Medical Device

stethoscope

The Investing News Network provides an overview of six small medical device stocks trading on Canadian exchanges.

The medical device sector in Canada may be one of the country’s best-kept global secrets.

According to the Canadian government, the nation has a large number of medical device manufacturers working to advance product innovation. Data from 2020, the most recent period available, shows that the country brought US$7.5 billion to the medical device sector that year, which is 1.8 percent of the worldwide market.

Medical devices include items like pacemakers, artificial heart valves, diagnostic and imaging equipment, in vitro diagnostics, dialysis equipment, hip and knee implants, synthetic skin, surgical tools, orthopedics, medical imaging and infusion pumps.


Here the Investing News Network takes a look at six small medical device companies in Canada. Companies on this list had small market caps below C$50 million at the time of publication, with data compiled using TradingView's stock screener. The medical device firms below are listed in order of market cap size, from largest to smallest.

1. Salona Global (TSXV:SGMD)

Market cap: C$41.98 million

First on this small medical device stocks list, Salona Global is a fully integrated medical device company offering medical electro-therapy and custom wearable devices for the injury and post-operative recovery market.

Salona Global’s business model includes the acquisition of small private medical device companies. In April 2022, the company made a binding bid for a portfolio of medical device intellectual property approved for distribution in the US by the country's Food and Drug Administration (FDA). The portfolio consists of three key medical device recovery technologies, and Salona Global plans to market the products under the Mio-Guard brand it acquired the month before.

Salona Global’s Q1 2022 financial results highlight gross revenue growth of 152 percent compared to the second quarter of 2021, which was the company's first reported quarter since its listing.

2. VentriPoint Diagnostics (TSXV:VPT)

Market cap: C$36.58 million

Medical device company VentriPoint Diagnostics designed its Ventripoint Medical System Plus (VMS+) 3.0 to quickly produce 3D images of the heart; these images allow physicians to analyze all four cardiac chambers without the need for conventional ultrasound magnetic resonance imaging technology. VMS+ 3.0 is based on the company's proprietary knowledge-based artificial intelligence reconstruction technology, and can calculate volumes and ejection fractions for all chambers.

In April 2022, VentriPoint hired Angiopro to be the European distributor for its products. This news came after the company partnered with the Mazankowski Alberta Heart Institute on a world-first study on maternal cardiovascular changes during pregnancy.

3. Aurora Spine (TSXV:ASG)

Market cap: C$33.36 million

Aurora Spine, another of Canada’s growing medical device companies, is focused on the spinal implant market and has a portfolio of minimally invasive, regenerative spinal implant technologies designed to improve spinal surgery outcomes.

Aurora Spine has reached a number of critical milestones recently. It received FDA 510(k) clearance for its DEXA patient-matched implant technology, and was issued a patent for its interlaminar single implant technology for motion preservation or fusion. Aurora also received a new FDA indication clearance for lumbar spinal stenosis for its ZIP series of MIS implants.

4. Neovasc (TSX:NVCN)

Market cap: C$24.93 million

Neovasc develops, manufactures and markets minimally invasive cardiovascular therapies. Its products include Reducer, a treatment for refractory angina that is commercially available in Europe and is approved for investigation use in the US; and Tiara, a transcatheter treatment for mitral valve disease, which is currently under clinical investigation in the US, Canada, Israel and Europe.

In early July 2022, Neovasc announced the expansion of its direct sales operations in Europe, including the UK. The decision followed the inclusion of Neovasc’s Reducer in England's catalogue of high-cost, tariff-excluded devices, which grants reimbursement for the product. Hospitals in the country can now order the product and bill the cost directly to the National Health Service.

5. Nugen Medical Devices (TSXV:NGMD,OTCQB:NGMDF)

Market cap: C$9.42 million

Specialty medical device company Nugen Medical Devices focuses on developing and commercializing FDA-cleared and CE-approved needle-free injection systems and other innovative medical delivery products for a multitude of applications, including diabetes, veterinary medicine and vaccines. The company’s products include InsuJet and PetJet.

Nugen is part of a group of companies led by Kin Communications that is working to help diabetics in Ukraine who need life-saving insulin. The company is working with Revived Soldiers Ukraine, a non-profit organization, to provide its needle-free injection systems.

6. MedX Health (TSXV:MDX)

Market cap: C$9.18 million

MedX Health is developing and commercializing skin health products. Its product SIAscopy on DermSecure features the company's SIAscopy technology, and is a telemedicine platform that is being used in more than 200 pharmacies across three countries.

SIAscopy technology is also embedded in MedX's products SIAMETRICS, SIMSYS and MoleMate, which are handheld devices used by healthcare practitioners to analyze suspicious moles or lesions in a pain-free, non-invasive manner. The products are cleared by Health Canada, the FDA, the Therapeutic Goods Administration in Australia and the Conformité Européenne for use in Canada, the US, Australia, New Zealand, the EU, Brazil and Turkey.

This is an updated version of an article originally published by the Investing News Network in 2016.

Don’t forget to follow us @INN_LifeScience for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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