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Investors with an interest in Medical - Instruments stocks have likely encountered both Integer (ITGR) and Edwards Lifesciences (EW). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Both Integer and Edwards Lifesciences have a Zacks Rank of # 2 (Buy) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one piece of the puzzle for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

ITGR currently has a forward P/E ratio of 22.05, while EW has a forward P/E of 32.29. We also note that ITGR has a PEG ratio of 1.47. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. EW currently has a PEG ratio of 4.42.

Another notable valuation metric for ITGR is its P/B ratio of 2.60. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, EW has a P/B of 8.05.

These are just a few of the metrics contributing to ITGR's Value grade of B and EW's Value grade of C.

Both ITGR and EW are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that ITGR is the superior value option right now.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.