2025年四季度医疗技术公共报表和估值指南（英）

EMERGING TECH RESEARCH Medtech PublicComp Sheet andValuation Guide Key takeaways Institutional Research Group Ben RiccioResearch Analyst,Industry & Technology Researchben.riccio@pitchbook.com •Medtech underperforms in 2025:While the S&P 500 and Nasdaq gained 16.4% and 20.4%, respectively, medtech faced continuedheadwinds from tariff concerns, weakness in the consumer health segment, and investor rotation away from traditional players withlimited AI exposure. Diagnostics was a standout exception, delivering a median return of 31.6%. Top movers included Exact Sciences,which jumped over 50% after news of its acquisition by Abbott, while Roche and Natera both rose over 40% on the year. pbinstitutionalresearch@pitchbook.com Published on February 23, 2026 •The IPO window begins to open:After several quiet years, medtech IPO activity picked up in the second half of 2025. In the largesthealthcare IPO in history, Medline raised $6.3 billion at a $31.8 billion pre-money valuation. The successful listing indicates tariffsconcerns are easing, and appetite remains for more traditional medtech business models. On the VC side, successful listings forHeartƽow and BillionToOne demonstrate that the IPO window is beginning to open for differentiated technologies with meaningfulcommercial traction.5 Contents Key takeaways2Stock returns3Revenue4EBITDA •Three major acquisitions reshape the landscape:Q4 2025 and early Q1 2026 saw three of the largest medtech acquisitions of thedecade. Abbott agreed to acquire Exact Sciences for $21 billion, while Blackstone and TPG announced an $18.3 billion take-privateof Hologic. Both targets demonstrated solid underlying fundamentals. Exact Sciences delivered revenue growth above the broaderdiagnostics segment average, and Hologic generated steady mid-single-digit growth with expanding margins. These transactionshighlight continued strategic and Ƽnancial sponsor interest in screening and diagnostics, supported by durable demand andgrowing AI applications. Following theJP Morgan Healthcare Conference, Boston ScientiƼc announced a $14.5 billion cash-and-stock acquisition of Penumbra, enhancing its cardiovascular portfolio and Ƽlling a strategic gap in neurovascular. Across all threetransactions, buyers paid meaningful share-price premiums, reƽecting a competitive dealmaking environment for differentiatedtechnologies in attractive subsegments. PitchBook clients can access thefull Excel data pack for this reportvia theResearch Centeron thePitchBook Platform. The PitchBook medtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The toolallows subscribers to pull Ƽnancial data and company information into Excel for more than 9.7 million public and private companies across theUS and the world. Stock returns PitchBook clients can access the full Excel data pack for this report via theResearch Centeron the PitchBook Platform. Revenue Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraSenior Director, Global Head of Private Markets Research James UlanDirector, Industry & Technology Research PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectivesthat shape the private capital markets. Report created by: Ben RiccioResearch Analyst, Healthcare PitchBook subscribers enjoy exclusive access to a comprehensive suite of private marketinsights, including proprietary research, news, data, tools, and more on thePitchBookPlatform. Chloe LadwigGraphic Designer Learn more aboutPitchBook’s Institutional Research team. Clickherefor PitchBook’s report methodologies. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or byany means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrievalsystems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believedto be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current, orfuture recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This materialdoes not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon assuch or used in substitution for the exercise of independent judgment.