Top 5 Small-cap Medical Device Stocks (Updated January 2025)

Year-on-year gain: 202.86 percent
Market cap: US$405.43 million
Share price: US$12.69

Delcath Systems is a pharmaceutical and medical device company focused on “interventional oncology,” specifically regarding the treatment of primary and metastatic liver cancers.

Its commercial product portfolio is focused on combining its Hepactic Delivery System (HDS) with the chemotherapeutic drug melphalan for "high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects." The HDS is approved in the US and Europe under different commercial names and categories.

In the US, it is marketed in combination with melphalan as the FDA-approved Hepzato Kit, which is considered a combination drug and device product. In Europe, the HDS is marketed as device-only under the name Chemostat Hepatic Delivery System for Melphalan and is regulated as a Class III medical device.

Delcath Systems’ share price got its first big boost in the second quarter of 2024, rising nearly 45 percent from US$5.56 on May 5 to US$8.04 on May 21. The period included the publication of encouraging results from its FOCUS Study in metastatic uveal melanoma patients treated with the Hepzato Kit and its first quarter financial results, which outline total revenues of US$3.1 million, up more than 416 percent over the same quarter in the previous year.

A series of positive study results released in late August sent shares of Delcath up another 37 percent.

This slew of news included results from an independent study conducted by the University Hospital of Leipzig, Germany, which shows the efficacy and safety of repeated chemosaturation treatments using Delcath’s Chemostat Hepatic Delivery System for the treatment of patients with primary or secondary liver tumors.

On December 2, Delcath received FDA clearance for its investigational new drug application for a Phase 2 clinical trial evaluating Hepzato in combination with standard of care for liver-dominant metastatic colorectal cancer. The clearance gives Delcath the authorization to initiate patient enrollment, which the company expects to begin in the second half of 2025. The news sent Delcath’s stock up to US$12.64 per share.

Shares of Delcath reached their highest yearly peak of US$12.79 on January 13, 2025, after the company shared preliminary Q4 and full-year total revenues of about US$15.1 million and US$37.2 million, respectively.

Year-on-year gain: 147.76 percent
Market cap: US$108.01 million
Share price: US$6.59

Sensus Healthcare delivers and develops non-invasive treatments for skin cancer and keloids. It has developed a patient-centric treatment platform based on its superficial radiotherapy technology.

A series of news releases gave Sensus' share price a nearly 70 percent boost to US$6.42 on May 16.

The medical device company announced the sale of the first SRT-100 Vision system in Asia on May 6, followed by the commercial sale of an SRT-100 system to a veterinary specialist in Israel, its first for veterinary use outside the US. Lastly, on May 9, Sensus reported Q1 revenues of US$10.7 million, up from US$3.4 million in the prior-year quarter.

Sensus' share price received its next big bump in November after the company reported its Q3 financial results, including revenues of US$8.8 million compared to US$3.9 million in the prior-year quarter. On November 20, the company’s share price reached its highest point of the past year at US$8.94.

Year-on-year gain: 118.55 percent
Market cap: US$146.02 million
Share price: US$44.80

Pro-Dex develops and manufactures battery-powered and electrical surgical instruments used in the orthopedic, spine, maxocranial facial and dental markets. Some of the medical device company's customers include Smith & Nephew (NYSE:SNN,LSE:SN) the Lawrence Livermore National Laboratory, Medtronic (NYSE:MDT) and Arthrex.

Shares of Pro-Dex traded relatively sideways for much of the past year, with its biggest gains coming in the last four months. After the company announced financial results for its fourth fiscal quarter of 2024 in early September, it climbed nearly 42 percent to come in at US$31.34 by October 1. Net sales for Q4 increased by 41 percent year-on-year to US$15 million, while net sales for the year grew by 17 percent year-on-year to US$53.8 million.

Pro-Dex saw its share price rally yet again in November, surging nearly 60 percent to US$49.55 per share on November 12. This upward momentum followed the October 31 release of financial results for its first fiscal quarter of 2025. Net sales for the period were up 25 percent from the same quarter in the previous year, at US$14.9 million.

Year-on-year gain: 92.18 percent
Market cap: US$477.29 million
Share price: US$11.80

AngioDynamics is a global medical technology company that designs, manufacturers and sells high-quality, minimally invasive medical devices. Its focus is on vascular access, surgery, peripheral vascular disease and oncology.

In mid-July, shares of AngioDynamics jumped 25 percent to reach US$7.51 following the release of the company's financial results for its fourth fiscal quarter of 2024 and full 2024 fiscal year.

“Within our Mechanical Thrombectomy segment, we achieved key milestones by receiving both FDA 510(k) clearance and CE Marking for AlphaVac in the treatment of pulmonary embolism,” Jim Clemmer, president and CEO of AngioDynamics, stated at the time. “These indications open up multiple large, fast-growing markets, and helped to drive a more than 68% sequential increase in AlphaVac revenue during the fourth quarter.”

AngioDynamics received FDA 510(k) clearance for its NanoKnife System for prostate tissue ablation on December 9, sparking a 31 percent rally that brought its share price to US$9.33 on December 16.

Shares of AngioDynamics hit their highest yearly peak of US$12.94 on January 8 following the release of the company’s financial results for its second fiscal quarter of 2025. Net sales for the period came in at US$73 million, up 9.2 percent compared to the prior-year quarter.

Year-on-year gain: 85.84 percent
Market cap: US$186.56 million
Share price: US$4.07

KORU Medical Systems develops and manufactures medical devices and supplies in the US and internationally, with a focus in mechanical infusion products. Its Freedom Syringe Infusion System first received FDA clearance in 1994.

Based on this system, its primary products include the FREEDOM60 and FreedomEdge Syringe Infusion Drivers, Precision Flow Rate Tubing and HIgH-Flo Subcutaneous Safety Needle Sets.

Shares of KORU Medical made their biggest price gains in the last few months of 2024, rising more than 67 percent from the end of October to a yearly peak of US$4.40 per share on December 12.

On October 31, KORU Medical released positive data that it had presented days prior at the Partnership Opportunities in Drug Delivery Conference in Boston, Massachusetts. The data demonstrates nursing preference for use of the KORU FreedomEdge Infusion System over manual syringe administration for subcutaneous oncology infusion.

In mid-November, the company provided its financial results for 2024's third quarter. The report outlines net revenues of US$8.2 million, up 17 percent over the prior-year period.