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Do you consider sales trends when evaluating a company's stock? One idea is to compare trends in revenue to trends in accounts receivable.

To demonstrate this, we ran a screen on small-cap medical device stocks in the healthcare sector with market caps just above $300 million.

We then screened for those with negative trends in revenue relative to accounts receivable, with slower growth in revenue year-over-year than growth in accounts receivable, as well as receivables comprising a larger portion of current assets.

Receivables represent the portion of revenue not yet collected, so the smaller the portion of revenue and current assets, the better.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these companies are in hot water? Use this list as a starting point for your own analysis.

1. Natus Medical Inc. (BABY): Develops, manufactures, and markets neurodiagnostic and newborn care products worldwide. Market cap at $321.06M, most recent closing price at $10.72.

Revenue grew by 57.23% during the most recent quarter ($80.72M vs. $51.34M y/y). Accounts receivable grew by 68.47% during the same time period ($82.03M vs. $48.69M y/y). Receivables, as a percentage of current assets, increased from 37.97% to 52.21% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

2. Greatbatch, Inc. (GB): Provides technology solutions for medical and industrial applications. Market cap at $542.49M, most recent closing price at $22.89.

Revenue grew by 22.49% during the most recent quarter ($161.34M vs. $131.72M y/y). Accounts receivable grew by 50.67% during the same time period ($124.8M vs. $82.83M y/y). Receivables, as a percentage of current assets, increased from 32.74% to 47.69% during the most recent quarter (comparing 13 weeks ending 2012-09-28 to 13 weeks ending 2011-09-30).

3. MAKO Surgical Corp. (MAKO): A medical device company, markets its advanced robotic arm solution and orthopedic implants for orthopedic procedures in the United States and internationally. Market cap at $577.47M, most recent closing price at $12.57.

Revenue grew by 45.83% during the most recent quarter ($29.18M vs. $20.01M y/y). Accounts receivable grew by 74.53% during the same time period ($19.6M vs. $11.23M y/y). Receivables, as a percentage of current assets, increased from 13.68% to 23.26% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

4. Mine Safety Appliances Co. (MSA): Develops, manufactures, and supplies health and safety products used by workers in the fire service, homeland security, construction, and other industries, as well as the military. Market cap at $1.55B, most recent closing price at $41.97.

Revenue grew by -4.62% during the most recent quarter ($286.74M vs. $300.64M y/y). Accounts receivable grew by 7.1% during the same time period ($223.2M vs. $208.41M y/y). Receivables, as a percentage of current assets, increased from 43.32% to 46.02% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

5. Sirona Dental Systems Inc. (SIRO): Develops, manufactures, and markets dental equipment for dentists worldwide. Market cap at $3.46B, most recent closing price at $62.90.

Revenue grew by 13.05% during the most recent quarter ($247.36M vs. $218.8M y/y). Accounts receivable grew by 32.07% during the same time period ($134.78M vs. $102.05M y/y). Receivables, as a percentage of current assets, increased from 17.55% to 32.93% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

6. The Spectranetics Corporation (SPNC): Designs, manufactures, and markets single use medical devices used in minimally invasive surgical procedures within the cardiovascular system in conjunction with its proprietary excimer laser system, the CVX-300. Market cap at $496.56M, most recent closing price at $14.31.

Revenue grew by 9.65% during the most recent quarter ($35.23M vs. $32.13M y/y). Accounts receivable grew by 16.02% during the same time period ($19.99M vs. $17.23M y/y). Receivables, as a percentage of current assets, increased from 27.23% to 31.17% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 6 Medical Device Companies With Troubling Sales Trends