3 Medical Device Stocks With Solid Potential To Buy Now

Under the existing schedule, the FDA is authorized to collect $999.5 million in user fees and inflationary adjustments from the companies. The usage fees are already sky high and a further hike would only have raised regulatory barriers, adding to the concerns of small-to-medium sized medical device companies.

Choosing the Winning Stock

Amid such a volatile backdrop, we believe stocks with strong fundamentals will make lucrative additions to your portfolio. We have taken the help of the Zacks Stock Screener to select favorable stocks. To shortlist the stocks from the vast universe of medical devices, we have picked the ones that carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Inogen Inc. (INGN - Free Report) develops, manufactures and markets portable oxygen concentrators (POC). POCs are used by patients who suffer from chronic respiratory conditions and need long-term oxygen therapy.

Inogen has had an impressive run on the bourse over the past three months, representing a stellar return of 21.8%, much higher than the Zacks categorized Medical Instruments sub-industry’s increase of roughly 10.5%.

The company’s estimate revision trend for the current year has been favorable. In the past 60 days, five analysts moved north, with no movement in the opposite direction. The magnitude of estimate revision increased around 12.2% to $1.10 per share over the same time frame.

Luminex Corp. (LMNX - Free Report) in Austin, TX, develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences and diagnostics industry. Luminex has a broad product portfolio that comprises its advanced xMAP, xTAG and MultiCode technology. The company has been making noteworthy progress with another major product in its pipeline – the ARIES system.

Meanwhile, the price performance at Luminex has been robust with a return of 9.5% over the last three months, trading above the Medical Instruments industry.

View single page >> |

Disclosure: Zacks.com contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.