2025年一季度医疗技术公共报表和估值指南2025

EMERGING TECH RESEARCH Medtech PublicComp Sheet andValuation Guide PitchBook Data, I nc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Medtech holds up amid market turmoil:The medtech sector delivered mixed results in Q1 2025, with about half of large publiccompanies posting share price gains. Still, median stock returns for the sector performed better than the overall market, asthe S&P 500 fell 4.6% in the quarter and the Nasdaq index declined 10.4%. Volatility was most pronounced in the life sciencessegment: Tempus AI gained nearly 43% before relinquishing those gains in April, while Illumina saw the steepest decline amongall public medtech firms, falling more than 45%. James UlanDirector of EmergingTechnology Research Institutional Research Group Aaron DeGagne, CFASenior Research Analyst, Healthcareaaron.degagne@pitchbook.com •Tariff risks not fully priced in:Top-line growth expectations for 2025 do not fully reflect the potential impact of tariff-relateduncertainties. Analyst projections remain optimistic, with double-digit revenue growth anticipated in diagnostics, consumerhealth, and medical devices. In contrast, analysts expect a more modest sales growth of 3% in the life sciences segment.The diagnostics segment will likely be most resilient to market volatility and tariff pressures. In contrast, consumer healthis vulnerable to demand-side risks if economic conditions deteriorate further, while the medical device segment could faceheadwinds from rising input costs and margin pressure. We anticipate a shift in consensus estimates for top-line growth asmedtech firms report first-quarter earnings in the coming weeks. pbinstitutionalresearch@pitchbook.comPublished on April 24, 2025 Key takeaways2Stock returns3Valuations4Revenue5EBITDA6 •Valuations are lower, but risks remain:Medtech valuations have gradually trended downward in recent years following thesharp, pandemic-driven swings that have since subsided. Currently, average enterprise value (EV)/EBITDA multiples are hoveringat or below 20x, while EV/revenue multiples remain in the 3x to 6x range. While these levels do not suggest the sector is cheap,the downward trend—and further declines in April—could present longer-term upside potential. Still, any softness in earningsor revenue would affect the denominator of multiple calculations, so caution is warranted given the prevailing uncertainty in thenear term. PitchBook clients can accessthe fullExcel data packfor thisreport via the Details tab in thedocument viewer. The PitchBook medtech comp sheet was constructed with the PitchBook Excel plugin utilizing both PitchBook and Morningstar data. Thetool allows subscribers to pull financial data and company information into Excel for more than 100,000 public companies across the USand the world, as well as PitchBook’s proprietary data on more than 4 million private companies. Stock returns PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Valuations PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. EV/LTM revenue Revenue EBITDA ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical,including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents arebased on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.Nothingherein should be construed as any past, currentor future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of theinformation that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.