Biotech stocks may have gotten the bulk of investor attention in the past year, but plenty of mid and small cap medtech companies have been rallying too. Given the recent market sell-off, companies like these three may be offering investors an opportunity to buy.

Finger

Source: Masimo Corp

No. 1: Masimo Corporation (NASDAQ:MASI)Masimo manufactures medical devices used to monitor patient health, including pulse oximeters that are used to measure oxygen levels in patient blood. The company generates its sales directly and via royalties earned on sales of products by companies licensing its technology, including GE Medical and Medtronic.

In the second quarter, Masimo's product revenue rose 10.6% to $147.6 million, leading to total revenue, including royalty payments, of $155.7 million, up 10.5% year over year.

In addition to growing its top line by a double digit percentage, Masimo is leveraging growth for bottom line upside, too. Second quarter non-GAAP net income improved to $23.1 million, or $0.43, from $14.1 million, or $0.25 last year.

Because sales and profit have (so far) outpaced its internal forecast this year, Masimo upped its full year outlook in August and, based on that guidance, Masimo expects to deliver top line and GAAP bottom line results of $621 million and $1.43 per share, respectively, up from prior guidance for $608 million and $1.33 per share, respectively.

Since Masimo shares have retreated about 9% in the past week, it could be the perfect time to sprinkle some shares of this medtech company into portfolios.

Impella

Source: Abiomed

No. 2: Abiomed (NASDAQ:ABMD)A 60% jump in U.S. sales of Abiomed's Impella line of blood pumping devices used in heart disease patients continues a string of rapid growth that has been driving shares in the company higher.

The company's success is being supported this year by the recent launch of the Impella 2.5, which expands Abiomed's position in high risk heart procedures.

In its most recently reported fiscal first quarter, Abiomed notched sales of $73.4 million, up 50% from last year, and delivered EPS of $0.20, which was handily north of analysts $0.08 forecast. Following that performance, Abiomed now expects its full year sales will eclipse $300 million in 2015, up from its prior estimates for sales of at least $285 million.

If Abiomed delivers on that revenue goal, then it should have little trouble rewarding investors with earnings growth. In the past month, analysts have boosted their fiscal 2016 full year EPS forecast to $0.75 from $0.60 and increased their 2017 full year EPS forecast to $1.10 from $0.87. Although those increases aren't enough to make Abiomed a cheap stock, its rapid growth and debt-free balance sheet could make it worth buying; especially if it continues to drop.

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Source: DexCom

No. 3: DexCom (NASDAQ:DXCM)
Few healthcare trends are likely to provide the tailwinds for demand for care than the rising diabetes prevalence.

The International Diabetes Federation estimates that there are 387 million people with diabetes worldwide and that there will be 592 million people with diabetes by 2035. That's a shocking forecast, but if it proves to be true, then there will be exponentially greater demand in the future for devices like DexCom's, which are used by both type 1 and type 2 diabetes patients to track and chart their blood sugar levels.

By tracking blood sugar continuously, patients are better able to manage when to administer insulin, which may help reduce the likelihood of diabetes related diseases, such as heart disease, that can be caused by poorly controlled blood sugar over time.

The potential to better control diabetes is already resonating with doctors and patients. Last year, DexCom's sales grew 62% to $259.2 million and sales total $165.7 million through the first six months of this year, up 58% from a year ago.

That's impressive, but ongoing innovation could lead to sensors that are placed on the skin like a Band-Aid, rather than inserted under the skin, and that could result in even greater growth. Earlier this month, DexCom inked a deal with Google to develop next generation miniature electronics that could be used to create smaller and less intrusive sensors than exist today.

With a strong balance sheet, a growing installed customer base, and demographics offering significant potential market growth, DexCom could also be a profit friendly long haul investment worth considering.

Todd Campbell has no position in any stocks mentioned. Todd owns E.B. Capital Markets, LLC. E.B. Capital's clients may have positions in the companies mentioned.The Motley Fool owns shares of General Electric Company and 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.