Canada’s Ivey PMI recently hit a multi year high, hinting that businesses are spending again on tools that cut costs and raise productivity. That backdrop puts artificial intelligence in healthcare on many watchlists. AI can help Canadian hospitals and drug developers do more with limited budgets. This article walks through three AI focused healthcare stocks from our screener that could interest investors watching this shift.
The stocks below are just a sample from this theme, and the full screen surfaced 5 more companies with equally compelling AI in healthcare stories that are not covered here. To identify and analyze your own highest conviction ideas in this space, head straight to the Transformative Artificial intelligence (AI) Healthcare Stocks screener.
Profound Medical is a commercial stage medical device company that uses AI powered, MRI guided, incision free systems to ablate diseased tissue, led by its TULSA PRO platform for prostate treatment and Sonalleve for other soft tissue conditions. The business currently reports a single Medical Technology segment that generated about $19 million in revenue, with sales spread mainly across the US and Canada. Profound Medical has a market cap of about CA$349 million, which keeps it firmly in small cap territory.
Profound Medical gives you direct exposure to AI guided procedures that aim to make prostate and other tissue treatments more precise, less invasive and potentially easier on hospital resources. Recent TULSA PRO software upgrades and CAPTAIN trial data point to a company that is still refining both its technology and its clinical story, while narrowing but still meaningful losses highlight execution and funding risk. Leadership changes in 2026 add another layer of uncertainty, although they also bring fresh experience in imaging and devices. For investors who can tolerate the volatility that often comes with small cap, unprofitable medical technology, Profound Medical could be one way to plug into AI driven procedure change.
Profound Medical’s AI guided procedures, narrowing losses and upcoming leadership change create a story that feels only half told. Before you decide how that plays out, read the 1 key reward and 1 important warning sign
TSX:PRN Revenue & Expenses Breakdown as at Sep 2026
Healwell AI builds clinical decision support tools and AI engines that help doctors spot rare and chronic diseases earlier, while also powering interoperable electronic health record software and data platforms. Most of its CA$129 million in revenue comes from Healthcare Software at about CA$119 million, with around CA$10 million from the AI and Data Sciences segment that houses many of its theme linked diagnostic and evidence generation engines. Healwell AI has a market cap of roughly CA$247 million, which puts it in small cap territory.
Healwell AI gives you direct exposure to AI that sits inside everyday clinical workflows, with tools like DARWEN powered SMART Summary and SMART Search aiming to cut chart review time and support faster, more accurate decisions at the point of care. The company is shifting toward higher margin AI software and services and has shown improving profitability metrics in 2026. However, it remains unprofitable and heavily reliant on integrating recent acquisitions, which raises execution and acquisition risk. For investors who want a pure healthcare AI story tied to diagnostics, real world evidence and EHR interoperability, but are comfortable with the uncertainties of a business in transition, Healwell AI is a stock that warrants a closer look.
Healwell AI’s shift toward higher margin AI software and services is only part of the picture. The real question is how that transition reshapes risk and reward. Get the analysis report for Healwell AI
TSX:AIDX Revenue & Expenses Breakdown as at Sep 2026
Perimeter Medical Imaging AI is a Toronto based medical technology company focused on real time imaging tools that help surgeons see cancer margins more clearly during operations. Its Claire OCT system with ImgAssist AI is the clearest link to the Transformative AI Healthcare theme, using artificial intelligence on optical coherence tomography scans to support margin assessment in breast conserving surgery. The company currently generates about $2 million in revenue from a single Medical Imaging Systems segment, all reported from Canada, and has a market cap of roughly $46 million, which keeps it in micro cap territory.
Perimeter Medical Imaging AI provides direct exposure to AI guided breast cancer surgery at a moment when hospitals are starting to deploy its Claire OCT system with ImgAssist in real operating rooms, such as recent rollouts at Intermountain Health in the US. The company remains small, with only about $0.9 million in first half 2026 sales and ongoing losses, and it has relied on higher risk borrowing and shareholder dilution to fund R&D. Its proprietary image library, recent funding for next generation AI work, and early commercial adoption provide exposure to the potential for broader use of AI supported surgical imaging over time.
Perimeter Medical Imaging AI sits at the crossroads of higher risk funding and AI guided breast cancer surgery, and early hospital deployments hint at something bigger. Get the 2 key rewards and 3 important warning signs (1 is major!)
TSXV:PINK Revenue & Expenses Breakdown as at Sep 2026 Seeking Alternatives Before The Crowd Moves
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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