PitchBook年三季度医疗技术公共报表和估值指南（英）

EMERGING TECH RESEARCHMedtech Public Comp Sheet and Valuation GuideQ320252PitchBook 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 GroupAnalysisAaron DeGagne, CFA Senior Research Analyst, Healthcare aaron.degagne@pitchbook.compbinstitutionalresearch@pitchbook.comPublished on November 12, 2025ContentsQ3 2025 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDEKey takeaways• Medtech underperforms amid market strength: After a strong first half of the year, the medtech sector meaningfully lagged broader markets in Q3 2025. The S&P 500 and Nasdaq gained 7.4% and 11.1%, respectively, as investors rallied around optimism for rate cuts and AI-driven growth. By contrast, medtech faced continued headwinds from tariff concerns, weakness in the life sciences segment, and investor rotation away from traditional players with less direct AI exposure. Among the top performers were Tempus AI (up 36.4%) and Johnson & Johnson (up 19.2%), while Baxter and Kenvue both declined over 20% in the quarter.• IPO watch—BillionToOne and Medline on deck: Caris Life Sciences’ successful June IPO has opened the door for the next wave of medtech listings. BillionToOne went public on November 6 and reached a valuation exceeding $4 billion after its first day of trading. Meanwhile, PE-backed medical supplies firm Medline is preparing for an offering that could value the firm near $50 billion. While PE-backed firms such as Caris and Medline were running up against PE investment cycles, these listings are also a positive sign for VC-backed unicorns, of which there are more than 20 across medtech—see our recent analyst note, The Medtech 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.• Sector dynamics set to shift: The medical devices & supplies segment posted robust results in 2025, with aggregate revenue among the 13 largest medtech firms rising about 11%. Growth was led by Boston Scientific—a top acquirer over the past two years—and Intuitive Surgical, which continues to see strong adoption of its da Vinci 5 system. However, consensus forecasts call for 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 and underlying demand continues to stabilizes.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 110,000 public companies across the US and the world, as well as PitchBook’s proprietary data on over 6 million privat