6 Small Medical Device Companies

The Investing News Network provides an overview of six small medical device companies trading on Canadian exchanges.

The medical device sector in Canada may be one of the country’s best kept global secrets.

According to the Canadian government, the country is full of medical device manufacturers working to advance product innovation. Data from 2017, the most recent year available, shows that the country brings US$6.7 billion to the medical device sector, which is 1.9 percent of the global market.

Medical devices include a plethora of items, including pacemakers, artificial heart valves, diagnostic and imaging equipment, in vitro diagnostics, dialysis equipment, hip and knee implants, synthetic skin, surgical tools, orthopedics, medical imaging and infusion pumps.

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With that in mind, here the Investing News Network takes a look at six small medical device companies that are publicly traded in Canada. Companies on this list had market caps between C$20 million and C$55 million at the time of publication, with data compiled using Investing.com. The medical device firms below are listed in order of market cap size, from largest to smallest.


Market cap: C$52.78 million

Neovasc, the first on this list of small medical device companies, has two main medical device products it is developing, with a focus on the growing cardiovascular industry.

Its first product, called the Reducer, is for the treatment of refractory angina, which is a condition that results when the coronary arteries don’t supply enough blood to the heart muscle. A clinical trial called COSIRA demonstrated that patients implanted with the device had a 96.2 percent technical success rate and a 100 percent procedure success rate. The device is currently CE-marked in the European Union.

Neovasc’s other medical device is called Tiara, and it is made to treat mitral regurgitation, a condition that often leads to heart failure and death. The device is implanted through the apex of the heart and replaces the mitral valve while aiming to keep the structures around the heart intact. The device is currently not available for sale and is still in the investigational stages.

2. Theralase Technologies (TSXV:TLT,OTCQB:TLTFF)

Market cap: C$46.9 million

Theralase Technologies is a clinical-stage pharmaceutical company focused on the design, development, manufacturing and sale of patented laser technology platforms. The platform supports a suite of bio-stimulative and bio-destructive clinical applications for patients. The company is currently developing a photodynamic therapy for treating non-muscle-invasive bladder cancer.

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Theralase Technologies was a TSX Venture 50 company in 2020.


Market cap: C$45.67 million

SQI Diagnostics labels itself as an overarching life sciences and diagnostics company that is developing a range of multiplexed tests to measure biomarkers in blood or other sample types. Its multiplexing technology testing solutions are provided to the pharmaceutical and biotechnology markets, and are used for human diagnostic testing and animal healthcare diagnostic testing.

Multiplexed means simplifying, consolidating and automating many tests into one.

While not a medical device manufacturer per se, SQI Diagnostics helps companies in the life science space make safe and effective short cuts, which saves time and effort in discovery and testing programs.

4. Nanalysis Scientific (TSXV:NSCI,OTCQX:NSCIF)

Market cap: C$36.05 million

Nanalysis Scientific, another of Canada’s small medical device companies, specializes in the production of compact, portable, benchtop nuclear magnetic resonance spectroscopic instruments for a variety of applications across various industries, including biotech and pharma, polymer research, food science, environmental science as well as oil and gas.

Nanalysis’ NMReady-60 product allows chemists, researchers, engineers and students to perform spectroscopy tests wherever and whenever they need, whether in the lab or in the field. In early 2020, the company won the award for best new analytical product at the Nanotech Exhibition and Conference.

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5. MedX Health (TSXV:MDX)

Market cap: C$25.88 million

MedX Health is a medical device software company working on developing skin cancer platforms, in particular its DermSecure telemedicine platform, which uses the company’s SIAscopy technology.

SIAscopy is a non-invasive procedure that screens for moles and lesions. MedX Health obtained the rights to this technology in 2011 after purchasing the assets and business related to it. The company’s SIAscopy technology is approved by Health Canada and the US Food and Drug Administration, and is cleared for use in Canada, the US, Australia, New Zealand, the European Union and Turkey.

6. Relay Medical (CSE:RELA,OTCQB:RYMDF)

Market cap: C$24.61 million

Last on this small medical device companies list is Relay Medical, an integrated medical technology accelerator that primarily acquires early stage technologies to move them towards pre-commercial acquisitions in the healthcare space.

The company is involved in manufacturing evidence-based inventions that have clinical and commercial upper hands in the medical device, consumer health and health IT markets.

Its HemoPalm device is a handheld blood analyzer that allows for IT integration in hospitals and provides bedside blood analysis for those in critical condition.

This is an updated version of an article originally published by the Investing News Network in 2016.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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