2025年二季度医疗技术公共报表和估值指南（英）2025

EMERGING TECH RESEARCH Medtech PublicComp Sheet andValuation Guide PitchBook Data, Inc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Medtech outpaces broader market:Public medtech firms outperformed broad indexes for the second straight quarter, withall medtech subsectors posting median double-digit share price gains or higher—compared with a 9.7% gain for the S&P 500.Leading the pack were Tempus AI and Exact Sciences, with share price increases of 58% and 57%, respectively, as investorsflocked to higher-risk, higher-reward diagnostic companies. Tempus shares have now climbed nearly 50% since the firm’s IPOin June 2024. Another company benefiting from renewed investor interest in liquid biopsy is Grail, with gains of 150% since itslisting, also in June 2024. Still, Grail trades at just a $1.3 billion valuation—still well below the $8 billion purchase price paid byIllumina in 2021. James UlanDirector of EmergingTechnology Research Institutional Research Group Aaron DeGagne, CFASenior Research Analyst, Healthcareaaron.degagne@pitchbook.com pbinstitutionalresearch@pitchbook.comPublished on July 23, 2025 •Caris debut signals IPO revival:After a multiyear stretch with few IPOs across the medtech landscape, the IPO window hasbegun to reopen even as interest rates and macro uncertainties remain in play. Over the past year, there has been a smatteringof relatively smaller IPOs in the sector, including Ceribell, Beta Bionics, and Kestra, though Caris Life Sciences’ June listing at anover $7 billion valuation was in a different league. The firm’s successful debut, which included nearly $500 million raised, couldpotentially spur other companies to make the leap in the months ahead. •Valuations converge amid investor caution:While multiples across the medtech sector have traded within a relatively narrowrange since late 2022, valuation convergence has accelerated. This trend has been driven partly by lower valuations in lifesciences stemming from a combination of sluggish sales growth, tariff exposure, and policy risks affecting Big Pharma. Lookingahead, investor confidence in 2026 appears mixed, with consensus anticipating roughly flat revenue growth across the sector,reflecting broader market caution. This implies share prices could experience meaningful shifts if industry dynamics surprise oneither the upside or downside in the year ahead. PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer. The PitchBook medtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The toolallows subscribers to pull financial data and company information into Excel for over 100,000 public companies across the US and theworld, as well as PitchBook’s proprietary data on over 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. 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.