Top 5 NASDAQ Medical Device Stocks (Updated December 2022)

Year-to-date gain: 83.89 percent; market cap: US$402.36 million; current share price: US$10.92

Founded in 1979, EDAP TMS is a global leader in robotic medical devices that use therapeutic ultrasound technology. This NASDAQ medical device stock also has a portfolio of urology products that are available for distribution.

In late November, EDAP received approval from French authorities to initiate a Phase 3 randomized, controlled clinical trial evaluating its Focal One high-intensity focused ultrasound technology as a potential treatment for rectal deep infiltrating endometriosis. The company's share price spiked to its highest point in 2022 on December 1, hitting US$11.53.

Year-to-date gain: 49.67 percent; market cap: US$509.36 million; current share price: US$13.65

Next on this list of NASDAQ medical device stocks is Zynex, which develops, manufactures and markets electrotherapy devices for use in pain management, physical rehabilitation, neurological diagnosis and cardiac monitoring.

Zynex's stellar revenue growth in recent years landed the company on Deloitte's Technology Fast 500 list for the fourth year in a row in 2022. In 2021, the company's revenue reached US$130.3 million, and its 2022 revenue is estimated to come in between US$157.4 million and US$160.4 million. Zynex saw its share price hit its highest point in 2022 on November 18, reaching US$14.55.

Year-to-date gain: 28.37 percent; market cap: US$168.77 million; current share price: US$6.03

Commercial-stage medical technology company Neuronetics is a global leader in neuroscience, offering its NeuroStar advanced therapy for mental health treatment. NeuroStar is a non-drug, non-invasive treatment designed to improve quality of life for patients with neurohealth conditions for which traditional medication hasn’t been effective. This medical device is FDA-cleared for adults with major depressive disorder (MDD), as an adjunct for adults with obsessive-compulsive disorder and to decrease anxiety symptoms in adult patients with MDD who may exhibit comorbid anxiety symptoms.

The company was recently named a bronze winner in this year's Merit Awards for Healthcare in the healthtech patient care category for its NeuroStar advanced therapy. The stock spiked to its highest point in 2022 on December 1, hitting US$6.73.

Year-to-date gain: 18.04 percent; market cap: US$416.76 million; current share price: US$63.24

Apollo Endosurgery 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 describes its device-based therapies as an alternative to invasive surgeries. These products include the OverStitch Endoscopic Suturing System, the OverStitch Sx Endoscopic Suturing System and the Orbera Intragastric Balloon. Apollo's share price hit its highest point in 2022 on November 29, reaching US$10.30.

Year-to-date gain: 10.34 percent; market cap: US$277.89 million; current share price: US$13.39

Last on this list of NASDAQ medical device stocks is CVRx, the developer of the world’s first FDA-approved neuromodulation device to treat symptoms of heart failure. The company's proprietary novel baroreceptor neuromodulation therapies are designed to address imbalances of the autonomic nervous system that can lead to heart failure and other cardiovascular diseases.

Midway through November, CVRx launched its Barostim NEO2 Implantable Pulse Generator in the US. A couple of weeks later, on December 1, CVRx saw its share price hit its highest point in 2022, reaching US$14.70.