医疗技术公共公司报表和估值指南

EMERGING TECH RESEARCH Medtech Public CompSheet and ValuationGuide Key takeaways Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com •Medtech underperforms volatile market:Medtech equities broadly underperformed major market indexes through Q1, even asmacro headwinds—including the Iran conflict and AI-driven valuation fears—pulled major indexes negative. Across segments,median returns turned negative, with life sciences the hardest hit at -17.2% YTD. Despite generally solid revenue growth, large-capincumbents saw meaningful share price declines as policy uncertainty around tariffs and Medicare reimbursement weighed onsentiment. Johnson & Johnson was a notable exception, posting a 17.2% YTD gain—the highest in the cohort—while QuestDiagnostics, up 13.6%, and Labcorp, +5.1%, also bucked the trend, benefiting from more stable, recurring revenue models lessexposed to tariff and funding risks. Contents Keytakeaways2Stockreturns3Revenue4EBITDA6 •J&J spins out orthopedic unit, possibly to PE buyers:In October 2025, Johnson and Johnson announced plans to separateits orthopedics business, which earned $9.3 billion in revenue in 2025. In February, Reuters reported that the company was eyeing asale to private equity buyers rather than a spinoff.1The deal reflects the convergence of two major trends in medtech: incumbentsincreasingly shedding slower-growth or non-core assets through spinouts and divestitures, and growing PE appetite for large,established medtech businesses. The sale allows J&J to refocus its medtech franchise on higher-growth subsegments, whilegiving potential buyers one of the largest franchises in orthopedics. •Medtech IPO window remains cautious:After HeartFlow and BillionToOne completed successful listings in the second half of lastyear, 2026 appeared poised to deliver a broader reopening of the medtech IPO window. That optimism has been tempered bysector-wide underperformance, with both recent entrants posting negative YTD returns, in-line with the broader cohort. The mostnotable Q1 filing came from Alamar Biosciences, a proteomics company focused on ultra-sensitive protein biomarker detection,which filed for a Nasdaq IPO in late March targeting up to $100 million. With the broader market under pressure, a sustainedreopening of the IPO window likely depends on stabilization in the macro environment and a recovery in public market comps. PitchBook clients can access thefull Excel data pack for this reportvia theResearch Centeron thePitchBook Platform. The PitchBook fintech &payments 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 11 million public and privatecompanies. 1. “Johnson & Johnson Explores $20 Billion Sale of Orthopedics Unit, Source Says,”Reuters, February19, 2026. Stock returns PitchBook clients can access the full Excel data pack for this report via theResearchCenteron the PitchBook Platform. Revenue PitchBook clients can access the full Excel data pack for this report via theResearchCenteron the PitchBook Platform. Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook provides actionableinsights across the global capitalmarkets. Paul CondraSenior Director, Global Head of Private Markets Research James UlanDirector, Industry & Technology Research PitchBookInsightsis an online compendium of in-depth data, news, analysis, and perspectivesthat shape the private capital markets. Report created by: Brian WrightLead Research Analyst, Healthcare PitchBook subscribers enjoy exclusive access to a comprehensive suite of private marketinsights, including proprietary research, news, data, tools, and more on thePitchBookplatform. Megan WoodardDrew Sanders Learn more aboutPitchBook’sInstitutional Research team. ClickhereforPitchBook’sreport methodologies. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or byanymeans—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to bereliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or futurerecommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does notpurport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used insubstitution for the exercise of independent judgment.