Undoubtedly, investors seem to have a new appetite for next-level revenue growth. Generative AI, GLP-1 weight-loss drugs and other breakthrough innovations (I’m not sure if the metaverse qualifies right now) seek to expand in some pretty massive markets. Some medical technology (med tech) stocks are capable of impressive growth as they aim to improve the lives of those with specific issues.

With many top medical tech and device firms trading at reasonable prices, investors may wish to give them a closer look as the tech market grows increasingly choppy.

Let’s examine three med tech stocks that are slightly undervalued relative to their impressive product portfolios and innovative pipelines that may be able to drive solid share price appreciation over the coming years.

Intuitive Surgical (ISRG)

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Intuitive Surgical (NASDAQ:ISRG) is a $132 billion med tech titan innovating on surgical robotics’s cutting edge. The company recently took a slight breather, falling almost 7% after briefly breaching all-time highs of over $400 per share.

With the number of da Vinci surgeries bouncing back in China, the company may have the tailwind it needs to push to even higher highs as it rides on the back of its international expansion while putting the finishing touches on its recently cleared fifth-generation robot.

The stock has had a rather turbulent ride since it bottomed in the back half of 2022. Though demand for new surgical robots is bound to be quite cyclical, new innovations (think new generations of da Vinci) have the potential to power explosive growth. After all, it’s hard for an operator not to upgrade to the best equipment if there’s a chance of improving patient outcomes.

Up ahead, the da Vinci 5 model, which betters the previous version across many metrics (think increased precision, better force sensing and more processing power), could act as a big growth driver for the firm. Indeed, it’s quite an exciting time to own INTU stock, which is going for a very reasonable 67.2 times trailing price-to-earnings (P/E).

Align Technology (ALGN)

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Align Technology (NASDAQ:ALGN) is an underrated med tech firm stuck in a massive rut. Shares collapsed in 2021 and 2022 as the pandemic-fuelled boom eventually went bust. Undoubtedly, the perfect time to get one’s teeth straightened was during lockdown.

Demand is normalizing while the company innovates with new aligner products. ALGN stock is a worthy dental tech play. It looks to add to the newfound momentum it’s enjoyed since November 2023.

The company also expects decent growth in 2024, calling for revenue to rise by 6-8% as price hikes look to kick in. At writing, the stock trades for 35.7 times forward P/E. It isn’r a cheap stock, but with such a dominant lead in its market that further innovations could widen, I’d not sleep on the name as it comes in again.

Johnson & Johnson (JNJ)

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Johnson & Johnson (NYSE:JNJ) stock has been a perennial underperformer in recent years, with shares now trading at four-year lows of around $146 and change. The talc powder controversy has been a thorn in the firm’s side for quite some time.

The firm shoots to return to the growth track with its medtech and medicine businesses. It may be worthwhile picking up a few shares of the $358 billion behemoth as many investors tire of waiting for JNJ stock to turn a corner.

The company has ambitious plans to expand medtech from here. A fully loaded pipeline of impressive devices (particularly in interventional cardiovascular) may help the firm jolt sales growth and stock. For now, though, average investors, who likely view the behemoth as a firm whose best growth days are long behind them, won’t appreciate the medtech pipeline.

At writing, JNJ stock trades at a reasonable 20.0 times trailing P/E. The 3.34% dividend yield is also a nice bonus.

On the date of publication, Joey Frenette did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.