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
|
194.99B
|
62.7
Composite
|
$594.00
|
Profitability
72.3
|
|
Medical Devices
|
164.43B
|
66.8
Composite
|
$108.62
|
Profitability
79.9
|
|
Medical Instruments & Supplies
|
145.76B
|
65.8
Composite
|
$378.81
|
Profitability
84.9
|
|
Diagnostics & Research
|
138.71B
|
65.2
Composite
|
$204.76
|
Valuation
78.1
|
|
Medical Devices
|
125.40B
|
69.1
Composite
|
$339.03
|
Valuation
84.2
|
|
MDT
Medtronic plc.
Medical Devices
|
105.46B
|
70.4
Composite
|
$87.16
|
Profitability
81.4
|
|
Medical Devices
|
66.87B
|
67.6
Composite
|
$49.31
|
Profitability
82.0
|
|
Medical Devices
|
52.59B
|
61.1
Composite
|
$89.72
|
Profitability
83.2
|
|
Diagnostics & Research
|
44.06B
|
65.2
Composite
|
$586.67
|
Profitability
77.5
|
|
Medical Instruments & Supplies
|
41.57B
|
56.9
Composite
|
$176.86
|
Valuation
66.5
|
|
NTRA
Natera, Inc.
Diagnostics & Research
|
40.37B
|
52.6
Composite
|
$322.10
|
Profitability
61.8
|
|
Diagnostics & Research
|
37.73B
|
65.3
Composite
|
$148.72
|
Valuation
77.5
|
|
Diagnostics & Research
|
37.03B
|
58.7
Composite
|
$406.86
|
Profitability
66.4
|
|
Diagnostics & Research
|
34.88B
|
64.2
Composite
|
$238.70
|
Valuation
82.1
|
|
ALC
Alcon Inc.
Medical Instruments & Supplies
|
32.67B
|
61.0
Composite
|
$71.81
|
Valuation
72.2
|
|
RMD
ResMed Inc.
Medical Instruments & Supplies
|
30.07B
|
70.3
Composite
|
$211.94
|
Profitability
83.4
|
|
ILMN
Illumina, Inc.
Diagnostics & Research
|
29.32B
|
62.6
Composite
|
$187.96
|
Profitability
71.2
|
|
DXCM
DexCom, Inc.
Medical Devices
|
28.18B
|
73.0
Composite
|
$84.75
|
Profitability
84.3
|
|
Medical Devices
|
26.03B
|
64.3
Composite
|
$26.73
|
Valuation
84.1
|
|
Diagnostics & Research
|
26.03B
|
57.1
Composite
|
$1,429.46
|
Profitability
68.7
|
|
Medical Instruments & Supplies
|
25.27B
|
60.6
Composite
|
$354.07
|
Valuation
73.8
|
|
Diagnostics & Research
|
23.03B
|
65.5
Composite
|
$238.35
|
Valuation
79.5
|
|
Diagnostics & Research
|
22.77B
|
60.9
Composite
|
$319.17
|
Valuation
76.7
|
|
Diagnostics & Research
|
21.76B
|
39.4
Composite
|
$168.48
|
Profitability
54.0
|
|
Medical Devices
|
21.05B
|
71.2
Composite
|
$237.47
|
Profitability
82.6
|
|
Diagnostics & Research
|
20.03B
|
58.7
Composite
|
$104.91
|
Efficiency
70.7
|
|
Medical Devices
|
17.26B
|
68.5
Composite
|
$96.55
|
Profitability
79.8
|
|
HOLX
Hologic, Inc.
Medical Instruments & Supplies
|
16.97B
|
62.6
Composite
|
$76.01
|
Valuation
77.4
|
|
Diagnostics & Research
|
15.29B
|
65.7
Composite
|
$590.67
|
Profitability
77.0
|
|
Medical Instruments & Supplies
|
13.85B
|
53.6
Composite
|
$74.23
|
Efficiency
72.4
|
|
Medical Devices
|
13.38B
|
71.6
Composite
|
$30.11
|
Profitability
83.2
|
|
ICLR
ICON plc
Diagnostics & Research
|
12.93B
|
55.4
Composite
|
$164.51
|
Valuation
66.1
|
|
Medical Instruments & Supplies
|
12.76B
|
63.4
Composite
|
$173.66
|
Valuation
76.1
|
|
RVTY
Revvity, Inc.
Diagnostics & Research
|
12.60B
|
60.1
Composite
|
$114.66
|
Valuation
75.9
|
|
PEN
Penumbra, Inc.
Medical Devices
|
12.51B
|
66.7
Composite
|
$324.66
|
Profitability
80.5
|
|
Medical Instruments & Supplies
|
11.35B
|
52.1
Composite
|
$27.55
|
Health
59.9
|
|
Diagnostics & Research
|
11.25B
|
52.5
Composite
|
$267.49
|
Valuation
64.1
|
|
PODD
Insulet Corporation
Medical Devices
|
10.96B
|
69.4
Composite
|
$141.17
|
Profitability
83.1
|
|
GMED
Globus Medical, Inc.
Medical Devices
|
10.34B
|
72.9
Composite
|
$82.35
|
Valuation
85.0
|
|
MASI
Masimo Corporation
Medical Devices
|
9.42B
|
63.0
Composite
|
$179.95
|
Profitability
80.2
|
|
BRKR
Bruker Corporation
Medical Devices
|
9.22B
|
62.8
Composite
|
$53.41
|
Profitability
75.1
|
|
GKOS
Glaukos Corporation
Medical Devices
|
9.10B
|
57.7
Composite
|
$180.02
|
Profitability
73.2
|
|
QGEN
Qiagen N.V.
Diagnostics & Research
|
8.68B
|
60.4
Composite
|
$42.30
|
Valuation
71.1
|
|
Medical Devices
|
8.28B
|
50.9
Composite
|
$337.00
|
Valuation
60.8
|
|
RGEN
Repligen Corporation
Medical Instruments & Supplies
|
8.12B
|
61.9
Composite
|
$163.90
|
Valuation
70.3
|
|
ATR
AptarGroup, Inc.
Medical Instruments & Supplies
|
7.94B
|
61.4
Composite
|
$135.42
|
Valuation
77.1
|
|
Medical Devices
|
7.60B
|
44.0
Composite
|
$352.47
|
Profitability
57.8
|
|
AVTR
Avantor, Inc.
Medical Instruments & Supplies
|
7.18B
|
52.5
Composite
|
$13.59
|
Valuation
58.8
|
|
Medical Instruments & Supplies
|
5.94B
|
56.3
Composite
|
$16.78
|
Valuation
68.3
|
|
Medical Instruments & Supplies
|
5.93B
|
54.8
Composite
|
$134.98
|
Valuation
61.5
|
|
Diagnostics & Research
|
5.83B
|
42.9
Composite
|
$115.67
|
Profitability
52.4
|
|
Medical Instruments & Supplies
|
5.39B
|
59.5
Composite
|
$20.27
|
Valuation
70.1
|
|
RDNT
RadNet, Inc.
Diagnostics & Research
|
5.16B
|
62.3
Composite
|
$72.39
|
Valuation
77.1
|
|
Diagnostics & Research
|
4.98B
|
61.4
Composite
|
$18.86
|
Valuation
75.5
|
|
VCYT
Veracyte, Inc.
Diagnostics & Research
|
4.73B
|
63.5
Composite
|
$47.22
|
Profitability
71.2
|
|
LIVN
LivaNova PLC
Medical Devices
|
4.53B
|
65.7
Composite
|
$76.22
|
Profitability
77.0
|
|
Medical Instruments & Supplies
|
4.24B
|
58.9
Composite
|
$89.04
|
Valuation
67.0
|
|
Medical Instruments & Supplies
|
4.19B
|
52.3
Composite
|
$28.15
|
Profitability
62.3
|
|
ICUI
ICU Medical, Inc.
Medical Instruments & Supplies
|
3.91B
|
56.7
Composite
|
$184.56
|
Valuation
63.5
|
|
Medical Devices
|
3.87B
|
61.1
Composite
|
$127.84
|
Profitability
70.8
|
|
WRBY
Warby Parker Inc.
Medical Instruments & Supplies
|
3.60B
|
60.3
Composite
|
$26.46
|
Valuation
81.2
|
|
Medical Instruments & Supplies
|
3.41B
|
60.0
Composite
|
$87.84
|
Efficiency
75.8
|
|
GRAL
GRAIL, Inc.
Diagnostics & Research
|
3.25B
|
38.6
Composite
|
$69.48
|
Growth
51.0
|
|
Medical Devices
|
3.09B
|
62.7
Composite
|
$125.27
|
Profitability
73.7
|
|
Medical Devices
|
2.61B
|
50.4
Composite
|
$77.42
|
Profitability
62.5
|
|
Medical Devices
|
2.49B
|
63.6
Composite
|
$83.89
|
Profitability
77.5
|
|
XRAY
DENTSPLY SIRONA Inc.
Medical Instruments & Supplies
|
2.38B
|
48.2
Composite
|
$12.12
|
Profitability
55.7
|
|
Medical Instruments & Supplies
|
2.34B
|
66.8
Composite
|
$81.45
|
Valuation
76.3
|
|
AXGN
AxoGen, Inc.
Medical Devices
|
2.32B
|
57.5
Composite
|
$46.43
|
Profitability
68.7
|
|
NEOG
Neogen Corporation
Diagnostics & Research
|
2.12B
|
51.9
Composite
|
$11.47
|
Valuation
74.3
|
|
Medical Devices
|
2.10B
|
50.8
Composite
|
$8.83
|
Profitability
64.4
|
|
Diagnostics & Research
|
2.06B
|
44.1
Composite
|
$77.08
|
Profitability
48.8
|
|
NVCR
NovoCure Limited
Medical Devices
|
2.00B
|
51.1
Composite
|
$16.39
|
Profitability
61.0
|
|
Medical Instruments & Supplies
|
1.95B
|
31.5
Composite
|
$42.41
|
Efficiency
42.2
|
|
Medical Devices
|
1.93B
|
65.5
Composite
|
$314.01
|
Valuation
78.2
|
|
Diagnostics & Research
|
1.85B
|
47.4
Composite
|
$16.57
|
Profitability
56.8
|
|
ATRC
AtriCure, Inc.
Medical Instruments & Supplies
|
1.71B
|
55.9
Composite
|
$41.39
|
Growth
66.9
|
|
PSNL
Personalis, Inc.
Diagnostics & Research
|
1.53B
|
38.6
Composite
|
$14.16
|
Efficiency
46.3
|
|
Medical Devices
|
1.48B
|
63.2
Composite
|
$60.16
|
Profitability
76.2
|
|
Medical Devices
|
1.43B
|
61.5
Composite
|
$17.25
|
Profitability
71.7
|
|
CDNA
CareDx, Inc.
Diagnostics & Research
|
1.42B
|
62.1
Composite
|
$46.69
|
Valuation
84.1
|
|
Medical Devices
|
1.42B
|
50.4
Composite
|
$9.31
|
Profitability
65.6
|
|
Medical Instruments & Supplies
|
1.40B
|
51.6
Composite
|
$24.21
|
Profitability
65.3
|
|
Medical Instruments & Supplies
|
1.38B
|
56.3
Composite
|
$34.66
|
Valuation
65.8
|
|
AHCO
AdaptHealth Corp.
Medical Devices
|
1.35B
|
60.7
Composite
|
$5.69
|
Profitability
73.3
|
|
IRMD
iRadimed Corporation
Medical Devices
|
1.25B
|
73.0
Composite
|
$92.50
|
Valuation
86.7
|
|
Medical Devices
|
1.19B
|
52.8
Composite
|
$12.29
|
Profitability
67.3
|
|
AZTA
Azenta, Inc.
Medical Instruments & Supplies
|
1.17B
|
38.5
Composite
|
$32.04
|
Health
46.1
|
|
AORT
Artivion, Inc.
Medical Devices
|
1.17B
|
60.6
Composite
|
$27.12
|
Profitability
74.8
|
|
AVNS
Avanos Medical, Inc.
Medical Devices
|
1.17B
|
57.5
Composite
|
$24.99
|
Profitability
72.7
|
|
Medical Devices
|
1.12B
|
50.2
Composite
|
$20.41
|
Profitability
64.6
|
|
CNMD
CONMED Corporation
Medical Devices
|
1.10B
|
62.8
Composite
|
$49.12
|
Profitability
73.3
|
|
Medical Devices
|
1.05B
|
58.9
Composite
|
$22.38
|
Profitability
64.7
|
|
Diagnostics & Research
|
1.05B
|
38.8
Composite
|
$1.37
|
Profitability
48.9
|
|
INMD
InMode Ltd.
Medical Devices
|
951.01M
|
67.2
Composite
|
$15.31
|
Valuation
81.9
|
|
Medical Instruments & Supplies
|
923.78M
|
25.5
Composite
|
$8.91
|
Growth
38.0
|
|
BVS
Bioventus Inc.
Medical Devices
|
827.88M
|
63.7
Composite
|
$14.12
|
Profitability
72.7
|
|
Diagnostics & Research
|
797.48M
|
38.8
Composite
|
$5.91
|
Health
44.3
|
|
SIBN
SI-BONE, Inc.
Medical Devices
|
772.56M
|
53.5
Composite
|
$18.61
|
Profitability
72.3
|
|
CBLL
CeriBell, Inc.
Medical Devices
|
745.19M
|
49.9
Composite
|
$18.81
|
Profitability
61.8
|
|
Diagnostics & Research
|
744.90M
|
42.1
Composite
|
$32.03
|
Profitability
57.8
|
|
BBNX
Beta Bionics, Inc.
Medical Devices
|
732.15M
|
52.2
Composite
|
$15.90
|
Growth
60.4
|
|
Medical Devices
|
692.03M
|
61.8
Composite
|
$29.50
|
Profitability
74.8
|
|
CERS
Cerus Corporation
Medical Devices
|
631.16M
|
57.6
Composite
|
$2.35
|
Profitability
70.2
|
|
BWAY
Brainsway Ltd.
Medical Devices
|
606.60M
|
65.0
Composite
|
$15.50
|
Profitability
78.8
|
|
Diagnostics & Research
|
593.01M
|
43.0
Composite
|
$19.14
|
Efficiency
69.3
|
|
Medical Devices
|
592.76M
|
46.1
Composite
|
$4.20
|
Profitability
65.1
|
|
MOVE
Movano Inc.
Medical Devices
|
579.88M
|
37.5
Composite
|
$12.96
|
Efficiency
63.1
|
|
NPCE
Neuropace, Inc.
Medical Devices
|
578.57M
|
51.9
Composite
|
$14.83
|
Profitability
64.8
|
|
Diagnostics & Research
|
576.13M
|
40.7
Composite
|
$3.26
|
Profitability
53.6
|
|
ANGO
AngioDynamics, Inc.
Medical Instruments & Supplies
|
533.80M
|
41.0
Composite
|
$15.69
|
Profitability
53.9
|
|
Medical Devices
|
518.50M
|
48.7
Composite
|
$14.21
|
Profitability
59.3
|
|
Medical Devices
|
507.54M
|
52.3
Composite
|
$22.77
|
Profitability
69.5
|
|
Medical Devices
|
500.07M
|
45.3
Composite
|
$1.19
|
Valuation
53.4
|
|
Medical Devices
|
466.70M
|
63.4
Composite
|
$15.11
|
Profitability
76.3
|
|
Medical Devices
|
465.40M
|
61.7
Composite
|
$9.73
|
Profitability
76.0
|
|
Medical Devices
|
464.00M
|
50.5
Composite
|
$10.28
|
Profitability
67.8
|
|
Medical Devices
|
453.92M
|
51.5
Composite
|
$12.41
|
Profitability
68.8
|
|
ELMD
Electromed, Inc.
Medical Devices
|
379.40M
|
72.7
Composite
|
$42.19
|
Valuation
86.6
|
|
Medical Devices
|
366.20M
|
50.8
Composite
|
$0.80
|
Profitability
75.2
|
|
Medical Devices
|
361.53M
|
43.2
Composite
|
$3.00
|
Efficiency
55.9
|
|
MASS
908 Devices Inc.
Medical Devices
|
307.42M
|
47.4
Composite
|
$8.88
|
Profitability
60.4
|
|
Medical Devices
|
302.31M
|
51.0
Composite
|
$4.76
|
Efficiency
62.0
|
|
Medical Instruments & Supplies
|
295.00M
|
35.6
Composite
|
$4.05
|
Efficiency
50.6
|
|
SGHT
Sight Sciences, Inc.
Medical Devices
|
291.09M
|
50.3
Composite
|
$7.47
|
Profitability
59.8
|
|
Medical Devices
|
279.29M
|
41.0
Composite
|
$7.02
|
Valuation
46.4
|
|
Diagnostics & Research
|
279.02M
|
36.7
Composite
|
$18.26
|
Profitability
47.4
|
|
Medical Devices
|
268.80M
|
48.1
Composite
|
$7.41
|
Growth
57.9
|
|
Medical Devices
|
243.79M
|
0.0
Composite
|
$6.00
|
No pillar score
-
|
|
BDSX
Biodesix, Inc.
Diagnostics & Research
|
229.38M
|
41.3
Composite
|
$23.50
|
Growth
50.8
|
|
Medical Devices
|
226.01M
|
52.9
Composite
|
$5.61
|
Profitability
64.7
|
|
SMTI
Sanara MedTech Inc.
Medical Instruments & Supplies
|
222.04M
|
50.4
Composite
|
$34.10
|
Profitability
57.3
|
|
Medical Instruments & Supplies
|
217.72M
|
60.8
Composite
|
$70.83
|
Valuation
76.2
|
|
RXST
RxSight, Inc.
Medical Devices
|
210.29M
|
46.1
Composite
|
$6.26
|
Profitability
64.2
|
|
Medical Devices
|
209.57M
|
43.7
Composite
|
$0.81
|
Health
51.2
|
|
Medical Instruments & Supplies
|
203.50M
|
49.7
Composite
|
$3.55
|
Growth
58.6
|
|
PDEX
Pro-Dex, Inc.
Medical Instruments & Supplies
|
198.08M
|
57.9
Composite
|
$65.56
|
Profitability
68.1
|
|
Medical Instruments & Supplies
|
196.60M
|
56.1
Composite
|
$12.49
|
Valuation
62.7
|
|
Medical Devices
|
188.90M
|
36.8
Composite
|
$0.97
|
Growth
55.9
|
|
EMBC
Embecta Corp.
Medical Instruments & Supplies
|
188.66M
|
48.3
Composite
|
$4.42
|
Profitability
57.2
|
|
Medical Devices
|
187.48M
|
48.8
Composite
|
$4.03
|
Profitability
61.9
|
|
Medical Devices
|
186.80M
|
54.1
Composite
|
$4.05
|
Profitability
66.8
|
|
INGN
Inogen, Inc
Medical Devices
|
176.80M
|
48.8
Composite
|
$6.05
|
Profitability
69.2
|
|
STXS
Stereotaxis, Inc.
Medical Instruments & Supplies
|
175.93M
|
36.8
Composite
|
$1.42
|
Growth
42.6
|
|
NYXH
Nyxoah SA
Medical Instruments & Supplies
|
171.57M
|
37.5
Composite
|
$1.47
|
Growth
61.7
|
|
OWLT
Owlet, Inc.
Medical Devices
|
171.40M
|
51.9
Composite
|
$5.50
|
Profitability
67.6
|
|
Medical Devices
|
161.90M
|
64.8
Composite
|
$3.65
|
Profitability
74.6
|
|
CVRX
CVRx, Inc.
Medical Devices
|
137.99M
|
48.6
Composite
|
$2.39
|
Profitability
52.0
|
|
MXCT
MaxCyte, Inc.
Medical Devices
|
137.12M
|
50.5
Composite
|
$1.18
|
Profitability
64.7
|
|
RCEL
Avita Medical, Inc.
Medical Devices
|
135.73M
|
43.3
Composite
|
$7.77
|
Profitability
53.5
|
|
FONR
Fonar Corporation
Diagnostics & Research
|
125.10M
|
57.8
Composite
|
$19.09
|
Valuation
74.2
|
|
Medical Instruments & Supplies
|
124.93M
|
42.4
Composite
|
$1.89
|
Growth
52.7
|
|
STIM
Neuronetics, Inc.
Diagnostics & Research
|
115.50M
|
41.3
Composite
|
$2.38
|
Health
52.6
|
|
HYPR
Hyperfine, Inc.
Medical Devices
|
111.68M
|
43.4
Composite
|
$0.95
|
Efficiency
54.6
|
|
XGN
Exagen Inc.
Diagnostics & Research
|
111.62M
|
42.8
Composite
|
$6.87
|
Profitability
51.1
|
|
Medical Devices
|
106.85M
|
38.2
Composite
|
$1.69
|
Growth
49.9
|
|
Diagnostics & Research
|
95.39M
|
40.2
Composite
|
$8.81
|
Profitability
54.1
|
|
Medical Devices
|
90.61M
|
32.5
Composite
|
$4.98
|
Profitability
36.9
|
|
Medical Devices
|
84.51M
|
37.8
Composite
|
$1.73
|
Efficiency
52.7
|
|
Medical Devices
|
82.49M
|
44.5
Composite
|
$4.90
|
Profitability
53.5
|
|
NNOX
NANO-X IMAGING LTD
Medical Devices
|
81.43M
|
44.6
Composite
|
$1.06
|
Efficiency
59.3
|
|
Medical Devices
|
80.28M
|
41.1
Composite
|
$2.07
|
Efficiency
50.5
|
|
LNSR
LENSAR, Inc.
Medical Devices
|
71.78M
|
53.3
Composite
|
$6.04
|
Profitability
74.3
|
|
Medical Devices
|
68.33M
|
33.3
Composite
|
$1.26
|
Valuation
52.8
|
|
Medical Instruments & Supplies
|
62.50M
|
56.8
Composite
|
$10.11
|
Growth
72.6
|
|
Medical Instruments & Supplies
|
61.30M
|
25.7
Composite
|
$11.80
|
Efficiency
47.2
|
|
Medical Devices
|
58.90M
|
49.8
Composite
|
$0.44
|
Profitability
66.4
|
|
ECOR
electroCore, Inc.
Medical Devices
|
55.08M
|
38.0
Composite
|
$8.09
|
Profitability
54.9
|
|
MDAI
Spectral AI, Inc.
Medical Devices
|
54.74M
|
40.5
Composite
|
$1.75
|
Profitability
57.8
|
|
Medical Instruments & Supplies
|
54.18M
|
50.5
Composite
|
$4.22
|
Growth
69.3
|
|
COCH
Envoy Medical, Inc.
Medical Devices
|
52.36M
|
40.2
Composite
|
$0.67
|
Growth
53.0
|
|
ZTEK
Zentek Ltd.
Medical Instruments & Supplies
|
50.80M
|
29.1
Composite
|
$0.67
|
Efficiency
56.0
|
|
Diagnostics & Research
|
49.02M
|
41.9
Composite
|
$0.75
|
Profitability
49.1
|
|
Medical Devices
|
48.07M
|
46.0
Composite
|
$3.07
|
Health
59.5
|
|
PRPO
Precipio, Inc.
Diagnostics & Research
|
47.30M
|
49.1
Composite
|
$23.97
|
Profitability
57.0
|
|
Medical Instruments & Supplies
|
46.98M
|
31.2
Composite
|
$1.15
|
Growth
39.1
|
|
MYO
Myomo Inc.
Medical Devices
|
44.80M
|
47.4
Composite
|
$1.42
|
Profitability
62.7
|
|
ELUT
Elutia, Inc.
Medical Devices
|
42.97M
|
43.5
Composite
|
$0.85
|
Health
57.8
|
|
Diagnostics & Research
|
40.65M
|
43.6
Composite
|
$11.30
|
Profitability
58.4
|
|
PAVM
PAVmed Inc.
Medical Devices
|
40.40M
|
38.9
Composite
|
$4.74
|
Growth
48.8
|
|
TELA
TELA Bio, Inc.
Medical Devices
|
38.41M
|
38.4
Composite
|
$0.87
|
Profitability
50.3
|
|
Medical Devices
|
37.90M
|
57.6
Composite
|
$15.43
|
Profitability
68.4
|
|
NEPH
Nephros, Inc.
Medical Instruments & Supplies
|
35.94M
|
49.9
Composite
|
$4.21
|
Profitability
61.2
|
|
Medical Devices
|
35.12M
|
39.2
Composite
|
$1.22
|
Profitability
50.6
|
|
NSPR
InspireMD Inc.
Medical Devices
|
32.50M
|
44.3
Composite
|
$0.74
|
Growth
59.4
|
|
ARAY
Accuray Incorporated
Medical Devices
|
31.41M
|
42.9
Composite
|
$0.29
|
Profitability
59.0
|
|
Medical Instruments & Supplies
|
31.27M
|
42.3
Composite
|
$0.48
|
Efficiency
77.5
|
|
Medical Instruments & Supplies
|
28.10M
|
41.1
Composite
|
$6.47
|
Efficiency
60.3
|
|
Medical Devices
|
25.86M
|
47.5
Composite
|
$1.63
|
Growth
68.9
|
|
MDXH
MDxHealth SA
Diagnostics & Research
|
25.16M
|
42.7
Composite
|
$0.46
|
Profitability
56.0
|
|
LFWD
Lifeward Ltd.
Medical Devices
|
23.75M
|
37.6
Composite
|
$7.68
|
Efficiency
52.6
|
|
Medical Devices
|
23.36M
|
43.1
Composite
|
$0.36
|
Profitability
53.8
|
|
Medical Devices
|
21.98M
|
33.2
Composite
|
$2.20
|
Efficiency
54.1
|
|
Medical Instruments & Supplies
|
20.86M
|
32.1
Composite
|
$0.67
|
Profitability
38.7
|
|
IRIX
IRIDEX Corporation
Medical Devices
|
19.50M
|
47.2
Composite
|
$0.83
|
Profitability
66.4
|
|
AIMD
Ainos, Inc.
Medical Devices
|
16.30M
|
37.5
Composite
|
$1.49
|
Growth
45.7
|
|
Medical Instruments & Supplies
|
14.95M
|
57.5
Composite
|
$2.15
|
Growth
67.7
|
|
ICCM
IceCure Medical Ltd.
Medical Devices
|
13.33M
|
41.2
Composite
|
$3.08
|
Health
52.6
|
|
Medical Instruments & Supplies
|
13.08M
|
31.7
Composite
|
$1.16
|
Efficiency
47.9
|
|
Medical Devices
|
12.57M
|
38.2
Composite
|
$0.68
|
Health
52.1
|
|
FEMY
Femasys Inc.
Medical Instruments & Supplies
|
11.63M
|
44.0
Composite
|
$2.66
|
Growth
59.9
|
|
VNRX
VolitionRX Limited
Medical Devices
|
11.16M
|
37.3
Composite
|
$0.78
|
Efficiency
55.7
|
|
Medical Devices
|
9.74M
|
39.6
Composite
|
$0.35
|
Efficiency
61.2
|
|
CODX
Co-Diagnostics, Inc.
Medical Devices
|
9.50M
|
38.3
Composite
|
$1.52
|
Valuation
48.2
|
|
HSCS
HeartSciences Inc.
Medical Devices
|
8.54M
|
38.0
Composite
|
$2.02
|
Valuation
47.1
|
|
XWEL
XWELL, Inc.
Diagnostics & Research
|
8.40M
|
28.4
Composite
|
$1.03
|
Efficiency
44.3
|
|
TRIB
Trinity Biotech plc
Medical Devices
|
7.92M
|
33.7
Composite
|
$12.43
|
Profitability
48.7
|
|
Medical Devices
|
7.34M
|
39.4
Composite
|
$10.61
|
Efficiency
48.5
|
|
Medical Devices
|
7.30M
|
32.4
Composite
|
$1.66
|
Valuation
50.9
|
|
Diagnostics & Research
|
6.97M
|
28.0
Composite
|
$4.60
|
Efficiency
53.6
|
|
Medical Devices
|
6.47M
|
34.9
Composite
|
$0.32
|
Profitability
40.2
|
|
Medical Devices
|
6.41M
|
31.3
Composite
|
$0.07
|
Efficiency
42.4
|
|
XAIR
Beyond Air, Inc.
Medical Devices
|
6.16M
|
32.9
Composite
|
$5.36
|
Efficiency
54.1
|
|
PTHL
Pheton Holdings Ltd
Medical Devices
|
6.01M
|
42.9
Composite
|
$0.30
|
Profitability
53.4
|
|
Medical Devices
|
5.29M
|
40.5
Composite
|
$1.98
|
Growth
61.7
|
|
BMRA
Biomerica, Inc.
Medical Devices
|
5.13M
|
38.4
Composite
|
$1.61
|
Profitability
47.9
|
|
NXGL
NexGel, Inc
Medical Instruments & Supplies
|
4.70M
|
34.2
Composite
|
$0.38
|
Profitability
39.0
|
|
MYNZ
Mainz Biomed N.V.
Diagnostics & Research
|
4.28M
|
26.9
Composite
|
$0.34
|
Efficiency
50.0
|
|
TNON
Tenon Medical, Inc.
Medical Devices
|
4.01M
|
39.2
Composite
|
$0.13
|
Efficiency
59.2
|
|
Medical Devices
|
3.69M
|
41.6
Composite
|
$0.28
|
Growth
62.2
|
|
Diagnostics & Research
|
3.53M
|
30.1
Composite
|
$0.51
|
Growth
54.9
|
|
Medical Devices
|
3.51M
|
34.5
Composite
|
$10.04
|
Growth
45.2
|
|
ISPC
iSpecimen Inc.
Diagnostics & Research
|
3.29M
|
27.3
Composite
|
$2.22
|
Efficiency
57.6
|
|
BBLG
Bone Biologics Corp
Medical Devices
|
2.48M
|
55.7
Composite
|
$0.93
|
Growth
67.1
|
|
GCTK
GlucoTrack, Inc.
Medical Instruments & Supplies
|
2.43M
|
24.9
Composite
|
$0.43
|
Efficiency
41.4
|
|
Medical Devices
|
1.76M
|
48.0
Composite
|
$0.55
|
Profitability
64.9
|
|
Medical Devices
|
1.60M
|
32.1
Composite
|
$3.15
|
Growth
41.7
|
|
Medical Devices
|
1.45M
|
38.2
Composite
|
$1.07
|
Growth
49.7
|
|
VERO
Venus Concept Inc.
Medical Devices
|
563,314
|
28.9
Composite
|
$0.31
|
Efficiency
37.2
|
|
NOTV
Inotiv, Inc.
Diagnostics & Research
|
476,223
|
38.8
Composite
|
$0.01
|
Efficiency
54.5
|
|
PRPH
ProPhase Labs, Inc.
Diagnostics & Research
|
331,590
|
27.0
Composite
|
$0.04
|
Efficiency
39.5
|
|
NUWE
Nuwellis, Inc.
Medical Devices
|
242,087
|
35.3
Composite
|
$1.49
|
Health
45.0
|
|
Medical Devices
|
32,385
|
44.1
Composite
|
$0.01
|
Profitability
56.3
|
|
Medical Devices
|
24,642
|
54.2
Composite
|
$2.12
|
Profitability
65.6
|
|
TTOO
T2 Biosystems, Inc.
Diagnostics & Research
|
14,022
|
26.3
Composite
|
$0.00
|
Growth
54.5
|
|
DHAI
DIH Holding US, Inc.
Medical Devices
|
837
|
46.0
Composite
|
$0.00
|
Profitability
69.0
|
|
Diagnostics & Research
|
-
|
39.6
Composite
|
$0.61
|
Efficiency
42.8
|
|
Medical Devices
|
-
|
30.2
Composite
|
-
|
Health
36.4
|
|
Medical Devices
|
-
|
37.3
Composite
|
$0.10
|
Growth
41.2
|
|
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
|
-
|
25.9
Composite
|
-
|
Efficiency
46.4
|
|
Medical Devices
|
-
|
43.9
Composite
|
$0.04
|
Profitability
57.0
|
|
Diagnostics & Research
|
-
|
29.1
Composite
|
$0.10
|
Growth
55.0
|
|
Medical Devices
|
-
|
51.5
Composite
|
$7.70
|
Profitability
64.0
|
|
CHEK
Check-Cap Ltd.
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
CUTR
Cutera, Inc.
Medical Devices
|
-
|
33.5
Composite
|
$0.10
|
Profitability
43.3
|
|
Medical Devices
|
-
|
42.6
Composite
|
$0.00
|
Profitability
66.1
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
WGSWW
GeneDx Holdings Corp.
Diagnostics & Research
|
-
|
47.4
Composite
|
$0.00
|
Growth
56.1
|
|
Diagnostics & Research
|
-
|
16.7
Composite
|
-
|
Growth
26.9
|
|
Medical Devices
|
-
|
36.1
Composite
|
$0.07
|
Growth
43.7
|
|
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
|
-
|
32.1
Composite
|
$0.01
|
Growth
54.9
|
|
Medical Instruments & Supplies
|
-
|
41.0
Composite
|
-
|
Profitability
55.8
|
|
NAOV
NanoVibronix, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NURO
NeuroMetrix, Inc.
Medical Devices
|
-
|
38.1
Composite
|
$4.58
|
Health
50.3
|
|
NVRO
Nevro Corp.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
NXLIW
Nexalin Technology, Inc.
Medical Devices
|
-
|
38.7
Composite
|
-
|
Efficiency
60.2
|
|
NXGLW
NexGel, Inc Warrant
Medical Instruments & Supplies
|
-
|
36.4
Composite
|
$0.03
|
Profitability
40.8
|
|
Diagnostics & Research
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
FNA
Paragon 28, Inc.
Medical Devices
|
-
|
52.6
Composite
|
-
|
Profitability
59.9
|
|
PAVMZ
PAVmed Inc. - Series Z
Medical Devices
|
-
|
43.8
Composite
|
-
|
Growth
65.6
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
PRENW
Prenetics Global Limited
Diagnostics & Research
|
-
|
41.0
Composite
|
$0.01
|
Profitability
50.3
|
|
QSIAW
Quantum-Si incorporated
Medical Devices
|
-
|
41.9
Composite
|
$0.20
|
Health
51.0
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
53.5
Composite
|
$20.33
|
Profitability
75.3
|
|
Medical Instruments & Supplies
|
-
|
34.0
Composite
|
$0.03
|
Growth
49.7
|
|
Medical Instruments & Supplies
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Diagnostics & Research
|
-
|
49.2
Composite
|
$10.06
|
Growth
64.7
|
|
SRDX
Surmodics, Inc.
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Medical Devices
|
-
|
52.1
Composite
|
$1.66
|
Profitability
65.6
|
|
Medical Devices
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
ZIMV
ZimVie Inc.
Medical Devices
|
-
|
54.6
Composite
|
-
|
Profitability
71.2
|
|
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.