With the year almost over, here the Investing News Network profiles the five top NASDAQ medical device stocks of 2019.
It’s been an interesting year for the medical devices industry, particularly as the regulatory agency that approves devices before entering the market, the US Food and Drug Administration (FDA), continued developing the framework related to device approvals.
In fact, it was late last year that the agency set in motion an approval process overhaul on devices, although there is still largely uncertainty as to how certain devices will be regulated. That being said — in terms of device approvals in 2019 — as of December 5, 2019, there have been just shy of 40 new devices approved, which is slightly less than in 2018.
Still, the medical device industry remains innovative and investors are noticing. As such, with 2019 nearing its end, here the Investing News Network takes a look back at the top performing NASDAQ medical device stocks year-to-date. All data was compiled with TradingView’s stock screener. The companies listed below have market caps of between US$50 million and US$500 million with numbers and figures current as of December 5.
1. Conformis (NASDAQ:CFMS)
Market cap: US$112 million; current share price: US$1.63; year-to-date gain: 359.66 percent
Conformis develops knee replacements based off of an individual patient’s CT scan by using 3D imaging technology. This technique helps Conformis manufacture replacements based on each person’s unique shape and size.
In mid-March, the company revealed its 3D hip system at the 2019 American Academy of Orthopedic Surgeons annual conference in Las Vegas, Nevada. Conformis explained that the system works by having a patient’s CT scan transformed into a 3D model, which allows the company to determine specific measurements in order to design a custom system. By early-November, Conformis announced that the FDA had cleared the company’s Conformis Hip System.
2. KORU Medical Systems (NASDAQ:KRMD)
Market cap: US$187.63 million; current share price: US$4.74; year-to-date gain: 188.48 percent
Formerly Repro-Med Systems, KORU Medical Systems develops products for infusions as part of its Freedom Integrated Infusion System. Its line of products includes the FREEDOM60 and FreedomEdge, Precision Flow Rate Tubing and HIgH-Flo Subcutaneous Safety Needle Sets.
3. Biolife Solutions (NASDAQ:BLFS)
Market cap: US$328.85 million; current share price: US$16.07; year-to-date gain: 35.25 percent
Although Biolife Solutions isn’t categorized as a medical device company, it develops medical supplies and tools for cell and gene therapies, such as freeze media. The company’s primary products include the CryoStor freeze media and HypoThermosol shipping and storage media.
In August, Biolife Solutions announced its acquisition of SAVSU Technologies had officially been completed. The company said the addition of SAVSU Technologies to its product line would strengthen its position as a supplier of “disruptive, enabling solutions used in the manufacture, storage and distribution of cell and gene therapies.”
Other highlights of the year include the company being awarded new patents in the US for cryopreservation, thawing and cold chain transport technologies.
4. Pro-Dex (NASDAQ:PDEX)
Market cap: US$62.15 million; current share price: US$15.64; year-to-date gain: 29.39 percent
Pro-Dex’s main medical device is the Pro-Dex Surgical Driver, which is used on small bones and the spine.
In terms of news, it’s been a relatively quiet year for the medical device company. In early November, Pro-Dex released its fiscal Q1 2020 financial results, highlighting a revenue increase of 5 percent from US$6.9 million to US$7.2 million for the quarter.
5. Utah Medical Products (NASDAQ:UTMD)
Market cap: US$390.33 million; current share price: US$104; year-to-date gain: 26.38 percent
Utah Medical Products develops disposable and reusable specialty medical devices with a primary focus on women’s health and children’s health.
Its product line includes medical devices for everything from blood pressure monitoring and blood management to electrosurgery, labor and delivery, neonatal intensive care to urological care and women’s pelvic health.
Over the course of the year, Utah Medical Products’ announcements mostly consisted of quarterly dividends and financial results. In late October, the company released its Q3 2019 financial results, noting that it anticipated exceeding its revenue growth goal but not meeting its gross profit and bottom line goal for the year.
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Securities Disclosure: I Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.