Inc.
Medical Devices
|
23.59B
|
71.8
Composite
|
$61.14
|
Profitability
90.1
|
|
Medical Instruments & Supplies
|
22.77B
|
63.7
Composite
|
$322.30
|
Profitability
81.8
|
|
Diagnostics & Research
|
21.79B
|
55.7
Composite
|
$1,078.53
|
Profitability
81.8
|
|
ILMN
Illumina, Inc.
Diagnostics & Research
|
21.56B
|
64.3
Composite
|
$142.51
|
Profitability
85.1
|
|
Diagnostics & Research
|
21.10B
|
62.8
Composite
|
$257.35
|
Profitability
73.5
|
|
Diagnostics & Research
|
21.05B
|
62.6
Composite
|
$190.18
|
Profitability
73.4
|
|
Medical Devices
|
20.68B
|
69.4
Composite
|
$210.85
|
Profitability
83.1
|
|
Diagnostics & Research
|
20.03B
|
49.1
Composite
|
$104.91
|
Health
53.8
|
|
HOLX
Hologic, Inc.
Medical Instruments & Supplies
|
16.97B
|
63.2
Composite
|
$76.01
|
Profitability
79.8
|
|
Medical Devices
|
16.13B
|
64.3
Composite
|
$83.37
|
Profitability
81.9
|
|
Diagnostics & Research
|
13.25B
|
30.7
Composite
|
$99.94
|
Growth
49.5
|
|
Medical Devices
|
12.77B
|
68.4
Composite
|
$29.10
|
Profitability
85.5
|
|
PEN
Penumbra, Inc.
Medical Devices
|
12.65B
|
67.5
Composite
|
$321.71
|
Profitability
85.7
|
|
Diagnostics & Research
|
11.92B
|
62.8
Composite
|
$417.29
|
Profitability
88.0
|
|
Medical Instruments & Supplies
|
11.87B
|
58.4
Composite
|
$165.79
|
Profitability
80.6
|
|
Medical Instruments & Supplies
|
11.70B
|
56.6
Composite
|
$59.95
|
Profitability
79.3
|
|
RVTY
Revvity, Inc.
Diagnostics & Research
|
11.06B
|
58.8
Composite
|
$98.95
|
Profitability
72.0
|
|
PODD
Insulet Corporation
Medical Devices
|
10.68B
|
67.2
Composite
|
$154.17
|
Profitability
85.8
|
|
GMED
Globus Medical, Inc.
Medical Devices
|
10.33B
|
64.0
Composite
|
$76.13
|
Profitability
87.2
|
|
MASI
Masimo Corporation
Medical Devices
|
9.35B
|
48.6
Composite
|
$178.50
|
Profitability
66.6
|
|
ICLR
ICON plc
Diagnostics & Research
|
9.31B
|
55.9
Composite
|
$121.94
|
Profitability
67.4
|
|
Medical Instruments & Supplies
|
9.24B
|
44.0
Composite
|
$17.89
|
Health
55.5
|
|
Diagnostics & Research
|
8.13B
|
51.6
Composite
|
$168.69
|
Profitability
69.1
|
|
GKOS
Glaukos Corporation
Medical Devices
|
7.95B
|
54.9
Composite
|
$135.37
|
Profitability
70.0
|
|
ATR
AptarGroup, Inc.
Medical Instruments & Supplies
|
7.53B
|
62.7
Composite
|
$118.05
|
Profitability
78.0
|
|
Medical Devices
|
6.99B
|
63.3
Composite
|
$255.54
|
Profitability
85.8
|
|
QGEN
Qiagen N.V.
Diagnostics & Research
|
6.97B
|
63.8
Composite
|
$33.70
|
Profitability
80.7
|
|
BRKR
Bruker Corporation
Medical Devices
|
6.81B
|
60.5
Composite
|
$44.73
|
Profitability
77.4
|
|
RGEN
Repligen Corporation
Medical Instruments & Supplies
|
6.54B
|
63.8
Composite
|
$115.91
|
Growth
71.5
|
|
Medical Devices
|
6.47B
|
62.1
Composite
|
$241.71
|
Profitability
86.0
|
|
Medical Instruments & Supplies
|
5.74B
|
32.9
Composite
|
$129.72
|
Health
43.4
|
|
Medical Instruments & Supplies
|
5.72B
|
48.3
Composite
|
$16.03
|
Health
61.8
|
|
AVTR
Avantor, Inc.
Medical Instruments & Supplies
|
5.44B
|
46.3
Composite
|
$7.97
|
Profitability
56.1
|
|
Medical Instruments & Supplies
|
4.99B
|
54.5
Composite
|
$18.28
|
Profitability
67.4
|
|
Diagnostics & Research
|
4.46B
|
56.6
Composite
|
$15.63
|
Profitability
67.1
|
|
RDNT
RadNet, Inc.
Diagnostics & Research
|
4.40B
|
52.6
Composite
|
$56.00
|
Valuation
58.3
|
|
Medical Instruments & Supplies
|
3.95B
|
55.0
Composite
|
$24.28
|
Profitability
69.6
|
|
LIVN
LivaNova PLC
Medical Devices
|
3.94B
|
47.4
Composite
|
$71.75
|
Profitability
64.2
|
|
Medical Devices
|
3.84B
|
56.6
Composite
|
$116.84
|
Profitability
68.8
|
|
Medical Instruments & Supplies
|
3.65B
|
59.5
Composite
|
$61.15
|
Profitability
76.3
|
|
Diagnostics & Research
|
3.48B
|
36.8
Composite
|
$55.95
|
Efficiency
43.7
|
|
WRBY
Warby Parker Inc.
Medical Instruments & Supplies
|
3.31B
|
53.1
Composite
|
$26.95
|
Efficiency
64.8
|
|
VCYT
Veracyte, Inc.
Diagnostics & Research
|
3.17B
|
61.4
Composite
|
$39.70
|
Profitability
74.1
|
|
ICUI
ICU Medical, Inc.
Medical Instruments & Supplies
|
3.08B
|
54.2
Composite
|
$123.23
|
Profitability
65.0
|
|
Medical Devices
|
2.88B
|
59.4
Composite
|
$84.85
|
Profitability
79.1
|
|
GRAL
GRAIL, Inc.
Diagnostics & Research
|
2.66B
|
32.9
Composite
|
$61.98
|
Growth
52.2
|
|
Medical Instruments & Supplies
|
2.51B
|
63.9
Composite
|
$54.01
|
Profitability
74.8
|
|
Medical Instruments & Supplies
|
2.22B
|
66.8
Composite
|
$97.22
|
Profitability
81.9
|
|
Medical Devices
|
2.21B
|
70.6
Composite
|
$63.93
|
Profitability
86.8
|
|
XRAY
DENTSPLY SIRONA Inc.
Medical Instruments & Supplies
|
2.20B
|
33.6
Composite
|
$11.00
|
Health
52.6
|
|
AXGN
AxoGen, Inc.
Medical Devices
|
2.18B
|
53.6
Composite
|
$40.93
|
Profitability
67.8
|
|
NVCR
NovoCure Limited
Medical Devices
|
2.10B
|
50.6
Composite
|
$18.10
|
Profitability
61.2
|
|
Medical Devices
|
2.03B
|
43.6
Composite
|
$69.18
|
Profitability
51.1
|
|
NEOG
Neogen Corporation
Diagnostics & Research
|
1.88B
|
47.0
Composite
|
$8.65
|
Profitability
56.1
|
|
Medical Devices
|
1.72B
|
66.5
Composite
|
$221.97
|
Profitability
83.6
|
|
Medical Devices
|
1.63B
|
49.1
Composite
|
$28.69
|
Profitability
56.9
|
|
AHCO
AdaptHealth Corp.
Medical Devices
|
1.50B
|
56.5
Composite
|
$11.25
|
Profitability
75.3
|
|
Medical Instruments & Supplies
|
1.40B
|
53.2
Composite
|
$28.18
|
Profitability
72.7
|
|
ATRC
AtriCure, Inc.
Medical Instruments & Supplies
|
1.35B
|
55.1
Composite
|
$26.69
|
Growth
66.7
|
|
Medical Instruments & Supplies
|
1.30B
|
29.1
Composite
|
$19.08
|
Efficiency
40.5
|
|
Medical Devices
|
1.27B
|
73.0
Composite
|
$44.06
|
Profitability
90.0
|
|
Medical Devices
|
1.19B
|
49.3
Composite
|
$7.74
|
Health
63.2
|
|
Diagnostics & Research
|
1.17B
|
55.8
Composite
|
$39.49
|
Growth
67.1
|
|
AVNS
Avanos Medical, Inc.
Medical Devices
|
1.16B
|
48.3
Composite
|
$24.81
|
Profitability
61.6
|
|
Diagnostics & Research
|
1.13B
|
41.8
Composite
|
$8.66
|
Health
46.1
|
|
AORT
Artivion, Inc.
Medical Devices
|
1.12B
|
61.4
Composite
|
$23.10
|
Profitability
76.1
|
|
CDNA
CareDx, Inc.
Diagnostics & Research
|
1.11B
|
48.0
Composite
|
$21.55
|
Profitability
59.1
|
|
Medical Devices
|
1.10B
|
39.9
Composite
|
$4.20
|
Efficiency
52.4
|
|
IRMD
iRadimed Corporation
Medical Devices
|
1.08B
|
73.6
Composite
|
$84.32
|
Profitability
86.9
|
|
Medical Devices
|
1.07B
|
56.0
Composite
|
$13.77
|
Profitability
67.9
|
|
CNMD
CONMED Corporation
Medical Devices
|
1.06B
|
66.8
Composite
|
$35.23
|
Profitability
77.8
|
|
Medical Instruments & Supplies
|
1.04B
|
53.8
Composite
|
$21.23
|
Profitability
62.7
|
|
Medical Devices
|
1.01B
|
44.4
Composite
|
$14.77
|
Health
56.8
|
|
INMD
InMode Ltd.
Medical Devices
|
876.25M
|
66.0
Composite
|
$13.83
|
Profitability
90.5
|
|
Diagnostics & Research
|
845.70M
|
33.1
Composite
|
$1.12
|
Profitability
40.0
|
|
AZTA
Azenta, Inc.
Medical Instruments & Supplies
|
827.40M
|
41.7
Composite
|
$17.95
|
Profitability
55.3
|
|
BVS
Bioventus Inc.
Medical Devices
|
686.97M
|
58.2
Composite
|
$10.14
|
Profitability
74.4
|
|
Diagnostics & Research
|
681.56M
|
32.8
Composite
|
$4.88
|
Efficiency
48.4
|
|
Medical Devices
|
679.20M
|
38.6
Composite
|
$9.96
|
Efficiency
48.9
|
|
BWAY
Brainsway Ltd.
Medical Devices
|
669.50M
|
65.2
Composite
|
$16.73
|
Profitability
79.9
|
|
CBLL
CeriBell, Inc.
Medical Devices
|
634.36M
|
45.5
Composite
|
$16.75
|
Profitability
51.6
|
|
PSNL
Personalis, Inc.
Diagnostics & Research
|
605.29M
|
31.6
Composite
|
$5.78
|
Growth
48.9
|
|
Medical Instruments & Supplies
|
603.60M
|
24.5
Composite
|
$6.70
|
Growth
41.8
|
|
MOVE
Movano Inc.
Medical Devices
|
579.88M
|
31.3
Composite
|
$15.09
|
Valuation
46.7
|
|
Diagnostics & Research
|
565.05M
|
46.7
Composite
|
$18.63
|
Profitability
59.9
|
|
Medical Devices
|
539.10M
|
69.4
Composite
|
$23.90
|
Profitability
84.9
|
|
Medical Devices
|
532.07M
|
47.2
Composite
|
$4.12
|
Profitability
68.6
|
|
NPCE
Neuropace, Inc.
Medical Devices
|
532.00M
|
53.3
Composite
|
$15.67
|
Profitability
64.5
|
|
SIBN
SI-BONE, Inc.
Medical Devices
|
514.90M
|
48.3
Composite
|
$11.61
|
Profitability
66.1
|
|
CERS
Cerus Corporation
Medical Devices
|
504.90M
|
59.6
Composite
|
$2.52
|
Profitability
68.5
|
|
Medical Devices
|
471.70M
|
45.6
Composite
|
$11.67
|
Profitability
57.6
|
|
Diagnostics & Research
|
448.70M
|
38.5
Composite
|
$15.80
|
Profitability
48.2
|
|
ANGO
AngioDynamics, Inc.
Medical Instruments & Supplies
|
447.90M
|
43.8
Composite
|
$10.84
|
Profitability
52.3
|
|
Medical Devices
|
442.50M
|
35.4
Composite
|
$3.88
|
Efficiency
52.0
|
|
Medical Devices
|
441.30M
|
42.3
Composite
|
$17.18
|
Profitability
60.7
|
|
BBNX
Beta Bionics, Inc.
Medical Devices
|
437.60M
|
44.7
Composite
|
$9.82
|
Growth
54.7
|
|
Medical Devices
|
420.90M
|
38.9
Composite
|
$1.36
|
Efficiency
48.1
|
|
Medical Devices
|
415.50M
|
49.9
Composite
|
$9.87
|
Profitability
67.2
|
|
Medical Devices
|
391.50M
|
66.1
Composite
|
$11.34
|
Profitability
80.4
|
|
Medical Devices
|
386.50M
|
37.6
Composite
|
$0.99
|
Efficiency
54.2
|
|
Diagnostics & Research
|
384.40M
|
30.3
Composite
|
$4.07
|
Efficiency
46.8
|
|
Medical Devices
|
375.00M
|
44.9
Composite
|
$12.64
|
Health
51.3
|
|
Medical Devices
|
358.80M
|
59.8
Composite
|
$9.36
|
Profitability
79.3
|
|
Diagnostics & Research
|
295.34M
|
31.6
Composite
|
$17.55
|
Efficiency
43.1
|
|
MASS
908 Devices Inc.
Medical Devices
|
289.27M
|
44.5
Composite
|
$7.65
|
Profitability
56.6
|
|
SGHT
Sight Sciences, Inc.
Medical Devices
|
288.92M
|
47.8
Composite
|
$5.31
|
Profitability
54.0
|
|
Medical Devices
|
278.82M
|
35.0
Composite
|
$4.54
|
Efficiency
59.2
|
|
Medical Devices
|
259.50M
|
37.0
Composite
|
$7.14
|
Growth
54.9
|
|
Medical Devices
|
241.20M
|
39.4
Composite
|
$5.77
|
Growth
53.4
|
|
RXST
RxSight, Inc.
Medical Devices
|
228.51M
|
42.5
Composite
|
$5.52
|
Profitability
58.6
|
|
ELMD
Electromed, Inc.
Medical Devices
|
225.20M
|
66.1
Composite
|
$27.20
|
Profitability
83.4
|
|
Medical Devices
|
205.67M
|
39.6
Composite
|
$0.94
|
Growth
55.2
|
|
Medical Instruments & Supplies
|
204.50M
|
28.0
Composite
|
$2.97
|
Health
36.0
|
|
Medical Instruments & Supplies
|
203.80M
|
60.2
Composite
|
$64.00
|
Profitability
78.3
|
|
EMBC
Embecta Corp.
Medical Instruments & Supplies
|
202.31M
|
55.0
Composite
|
$3.41
|
Profitability
72.4
|
|
Medical Devices
|
192.44M
|
40.7
Composite
|
$1.02
|
Growth
58.9
|
|
SMTI
Sanara MedTech Inc.
Medical Instruments & Supplies
|
187.40M
|
39.4
Composite
|
$20.44
|
Health
55.6
|
|
Medical Instruments & Supplies
|
183.70M
|
46.7
Composite
|
$4.00
|
Growth
52.8
|
|
STXS
Stereotaxis, Inc.
Medical Instruments & Supplies
|
182.80M
|
32.0
Composite
|
$1.88
|
Efficiency
38.9
|
|
INGN
Inogen, Inc
Medical Devices
|
180.90M
|
47.5
Composite
|
$6.68
|
Profitability
65.9
|
|
PDEX
Pro-Dex, Inc.
Medical Instruments & Supplies
|
180.40M
|
55.4
Composite
|
$56.51
|
Profitability
70.0
|
|
HYPR
Hyperfine, Inc.
Medical Devices
|
172.41M
|
35.7
Composite
|
$1.75
|
Efficiency
50.0
|
|
Medical Devices
|
171.30M
|
47.7
Composite
|
$4.09
|
Profitability
59.4
|
|
Diagnostics & Research
|
170.96M
|
45.2
Composite
|
$16.21
|
Efficiency
60.2
|
|
Medical Instruments & Supplies
|
169.70M
|
58.6
Composite
|
$8.41
|
Profitability
70.1
|
|
OWLT
Owlet, Inc.
Medical Devices
|
166.71M
|
53.2
Composite
|
$5.92
|
Profitability
71.5
|
|
Medical Devices
|
161.90M
|
59.0
Composite
|
$3.65
|
Profitability
74.1
|
|
BDSX
Biodesix, Inc.
Diagnostics & Research
|
159.19M
|
28.9
Composite
|
$15.75
|
Efficiency
45.1
|
|
Medical Instruments & Supplies
|
147.10M
|
34.8
Composite
|
$2.19
|
Growth
53.9
|
|
CVRX
CVRx, Inc.
Medical Devices
|
139.84M
|
36.8
Composite
|
$5.27
|
Health
50.4
|
|
NYXH
Nyxoah SA
Medical Instruments & Supplies
|
137.45M
|
26.1
Composite
|
$3.07
|
Efficiency
51.4
|
|
Medical Devices
|
137.10M
|
38.4
Composite
|
$2.91
|
Profitability
47.2
|
|
RCEL
Avita Medical, Inc.
Medical Devices
|
133.90M
|
32.2
Composite
|
$4.37
|
Efficiency
53.6
|
|
Diagnostics & Research
|
126.97M
|
28.6
Composite
|
$1.60
|
Profitability
34.0
|
|
Medical Devices
|
125.85M
|
38.5
Composite
|
$1.94
|
Efficiency
53.5
|
|
FONR
Fonar Corporation
Diagnostics & Research
|
123.60M
|
52.8
Composite
|
$18.86
|
Profitability
61.0
|
|
Medical Devices
|
122.70M
|
30.2
Composite
|
$2.23
|
Growth
43.5
|
|
Medical Devices
|
118.08M
|
33.9
Composite
|
$2.58
|
Efficiency
39.4
|
|
NNOX
NANO-X IMAGING LTD
Medical Devices
|
113.43M
|
41.4
Composite
|
$1.63
|
Growth
56.0
|
|
STIM
Neuronetics, Inc.
Diagnostics & Research
|
104.73M
|
40.1
Composite
|
$1.50
|
Growth
59.1
|
|
MDXH
MDxHealth SA
Diagnostics & Research
|
102.22M
|
42.5
Composite
|
$1.99
|
Efficiency
51.1
|
|
XGN
Exagen Inc.
Diagnostics & Research
|
96.09M
|
40.8
Composite
|
$3.98
|
Efficiency
54.7
|
|
ZTEK
Zentek Ltd.
Medical Instruments & Supplies
|
87.80M
|
29.9
Composite
|
$0.82
|
Growth
53.7
|
|
MXCT
MaxCyte, Inc.
Medical Devices
|
87.51M
|
44.4
Composite
|
$0.82
|
Efficiency
49.0
|
|
Medical Instruments & Supplies
|
80.81M
|
27.6
Composite
|
$2.09
|
Growth
49.5
|
|
MDAI
Spectral AI, Inc.
Medical Devices
|
74.15M
|
38.2
Composite
|
$2.33
|
Efficiency
44.4
|
|
Medical Devices
|
73.30M
|
58.9
Composite
|
$0.52
|
Profitability
72.7
|
|
Medical Devices
|
71.18M
|
38.5
Composite
|
$3.84
|
Health
55.3
|
|
LNSR
LENSAR, Inc.
Medical Devices
|
69.96M
|
38.5
Composite
|
$5.78
|
Profitability
61.3
|
|
Medical Devices
|
67.74M
|
41.3
Composite
|
$1.73
|
Growth
54.9
|
|
Medical Instruments & Supplies
|
58.56M
|
45.9
Composite
|
$10.05
|
Efficiency
71.4
|
|
NSPR
InspireMD Inc.
Medical Devices
|
56.20M
|
38.6
Composite
|
$1.20
|
Efficiency
56.6
|
|
Medical Devices
|
55.50M
|
49.8
Composite
|
$3.37
|
Efficiency
65.0
|
|
ECOR
electroCore, Inc.
Medical Devices
|
54.12M
|
35.8
Composite
|
$6.70
|
Efficiency
47.0
|
|
Medical Devices
|
52.68M
|
38.4
Composite
|
$1.71
|
Profitability
45.8
|
|
COCH
Envoy Medical, Inc.
Medical Devices
|
52.28M
|
31.1
Composite
|
$0.68
|
Efficiency
44.7
|
|
PRPO
Precipio, Inc.
Diagnostics & Research
|
51.20M
|
50.1
Composite
|
$28.68
|
Growth
72.6
|
|
Medical Instruments & Supplies
|
49.61M
|
28.4
Composite
|
$4.54
|
Growth
41.9
|
|
ELUT
Elutia, Inc.
Medical Devices
|
46.86M
|
38.9
Composite
|
$1.06
|
Efficiency
53.7
|
|
TELA
TELA Bio, Inc.
Medical Devices
|
43.43M
|
41.2
Composite
|
$0.97
|
Growth
56.3
|
|
Medical Instruments & Supplies
|
42.00M
|
28.6
Composite
|
$11.65
|
Efficiency
49.6
|
|
PAVM
PAVmed Inc.
Medical Devices
|
41.50M
|
28.3
Composite
|
$6.50
|
Efficiency
40.7
|
|
ARAY
Accuray Incorporated
Medical Devices
|
40.80M
|
43.4
Composite
|
$0.34
|
Health
59.7
|
|
Medical Devices
|
37.60M
|
51.1
Composite
|
$13.51
|
Profitability
66.2
|
|
Medical Devices
|
36.70M
|
45.2
Composite
|
$0.59
|
Profitability
51.5
|
|
Medical Devices
|
36.50M
|
42.6
Composite
|
$4.33
|
Efficiency
56.9
|
|
Diagnostics & Research
|
36.20M
|
40.4
Composite
|
$9.77
|
Profitability
49.9
|
|
NEPH
Nephros, Inc.
Medical Instruments & Supplies
|
32.70M
|
58.9
Composite
|
$3.01
|
Profitability
68.4
|
|
Medical Instruments & Supplies
|
32.20M
|
31.3
Composite
|
$0.40
|
Efficiency
64.4
|
|
Medical Instruments & Supplies
|
30.60M
|
43.2
Composite
|
$6.84
|
Health
48.2
|
|
MYO
Myomo Inc.
Medical Devices
|
30.10M
|
39.6
Composite
|
$0.78
|
Profitability
53.8
|
|
FEMY
Femasys Inc.
Medical Instruments & Supplies
|
22.77M
|
29.9
Composite
|
$0.38
|
Growth
51.3
|
|
Medical Instruments & Supplies
|
21.00M
|
41.8
Composite
|
$0.70
|
Profitability
51.3
|
|
Medical Devices
|
20.88M
|
26.0
Composite
|
$0.92
|
Efficiency
48.3
|
|
ICCM
IceCure Medical Ltd.
Medical Devices
|
19.48M
|
35.0
Composite
|
$0.24
|
Growth
48.7
|
|
Medical Devices
|
19.40M
|
33.4
Composite
|
$3.58
|
Growth
45.8
|
|
Medical Instruments & Supplies
|
19.18M
|
51.3
Composite
|
$2.45
|
Profitability
66.6
|
|
IRIX
IRIDEX Corporation
Medical Devices
|
18.00M
|
36.6
Composite
|
$1.04
|
Profitability
51.0
|
|
LFWD
Lifeward Ltd.
Medical Devices
|
17.78M
|
38.9
Composite
|
$6.40
|
Profitability
46.4
|
|
Medical Devices
|
17.72M
|
33.2
Composite
|
$0.41
|
Valuation
49.1
|
|
VNRX
VolitionRX Limited
Medical Devices
|
16.20M
|
34.5
Composite
|
$2.05
|
Growth
48.6
|
|
Medical Instruments & Supplies
|
14.09M
|
30.1
Composite
|
$1.27
|
Growth
61.6
|
|
AIMD
Ainos, Inc.
Medical Devices
|
12.60M
|
33.8
Composite
|
$1.68
|
Growth
40.8
|
|
TRIB
Trinity Biotech plc
Medical Devices
|
11.10M
|
34.6
Composite
|
$0.59
|
Profitability
47.1
|
|
Medical Devices
|
10.65M
|
29.1
Composite
|
$0.71
|
Efficiency
50.5
|
|
XWEL
XWELL, Inc.
Diagnostics & Research
|
10.60M
|
35.9
Composite
|
$1.34
|
Profitability
53.9
|
|
NOTV
Inotiv, Inc.
Diagnostics & Research
|
10.30M
|
34.6
Composite
|
$0.29
|
Health
44.0
|
|
Medical Devices
|
10.20M
|
31.9
Composite
|
$2.48
|
Efficiency
55.1
|
|
Medical Devices
|
9.96M
|
36.9
Composite
|
$0.73
|
Health
43.1
|
|
TNON
Tenon Medical, Inc.
Medical Devices
|
8.92M
|
34.8
Composite
|
$0.79
|
Efficiency
54.6
|
|
Diagnostics & Research
|
8.85M
|
24.3
Composite
|
$1.97
|
Growth
42.2
|
|
BMRA
Biomerica, Inc.
Medical Devices
|
7.00M
|
36.7
Composite
|
$2.28
|
Efficiency
45.9
|
|
Medical Devices
|
7.00M
|
36.4
Composite
|
$0.34
|
Growth
50.0
|
|
Medical Devices
|
6.84M
|
31.9
Composite
|
$3.14
|
Efficiency
54.1
|
|
CODX
Co-Diagnostics, Inc.
Medical Devices
|
6.80M
|
34.4
Composite
|
$1.90
|
Efficiency
47.0
|
|
Medical Devices
|
6.48M
|
35.6
Composite
|
$9.88
|
Efficiency
49.9
|
|
Medical Devices
|
6.41M
|
26.3
Composite
|
$0.57
|
Efficiency
54.6
|
|
HSCS
HeartSciences Inc.
Medical Devices
|
6.34M
|
32.2
Composite
|
$1.99
|
Valuation
45.2
|
|
Diagnostics & Research
|
6.27M
|
25.1
Composite
|
$5.05
|
Efficiency
40.8
|
|
PTHL
Pheton Holdings Ltd
Medical Devices
|
6.01M
|
37.8
Composite
|
$0.30
|
Health
46.4
|
|
XAIR
Beyond Air, Inc.
Medical Devices
|
5.50M
|
32.9
Composite
|
$0.52
|
Growth
54.7
|
|
NXGL
NexGel, Inc
Medical Instruments & Supplies
|
5.13M
|
34.0
Composite
|
$0.60
|
Growth
49.0
|
|
Medical Devices
|
4.78M
|
47.7
Composite
|
$3.92
|
Profitability
59.1
|
|
MYNZ
Mainz Biomed N.V.
Diagnostics & Research
|
4.28M
|
26.4
Composite
|
$0.34
|
Growth
51.5
|
|
Medical Devices
|
3.83M
|
33.3
Composite
|
$0.34
|
Growth
48.5
|
|
Medical Devices
|
3.48M
|
32.4
Composite
|
$1.11
|
Growth
54.0
|
|
ISPC
iSpecimen Inc.
Diagnostics & Research
|
3.37M
|
27.1
Composite
|
$4.54
|
Efficiency
53.5
|
|
Medical Devices
|
2.90M
|
32.2
Composite
|
$2.19
|
Growth
44.8
|
|
NUWE
Nuwellis, Inc.
Medical Devices
|
2.74M
|
50.0
Composite
|
$1.04
|
Profitability
69.2
|
|
GCTK
GlucoTrack, Inc.
Medical Instruments & Supplies
|
2.71M
|
28.2
Composite
|
$0.74
|
Growth
45.6
|
|
BBLG
Bone Biologics Corp
Medical Devices
|
2.30M
|
53.4
Composite
|
$1.28
|
Growth
89.2
|
|
Medical Devices
|
2.18M
|
34.3
Composite
|
$0.81
|
Growth
54.0
|
|
Medical Devices
|
1.85M
|
27.9
Composite
|
$1.79
|
Efficiency
42.2
|
|
Medical Devices
|
1.42M
|
44.2
Composite
|
$0.16
|
Profitability
52.9
|
|
VERO
Venus Concept Inc.
Medical Devices
|
563,314
|
26.0
Composite
|
$0.31
|
Health
37.1
|
|
PRPH
ProPhase Labs, Inc.
Diagnostics & Research
|
331,590
|
25.2
Composite
|
$0.13
|
Efficiency
64.5
|
|
DHAI
DIH Holding US, Inc.
Medical Devices
|
62,779
|
45.1
Composite
|
$0.03
|
Profitability
65.0
|
|
TTOO
T2 Biosystems, Inc.
Diagnostics & Research
|
5,609
|
23.6
Composite
|
$0.00
|
Growth
61.7
|
|
Diagnostics & Research
|
-
|
37.5
Composite
|
$0.61
|
Growth
55.9
|
|
Medical Devices
|
-
|
26.1
Composite
|
-
|
Growth
45.0
|
|
Medical Devices
|
-
|
34.4
Composite
|
$0.10
|
Growth
53.3
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
AVGR
Avinger, Inc.
Medical Instruments & Supplies
|
-
|
25.7
Composite
|
-
|
Efficiency
45.2
|
|
Medical Devices
|
-
|
58.4
Composite
|
$0.12
|
Profitability
85.5
|
|
Diagnostics & Research
|
-
|
28.9
Composite
|
$0.29
|
Growth
62.4
|
|
Medical Devices
|
-
|
51.3
Composite
|
$19.90
|
Growth
82.1
|
|
CHEK
Check-Cap Ltd.
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
CUTR
Cutera, Inc.
Medical Devices
|
-
|
29.4
Composite
|
-
|
Health
37.9
|
|
Medical Devices
|
-
|
41.0
Composite
|
$0.00
|
Profitability
60.3
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
WGSWW
GeneDx Holdings Corp.
Diagnostics & Research
|
-
|
55.6
Composite
|
$0.01
|
Growth
66.6
|
|
Diagnostics & Research
|
-
|
19.1
Composite
|
-
|
Growth
36.8
|
|
Medical Devices
|
-
|
31.1
Composite
|
$0.07
|
Efficiency
44.4
|
|
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
|
-
|
30.3
Composite
|
$0.07
|
Growth
50.4
|
|
Medical Instruments & Supplies
|
-
|
41.2
Composite
|
-
|
Profitability
56.6
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NAOV
NanoVibronix, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NURO
NeuroMetrix, Inc.
Medical Devices
|
-
|
34.6
Composite
|
-
|
Efficiency
49.8
|
|
NVRO
Nevro Corp.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NXLIW
Nexalin Technology, Inc.
Medical Devices
|
-
|
35.6
Composite
|
-
|
Growth
55.5
|
|
NXGLW
NexGel, Inc Warrant
Medical Instruments & Supplies
|
-
|
35.9
Composite
|
$0.06
|
Growth
55.7
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
FNA
Paragon 28, Inc.
Medical Devices
|
-
|
45.4
Composite
|
-
|
Profitability
57.3
|
|
PAVMZ
PAVmed Inc. - Series Z
Medical Devices
|
-
|
31.0
Composite
|
-
|
Growth
51.1
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
PRENW
Prenetics Global Limited
Diagnostics & Research
|
-
|
35.3
Composite
|
$0.02
|
Growth
54.2
|
|
QSIAW
Quantum-Si incorporated
Medical Devices
|
-
|
40.2
Composite
|
$0.20
|
Growth
62.9
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
49.5
Composite
|
-
|
Profitability
69.6
|
|
Medical Instruments & Supplies
|
-
|
29.8
Composite
|
$0.03
|
Growth
61.8
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
44.4
Composite
|
$10.00
|
Profitability
55.1
|
|
SRDX
Surmodics, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
37.0
Composite
|
$0.80
|
Growth
54.4
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
ZIMV
ZimVie Inc.
Medical Devices
|
-
|
48.5
Composite
|
-
|
Profitability
70.1
|
|
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.
This framework starts by grouping Medical Devices & Diagnostics businesses around Medical Devices, Medical Instruments & Supplies, Diagnostics & Research.
We then read each company through the medtech lens to see how cash generation, capital intensity, and operating risk behave in this part of the market.
Finally, we layer in the medtech moat template, pillar-score ranges, and peer comparisons so the page shows what strong execution looks like relative to the rest of the group.
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 medtech layer isolates the cash-flow mechanics, capital demands, and operating risk that matter most for this industry.
We then layer in medtech, pillar ranges, and peer leaders to show what strong execution looks like relative to the broader cohort.