4 Recommended Halal Medical Technology Stocks

Recommended Halal Medical Technology Stocks

If you wish to contribute to the health sector and earn profit simultaneously, investing in medical technology stocks could be a great option. Medical technology is a part of the healthcare industry that is growing fast, with global spending of $8.3 trillion in 2018, or 10% of global GDP. Furthermore, the healthcare and technology sectors lead to the fight against the Covid-19 pandemic. Besides, innovations have become a key strategy to create competitive advantages among healthcare companies as the world adapts to the new normal.

As we know, the demand for healthcare systems has risen worldwide. Likewise, innovations have become a key strategy to create competitive advantages among healthcare companies as we adapt to the new normal. Another good news is that we will provide 4 medical technology stocks that are compliant with Shariah. What are on the list? Let’s check it out.

1. Edwards Lifesciences Corp

  • Ticker Name : EW
  • Market Cap : $80.27 Billion
  • Current Price : $104.87 (as of 01.29.2022)

Edward Lifesciences is a California-based medical technology company that specializes in artificial heart valves and hemodynamic monitoring. The American company has captured several markets in the United States, Europe, Japan, and other countries. In the first quarter of 2021, Edwards Lifesciences had an Earnings per Share (EPS) of $$0.54 and revenue at $1.2 billion, increasing 8% year over year.

2. Danaher Corporation

  • Ticker Name : DHR
  • Market Cap : $229.23 Billion
  • Current Price : $281.11 (as of 01.29.2022)

Danaher’s headquarter is in Washington DC, United States. The healthcare company offers various products and services in life sciences, diagnostics, and environmental and applied solutions segments. Danaher Corp also offers research instruments and consumables, automation systems in diagnostics, and software. Moreover, the Washington-based company has been ranked 130th on the Fortune 500 2021. In addition, Danaher was one of the companies that adopted Kaizen principles to manufacturing, embracing the philosophy of sustainable improvement and waste elimination. In the April 2021 quarter, its revenue was at $7.2 billion, an increase of 36.5% compared to the last year. Danaher also declared a $0.21 per share quarterly dividend, and its stock has gained 45% over the previous twelve months.

3. Abbott Laboratories

  • Ticker Name : ABT
  • Market Cap : $246.07 Billion
  • Current Price : $125.35 (as of 01.29.2022)

Abbott Laboratories is an Illinois-based company offering medical and diagnostic devices, pharmaceutical products, including adult and pediatric nutritional products. The company also provides molecular diagnostics for HIV, influenza viruses, and Covid-19. Among its popular products are PedialyteSimilacEnsureGlucernaZonePerfect, FreeStyle Libre, i-STAT, and MitraClip. Accordingly, this American company produces antigen BinaxNOW Covid-19, the first at home and virtually guided rapid test which can show results in 20 minutes. According to Forbes’s report, Abbott Companies manufactured more than 400 million Covid-19 tests since the pandemic outbreak in early 2020 and 300 million in the last quarter of 2020 alone. Furthermore, the company’s revenue increased by 35.3% in the first quarter of 2021. Abbott Laboratories recorded global sales of Covid-19 testing-related products of $2.2 billion.

4. Johnson & Johnson

  • Ticker Name : JNJ
  • Market Cap : $ 442.93 Billion
  • Current Price : $171.79 (as of 01.29.2022)

Johnson & Johnson is a New Jersey-based company that offers medical devices, pharmaceutical products, and consumer packaged goods. The company was ranked No. 36 on the 2021 Fortune 500 list and one of the world’s most valuable companies with a prime credit rating AAA, one of only two US-based companies. Johnson & Johnson manufactured a single-shot Covid 19 vaccine with intense action against the Delta variant. In the second quarter of 2021, the company has an EPS of $2.35, increasing by 72.8% from the previous year. Additionally, its revenue of the same quarter was at $23.3 billion, increasing 27.1% from the same period in 2020.

Buying a stock is simple, but buying the right stock without a strategy is extremely difficult. When it comes to the stock market, keep in mind that things can change quickly. Make sure to keep an eye on the market trend.

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