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Do you consider yourself a value investor? For a closer look at potentially undervalued stocks from the medical device industry, we ran a screen.

We screened the medical device industry for stocks that may be undervalued, by comparing price trends to changes in EPS estimates over the last month.

Based on the assumption that P/E is equal to a constant k, increases in EPS should be matched by increases in price. When they don't match up, a mispricing may have occurred.

We screened for stocks with faster growth in EPS estimates than price over the last month, which may indicate that these names are being undervalued.

For an ‪interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.‬ (click to enlarge)

Tool provided by Kapitall (www.kapitall.com). More investing ideas on Kapitall Wire (wire.kapitall.com).

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by increase in EPS estimate over the last year.

1. CryoLife Inc. (CRY): Engages in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries in the United States and Canada. Market cap at $138.9M, most recent closing price at $5.10. The EPS estimate for the company's current year increased from 0.17 to 0.2 over the last 30 days, an increase of 17.65%. This increase came during a time when the stock price changed by 1.56% (from 5.13 to 5.21 over the last 30 days).

2. Conceptus, Inc. (CPTS): Designs, develops, and markets minimally invasive devices for reproductive medical applications primarily in the United States, France, and Europe. Market cap at $586.49M, most recent closing price at $18.69. The EPS estimate for the company's current year increased from 0.08 to 0.09 over the last 30 days, an increase of 12.5%. This increase came during a time when the stock price changed by -3.76% (from 20.47 to 19.7 over the last 30 days).

3. Abiomed Inc. (ABMD): Engages in the research, development, and sale of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery. Market cap at $868.21M, most recent closing price at $21.43. The EPS estimate for the company's current year increased from 0.24 to 0.26 over the last 30 days, an increase of 8.33%. This increase came during a time when the stock price changed by -2.19% (from 23.72 to 23.2 over the last 30 days).

4. Wright Medical Group Inc. (WMGI): Engages in the design, manufacture, and marketing of devices and biologic products for the extremity, hip, and knee repair and reconstruction. Market cap at $776.37M, most recent closing price at $19.76. The EPS estimate for the company's current year increased from 0.19 to 0.2 over the last 30 days, an increase of 5.26%. This increase came during a time when the stock price changed by -10.44% (from 21.94 to 19.65 over the last 30 days).

5. Align Technology Inc. (ALGN): Designs, manufactures, and markets the invisalign system for treating malocclusion or the misalignment of teeth. Market cap at $2.81B, most recent closing price at $34.59. The EPS estimate for the company's current year increased from 1.15 to 1.21 over the last 30 days, an increase of 5.22%. This increase came during a time when the stock price changed by -1.83% (from 34.94 to 34.3 over the last 30 days).

*EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 5 Medical Device Stocks Undervalued By EPS Trends