🩺 Healthcare & MedTech · updated 2026-10-08

US Healthcare & MedTech Companies in Financial Distress (October 2026)

As of 08 October 2026, 98 of 328 US Healthcare & MedTech companies analysed (30%) show financial-distress indicators: 26 very weak, 30 weak and 42 on watch. The most common red flags in this sector are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and operating profit does not cover interest.

328

Analysed

Distress signals

Very weak

30%

Flag rate

What drives financial distress in Healthcare & MedTech

Hospitals, devices, diagnostics and services — leverage, reimbursement-driven margin pressure and cash burn.

Most common red flags today: Losses in each of the last 3 years · Operations consume cash · Cash runway under 12 months · Operating profit does not cover interest

Open interactive screener →

Healthcare & MedTech companies with distress signals

#	Ticker	Company / industry	Distress score	Band	Ohlson PD	Merton PD	From 52w high	Key indicators
1	ADGM	Adagio Medical Holdings, Inc. Medical Devices	100	Very weak	100%	93.0%	-94%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
2	MEDS	DataMEDS AI, Inc. Medical Distribution	100	Very weak	100%	84.8%	-94%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
3	ONMD	OneMedNet Corporation Health Information Services	100	Very weak	100%	16.7%	-85%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
4	PFSA	Profusa, Inc. Medical Devices	100	Very weak	100%	89.5%	-100%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
5	PMI	Picard Medical, Inc. Medical Devices	100	Very weak	100%	57.4%	-99%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
6	SNYR	Synergy CHC Corp. Medical Distribution	100	Very weak	100%	96.4%	-99%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
7	VNRX	VolitionRx Limited Medical Devices	100	Very weak	100%	80.8%	-98%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
8	VTAK	Catheter Precision, Inc. Medical Devices	100	Very weak	100%	80.1%	-97%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
9	VVOS	Vivos Therapeutics, Inc. Medical Devices	100	Very weak	100%	96.4%	-95%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsMarket-implied default probability >20%	Details →
10	MDXH	MDxHealth SA Diagnostics & Research	99	Very weak	95%	73.9%	-88%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
11	NXGL	NEXGEL, Inc. Medical Instruments & Supplies	97	Very weak	96%	88.8%	-95%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
12	RPID	Rapid Micro Biosystems, Inc. Medical Devices	97	Very weak	99%	29.2%	-82%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
13	TNON	Tenon Medical, Inc. Medical Devices	97	Very weak	100%	78.0%	-92%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
14	XAIR	Beyond Air, Inc. Medical Devices	97	Very weak	100%	94.8%	-96%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
15	TELA	TELA Bio, Inc. Medical Devices	95	Very weak	98%	23.7%	-33%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
16	BDMD	BDMD Medical Devices	92	Very weak	89%	50.7%	-77%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
17	ARAY	Accuray Incorporated Medical Devices	82	Very weak	89%	93.7%	-87%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
18	PAVM	PAVmed Inc. Medical Devices	82	Very weak	82%	46.5%	-84%	Operating profit does not cover interestMarket-implied default probability >20%Revenue collapse	Details →
19	AEMD	Aethlon Medical, Inc. Medical Devices	77	Very weak	100%	33.7%	-85%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
20	NSPR	InspireMD, Inc. Medical Devices	77	Very weak	100%	0.2%	-81%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
21	ACH	Accendra Health, Inc. Medical Distribution	75	Very weak	—	—	-92%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
22	NDRA	ENDRA Life Sciences Inc. Diagnostics & Research	74	Very weak	100%	0.1%	-27%	Cash runway under 12 monthsSevere working-capital shortfallLosses in each of the last 3 years	Details →
23	SINT	Sintx Technologies, Inc. Medical Devices	74	Very weak	100%	1.5%	-54%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
24	NUWE	Nuwellis, Inc. Medical Devices	72	Very weak	100%	48.1%	-100%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
25	ICCM	IceCure Medical Ltd Medical Devices	71	Very weak	100%	7.8%	-96%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
26	GCTK	GlucoTrack, Inc. Medical Devices	70	Very weak	—	—	-99%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
27	CODX	Co-Diagnostics, Inc. Medical Devices	69	Weak	—	—	-97%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
28	ISPC	iSpecimen Inc. Diagnostics & Research	69	Weak	—	—	-98%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
29	MGRX	Mangoceuticals, Inc. Health Information Services	68	Weak	—	—	-84%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
30	QUCY	Quantum Cyber N.V. Diagnostics & Research	68	Weak	100%	0.2%	-61%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
31	NMTC	NeuroOne Medical Technologies Corporation Medical Devices	67	Weak	100%	0.0%	-83%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
32	NNOX	Nano-X Imaging Ltd. Medical Devices	67	Weak	93%	11.3%	-88%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
33	QTI	QT Imaging Holdings, Inc. Medical Devices	65	Weak	100%	41.9%	-93%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
34	ZTEK	Zentek Ltd Medical Instruments & Supplies	64	Weak	99%	0.1%	-51%	Severe working-capital shortfallLosses in each of the last 3 yearsRevenue collapse	Details →
35	NXL	Nexalin Technology, Inc. Medical Devices	63	Weak	100%	—	-93%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
36	XWEL	XWELL, Inc. Diagnostics & Research	63	Weak	98%	39.1%	-46%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
37	LMRI	Lumexa Imaging Holdings, Inc. Medical Devices	62	Weak	62%	25.8%	-44%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
38	NIVF	NewGenIvf Group Limited Medical Care Facilities	62	Weak	68%	89.4%	-100%	Operating profit does not cover interestMarket-implied default probability >20%Share price down >80% from 52-week high	Details →
39	NYXH	Nyxoah SA Medical Devices	62	Weak	100%	19.2%	-79%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
40	COSM	Cosmos Health Inc. Medical Distribution	61	Weak	—	—	-75%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
41	CTSO	Cytosorbents Corporation Medical Devices	61	Weak	—	—	-80%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
42	IMDX	Insight Molecular Diagnostics Inc. Diagnostics & Research	61	Weak	—	—	-61%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
43	FEED	ENvue Medical, Inc. Medical Devices	60	Weak	—	—	-100%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
44	HCTI	Healthcare Triangle, Inc. Health Information Services	60	Weak	—	—	-100%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
45	MDAI	Spectral AI, Inc. Medical Devices	60	Weak	—	—	-39%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsRevenue collapse	Details →
46	BIAF	bioAffinity Technologies, Inc. Diagnostics & Research	59	Weak	—	—	-93%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
47	INBS	Intelligent Bio Solutions Inc. Medical Devices	57	Weak	—	—	-91%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
48	NVNO	enVVeno Medical Corporation Medical Devices	57	Weak	100%	1.2%	-76%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
49	BEAT	HeartBeam, Inc. Health Information Services	55	Weak	—	—	-86%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
50	IVF	INVO Fertility, Inc. Medical Devices	55	Weak	—	—	-99%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
51	RCEL	AVITA Medical, Inc. Medical Devices	55	Weak	—	—	+0%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
52	ECOR	electroCore, Inc. Medical Devices	54	Weak	—	—	-23%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
53	ADVB	Advanced Biomed Inc. Diagnostics & Research	53	Weak	100%	0.0%	-68%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
54	SSII	SS Innovations International, Inc. Medical Devices	53	Weak	65%	0.0%	-74%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
55	LNSR	LENSAR, Inc. Medical Devices	52	Weak	99%	0.0%	-49%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
56	DRIO	DarioHealth Corp. Health Information Services	51	Weak	—	—	-69%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
57	BJDX	Bluejay Diagnostics, Inc. Medical Devices	48	Watch	—	—	-94%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
58	OWLT	Owlet, Inc. Medical Devices	48	Watch	93%	4.0%	-72%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
59	STLN	Starling Oncology, Inc. Medical Care Facilities	48	Watch	—	—	-12%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
60	WW	WW International, Inc. Medical Care Facilities	48	Watch	10%	59.5%	-57%	Operating profit does not cover interestMarket-implied default probability >20%Losses in 2 of the last 3 years	Details →
61	AMIX	Autonomix Medical, Inc. Medical Devices	47	Watch	—	—	-88%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
62	CERS	Cerus Corporation Medical Devices	47	Watch	74%	0.0%	-30%	Operating profit does not cover interestLosses in each of the last 3 yearsMaterial debt with no EBITDA	Details →
63	FEMY	Femasys Inc. Medical Instruments & Supplies	47	Watch	—	—	-90%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
64	MODD	Modular Medical, Inc. Medical Devices	47	Watch	—	—	-87%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
65	LFWD	Lifeward Ltd. Medical Devices	45	Watch	—	—	-35%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
66	LUCD	Lucid Diagnostics Inc. Medical Devices	45	Watch	—	—	-56%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
67	LUCY	Lucyd, Inc Medical Instruments & Supplies	45	Watch	—	—	-57%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
68	MLSS	Milestone Scientific Inc. Medical Instruments & Supplies	45	Watch	—	—	-35%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
69	PACB	Pacific Biosciences of California, Inc. Medical Devices	45	Watch	—	—	-20%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
70	RVP	Retractable Technologies, Inc. Medical Instruments & Supplies	45	Watch	64%	0.0%	-38%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
71	SERA	Sera Prognostics, Inc. Medical Devices	45	Watch	86%	0.0%	-46%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
72	ELUT	Elutia Inc. Medical Devices	44	Watch	61%	0.0%	-32%	Ohlson O-score signals likely failureLosses in 2 of the last 3 yearsSteep revenue decline	Details →
73	ACON	Aclarion, Inc. Health Information Services	43	Watch	—	—	-76%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
74	COCH	Envoy Medical, Inc. Medical Devices	43	Watch	—	—	-59%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
75	PIII	P3 Health Partners Inc. Medical Care Facilities	43	Watch	—	—	-68%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
76	POCI	Precision Optics Corporation, Inc. Medical Instruments & Supplies	43	Watch	74%	0.0%	-22%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
77	PROF	Profound Medical Corp. Medical Devices	43	Watch	—	—	-20%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
78	CVRX	CVRx, Inc. Medical Devices	42	Watch	—	—	-84%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
79	HSCS	HeartSciences Inc. Medical Devices	42	Watch	—	—	-42%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
80	LAB	Standard BioTools Inc. Medical Devices	41	Watch	—	—	-60%	Losses in each of the last 3 yearsOperations consume cashTrading below $1	Details →
81	QTRX	Quanterix Corporation Medical Devices	41	Watch	—	—	-60%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
82	AIDX	20/20 Biolabs, Inc. Medical Devices	40	Watch	—	—	-98%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
83	GH	Guardant Health, Inc. Diagnostics & Research	40	Watch	—	—	-12%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
84	KMTS	Kestra Medical Technologies, Ltd. Medical Instruments & Supplies	40	Watch	67%	0.0%	-9%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
85	MBOT	Microbot Medical Inc. Medical Devices	40	Watch	—	—	-67%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
86	SENS	Senseonics Holdings, Inc. Medical Devices	40	Watch	99%	0.0%	-20%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
87	BNGO	Bionano Genomics, Inc. Medical Instruments & Supplies	39	Watch	—	—	-31%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
88	HYPR	Hyperfine, Inc. Medical Devices	38	Watch	—	—	-57%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
89	PSNL	Personalis, Inc. Diagnostics & Research	38	Watch	—	—	-13%	Losses in each of the last 3 yearsOperations consume cashSteep revenue decline	Details →
90	QSI	Quantum-Si incorporated Medical Devices	38	Watch	—	—	-54%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
91	SY	So-Young International Inc. Health Information Services	38	Watch	22%	32.8%	-45%	Market-implied default probability >20%Operations consume cashLosses in 2 of the last 3 years	Details →
92	BMRA	Biomerica, Inc. Medical Devices	37	Watch	—	—	-41%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
93	MYO	Myomo, Inc. Medical Devices	37	Watch	—	—	-24%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
94	SGRY	Surgery Partners, Inc. Medical Care Facilities	37	Watch	29%	32.2%	-41%	Market-implied default probability >20%Losses in each of the last 3 yearsVery high leverage	Details →
95	XTNT	Xtant Medical Holdings, Inc. Medical Devices	37	Watch	11%	5.6%	-65%	Thin interest coverageTrading below $1Elevated market-implied default probability	Details →
96	CLPT	ClearPoint Neuro, Inc. Medical Devices	36	Watch	—	—	-65%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
97	XGN	Exagen Inc. Diagnostics & Research	36	Watch	—	—	-32%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
98	CTEV	Claritev Corporation Health Information Services	35	Watch	—	—	-66%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsDeep share-price drawdown	Details →

Frequently asked questions

Which Healthcare & MedTech companies are in financial distress?

As of 2026-10-08, 98 US Healthcare & MedTech companies show financial-distress indicators (26 very weak, 30 weak and 42 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.

How many Healthcare & MedTech companies are in financial trouble?

98 of 328 analysed (30%); 26 are in the 'Very weak' band.

What are the biggest financial risks for Healthcare & MedTech companies?

Hospitals, devices, diagnostics and services — leverage, reimbursement-driven margin pressure and cash burn. Right now the most frequent red flags are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and operating profit does not cover interest.

What happens to shareholders if a company becomes insolvent?

In a Chapter 11 reorganisation the absolute priority rule pays secured lenders, then unsecured creditors, before shareholders — so existing shares are usually cancelled or heavily diluted. In Chapter 7 the company is liquidated and shareholders rarely recover anything.

Financial distress in other sectors

🏦 Bank & Finance 57 🛡️ Insurance 6 💊 Pharma & Biotech 354 💻 IT & Software 113 🔬 Semiconductor 15 🤖 AI 74 🖥️ Hardware & Electronics 40 📡 Telecom & Media 55 🛍️ Consumer Discretionary 91 🛒 Consumer Staples 41 🏭 Industrials & Capital Goods 116 🛢️ Energy, Oil & Gas 31 ⛏️ Metals, Mining & Chemicals 61 ⚡ Utilities & Power 14 🏢 Real Estate Cos & REITs 25 📦 SPACs & Shell Companies 0 ❔ Unclassified 235

Important: A listing means a company’s reported numbers resemble those of firms that later failed — it is not a statement that the company is insolvent, has defaulted or will enter insolvency proceedings. Recalculated every trading day. Not investment or legal advice.