Scaling without slippage
Revenue up 40.0% YoY while gross margin expanded +6.1pp YoY to 69.7%
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 up 40.0% YoY while gross margin expanded +6.1pp YoY to 69.7%
Revenue up 498.9% YoY while gross margin expanded +236.6pp YoY to 82.9%
Revenue up 40.0% YoY while gross margin expanded +6.1pp YoY to 69.7%
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
|
253.24B
|
60.2
Composite
|
$684.89
|
Profitability
73.5
|
|
Medical Devices
|
181.48B
|
62.8
Composite
|
$104.88
|
Profitability
79.5
|
|
Diagnostics & Research
|
163.90B
|
62.5
Composite
|
$232.97
|
Profitability
73.6
|
|
Medical Instruments & Supplies
|
156.55B
|
65.1
Composite
|
$451.63
|
Profitability
83.8
|
|
MDT
Medtronic plc.
Medical Devices
|
122.04B
|
66.7
Composite
|
$94.79
|
Profitability
80.7
|
|
Medical Devices
|
117.42B
|
67.8
Composite
|
$306.13
|
Profitability
82.6
|
|
Medical Devices
|
66.06B
|
60.4
Composite
|
$45.58
|
Profitability
81.2
|
|
NTRA
Natera, Inc.
Diagnostics & Research
|
58.36B
|
52.5
Composite
|
$404.90
|
Growth
72.5
|
|
Medical Instruments & Supplies
|
53.49B
|
57.3
Composite
|
$196.39
|
Profitability
70.1
|
|
Medical Devices
|
52.20B
|
67.2
Composite
|
$90.56
|
Profitability
83.5
|
|
Diagnostics & Research
|
49.61B
|
62.8
Composite
|
$175.96
|
Profitability
73.5
|
|
Diagnostics & Research
|
45.03B
|
57.4
Composite
|
$273.60
|
Profitability
67.4
|
|
Diagnostics & Research
|
44.92B
|
63.9
Composite
|
$570.21
|
Profitability
78.6
|
|
Diagnostics & Research
|
44.80B
|
61.5
Composite
|
$455.98
|
Valuation
78.7
|
|
ILMN
Illumina, Inc.
Diagnostics & Research
|
40.93B
|
59.3
Composite
|
$271.04
|
Profitability
70.4
|
|
RMD
ResMed Inc.
Medical Instruments & Supplies
|
36.48B
|
68.9
Composite
|
$253.20
|
Profitability
89.5
|
|
ALC
Alcon Inc.
Medical Instruments & Supplies
|
33.87B
|
60.5
Composite
|
$69.99
|
Profitability
71.6
|
|
Diagnostics & Research
|
33.45B
|
60.8
Composite
|
$1,669.62
|
Profitability
75.1
|
|
DXCM
DexCom, Inc.
Medical Devices
|
29.65B
|
63.2
Composite
|
$78.57
|
Profitability
82.6
|
|
Medical Instruments & Supplies
|
27.78B
|
58.7
Composite
|
$394.73
|
Profitability
72.9
|
|
Diagnostics & Research
|
26.75B
|
57.9
Composite
|
$329.90
|
Profitability
68.3
|
|
Diagnostics & Research
|
26.73B
|
62.6
Composite
|
$242.95
|
Profitability
70.1
|
|
Medical Devices
|
25.89B
|
62.2
Composite
|
$26.57
|
Profitability
76.8
|
|
Diagnostics & Research
|
23.25B
|
42.3
Composite
|
$173.25
|
Profitability
55.0
|
|
Medical Devices
|
22.44B
|
68.8
Composite
|
$230.12
|
Profitability
82.6
|
|
Diagnostics & Research
|
20.03B
|
56.4
Composite
|
$104.91
|
Efficiency
61.8
|
|
Diagnostics & Research
|
18.93B
|
63.0
Composite
|
$676.77
|
Profitability
76.1
|
|
Medical Devices
|
18.59B
|
64.0
Composite
|
$97.44
|
Profitability
80.1
|
|
RVTY
Revvity, Inc.
Diagnostics & Research
|
17.90B
|
58.3
Composite
|
$160.39
|
Profitability
67.6
|
|
Diagnostics & Research
|
17.06B
|
52.3
Composite
|
$357.27
|
Profitability
62.2
|
|
HOLX
Hologic, Inc.
Medical Instruments & Supplies
|
16.97B
|
56.1
Composite
|
$76.01
|
Profitability
73.1
|
|
ICLR
ICON plc
Diagnostics & Research
|
14.18B
|
51.3
Composite
|
$183.78
|
Profitability
63.1
|
|
Medical Devices
|
13.53B
|
69.4
Composite
|
$30.47
|
Profitability
83.4
|
|
Medical Instruments & Supplies
|
13.07B
|
50.4
Composite
|
$25.29
|
Profitability
62.5
|
|
PEN
Penumbra, Inc.
Medical Devices
|
12.81B
|
62.7
Composite
|
$325.22
|
Profitability
79.8
|
|
AVTR
Avantor, Inc.
Medical Instruments & Supplies
|
11.69B
|
47.5
Composite
|
$17.29
|
Profitability
57.9
|
|
Medical Instruments & Supplies
|
11.63B
|
59.0
Composite
|
$61.14
|
Profitability
78.0
|
|
GMED
Globus Medical, Inc.
Medical Devices
|
10.99B
|
63.1
Composite
|
$81.83
|
Profitability
83.5
|
|
Medical Instruments & Supplies
|
10.82B
|
57.4
Composite
|
$152.26
|
Profitability
71.6
|
|
GKOS
Glaukos Corporation
Medical Devices
|
10.51B
|
58.8
Composite
|
$178.27
|
Profitability
74.3
|
|
QGEN
Qiagen N.V.
Diagnostics & Research
|
10.42B
|
58.9
Composite
|
$50.37
|
Profitability
71.1
|
|
PODD
Insulet Corporation
Medical Devices
|
10.35B
|
65.3
Composite
|
$149.26
|
Profitability
82.5
|
|
RGEN
Repligen Corporation
Medical Instruments & Supplies
|
10.17B
|
56.7
Composite
|
$180.17
|
Profitability
62.8
|
|
Medical Devices
|
9.96B
|
57.0
Composite
|
$364.15
|
Profitability
71.4
|
|
Medical Devices
|
9.96B
|
53.4
Composite
|
$372.43
|
Profitability
71.4
|
|
MASI
Masimo Corporation
Medical Devices
|
9.42B
|
65.4
Composite
|
$179.95
|
Profitability
81.4
|
|
Diagnostics & Research
|
9.11B
|
42.8
Composite
|
$145.25
|
Profitability
55.3
|
|
BRKR
Bruker Corporation
Medical Devices
|
8.87B
|
57.6
Composite
|
$58.23
|
Profitability
71.0
|
|
ATR
AptarGroup, Inc.
Medical Instruments & Supplies
|
8.08B
|
58.3
Composite
|
$127.07
|
Profitability
66.1
|
|
Medical Instruments & Supplies
|
6.28B
|
57.4
Composite
|
$17.58
|
Health
62.3
|
|
GRAL
GRAIL, Inc.
Diagnostics & Research
|
6.25B
|
41.5
Composite
|
$139.91
|
Growth
50.5
|
|
Medical Instruments & Supplies
|
5.80B
|
55.1
Composite
|
$136.80
|
Profitability
66.5
|
|
Medical Instruments & Supplies
|
5.62B
|
53.6
Composite
|
$94.20
|
Profitability
66.2
|
|
RDNT
RadNet, Inc.
Diagnostics & Research
|
5.51B
|
57.4
Composite
|
$70.05
|
Health
63.2
|
|
Medical Instruments & Supplies
|
5.43B
|
49.1
Composite
|
$19.88
|
Profitability
63.5
|
|
Medical Instruments & Supplies
|
5.42B
|
55.0
Composite
|
$119.19
|
Profitability
66.8
|
|
Diagnostics & Research
|
5.25B
|
60.8
Composite
|
$18.39
|
Profitability
68.5
|
|
LIVN
LivaNova PLC
Medical Devices
|
4.44B
|
63.5
Composite
|
$80.62
|
Profitability
82.0
|
|
Medical Devices
|
4.30B
|
56.3
Composite
|
$126.52
|
Profitability
75.0
|
|
ICUI
ICU Medical, Inc.
Medical Instruments & Supplies
|
4.15B
|
54.3
Composite
|
$165.96
|
Profitability
61.1
|
|
Medical Devices
|
4.02B
|
65.7
Composite
|
$121.93
|
Profitability
74.4
|
|
VCYT
Veracyte, Inc.
Diagnostics & Research
|
3.87B
|
60.5
Composite
|
$48.20
|
Profitability
71.2
|
|
Medical Instruments & Supplies
|
3.80B
|
54.1
Composite
|
$23.66
|
Profitability
64.1
|
|
Medical Instruments & Supplies
|
3.76B
|
34.3
Composite
|
$52.66
|
Efficiency
43.1
|
|
CDNA
CareDx, Inc.
Diagnostics & Research
|
3.57B
|
58.7
Composite
|
$69.10
|
Profitability
73.7
|
|
WRBY
Warby Parker Inc.
Medical Instruments & Supplies
|
3.12B
|
57.2
Composite
|
$25.28
|
Valuation
64.1
|
|
ATRC
AtriCure, Inc.
Medical Instruments & Supplies
|
3.11B
|
60.2
Composite
|
$61.08
|
Efficiency
71.1
|
|
NEOG
Neogen Corporation
Diagnostics & Research
|
2.67B
|
53.3
Composite
|
$12.21
|
Profitability
61.2
|
|
Medical Devices
|
2.45B
|
62.6
Composite
|
$70.63
|
Profitability
77.8
|
|
Medical Devices
|
2.26B
|
61.9
Composite
|
$291.28
|
Profitability
78.9
|
|
Diagnostics & Research
|
2.14B
|
52.9
Composite
|
$16.69
|
Efficiency
66.1
|
|
Medical Devices
|
2.05B
|
65.6
Composite
|
$71.01
|
Profitability
76.7
|
|
AXGN
AxoGen, Inc.
Medical Devices
|
2.05B
|
60.5
Composite
|
$38.02
|
Profitability
74.5
|
|
Medical Devices
|
1.96B
|
51.4
Composite
|
$65.78
|
Profitability
63.8
|
|
Medical Instruments & Supplies
|
1.93B
|
65.7
Composite
|
$84.31
|
Profitability
73.6
|
|
Medical Instruments & Supplies
|
1.89B
|
57.8
Composite
|
$38.61
|
Profitability
68.7
|
|
XRAY
DENTSPLY SIRONA Inc.
Medical Instruments & Supplies
|
1.84B
|
50.0
Composite
|
$9.22
|
Profitability
58.6
|
|
Diagnostics & Research
|
1.83B
|
45.5
Composite
|
$61.26
|
Profitability
57.9
|
|
Medical Devices
|
1.77B
|
52.8
Composite
|
$6.66
|
Profitability
67.1
|
|
PSNL
Personalis, Inc.
Diagnostics & Research
|
1.70B
|
42.8
Composite
|
$15.88
|
Efficiency
59.6
|
|
Medical Devices
|
1.68B
|
49.7
Composite
|
$10.90
|
Profitability
67.2
|
|
NVCR
NovoCure Limited
Medical Devices
|
1.68B
|
54.6
Composite
|
$14.40
|
Profitability
69.3
|
|
AZTA
Azenta, Inc.
Medical Instruments & Supplies
|
1.63B
|
50.4
Composite
|
$37.17
|
Profitability
58.2
|
|
CNMD
CONMED Corporation
Medical Devices
|
1.43B
|
58.5
Composite
|
$47.68
|
Profitability
76.1
|
|
Medical Devices
|
1.32B
|
51.8
Composite
|
$18.90
|
Profitability
65.6
|
|
Diagnostics & Research
|
1.22B
|
41.4
Composite
|
$1.63
|
Profitability
56.0
|
|
AVNS
Avanos Medical, Inc.
Medical Devices
|
1.17B
|
51.8
Composite
|
$24.99
|
Profitability
73.0
|
|
Medical Instruments & Supplies
|
1.16B
|
56.8
Composite
|
$23.23
|
Efficiency
71.7
|
|
Medical Devices
|
1.14B
|
52.5
Composite
|
$19.83
|
Profitability
66.3
|
|
AORT
Artivion, Inc.
Medical Devices
|
1.12B
|
60.2
Composite
|
$22.98
|
Profitability
71.0
|
|
IRMD
iRadimed Corporation
Medical Devices
|
1.08B
|
70.2
Composite
|
$84.63
|
Valuation
85.7
|
|
BBNX
Beta Bionics, Inc.
Medical Devices
|
1.08B
|
54.0
Composite
|
$20.51
|
Efficiency
63.8
|
|
CBLL
CeriBell, Inc.
Medical Devices
|
1.04B
|
50.2
Composite
|
$27.03
|
Profitability
62.0
|
|
BVS
Bioventus Inc.
Medical Devices
|
1.02B
|
62.1
Composite
|
$14.72
|
Profitability
78.6
|
|
Diagnostics & Research
|
1.02B
|
49.7
Composite
|
$33.30
|
Profitability
65.3
|
|
SIBN
SI-BONE, Inc.
Medical Devices
|
955.10M
|
56.5
Composite
|
$21.31
|
Profitability
73.0
|
|
Medical Devices
|
944.28M
|
48.7
Composite
|
$13.77
|
Profitability
64.8
|
|
Medical Devices
|
941.00M
|
58.7
Composite
|
$12.10
|
Profitability
73.1
|
|
AHCO
AdaptHealth Corp.
Medical Devices
|
791.12M
|
50.5
Composite
|
$5.93
|
Profitability
67.0
|
|
INMD
InMode Ltd.
Medical Devices
|
788.64M
|
63.1
Composite
|
$13.72
|
Profitability
81.4
|
|
Medical Devices
|
775.94M
|
60.5
Composite
|
$18.41
|
Profitability
72.7
|
|
Medical Devices
|
765.60M
|
47.1
Composite
|
$5.89
|
Profitability
67.4
|
|
Medical Devices
|
699.37M
|
37.4
Composite
|
$2.25
|
Efficiency
45.7
|
|
Medical Devices
|
627.20M
|
52.3
Composite
|
$24.02
|
Profitability
71.1
|
|
Diagnostics & Research
|
575.81M
|
42.3
Composite
|
$6.02
|
Profitability
53.5
|
|
Medical Instruments & Supplies
|
563.51M
|
43.9
Composite
|
$5.78
|
Growth
55.1
|
|
Diagnostics & Research
|
557.90M
|
41.3
Composite
|
$3.79
|
Efficiency
56.3
|
|
Diagnostics & Research
|
556.40M
|
40.9
Composite
|
$20.22
|
Profitability
53.4
|
|
Medical Devices
|
529.84M
|
63.8
Composite
|
$23.39
|
Profitability
77.3
|
|
ANGO
AngioDynamics, Inc.
Medical Instruments & Supplies
|
511.80M
|
41.8
Composite
|
$12.17
|
Efficiency
55.2
|
|
Medical Devices
|
503.48M
|
65.1
Composite
|
$14.51
|
Profitability
78.3
|
|
SGHT
Sight Sciences, Inc.
Medical Devices
|
496.89M
|
52.0
Composite
|
$9.02
|
Profitability
66.2
|
|
MASS
908 Devices Inc.
Medical Devices
|
481.54M
|
51.6
Composite
|
$11.65
|
Profitability
61.4
|
|
CERS
Cerus Corporation
Medical Devices
|
477.61M
|
54.1
Composite
|
$2.37
|
Profitability
70.6
|
|
RCEL
Avita Medical, Inc.
Medical Devices
|
469.47M
|
42.6
Composite
|
$15.18
|
Profitability
56.9
|
|
BWAY
Brainsway Ltd.
Medical Devices
|
451.36M
|
67.5
Composite
|
$11.21
|
Profitability
79.5
|
|
NPCE
Neuropace, Inc.
Medical Devices
|
445.87M
|
53.7
Composite
|
$12.99
|
Profitability
65.2
|
|
Medical Devices
|
398.40M
|
49.5
Composite
|
$9.78
|
Profitability
69.0
|
|
Medical Devices
|
395.50M
|
38.7
Composite
|
$7.48
|
Health
47.3
|
|
EMBC
Embecta Corp.
Medical Instruments & Supplies
|
385.29M
|
46.9
Composite
|
$6.80
|
Profitability
62.7
|
|
Medical Devices
|
370.60M
|
59.3
Composite
|
$9.73
|
Profitability
77.7
|
|
Medical Devices
|
319.57M
|
45.0
Composite
|
$1.46
|
Valuation
51.3
|
|
Diagnostics & Research
|
311.15M
|
39.4
Composite
|
$18.37
|
Profitability
52.1
|
|
SMTI
Sanara MedTech Inc.
Medical Instruments & Supplies
|
303.39M
|
51.0
Composite
|
$33.02
|
Profitability
56.2
|
|
Medical Instruments & Supplies
|
287.60M
|
40.3
Composite
|
$4.17
|
Profitability
50.9
|
|
Medical Devices
|
287.45M
|
46.5
Composite
|
$4.42
|
Profitability
61.8
|
|
Medical Devices
|
275.76M
|
45.2
Composite
|
$9.04
|
Profitability
51.8
|
|
Medical Instruments & Supplies
|
275.06M
|
53.8
Composite
|
$13.81
|
Profitability
66.0
|
|
Medical Devices
|
243.79M
|
0.0
Composite
|
$6.00
|
No pillar score
-
|
|
MOVE
Movano Inc.
Medical Devices
|
238.85M
|
44.5
Composite
|
$7.57
|
Efficiency
58.5
|
|
Medical Devices
|
235.55M
|
47.6
Composite
|
$0.60
|
Profitability
59.2
|
|
Medical Instruments & Supplies
|
234.10M
|
57.3
Composite
|
$73.52
|
Profitability
72.0
|
|
BDSX
Biodesix, Inc.
Diagnostics & Research
|
224.32M
|
45.4
Composite
|
$21.26
|
Growth
54.5
|
|
Medical Devices
|
222.90M
|
43.7
Composite
|
$3.62
|
Profitability
55.4
|
|
ELMD
Electromed, Inc.
Medical Devices
|
220.60M
|
67.2
Composite
|
$26.62
|
Profitability
84.0
|
|
RXST
RxSight, Inc.
Medical Devices
|
205.05M
|
46.7
Composite
|
$4.93
|
Profitability
65.4
|
|
Medical Devices
|
204.56M
|
47.6
Composite
|
$5.55
|
Growth
55.7
|
|
PDEX
Pro-Dex, Inc.
Medical Instruments & Supplies
|
194.31M
|
58.6
Composite
|
$60.66
|
Profitability
73.6
|
|
INGN
Inogen, Inc
Medical Devices
|
187.90M
|
52.0
Composite
|
$7.08
|
Profitability
71.4
|
|
XGN
Exagen Inc.
Diagnostics & Research
|
180.96M
|
51.0
Composite
|
$7.47
|
Efficiency
69.9
|
|
STIM
Neuronetics, Inc.
Diagnostics & Research
|
170.68M
|
45.8
Composite
|
$2.24
|
Health
58.9
|
|
Medical Devices
|
161.90M
|
60.5
Composite
|
$3.65
|
Profitability
75.0
|
|
MXCT
MaxCyte, Inc.
Medical Devices
|
155.84M
|
48.4
Composite
|
$1.51
|
Profitability
54.0
|
|
Medical Instruments & Supplies
|
152.16M
|
57.5
Composite
|
$1.94
|
Growth
66.2
|
|
Medical Instruments & Supplies
|
144.10M
|
51.6
Composite
|
$3.12
|
Profitability
61.6
|
|
Medical Devices
|
138.12M
|
44.3
Composite
|
$1.21
|
Profitability
54.3
|
|
Medical Devices
|
133.80M
|
40.1
Composite
|
$2.83
|
Profitability
49.1
|
|
Medical Devices
|
133.61M
|
41.6
Composite
|
$2.21
|
Growth
56.9
|
|
FONR
Fonar Corporation
Diagnostics & Research
|
125.10M
|
56.0
Composite
|
$19.09
|
Profitability
66.0
|
|
OWLT
Owlet, Inc.
Medical Devices
|
117.76M
|
55.8
Composite
|
$4.03
|
Profitability
71.4
|
|
Diagnostics & Research
|
117.59M
|
41.6
Composite
|
$11.15
|
Profitability
58.1
|
|
Medical Devices
|
103.63M
|
52.2
Composite
|
$2.46
|
Profitability
66.5
|
|
STXS
Stereotaxis, Inc.
Medical Instruments & Supplies
|
99.20M
|
39.1
Composite
|
$0.99
|
Growth
47.7
|
|
Medical Devices
|
95.61M
|
38.4
Composite
|
$0.50
|
Valuation
59.7
|
|
NYXH
Nyxoah SA
Medical Instruments & Supplies
|
87.85M
|
40.0
Composite
|
$0.86
|
Growth
58.3
|
|
Medical Devices
|
80.48M
|
44.0
Composite
|
$2.04
|
Efficiency
53.6
|
|
HYPR
Hyperfine, Inc.
Medical Devices
|
76.69M
|
43.7
Composite
|
$0.72
|
Efficiency
53.0
|
|
Medical Devices
|
76.69M
|
44.7
Composite
|
$4.08
|
Profitability
54.8
|
|
LNSR
LENSAR, Inc.
Medical Devices
|
73.22M
|
51.2
Composite
|
$5.96
|
Profitability
73.0
|
|
Medical Devices
|
68.33M
|
33.1
Composite
|
$1.26
|
Valuation
57.5
|
|
ECOR
electroCore, Inc.
Medical Devices
|
67.08M
|
44.0
Composite
|
$7.44
|
Profitability
56.6
|
|
Medical Instruments & Supplies
|
63.25M
|
44.8
Composite
|
$0.94
|
Efficiency
64.2
|
|
Medical Instruments & Supplies
|
61.30M
|
26.4
Composite
|
$11.80
|
Efficiency
54.2
|
|
Medical Instruments & Supplies
|
53.77M
|
57.7
Composite
|
$9.21
|
Growth
79.0
|
|
ZTEK
Zentek Ltd.
Medical Instruments & Supplies
|
50.80M
|
38.6
Composite
|
$0.51
|
Efficiency
56.8
|
|
COCH
Envoy Medical, Inc.
Medical Devices
|
50.18M
|
36.1
Composite
|
$6.50
|
Growth
51.7
|
|
Diagnostics & Research
|
49.02M
|
42.1
Composite
|
$0.75
|
Growth
48.5
|
|
MDAI
Spectral AI, Inc.
Medical Devices
|
48.28M
|
38.9
Composite
|
$1.50
|
Valuation
47.1
|
|
Medical Instruments & Supplies
|
47.73M
|
47.3
Composite
|
$4.35
|
Growth
72.9
|
|
MYO
Myomo Inc.
Medical Devices
|
47.53M
|
44.1
Composite
|
$1.20
|
Profitability
59.1
|
|
Medical Instruments & Supplies
|
46.98M
|
34.1
Composite
|
$1.15
|
Growth
46.7
|
|
Medical Devices
|
46.40M
|
39.0
Composite
|
$2.82
|
Health
45.4
|
|
TELA
TELA Bio, Inc.
Medical Devices
|
44.31M
|
39.5
Composite
|
$0.98
|
Profitability
50.2
|
|
NEPH
Nephros, Inc.
Medical Instruments & Supplies
|
39.40M
|
53.2
Composite
|
$3.63
|
Growth
71.8
|
|
Medical Devices
|
39.38M
|
39.4
Composite
|
$0.79
|
Efficiency
53.1
|
|
CVRX
CVRx, Inc.
Medical Devices
|
38.63M
|
47.4
Composite
|
$1.45
|
Health
53.7
|
|
Medical Devices
|
38.60M
|
44.6
Composite
|
$0.28
|
Profitability
59.7
|
|
Medical Instruments & Supplies
|
37.88M
|
38.9
Composite
|
$8.32
|
Efficiency
52.4
|
|
Diagnostics & Research
|
36.49M
|
46.2
Composite
|
$9.89
|
Profitability
59.9
|
|
ELUT
Elutia, Inc.
Medical Devices
|
35.34M
|
44.6
Composite
|
$0.80
|
Health
55.2
|
|
PRPO
Precipio, Inc.
Diagnostics & Research
|
34.64M
|
51.9
Composite
|
$19.35
|
Profitability
61.1
|
|
Medical Devices
|
29.96M
|
52.0
Composite
|
$10.50
|
Profitability
71.0
|
|
Medical Instruments & Supplies
|
26.84M
|
39.2
Composite
|
$0.30
|
Efficiency
50.0
|
|
NNOX
NANO-X IMAGING LTD
Medical Devices
|
24.06M
|
40.7
Composite
|
$0.34
|
Efficiency
58.2
|
|
NSPR
InspireMD Inc.
Medical Devices
|
20.92M
|
40.9
Composite
|
$0.45
|
Growth
54.7
|
|
MDXH
MDxHealth SA
Diagnostics & Research
|
18.58M
|
38.5
Composite
|
$0.20
|
Profitability
51.8
|
|
PAVM
PAVmed Inc.
Medical Devices
|
17.40M
|
39.4
Composite
|
$2.26
|
Growth
64.3
|
|
Medical Instruments & Supplies
|
17.40M
|
42.3
Composite
|
$0.58
|
Profitability
56.9
|
|
LFWD
Lifeward Ltd.
Medical Devices
|
16.50M
|
34.3
Composite
|
$5.81
|
Health
44.5
|
|
HSCS
HeartSciences Inc.
Medical Devices
|
15.26M
|
31.7
Composite
|
$3.18
|
Efficiency
60.3
|
|
ARAY
Accuray Incorporated
Medical Devices
|
14.70M
|
41.9
Composite
|
$0.12
|
Health
56.7
|
|
Medical Devices
|
14.09M
|
39.9
Composite
|
$4.47
|
Profitability
55.2
|
|
Medical Devices
|
13.69M
|
42.5
Composite
|
$0.43
|
Efficiency
55.7
|
|
Medical Instruments & Supplies
|
13.66M
|
34.0
Composite
|
$1.16
|
Efficiency
46.8
|
|
Medical Devices
|
13.45M
|
34.3
Composite
|
$1.65
|
Valuation
50.5
|
|
IRIX
IRIDEX Corporation
Medical Devices
|
13.20M
|
43.6
Composite
|
$0.75
|
Profitability
63.4
|
|
FEMY
Femasys Inc.
Medical Instruments & Supplies
|
11.81M
|
35.6
Composite
|
$1.41
|
Growth
45.7
|
|
Medical Devices
|
10.40M
|
41.2
Composite
|
$1.56
|
Efficiency
58.6
|
|
BMRA
Biomerica, Inc.
Medical Devices
|
7.90M
|
33.1
Composite
|
$1.72
|
Growth
40.5
|
|
Medical Devices
|
7.30M
|
42.5
Composite
|
$0.80
|
Growth
51.7
|
|
Diagnostics & Research
|
7.23M
|
31.9
Composite
|
$4.82
|
Growth
45.9
|
|
XWEL
XWELL, Inc.
Diagnostics & Research
|
6.48M
|
37.4
Composite
|
$0.75
|
Efficiency
55.0
|
|
PTHL
Pheton Holdings Ltd
Medical Devices
|
6.01M
|
45.2
Composite
|
$0.30
|
Profitability
53.3
|
|
AIMD
Ainos, Inc.
Medical Devices
|
5.80M
|
37.3
Composite
|
$0.78
|
Growth
45.2
|
|
TRIB
Trinity Biotech plc
Medical Devices
|
5.78M
|
35.8
Composite
|
$7.11
|
Efficiency
50.5
|
|
Medical Devices
|
4.97M
|
32.9
Composite
|
$1.64
|
Growth
53.8
|
|
ICCM
IceCure Medical Ltd.
Medical Devices
|
4.78M
|
43.2
Composite
|
$1.03
|
Health
53.5
|
|
Medical Devices
|
4.58M
|
38.1
Composite
|
$6.71
|
Valuation
49.2
|
|
MYNZ
Mainz Biomed N.V.
Diagnostics & Research
|
4.28M
|
28.4
Composite
|
$0.34
|
Efficiency
46.8
|
|
Medical Devices
|
4.12M
|
28.4
Composite
|
$2.10
|
Valuation
38.7
|
|
Medical Devices
|
3.66M
|
34.9
Composite
|
$5.15
|
Efficiency
50.0
|
|
Diagnostics & Research
|
3.63M
|
33.6
Composite
|
$2.83
|
Growth
64.3
|
|
CODX
Co-Diagnostics, Inc.
Medical Devices
|
3.40M
|
37.4
Composite
|
$0.55
|
Valuation
47.0
|
|
Medical Devices
|
2.74M
|
56.9
Composite
|
$1.13
|
Profitability
70.6
|
|
Medical Devices
|
2.64M
|
34.0
Composite
|
$0.13
|
Efficiency
47.4
|
|
Medical Devices
|
2.50M
|
41.2
Composite
|
$0.56
|
Growth
60.6
|
|
VNRX
VolitionRX Limited
Medical Devices
|
2.40M
|
36.6
Composite
|
$0.18
|
Valuation
42.4
|
|
Medical Devices
|
2.16M
|
40.9
Composite
|
$0.65
|
Growth
60.7
|
|
Medical Devices
|
2.15M
|
36.8
Composite
|
$0.10
|
Valuation
47.2
|
|
ISPC
iSpecimen Inc.
Diagnostics & Research
|
2.12M
|
31.9
Composite
|
$0.84
|
Efficiency
62.1
|
|
XAIR
Beyond Air, Inc.
Medical Devices
|
2.00M
|
32.9
Composite
|
$2.14
|
Efficiency
51.5
|
|
NXGL
NexGel, Inc
Medical Instruments & Supplies
|
1.93M
|
29.9
Composite
|
$3.96
|
Efficiency
37.7
|
|
Medical Devices
|
1.76M
|
46.2
Composite
|
$0.55
|
Profitability
66.3
|
|
TNON
Tenon Medical, Inc.
Medical Devices
|
1.44M
|
40.2
Composite
|
$2.15
|
Efficiency
62.4
|
|
Medical Devices
|
1.42M
|
35.2
Composite
|
$1.71
|
Efficiency
59.5
|
|
NUWE
Nuwellis, Inc.
Medical Devices
|
1.30M
|
36.0
Composite
|
$3.07
|
Growth
46.5
|
|
BBLG
Bone Biologics Corp
Medical Devices
|
1.00M
|
48.5
Composite
|
$0.38
|
Profitability
65.1
|
|
VERO
Venus Concept Inc.
Medical Devices
|
563,314
|
30.2
Composite
|
$0.31
|
Health
44.2
|
|
NOTV
Inotiv, Inc.
Diagnostics & Research
|
476,223
|
38.4
Composite
|
$0.01
|
Health
49.0
|
|
Medical Devices
|
370,444
|
31.2
Composite
|
$0.01
|
Valuation
36.6
|
|
GCTK
GlucoTrack, Inc.
Medical Instruments & Supplies
|
321,812
|
24.2
Composite
|
$1.61
|
Growth
32.4
|
|
PRPH
ProPhase Labs, Inc.
Diagnostics & Research
|
163,080
|
30.5
Composite
|
$0.01
|
Efficiency
52.1
|
|
Medical Devices
|
142,627
|
36.1
Composite
|
$0.02
|
Valuation
49.3
|
|
TTOO
T2 Biosystems, Inc.
Diagnostics & Research
|
16,827
|
29.0
Composite
|
$0.00
|
Valuation
100.0
|
|
Medical Devices
|
1,178
|
44.6
Composite
|
$0.00
|
Profitability
54.5
|
|
DHAI
DIH Holding US, Inc.
Medical Devices
|
837
|
44.2
Composite
|
$0.00
|
Profitability
67.3
|
|
Diagnostics & Research
|
-
|
39.3
Composite
|
$0.61
|
Valuation
87.1
|
|
Medical Devices
|
-
|
33.0
Composite
|
-
|
Health
41.3
|
|
Medical Devices
|
-
|
37.7
Composite
|
$0.06
|
Health
43.1
|
|
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
|
-
|
27.9
Composite
|
-
|
Health
40.5
|
|
Medical Devices
|
-
|
44.3
Composite
|
$0.03
|
Valuation
93.1
|
|
Diagnostics & Research
|
-
|
37.8
Composite
|
$0.22
|
Growth
74.0
|
|
Medical Devices
|
-
|
47.9
Composite
|
$7.70
|
Profitability
66.6
|
|
CHEK
Check-Cap Ltd.
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
CUTR
Cutera, Inc.
Medical Devices
|
-
|
35.4
Composite
|
$0.10
|
Profitability
43.6
|
|
Medical Devices
|
-
|
40.9
Composite
|
$0.00
|
Profitability
65.9
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
WGSWW
GeneDx Holdings Corp.
Diagnostics & Research
|
-
|
46.0
Composite
|
$0.00
|
Profitability
57.8
|
|
Diagnostics & Research
|
-
|
23.0
Composite
|
-
|
Efficiency
47.5
|
|
Medical Devices
|
-
|
31.1
Composite
|
$0.13
|
Valuation
100.0
|
|
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
|
-
|
30.4
Composite
|
$0.01
|
Valuation
100.0
|
|
Medical Instruments & Supplies
|
-
|
43.4
Composite
|
-
|
Profitability
57.5
|
|
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
|
Efficiency
44.4
|
|
NVRO
Nevro Corp.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NXLIW
Nexalin Technology, Inc.
Medical Devices
|
-
|
35.2
Composite
|
-
|
Valuation
100.0
|
|
NXGLW
NexGel, Inc Warrant
Medical Instruments & Supplies
|
-
|
32.2
Composite
|
$0.01
|
Valuation
100.0
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
FNA
Paragon 28, Inc.
Medical Devices
|
-
|
48.3
Composite
|
-
|
Profitability
61.4
|
|
PAVMZ
PAVmed Inc. - Series Z
Medical Devices
|
-
|
44.5
Composite
|
-
|
Valuation
100.0
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
PRENW
Prenetics Global Limited
Diagnostics & Research
|
-
|
41.1
Composite
|
$0.01
|
Profitability
54.8
|
|
QSIAW
Quantum-Si incorporated
Medical Devices
|
-
|
41.3
Composite
|
$0.20
|
Efficiency
51.0
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
54.0
Composite
|
$20.33
|
Profitability
75.9
|
|
Medical Instruments & Supplies
|
-
|
35.2
Composite
|
$0.03
|
Valuation
100.0
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
51.8
Composite
|
$9.01
|
Profitability
63.5
|
|
SRDX
Surmodics, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
44.3
Composite
|
$0.75
|
Valuation
100.0
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
ZIMV
ZimVie Inc.
Medical Devices
|
-
|
54.5
Composite
|
-
|
Profitability
73.1
|
|
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.
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.