Top 5 NASDAQ Medical Device Stocks (Updated December 2023)

Year-to-date gain: 540.43 percent; market cap: US$232.35million; current share price: US$8.84

The first top NASDAQ medical device stock on this list is commercial-stage NeuroPace. The company's RNS System is the first and only commercially available, brain-responsive platform for the treatment of drug-resistant epileptic seizures. The platform also has the potential to treat patients with other brain disorders.

NeuroPace's share price saw forward momentum in the fourth quarter of this year, rising to a year-to-date high of US$10.30 on December 20. In October, the company announced the launch of a number of RNS System enhancements designed to improve outcomes by simplifying its use for both patients and clinicians. Soon after, NeuroPace released its Q3 financials, showing a 47 percent increase in revenues over the same period last year. As a result, the company increased its full-year revenue guidance to US$62.5 million to US$63.5 million, up from US$59 million to US$61 million.

Year-to-date gain: 339.87 percent; market cap: US$670.21 million; current share price: US$12.18

Novel bioelectric medicine company Pulse Biosciences' proprietary CellFX Nanosecond Pulsed Field Ablation (nsPFA) technology is designed to treat atrial fibrillation. The company believes there may also be other uses in cardiology for nsPFA.

Shares of Pulse dipped nearly 50 percent, reaching the US$4 level, in the third quarter of the year. However, Q4 brought a big boost to the stock, which reached US$13.05, its highest price for the year, on December 19. The company filed a premarket notification 510(k) to the FDA for its novel CellFX nsPFA percutaneous electrode in November. The following month, Pulse completed the first five procedures for the first-in-human feasibility study for its CellFX nsPFA cardiac catheter.

Year-to-date gain: 88.88 percent; market cap: US$319 million; current share price: US$12.49

Next up on this list of the top NASDAQ medical device stocks is AVITA Medical, a regenerative medicine company developing and commercializing first-in-class devices and autologous cellular therapies for skin restoration.

AVITA has had a few FDA approvals for its products in 2023, including a premarket approval supplement for the use of its RECELL System to treat full-thickness skin defects, as well as a premarket approval for its RECELL System for the treatment of vitiligo. According to the company, RECELL for the repigmentation of stable, depigmented vitiligo lesions is the first FDA-approved therapeutic device that offers a one-time treatment at the point of care.

After starting 2023 at a low of US$6.32, AVITA's share price hit its highest point of the year at US$21.70 on July 17. In November, AVITA announced that its revenues for Q3 were up 51 percent over the same period in the previous year.

Year-to-date gain: 35.55 percent; market cap: US$277.63 million; current share price: US$2.86

Accuray develops and commercializes radiation therapy technology used in oncology and neuro-radiosurgery, with the potential for applications in additional indications. Its products include the CyberKnife and TomoTherapy platforms.

In June, the company announced its inclusion in the Russell 2000 Index, as well as the broad-market Russell 3000 Index. Later in the summer, Accuray received 510(k) clearance from the FDA for its VitalHold breast package on the Radixact System. The company's share price reached a year-to-date high of US$4.29 on July 31.

Later in the year, the Tomo C radiation therapy system was approved by the Chinese National Medical Products Administration, and the company initiated sales of the VitalHold package to support surface-guided radiation therapy on the Radixact System in Japan. Accuray recently reported financials for the first quarter of its 2024 fiscal year, highlighting net revenue of US$103.9 million, an increase of 7.7 percent over the same period in the previous year.

Year-to-date gain: 34.08 percent; market cap: US$516.02 million; current share price: US$24.98

Top NASDAQ medical device stock CVRx is 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.

In its Q3 financials, CVRx reported total revenues of US$10.5 million, an increase of 70 percent over the prior-year quarter. On December 14, CVRx saw its share price hit its highest point in 2023, rising to US$25.24.