2Q2024 MedTech Public Company Sheet and Valuation Guide
Key Takeaways:
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Market Expectations and Growth: Analysts are optimistic for 2025, projecting double-digit earnings per share (EPS) growth across the board, with a particularly high forecast of over 15% for diagnostics and consumer health segments. However, there remains uncertainty due to global interest rates, election outcomes, and risks associated with the commercial real estate market.
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Consumer Health Boost: As inflation moderates, the consumer's purchasing power is expected to increase, potentially benefiting consumer health companies and direct-to-consumer business models.
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MedTech Sector Performance: The sector underperformed major indexes in Q2, with Natera and Insulet among the top performers, while Illumina, Exact Sciences, and Eurofins were among the worst performers. This indicates a rotation of investments away from MedTech towards other sectors.
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Public Takeovers and M&A Activity: A few multibillion-dollar acquisitions occurred, with Axonics and Silk Road Medical being acquired by Boston Scientific. Investors responded positively to these transactions, suggesting a willingness to engage in M&A deals under favorable conditions.
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Geographical and Sectoral Valuations: Valuations varied across geographical regions and sectors, with specific insights provided for medical devices & supplies, life sciences, diagnostics, and consumer health.
Stock Returns:
- Sources: PitchBook and Morningstar.
- Geography: Global.
- As of June 30, 2024.
Valuations:
- Sources: PitchBook and Morningstar.
- Geography: Global.
- As of March 31, 2024.
Revenue:
- Sources: PitchBook and Morningstar.
- Geography: Global.
- As of June 30, 2024.
EBITDA:
- Sources: PitchBook and Morningstar.
- Geography: Global.
- As of June 30, 2024.
This guide provides a comprehensive overview of the current landscape of the MedTech industry, highlighting key trends, market expectations, and performance indicators for various segments within the sector. It underscores the importance of understanding market dynamics, geopolitical factors, and technological advancements in shaping the future of MedTech.
新兴技术研究
Medtech Publ icC omp表和Va luation Gu ide
PitchBook Data, Inc.
关键要点
Nizar Tarhuni机构研究副总裁和社论保罗·康德拉新兴技术研究主管
分析师对2025年持乐观态度：当前的共识预测阐明了对
the remaining of the year compared to the years ahead. Consensus expectates EPS growth from - 3% up to 9% for the variousmedtech segents for full - year 2024; however, analysts are significantly more乐观about next year. In 2025, analysts预计诊断和消费者健康的每股收益将全面增长两位数，每股收益增长将超过15%
机构研究小组
Aaron DeGagne, CFA高级分析师，医疗保健aaron. degagne @ pitchbook. com
商业房地产市场。尽管如此，我们预计消费者可能会在下一个随着通货膨胀的缓和，这可能会给消费者健康公司和直接面向消费者的业务带来福音模型。此外，我们预计医疗技术部门将经历一系列的结果，一些公司将受益于AI -驱动的商业模式和不断增长的诊断市场，以及其他公司，如生命科学公司，继续寻求在COVID - 19大流行后更具挑战性的环境中的增长机会。
pbinstitutionalresearch @ pitchbook. com发表于2024年7月12日
Contents
• Medtech股票表现不及市场：在2024年上市medtech股票的强劲开局之后，估值迈出了一步回到第二季度，该行业的表现普遍落后于主要指数。从积极的方面来看，Natera和Insulet是最好的两个在本季度表现良好的医疗技术股票，分别获得18.4%和17.8%的收益。在2023年最初的市场恐慌之后，关于减肥药对糖尿病行业的影响，Insulet等主要糖尿病公司的股票因投资者而反弹贴现GLP - 1s的近期影响。相比之下，诊断占了该行业第二季度表现最差的部分，Illumina，Exact Sciences和Eurofins的跌幅均超过20％。Illumina的股票仍然受到被迫剥离的压力癌症检测子公司圣杯，圣杯分拆终于在6月完成。除了股价表现个人名称，所有主要医疗技术行业在第二季度都经历了市场下跌，与标准普尔500指数和纳斯达克指数上涨形成鲜明对比3.9%和8.3%，这表明投资者最近已经从医疗技术转向其他行业。
完整的Excel数据包包括前瞻性估计可用于PitchBook客户。
·公开收购接管，更多的并购可能随之而来：虽然对于medtech并购来说，这是一个普遍平静的时期，但也有一些最近发生了数十亿美元的收购。几家上市公司今年被大型战略公司收购，包括Shockwave Medical，Axonics，Abiomed，以及最近的Silk Road Medical。Axonics和Silk Road Medical都被波士顿科学公司收购，投资者对这些交易反应积极，波士顿的股价年初至今上涨了33%以上。显然，当一个高质量的企业可以以公平的价格购买时，市场是接受并购交易的，这可能会导致以进一步的交易很快越过终点线。与这些对较小公众的收购相比，还没有后期医疗技术初创公司的交易活动水平相同，我们部分归因于买家和sellers. Still, if the IPO window remains most closed, this could benefit strategics from an M & A stops, as starts could be更愿意以更合理的倍数被收购。
The PitchBook medtech compp sheet was constructed with the PitchBook Excel plugin utilizing both PitchBook and Morningstar data. The工具允许订户将美国和美国超过55, 000家上市公司的财务数据和公司信息提取到Excel中世界，以及PitchBook关于400多万家私营公司的专有数据。
股票回报*
PitchBook客户可通过Excel插件获得此报告的完全交互式Excel数据包。
Va luations
PitchBook客户可通过Excel插件获得此报告的完全交互式Excel数据包。
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