Medical device companies have been under pressure lately, but you wouldn't know it by looking at their stocks. Leading cardiac device makers such as Boston Scientific (NYSE:BSX) and St. Jude Medical (NYSE:STJ) have seen their stocks explode behind the market's rally recently, making investors wealthy and igniting hope for more as these companies look to turn around sluggish sales.

St. Jude recently reported its own earnings for the fourth quarter, topping analyst expectations on both its top and bottom lines. Despite the struggles of the cardiac rhythm management industry as of late in slowing sales for devices such as defibrillators, St. Jude's turning the corner in seeing revenue rise once again.

Will St. Jude's successful quarter rub off on fellow cardiovascular leaders Boston Scientific and Medtronic (NYSE:MDT) in their own upcoming quarterly earnings reports? In the video below, Motley Fool contributor Dan Carroll takes you through how St. Jude's bouncing back from the device industry's post-recession downturn -- and how industry trends are pointing in the right direction for top device stocks in the long term. 

The one stock you can't afford to ignore in 2014
Medical device stocks like St. Jude Medical have surged with the market's rally, but what name do you need to have on your radar in the new year? The Motley Fool's chief investment officer has selected his No. 1 stock for 2014, and it's one of those stocks that could make you rich. You can find out which stock it is in the special free report "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.

Fool contributor Dan Carroll has no position in any stocks mentioned. The Motley Fool owns shares of Medtronic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.