Top NASDAQ Medical Device Stocks

1. Iridex

Current share price: US$6.11; year-to-date gain: 180.28 percent

Iridex (NASDAQ:IRIX) develops, manufactures and markets laser-based medical systems, delivery devices and consumable instruments for the ophthalmology market. Its proprietary MicroPulse technology delivers treatments for sight-threatening eye conditions, including glaucoma, diabetic macular edema and other retinal diseases.

Early in 2021, Iridex inked a series of strategic collaboration agreements with Topcon, a Japan-based manufacturer and distributor. Through an exclusive deal, Topcon will distribute Iridex laser systems, delivery devices and disposable probes for sale in the Asia Pacific area and key European, Middle Eastern and Asian regions. At the same time, Iridex will add Topcon’s Pascal systems to its US direct sales and global distribution network, and acquire the design and manufacturing operation of Topcon’s Pascal product line through a different agreement.

In November, Iridex reported Q3 revenues of US$13.3 million, an increase of 51 percent over the prior year period and a rise of 24 percent compared to Q3 2019.

2. IceCure Medical

Current share price: US$3.49; year-to-date gain: 98.3 percent

Next on this list of top NASDAQ medical device stocks is Israel-based IceCure Medical (NASDAQ:ICCM), which has developed the ProSense System, a minimally invasive liquid-nitrogen-based cryoablation technology. It is used to freeze tumors to destroy them as an alternative to surgical tumor removal. The technology can freeze tumors (benign and cancerous) in the breast, kidney, bone and lung. The ProSense System has been approved by the FDA and has its European CE mark certification; it is marketed and sold worldwide.

IceCure's revenues increased by 11 percent to approximately US$2.75 million for the nine months ended on September 30, compared to approximately US$2.49 million for the same period in the previous year. The commercial-stage medical device company recently raised gross proceeds of US$17 million in a public offering.

3. Apollo Endosurgery

Current share price: US$7.64; year-to-date gain: 110.47 percent

Apollo Endosurgery (NASDAQ:APEN) is a medical technology company focused on the design, development and commercialization of medical devices to treat multiple gastrointestinal conditions, ranging from gastrointestinal defect closures to the interventional treatment of obesity.

Apollo’s device-based therapies are an alternative to invasive surgeries. These products include the OverStitch Endoscopic Suturing System, the OverStitch Sx Endoscopic Suturing System and the Orbera Intragastric Balloon.

In early November, the company reported total Q3 revenue of US$16.4 million, an increase of 28 percent compared to the same quarter in 2020.

4. Sensus Healthcare

Current share price: US$7.35; year-to-date gain: 90.41 percent

NASDAQ medical device stock Sensus Healthcare (NASDAQ:SRTS) specializes in non-invasive and minimally invasive treatments for both oncological and non-oncological conditions. The company’s product portfolio includes the Sculptura modulated robotic brachytherapy radiation oncology system, which provides targeted directional anisotropic radiation therapy and brachytherapy using its proprietary 3D Beam Sculpting system to treat patients undergoing cancer treatment during surgery.

Sensus recently reported Q3 revenues of US$5.5 million, up 244 percent from the same period in 2020. Revenues for the first nine months of 2021 came in at US$14 million, up 211 percent over the same period in 2020.

5. PAVmed

Current share price: US$2.99; year-to-date gain: 31.72 percent

PAVmed (NASDAQ:PAVM) is a commercial-stage medical technology company with a number of key subsidiaries and a pipeline of products targeting diverse unmet clinical needs. PAVmed subsidiary Lucid Diagnostics (NASDAQ:LUCD) markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device, the only commercial tools for early detection of esophageal pre-cancer and cancer. Another subsidiary, digital health company Veris Health, is developing the first intelligent implantable vascular access port with biologic sensors and wireless communication to provide personalized care to cancer patients through remote monitoring.

Further adding to its asset portfolio, in October PAVmed acquired CapNostics, which manufactures EsophaCap, a non-endoscopic esophageal cell collection device. EsophaCap has been used in pre-commercial clinical research on esophageal pre-cancer biomarkers at major academic medical centers.