Top 15 Small-Cap Healthcare Stocks Ranked by Marvin Scores
Marvin's rules picked 15 small-cap Healthcare stocks, led by Nutex Health, Rigel Pharmaceuticals and ANI Pharmaceuticals, ranked by Overall score against industry peers. Several still lose money, so read each caution.
Small-cap Healthcare stocks are smaller companies in areas such as biotechnology, drug makers, medical devices and care facilities. This list shows 15 of them that Marvin's rules selected as of November 2026, ordered by Overall score from highest to lowest.
The group is mixed. Some companies earn solid profit margins and carry little debt. Others, mostly biotechnology and early-stage device makers, spend far more than they earn. Each blurb below points out a weak or missing figure so you can see the trade-offs.
Marvin's scores describe how a company compares with others in its own industry today. They are not forecasts and not a recommendation. A high score does not tell you what a stock will do next.
The list
How Marvin ranked these stocks
Marvin started with Healthcare companies above a minimum size and below a small-cap ceiling. It ranked them by Overall score, highest first, and allowed no more than four from any one industry. Scores run from zero to one hundred and are relative to each company's own industry, so a score in biotechnology is judged against other biotechnology companies, not against device makers or drug manufacturers.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The Healthcare sector, highest Overall score first, among companies under about $2 billion in size; at most 4 per industry.
The stocks, one by one
Nutex Health, Inc. NUTX
Nutex Health, a care-facilities company, has an Overall score of 97. Revenue growth was 82.4% and operating margin 40.6%, which points to strong growth and profitability. Debt-to-equity is 0.88, a moderate level. Caution: a jump in revenue this large is hard to compare with other years.
Rigel Pharmaceuticals, Inc. RIGL
Rigel Pharmaceuticals, a biotechnology company, posted revenue growth of 64.1%, an operating margin of 31.5% and a gross margin of 91.4%. Those figures suggest fast growth and healthy profit on each sale. Caution: free cash flow and debt figures are not available, so cash generation and leverage cannot be checked.
ANI Pharmaceuticals, Inc. ANIP
ANI Pharmaceuticals, a specialty and generic drug maker, has a Quality score of 96. Revenue growth was 43.8%, free cash flow margin 17.7% and debt-to-equity 0.50, suggesting solid growth with low debt. Caution: operating margin of 15.4% is modest, and gross margin is not available.
Stoke Therapeutics, Inc. STOK
Stoke Therapeutics, a biotechnology company, grew revenue by 404.5% and has a Quality score of 95. Caution: its operating margin is -809.7% and its free cash flow margin -654.9%, so spending far exceeds revenue. Return on equity is -60.2%, and debt data is not available.
Xeris Biopharma Holdings, Inc. XERS
Xeris Biopharma, a biotechnology company, has Quality and Opportunity scores of 93 and 93. Revenue growth was 43.7% and operating margin 10.9%, suggesting steady growth and a thin but positive profit. Caution: cash flow, debt and return figures are not available, so the picture is incomplete.
Collegium Pharmaceutical, Inc. COLL
Collegium Pharmaceutical, a specialty and generic drug maker, converted a large share of sales into cash, with a free cash flow margin of 40.6% and gross margin of 60.0%. Revenue growth was 23.6%. Caution: operating margin is 19.5%, and debt-to-equity is not available.
IRadimed Corporation IRMD
IRadimed, a medical-devices company, shows a gross margin of 75.9% and an operating margin of 31.9%, which suggest strong profitability. Revenue growth was 14.4%, a moderate pace. Caution: its Opportunity score of 55 is far below its Quality score of 92, and debt data is not available.
Novavax, Inc. NVAX
Novavax, a biotechnology company, grew revenue by 64.7% and has a gross margin of 78.6%. Its Opportunity score is 96. Caution: operating margin is -56.6% and free cash flow margin -10.2%, so the company is still losing money. Debt and return figures are not available.
Tactile Systems Technology, Inc. TCMD
Tactile Systems Technology, a medical-devices company, has very low debt, with debt-to-equity of 0.06, and a gross margin of 76.8%. Revenue growth was 12.5%. Caution: operating margin of 10.0% and return on equity of 11.1% are fairly thin.
Ironwood Pharmaceuticals, Inc. IRWD
Ironwood Pharmaceuticals, a specialty and generic drug maker, has a strong operating margin of 60.1%, meaning it keeps a large share of sales as operating profit. Caution: revenue growth was -15.7%, a decline, and cash flow, debt and return figures are not available.
LeMaitre Vascular, Inc. LMAT
LeMaitre Vascular, a maker of medical instruments and supplies, has an operating margin of 29.5%, a free cash flow margin of 28.1% and a gross margin of 72.9%, all suggesting strong profitability. Caution: revenue growth was a modest 13.5%, and debt-to-equity is not available.
Inspire Medical Systems, Inc. INSP
Inspire Medical Systems, a medical-devices company, has a gross margin of 86.1% and revenue growth of 13.6%. Free cash flow margin is 13.0%. Caution: operating margin is only 6.0%, so little of each sale remains as operating profit, and debt data is not available.
Shoulder Innovations, Inc. SI
Shoulder Innovations, a medical-specialties company, grew revenue by 49.6% and has low debt, with debt-to-equity of 0.12. Caution: its operating margin is -58.5% and free cash flow margin -78.4%, so it is spending much more than it earns. Return on equity is -28.2%.
CONMED Corporation CNMD
CONMED, a medical-devices company, has debt-to-equity of 0.63 and a gross margin of 55.8%. Caution: revenue growth of 5.2%, operating margin of 8.0% and return on equity of 5.4% are all modest, which fits its place at the lower end of this list.
Phibro Animal Health Corporation PAHC
Phibro Animal Health, a specialty and generic drug maker, grew revenue by 17.1% and earned a return on equity of 25.9%. Operating margin is 12.8%. Caution: free cash flow margin is only 0.6% and gross margin is 33.8%, so little cash is left after spending. Debt data is not available.
Common questions
What does small-cap mean for Healthcare stocks?
Small-cap refers to companies with a relatively small total market value compared with large, well-known firms. In Healthcare this includes smaller drug developers, device makers and care providers. Smaller companies often have less history and can be more volatile than large ones.
Why do some stocks on this list have negative margins?
Companies such as Stoke Therapeutics (-809.7% operating margin) and Shoulder Innovations (-58.5%) spend more than they bring in. This is common among biotechnology and early-stage medical companies that invest heavily before reaching steady profits. Marvin scores them against industry peers, so they can still rank well.
Does a high Marvin score mean a stock is a good buy?
No. Marvin's scores only show how a company compares with others in its industry today, using measures such as growth, margins and debt. They do not predict future prices or say whether to buy, sell or hold. Read each company's weaker figures and do your own research.
Keep reading
- Top 15 Specialty & Generic Drug Manufacturer Stocks
- Top 15 Fastest-Growing Profitable Healthcare Stocks
- Top 15 Healthcare Stocks Right Now, Ranked by Marvin Scores
- Top 15 Medical Devices Stocks by Marvin Score
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Marvin's scores (0-100) compare each company with others in its industry today. Growth and margin figures come from SEC filings. This is general information, not personal investment advice or a recommendation to buy or sell anything. Do your own research.