PitchBook年二季度医疗技术公共报表和估值指南（英）

EMERGING TECH RESEARCHMedtech Public Comp Sheet and Valuation GuideQ220252Q2 2025 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDE PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysispbinstitutionalresearch@pitchbook.comPublished on July 23, 2025 Aaron DeGagne, CFA Senior Research Analyst, Healthcare aaron.degagne@pitchbook.comKey takeaways• Medtech outpaces broader market: Public medtech firms outperformed broad indexes for the second straight quarter, with all 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 investors flocked to higher-risk, higher-reward diagnostic companies. Tempus shares have now climbed nearly 50% since the firm’s IPO in June 2024. Another company benefiting from renewed investor interest in liquid biopsy is Grail, with gains of 150% since its listing, also in June 2024. Still, Grail trades at just a $1.3 billion valuation—still well below the $8 billion purchase price paid by Illumina in 2021.• Caris debut signals IPO revival: After a multiyear stretch with few IPOs across the medtech landscape, the IPO window has begun to reopen even as interest rates and macro uncertainties remain in play. Over the past year, there has been a smattering of relatively smaller IPOs in the sector, including Ceribell, Beta Bionics, and Kestra, though Caris Life Sciences’ June listing at an over $7 billion valuation was in a different league. The firm’s successful debut, which included nearly $500 million raised, could potentially 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 narrow range since late 2022, valuation convergence has accelerated. This trend has been driven partly by lower valuations in life sciences stemming from a combination of sluggish sales growth, tariff exposure, and policy risks affecting Big Pharma. Looking ahead, 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 on either the upside or downside in the year ahead.The PitchBook medtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The tool allows subscribers to pull financial data and company information into Excel for over 100,000 public companies across the US and the world, as well as PitchBook’s proprietary data on over 4 million private companies. Disclaimer: Any -0 values are negative values that have been rounded up to 0.PitchBook cli