In this article, we will look at the 12 Best Medical Device Stocks to Buy According to Analysts.
On July 7, CNBC’s Chery Kang and Elaine Yu talked about China’s imposition of reciprocal tariffs on the import of medical devices from the European Union. Yu stated that trade tensions between China and the EU are heating up, and that includes this sector as well.
China’s Finance Ministry announced that it is restricting government purchases of medical devices from Europe worth more than 45 million yuan, which translates to around $6.3 million.
She elaborated that this affects only imports, and does not include goods manufactured by EU-funded companies in China. Yu called the act a “counter measure” against a similar move by the EU on Chinese companies imposed in June, with Beijing framing the move as “necessary” and “defensive.”
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A statement by China’s Commerce Ministry stated the following about the situation:
“China has no choice but to take reciprocal restrictive measures to safeguard the legitimate rights and interests of Chinese enterprises and maintain a fair competition environment.”
With these trends in view, let’s look at the best medical device stocks to buy according to analysts.
A medical professional in a hospital room with modern medical devices in the background.
Our Methodology
We reviewed financial media reports and ETFs to compile an initial list of the best medical device stocks and selected the top 12 with the highest analyst upside potential. We also added the number of hedge fund holders as of Q1 2025, sourcing the hedge fund sentiment data from Insider Monkey’s database. The list is sorted in ascending order of analyst upside potential.
Note: All data was recorded on August 11.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12 Best Medical Device Stocks to Buy According to Analysts
12. PROCEPT BioRobotics Corporation (NASDAQ:PRCT)
Analyst Upside: 71.83%
Number of Hedge Fund Holders: 27
PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is one of the best medical device stocks to buy according to analysts. On August 8, Leerink Partners analyst Mike Kratky reiterated a Buy rating on PROCEPT BioRobotics Corporation (NASDAQ:PRCT), keeping the associated price target at $83.
He based the optimistic rating on the stability and growth of PROCEPT BioRobotics Corporation’s (NASDAQ:PRCT) performance, stating that the company reported a 4% sales beat in Q2. This growth was attributed to strong international momentum and higher average selling prices in the US.
The analyst added that the company’s full-year sales guidance was raised slightly despite a softer Q3, and the gross margin guidance was improved as well. This suggests a positive outlook for the rest of the year, according to the analyst.
PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is a commercial-stage surgical robotics company that develops transformative solutions for urology. The company manufactures and sells the AquaBeam Robotic System, which is an image-guided, surgical robotic system used in minimally invasive urologic surgery.
11. Axogen, Inc. (NASDAQ:AXGN)
Analyst Upside: 83.45%
Number of Hedge Fund Holders: 27
Axogen, Inc. (NASDAQ:AXGN) is one of the best medical device stocks to buy according to analysts. On August 6, Raymond James analyst Jayson Bedford lowered the firm’s price target on Axogen, Inc. (NASDAQ:AXGN) to $20 from $21, keeping an Outperform rating on the shares.
The analyst told investors in a research note that Axogen, Inc.’s (NASDAQ:AXGN) Q2 results exhibited a step-up in momentum, with gross margin and revenue growth both demonstrating an improvement.
He added that while the low end of H2 guidance points towards a growth deceleration, it appears to be conservative given recent trends and contribution from newly added reps.
Axogen, Inc. (NASDAQ:AXGN) develops and markets surgical solutions for peripheral nerve regeneration and repair. The company’s products include avive soft tissue membrane, acroval neurosensory and motor testing system, avance nerve graft, axoguard nerve connector, axoguard nerve protector, and more.
10. Orthofix Medical Inc. (NASDAQ:OFIX)
Analyst Upside: 83.85%
Number of Hedge Fund Holders: 28
Orthofix Medical Inc. (NASDAQ:OFIX) is one of the best medical device stocks to buy according to analysts. Barrington analyst Michael Petusky raised the firm’s price target on Orthofix Medical Inc. (NASDAQ:OFIX) to $17 from $16 on August 6, keeping an Outperform rating on the shares.
The analyst told investors in a research note that Orthofix Medical Inc. (NASDAQ:OFIX) reported strong fiscal Q2 results and affirmed its 2025 outlook, supporting the optimistic rating.
Orthofix Medical Inc. (NASDAQ:OFIX) announced its fiscal Q2 2025 results on August 5, reporting net sales of $203.1 million for the quarter, representing a 2% growth on a reported basis and 4% on a pro forma constant currency basis compared to Q2 2024.
U.S. Spine Fixation underwent a net sales growth of 5% and procedure volume growth of 7% compared to the same quarter last year, while Bone Growth Therapies’ net sales reached $62.6 million, representing growth of 6%.
Orthofix Medical Inc. (NASDAQ:OFIX) provides medical devices and operates through the Global Spine and Global Extremities business segments. Its Global Spine reporting segment encompasses three primary product categories: Bone Growth Therapies, Spinal Implants, and Biologics.
9. Enovis Corporation (NYSE:ENOV)
Analyst Upside: 84.60%
Number of Hedge Fund Holders: 31
Enovis Corporation (NYSE:ENOV) is one of the best medical device stocks to buy according to analysts. On August 8, UBS lowered the firm’s price target on Enovis Corporation (NYSE:ENOV) to $57 from $65, keeping a Buy rating on the shares.
The rating update came after Enovis Corporation (NYSE:ENOV) reported fiscal Q2 2025 earnings on August 7, with net sales for the quarter reaching $565 million, reflecting a 7% growth on a reported basis and 5% on an organic basis compared to the same quarter last year.
Management reported that fiscal Q2 results reflect stable end markets, continued execution in P&R and Recon, and positive momentum in new product introductions.
Enovis Corporation (NYSE:ENOV) is a medical technology growth company that develops clinically differentiated solutions to transform workflows and generate better patient outcomes. The company operates through the Prevention & Recovery and Reconstructive segments.
8. OrthoPediatrics Corp. (NASDAQ:KIDS)
Analyst Upside: 85.09%
Number of Hedge Fund Holders: 12
OrthoPediatrics Corp. (NASDAQ:KIDS) is one of the best medical device stocks to buy according to analysts. On August 8, Citizens JMP analyst David Turkaly lowered the firm’s price target on OrthoPediatrics Corp. (NASDAQ:KIDS) to $35 from $50 while keeping an Outperform rating on the shares.
The analyst told investors in a research note that OrthoPediatrics Corp. (NASDAQ:KIDS) reported a quarterly record on its top line.
He added that while adjusted EBITDA and revenues were shy of consensus, OrthoPediatrics Corp. (NASDAQ:KIDS) is continually taking share in all its key market segments.
Management also reiterated the full-year guidance, leading the analyst to believe that the company’s fundamentals remain solid.
OrthoPediatrics Corp. (NASDAQ:KIDS) is an orthopedic company that designs, develops, and markets anatomically appropriate implants and devices for children with orthopedic conditions. The company’s offerings include products related to sports medicine, trauma, deformity, scoliosis, and other procedures.
7. Inspire Medical Systems, Inc. (NYSE:INSP)
Analyst Upside: 89.54%
Number of Hedge Fund Holders: 37
Inspire Medical Systems, Inc. (NYSE:INSP) is one of the best medical device stocks to buy according to analysts. Jefferies analyst Michael Sarcone maintained a Buy rating on Inspire Medical Systems, Inc. (NYSE:INSP) on August 5, setting a price target of $160.00.
The rating update followed Inspire Medical Systems, Inc.’s (NYSE:INSP) release of fiscal Q2 2025 results on August 4. The company generated $217.1 million in revenue in fiscal Q2 2025, reflecting an 11% growth over the same quarter in 2024.
It achieved a gross margin of 84.0%, while net loss for the quarter was $3.6 million. Inspire Medical Systems, Inc. (NYSE:INSP) also reported adjusted diluted earnings per share of $0.45.
Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company that develops and commercializes innovative, minimally invasive solutions for obstructive sleep apnea.
The company offers Inspire therapy, which includes implantable components with a pressure-sensing lead, a stimulation lead, and a neurostimulator, operable through a remote control.
6. Bioventus Inc. (NASDAQ:BVS)
Analyst Upside: 109.54%
Number of Hedge Fund Holders: 24
Bioventus Inc. (NASDAQ:BVS) is one of the best medical device stocks to buy according to analysts. On August 7, Craig-Hallum analyst Chase Knickerbocker reiterated a Buy rating on Bioventus Inc. (NASDAQ:BVS) and set a price target of $15.00.
The analyst gave the rating after Bioventus Inc. (NASDAQ:BVS) reported its fiscal Q2 results on August 6, with reported revenue of $147.7 million declining 2.4% and organic revenue advancing 6.2%.
Diluted earnings per share for Q2 was $0.11 compared to a diluted loss per share of $0.40 in the prior-year period.
Bioventus Inc. (NASDAQ:BVS) also reported cash from operations of $25.9 million and non-GAAP earnings of $0.21 per share.
Bioventus Inc. (NASDAQ:BVS) is a medical technology company that develops and commercializes proprietary orthobiologic products to treat musculoskeletal conditions. It operates through the following business segments: Active Healing Therapies-U.S, Active Healing Therapies-International, Surgical and BMP.
5. Delcath Systems, Inc. (NASDAQ:DCTH)
Analyst Upside: 139.76%
Number of Hedge Fund Holders: 32
Delcath Systems, Inc. (NASDAQ:DCTH) is one of the best medical device stocks to buy according to analysts. On August 6, H.C. Wainwright analyst Swayampakula Ramakanth maintained a bullish stance on Delcath Systems, Inc. (NASDAQ:DCTH), giving the stock a Buy rating and raising the price target from $29 to $31.
The analyst based the rating upgrade on the solid adoption and performance of Delcath Systems, Inc.’s (NASDAQ:DCTH) HEPZATO product, as the company experienced a notable revenue growth in Q2, primarily attributed to HEPZATO’s sales, which underwent a significant year-over-year increase.
The analyst reasoned that the activation of several treatment centers and plans for further expansion supported this growth, suggesting a solid market presence and considerable potential for continued revenue growth.
Delcath Systems, Inc. (NASDAQ:DCTH) is a specialty pharmaceutical and medical devices company that engages in the treatment of primary and metastatic liver cancers. The company’s products include CHEMOSAT and HEPZATO.
4. CeriBell, Inc. (NASDAQ:CBLL)
Analyst Upside: 140.12%
Number of Hedge Fund Holders: 9
CeriBell, Inc. (NASDAQ:CBLL) is one of the best medical device stocks to buy according to analysts. J.P. Morgan analyst Robbie Marcus maintained a Buy rating on CeriBell, Inc. (NASDAQ:CBLL) on August 5, setting a price target of $21.00.
The rating update came after CeriBell, Inc. (NASDAQ:CBLL) reported its Q2 results on the same day, with total revenue for the quarter reaching $21.2 million and reflecting a 38% growth compared to the same quarter last year.
CeriBell, Inc. (NASDAQ:CBLL) also attained a gross margin of 88% in Q2 2025, and ended the quarter with 584 total active accounts.
CeriBell, Inc. (NASDAQ:CBLL) is a commercial-stage medical technology company that engages in the diagnosis and management of patients with serious neurological conditions. The company’s products include Point-of-Care EEG, EEG Portal, and Clarity.
3. NovoCure Limited (NASDAQ:NVCR)
Analyst Upside: 147.08%
Number of Hedge Fund Holders: 23
NovoCure Limited (NASDAQ:NVCR) is one of the best medical device stocks to buy according to analysts. Leerink Partners analyst Jonathan Chang reiterated a Buy rating on NovoCure Limited (NASDAQ:NVCR) on July 24, setting a price target of $33.00.
The analyst told investors that NovoCure Limited (NASDAQ:NVCR) reported solid results for fiscal Q2 2025, exceeding revenue expectations with a total of $158.8 million. This growth was attributed to a rise in active patient numbers across major markets, suggesting solid demand for the products.
Chang added that despite the initial mixed metrics for the launch of Optune Lua in non-small cell lung cancer (NSCLC), prescriptions and active patients underwent a notable growth, suggesting potential for future growth.
NovoCure Limited (NASDAQ:NVCR) develops, manufactures, and commercializes Optune to treat a number of solid tumors. The company’s platform is called Tumor Treating Field, and it employs electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division.
2. Semler Scientific, Inc. (NASDAQ:SMLR)
Analyst Upside: 162.94%
Number of Hedge Fund Holders: 10
Semler Scientific, Inc. (NASDAQ:SMLR) is one of the best medical device stocks to buy according to analysts. Analyst Matthew Galinko of Maxim Group maintained a Buy rating on Semler Scientific, Inc. (NASDAQ:SMLR) on August 6, retaining the price target of $95.00.
The analyst told investors that Semler Scientific, Inc. (NASDAQ:SMLR) has exhibited a strong commitment to the accumulation of Bitcoin, with a goal to hold 10,000 BTC by the end of 2025 and considerably more in the following years.
He added that Semler Scientific, Inc.’s (NASDAQ:SMLR) ability to raise considerable funds through share issuance further supports this accumulation strategy, suggesting a strong financial strategy.
Galinko further stated that Semler Scientific, Inc. (NASDAQ:SMLR) is also expanding its medical technology offerings, especially with the formation of CardioVanta, a subsidiary focused on cardiovascular market opportunities. The expected approval of new diagnostic devices may expand the company’s market reach, enhancing its revenue potential.
Semler Scientific, Inc. (NASDAQ:SMLR) provides technology and software solutions to improve the clinical effectiveness of healthcare providers. The company’s multi-test service platform, WellChec, conducts a comprehensive evaluation of patients for chronic disease, including strokes and heart attacks, through the use of its QuantaFlo product as well as other tests.
1. Butterfly Network, Inc. (NYSE:BFLY)
Analyst Upside: 163.16%
Number of Hedge Fund Holders: 33
Butterfly Network, Inc. (NYSE:BFLY) is one of the best medical device stocks to buy according to analysts. On August 1, analyst Josh Jennings from TD Cowen reiterated a Buy rating on Butterfly Network, Inc. (NYSE:BFLY), setting a $3.50 price target.
The analyst told investors in a research note that Butterfly Network, Inc. (NYSE:BFLY) attained record quarterly revenue and gross margin in Q2 despite a challenging macro environment affecting sales cycles and enterprise deals.
Butterfly Network, Inc. (NYSE:BFLY) reported $23.4 million in revenue for the quarter, reflecting a 9% year-over-year growth. The growth was attributed to international market expansion and higher average selling prices.
The analyst further reasoned that Butterfly Network, Inc. (NYSE:BFLY) underwent an 18% growth in gross profit compared to last year, resulting in a record high gross margin of 63.7%.
Butterfly Network (NYSE:BFLY) is a digital health company specializing in transforming care through intuitive software, semiconductor-based ultrasound technology, services, and educational offerings. The company has two portable ultrasound devices on the market: the third-generation Butterfly iQ3 and the second-generation Butterfly iQ+. The Ultrasound-on-Chip technology powers both technologies, allowing them to undertake whole-body imaging on a single handheld probe through digital semiconductor technology.
While we acknowledge the potential of BFLY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BFLY and that has 100x upside potential, check out our report about this cheapest AI stock.
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