Surgical & Medical Instruments & Apparatus stocks: intrinsic value, ROIC & growth
118 U.S. surgical & medical instruments & apparatus companies with at least three years of SEC filings, ranked by size. 31 of the 57 with a current price trade below their Graham intrinsic value. The median company earned a 4.4% average return on invested capital and grew revenue 17.1% a year.
Updated October 18, 2026
118companies
31below Graham value
4.4%median 10-yr ROIC
17.1%median revenue CAGR
Most undervalued surgical & medical instruments & apparatus stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| MDXG | MIMEDX GROUP, INC. | +110% | $4.43 | $9.30 | 52% below | $663.3M | 75.7% | 7.3% |
| GMED | GLOBUS MEDICAL INC | +70% | $76.71 | $130.21 | 41% below | $10.5B | 9.3% | 20.1% |
| BSX | Boston Scientific | +45% | $44.39 | $64.44 | 31% below | $66.3B | 6.3% | 10.2% |
| RMD | ResMed | +45% | $238.97 | $346.44 | 31% below | $34.9B | 19.6% | 11.8% |
| TCMD | TACTILE SYSTEMS TECHNOLOGY INC | +21% | $22.52 | $27.24 | 17% below | $524.6M | 4.7% | 16.3% |
| LMAT | LEMAITRE VASCULAR INC | +4% | $80.82 | $83.70 | 3% below | $1.9B | 13.4% | 12.1% |
Highest-ROIC surgical & medical instruments & apparatus stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| SSII | SS Innovations International, Inc. | 165.8% | $2.53 | — | — | $502.7M | 165.8% | 168.9% |
| MDXG | MIMEDX GROUP, INC. | 75.7% | $4.43 | $9.30 | 52% below | $663.3M | 75.7% | 7.3% |
| DXCM | Dexcom | 73.6% | $86.04 | $69.42 | 24% above | $34.9B | 73.6% | 26.2% |
| IRMD | IRADIMED CORP | 44.8% | $88.27 | $50.97 | 73% above | $1.1B | 44.8% | 11.1% |
| WST | West Pharmaceutical Services | 21.2% | $384.02 | $225.53 | 70% above | $27.9B | 21.2% | 8.2% |
| RMD | ResMed | 19.6% | $238.97 | $346.44 | 31% below | $34.9B | 19.6% | 11.8% |
| MMM | 3M | 19.3% | $164.75 | $9.21 | 1689% above | $89.2B | 19.3% | -2.1% |
| LMAT | LEMAITRE VASCULAR INC | 13.4% | $80.82 | $83.70 | 3% below | $1.9B | 13.4% | 12.1% |
| UFPT | UFP TECHNOLOGIES INC | 12.1% | $291.67 | $290.64 | 0% above | $2.3B | 12.1% | 17.1% |
| SYK | Stryker Corporation | 11.4% | $294.66 | $171.61 | 72% above | $113.9B | 11.4% | 9.2% |
All surgical & medical instruments & apparatus stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| SYK | Stryker Corporation | $294.66 | $171.61 | 72% above | $113.9B | 11.4% | 9.2% |
| MMM | 3M | $164.75 | $9.21 | 1689% above | $89.2B | 19.3% | -2.1% |
| BSX | Boston Scientific | $44.39 | $64.44 | 31% below | $66.3B | 6.3% | 10.2% |
| BDX | Becton Dickinson | $191.75 | $72.00 | 166% above | $55.3B | 5.5% | 6.4% |
| RMD | ResMed | $238.97 | $346.44 | 31% below | $34.9B | 19.6% | 11.8% |
| DXCM | Dexcom | $86.04 | $69.42 | 24% above | $34.9B | 73.6% | 26.2% |
| MDLN | Medline Inc. | $35.96 | — | — | $29.1B | 9.4% | 10.6% |
| WST | West Pharmaceutical Services | $384.02 | $225.53 | 70% above | $27.9B | 21.2% | 8.2% |
| SOLV | Solventum | $85.81 | $134.22 | 36% below | $15.0B | 12.7% | 0.8% |
| BAX | Baxter International | $25.28 | $48.74 | 48% below | $13.0B | 6.6% | 1.1% |
| PEN | Penumbra Inc | $320.86 | $150.13 | 114% above | $12.6B | 2.5% | 20.4% |
| GMED | GLOBUS MEDICAL INC | $76.71 | $130.21 | 41% below | $10.5B | 9.3% | 20.1% |
| PODD | Insulet Corporation | $141.10 | $115.59 | 22% above | $10.1B | 7.7% | 24.9% |
| GKOS | GLAUKOS Corp | $164.84 | $12.29 | 1241% above | $9.4B | -16.6% | 18.0% |
| TFX | TELEFLEX INC | $130.43 | $12.69 | 928% above | $5.8B | 7.2% | 0.7% |
| HAE | HAEMONETICS CORP | $118.28 | $43.33 | 173% above | $5.6B | 6.8% | 4.7% |
| MMSI | MERIT MEDICAL SYSTEMS INC | $89.20 | $70.75 | 26% above | $5.4B | 4.5% | 10.8% |
| ICUI | ICU MEDICAL INC/DE | $162.99 | — | — | $4.1B | 5.0% | 21.8% |
| IRTC | iRhythm Holdings, Inc. | $108.66 | — | — | $3.5B | -90.1% | 31.4% |
| ATRC | AtriCure, Inc. | $56.07 | $35.72 | 57% above | $2.7B | -7.7% | 14.7% |
| UFPT | UFP TECHNOLOGIES INC | $291.67 | $290.64 | 0% above | $2.3B | 12.1% | 17.1% |
| INSP | Inspire Medical Systems, Inc. | $68.79 | $162.42 | 58% below | $2.0B | -18.9% | 56.2% |
| LMAT | LEMAITRE VASCULAR INC | $80.82 | $83.70 | 3% below | $1.9B | 13.4% | 12.1% |
| HTFL | Heartflow, Inc. | $48.29 | — | — | $1.8B | 12.5% | 42.1% |
| ATEC | Alphatec Holdings, Inc. | $10.46 | — | — | $1.6B | -55.4% | 22.8% |
| NVCR | NovoCure Ltd | $14.07 | $5.98 | 135% above | $1.6B | -161.2% | 25.8% |
| SKIN | SkinHealth Systems Inc. | $10.56 | — | — | $1.4B | 4.4% | 10.3% |
| IRMD | IRADIMED CORP | $88.27 | $50.97 | 73% above | $1.1B | 44.8% | 11.1% |
| TNDM | TANDEM DIABETES CARE INC | $16.24 | $7.97 | 104% above | $1.1B | -67.1% | 31.9% |
| AORT | ARTIVION, INC. | $21.78 | — | — | $1.0B | 2.7% | 10.4% |
| IART | INTEGRA LIFESCIENCES HOLDINGS CORP | $13.21 | $14.44 | 9% below | $1.0B | 3.1% | 5.7% |
| PRCT | PROCEPT BioRobotics Corp | $17.57 | — | — | $975.9M | -77.9% | 109.0% |
| BVS | Bioventus Inc. | $13.30 | $7.50 | 77% above | $916.6M | -5.3% | 8.9% |
| SIBN | SI-BONE, Inc. | $19.68 | — | — | $845.4M | 5.2% | 19.6% |
| KMTS | KESTRA MEDICAL TECHNOLOGIES, LTD. | $27.24 | — | — | $669.7M | 90.9% | 115.0% |
| MDXG | MIMEDX GROUP, INC. | $4.43 | $9.30 | 52% below | $663.3M | 75.7% | 7.3% |
| BBNX | Beta Bionics, Inc. | $16.35 | — | — | $662.6M | 563.9% | 189.1% |
| DCTH | DELCATH SYSTEMS, INC. | $14.08 | $2.33 | 504% above | $562.1M | 659.2% | 51.8% |
| TCMD | TACTILE SYSTEMS TECHNOLOGY INC | $22.52 | $27.24 | 17% below | $524.6M | 4.7% | 16.3% |
| KIDS | ORTHOPEDIATRICS CORP | $21.95 | $1.99 | 1003% above | $514.9M | -1.3% | 22.8% |
| SSII | SS Innovations International, Inc. | $2.53 | — | — | $502.7M | 165.8% | 168.9% |
| ANGO | ANGIODYNAMICS INC | $11.24 | $6.11 | 84% above | $459.2M | -16.1% | -2.1% |
| SGHT | Sight Sciences, Inc. | $8.28 | — | — | $431.8M | -386.4% | 22.9% |
| CERS | CERUS CORP | $2.18 | — | — | $415.5M | -81.6% | 21.9% |
| NPCE | NeuroPace Inc | $12.24 | — | — | $400.5M | 48.4% | 19.4% |
| OFIX | Orthofix Medical Inc. | $9.38 | $2.75 | 241% above | $371.5M | -5.3% | 8.1% |
| EMBC | Embecta Corp. | $6.27 | — | — | $369.4M | 47.9% | -0.1% |
| RCEL | AVITA Medical, Inc. | AUD 13.04 | AUD 46.50 | 72% below | AUD 363.3M | -1252.0% | 72.6% |
| ANIK | Anika Therapeutics, Inc. | $19.98 | $2.53 | 690% above | $286.5M | -2.4% | 1.0% |
| INFU | InfuSystem Holdings, Inc | $13.40 | $10.30 | 30% above | $282.7M | 3.5% | 8.2% |
| OSUR | ORASURE TECHNOLOGIES INC | $3.61 | $3.79 | 5% below | $265.3M | -2.8% | -1.2% |
| OBIO | Orchestra BioMed Holdings, Inc. | $5.45 | — | — | $260.2M | -134.0% | 111.6% |
| CLPT | ClearPoint Neuro, Inc. | $9.07 | — | — | $256.8M | -435.3% | 23.0% |
| CTSO | Cytosorbents Corp | $4.11 | — | — | $255.8M | -68.0% | 18.2% |
| TMCI | TREACE MEDICAL CONCEPTS, INC. | $3.87 | — | — | $244.9M | -47.8% | 32.4% |
| UTMD | UTAH MEDICAL PRODUCTS INC | $74.51 | $30.74 | 142% above | $241.4M | 30.0% | -0.2% |
| PDEX | PRO DEX INC | $58.26 | $88.69 | 34% below | $195.8M | 19.1% | 14.2% |
| CARL | CARLSMED, INC. | $13.41 | — | — | $190.7M | 60.4% | 85.9% |
| PROF | Profound Medical Corp. | $6.01 | $46.83 | 87% below | $181.7M | -296.8% | 65.2% |
| SI | SHOULDER INNOVATIONS, INC. | $18.09 | — | — | $156.9M | -15.9% | 49.6% |
| IDXG | INTERPACE BIOSCIENCES, INC. | $5.05 | $26.20 | 81% below | $139.9M | 7.8% | 12.8% |
| KRMD | KORU Medical Systems, Inc. | $3.00 | $0.32 | 838% above | $138.6M | -26.7% | 14.4% |
| STIM | Neuronetics, Inc. | $1.88 | — | — | $124.3M | -282.4% | 17.8% |
| GUTS | FRACTYL HEALTH, INC. | $1.55 | $58.57 | 97% below | $117.5M | -2147.1% | -22.5% |
| APYX | Apyx Medical Corp | $2.55 | $26.99 | 91% below | $88.3M | -54.1% | 4.2% |
| MODD | Modular Medical, Inc. | $2.32 | — | — | $85.7M | 985.0% | — |
| RTGN | RetinalGenix Technologies Inc. | $3.99 | — | — | $74.1M | 1549.9% | — |
| LUNG | Pulmonx Corp | $1.78 | — | — | $72.4M | -49.5% | 24.1% |
| LNSR | LENSAR, Inc. | $5.80 | — | — | $69.4M | -58.3% | 11.9% |
| FEMY | FEMASYS INC | $1.65 | — | — | $65.3M | 337.6% | 17.2% |
| SGP | SpyGlass Pharma, Inc. | $24.00 | — | — | $53.2M | 34.0% | — |
| TELA | TELA Bio, Inc. | $0.98 | — | — | $45.8M | -230.3% | 44.4% |
| SRTS | Sensus Healthcare, Inc. | $2.77 | $8.04 | 66% below | $45.2M | 0.5% | 7.1% |
| SNWV | SANUWAVE Health, Inc. | $4.96 | $13.62 | 64% below | $45.0M | 132.2% | 47.0% |
| NXGL | NEXGEL, INC. | $5.59 | — | — | $43.9M | -252.0% | 26.4% |
| XTNT | Xtant Medical Holdings, Inc. | $0.29 | $0.45 | 36% below | $43.5M | -57.1% | 4.5% |
| RNXT | RenovoRx, Inc. | $1.14 | — | — | $40.3M | 494.8% | 2511.6% |
| MDAI | Spectral AI, Inc. | $1.51 | $1.96 | 23% below | $40.0M | 52.5% | -8.2% |
| NEPH | NEPHROS INC | $3.65 | $3.65 | 0% above | $40.0M | -224.9% | 26.2% |
| AURX | Nuo Therapeutics, Inc. | $1.30 | $8.97 | 86% below | $39.4M | 91.2% | 21.0% |
| NMTC | NEUROONE MEDICAL TECHNOLOGIES Corp | $0.96 | — | — | $38.6M | -1041.9% | 167.3% |
| CVRX | CVRx, Inc. | $1.30 | — | — | $33.9M | -278.8% | 56.4% |
| HRGN | Harvard Apparatus Regenerative Technology, Inc. | $2.23 | — | — | $30.0M | -794.7% | 27.0% |
| NSPR | InspireMD, Inc. | $0.46 | — | — | $29.3M | -260.5% | 18.9% |
| LUCD | Lucid Diagnostics Inc. | $0.48 | — | — | $24.1M | -413.1% | 75.2% |
| FOFA | FAMILY OFFICE OF AMERICA, INC. | $0.90 | — | — | $24.0M | 22.1% | — |
| RDGL | VIVOS INC | $0.05 | — | — | $22.0M | -446.2% | 26.7% |
| GIPL | Global Innovative Platforms Inc. | $0.50 | — | — | $19.7M | -45.1% | — |
| MDNC | Medinotec Inc. | $5.00 | — | — | — | 163.8% | 113.5% |
| DRIO | DarioHealth Corp. | $4.82 | $336.14 | 99% below | $19.2M | 738.3% | 25.9% |
| RVP | RETRACTABLE TECHNOLOGIES INC | $0.58 | $1.83 | 68% below | $17.4M | 7.2% | 2.8% |
| ARAY | ACCURAY INC | $0.16 | $0.40 | 60% below | $16.0M | 1.6% | 1.6% |
| PETV | PetVivo Holdings, Inc. | $0.75 | — | — | $15.4M | 642.0% | 35.2% |
| PSTV | PLUS THERAPEUTICS, INC. | — | — | — | — | -3488.2% | 1.3% |
| PMI | Picard Medical, Inc. | $12.75 | — | — | — | 43.8% | 12.5% |
| INBS | INTELLIGENT BIO SOLUTIONS INC. | $1.50 | — | — | $7.9M | -248.0% | 74.5% |
| USAQ | QHSLab, Inc. | $0.32 | $0.66 | 52% below | $6.2M | -61.5% | 84.9% |
| SINT | Sintx Technologies, Inc. | $1.74 | $230.76 | 99% below | $4.8M | -180.8% | -26.0% |
| NVNO | enVVeno Medical Corp | $7.47 | $3,909.84 | 100% below | $4.4M | 409.4% | -72.8% |
| ALUR | ALLURION TECHNOLOGIES, INC. | $0.47 | $222.53 | 100% below | $3.6M | 69.0% | -38.1% |
| AEMD | AETHLON MEDICAL INC | $5.15 | — | — | $3.5M | -222.5% | 6.6% |
| VYCO | VYCOR MEDICAL INC | $0.07 | — | — | $2.2M | 144.7% | 2.8% |
| SNOA | Sonoma Pharmaceuticals, Inc. | $1.12 | — | — | $1.9M | -237.6% | 4.8% |
| ADGM | Adagio Medical Holdings, Inc. | $0.10 | $249.06 | 100% below | $1.6M | -53.0% | -99.8% |
| PAVM | PAVmed Inc. | $2.41 | — | — | $1.6M | 728.8% | -38.6% |
| BTCY | BIOTRICITY INC. | $0.05 | — | — | $1.4M | 277.0% | 69.5% |
| VVOS | Vivos Therapeutics, Inc. | $0.13 | — | — | $1.3M | -844.0% | 7.4% |
| CODX | Co-Diagnostics, Inc. | $0.65 | $40.86 | 98% below | $870.0K | 78.9% | 73.3% |
| PLSE | PULSE BIOSCIENCES, INC. | $44.43 | — | — | — | -565.8% | -29.5% |
| BJDX | Bluejay Diagnostics, Inc. | $0.74 | — | — | $334.3K | -416.1% | — |
| LYRA | Lyra Therapeutics, Inc. | $0.19 | — | — | $295.2K | -8235.5% | 8.7% |
| IVF | INVO Fertility, Inc. | $0.56 | — | — | $65.3K | 85.2% | 72.4% |
| SIGY | Sigyn Therapeutics, Inc. | $0.03 | — | — | $40.0K | 573.8% | 48.8% |
| EMED | Electromedical Technologies, Inc | $0.00 | — | — | $37.7K | 460.5% | 12.9% |
| TNON | Tenon Medical, Inc. | $2.70 | — | — | $19.9K | 801.1% | 122.8% |
| SSKN | STRATA Skin Sciences, Inc. | $0.00 | — | — | $930 | -24.2% | -0.4% |
| AMIX | Autonomix Medical, Inc. | $2.85 | — | — | — | -208.6% | — |
| STME | Stimcell Energetics Inc. | $0.23 | — | — | — | 70.0% | -30.9% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue