2025年三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 Key takeaways PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Medtech underperforms amid market strength:After a strong first half of the year, the medtech sector meaningfully laggedbroader markets in Q3 2025. The S&P 500 and Nasdaq gained 7.4% and 11.1%, respectively, as investors rallied around optimismfor rate cuts and AI-driven growth. By contrast, medtech faced continued headwinds from tariff concerns, weakness in the lifesciences segment, and investor rotation away from traditional players with less direct AI exposure. Among the top performerswere Tempus AI (up 36.4%) and Johnson & Johnson (up 19.2%), while Baxter and Kenvue both declined over 20% in the quarter. James UlanDirector of EmergingTechnology Research Institutional Research GroupAnalysis Aaron DeGagne, CFASenior Research Analyst, Healthcareaaron.degagne@pitchbook.com •IPO watch—BillionToOne and Medline on deck:Caris Life Sciences’ successful June IPO has opened the door for the next waveof medtech listings. BillionToOne went public on November 6 and reached a valuation exceeding $4 billion after its first day oftrading. Meanwhile, PE-backed medical supplies firm Medline is preparing for an offering that could value the firm near $50billion. While PE-backed firms such as Caris and Medline were running up against PE investment cycles, these listings are alsoa positive sign for VC-backed unicorns, of which there are more than 20 across medtech—see our recent analyst note,TheMedtech VC Paradox, for more on this topic. We also expect increased M&A activity in the coming year as strategics pursue tuck-in deals to expand AI capabilities and defend market share against innovative upstarts. pbinstitutionalresearch@pitchbook.com Published on November 12, 2025 Key takeaways2Stock returns3Revenue4EBITDA5 •Sector dynamics set to shift:The medical devices & supplies segment posted robust results in 2025, with aggregate revenueamong the 13 largest medtech firms rising about 11%. Growth was led by Boston Scientific—a top acquirer over the past twoyears—and Intuitive Surgical, which continues to see strong adoption of its da Vinci 5 system. However, consensus forecasts callfor revenue growth to moderate closer to the 6% to 7% range in 2025 and 2026. Meanwhile, after a tough post-pandemic period,the life sciences sector is expected to rebound to roughly 6% growth next year, as large firms have rightsized operations andunderlying demand continues to stabilizes. 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. Thetool allows subscribers to pull financial data and company information into Excel for over 110,000 public companies across the US and theworld, as well as PitchBook’s proprietary data on over 6 million private companies. Stock returns PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Revenue EBITDA PitchBook, a Morningstar company ©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, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing hereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy anysecurity. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as suchor used in substitution for the exercise of independent judgment.