Jim Cramer says these three medical device stocks look like 'true steals' here
CNBC's Jim Cramer on Tuesday identified three stocks in the medical devices field that he believes look attractive after Wall Street's rough January.

The "Mad Money" host said the market appears to be searching for a bottom, so "it's time to pick among the rubble, searching for the best bargains." He specifically pointed to Edwards Lifesciences , Stryker and Intuitive Surgical , saying "I think there are some true steals are developing in the medical device space because of omicron."

While the companies fall into the category of being secular growth stories, Cramer said there's been near-term challenges associated with the sell-off in high-multiple stocks more broadly and, for these firms specifically, the surge in Covid omicron cases and its impact on elective surgical procedures.

"But those are both temporary problems," Cramer contended.

For Edwards Lifesciences, in particular, Cramer said he likes the company's strong position in most of its markets including for heart valve replacements. Plus, Cramer said Edwards' total addressable market is projected to expand over the next few years.

"At its lows, it was down nearly 27% from its peak in late December, although after the rebound over the last few sessions, it's only down 18%. Still, that makes, I think, for a very good opportunity for a stock that very rarely comes in."

Cramer said orthopedic implant maker Stryker is trading at a "discount that I like" compared with where it was in early January. The stock's current price to earnings ratio hasn't been this low since the Covid crash in early 2020, he added.

Intuitive Surgical, a pioneer in robotic surgery, is also down sharply since peaking in November and now its stock trades at its lowest multiple since the immediate aftermath of the early 2020 Covid market plunge, Cramer said.

"I think the high-multiple sell-off has run its course for this group, and when omicron also runs its course, I see the medical device stocks soaring, a powerful comeback," Cramer contended.

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