PitchBook-2025年四季度医疗技术公共报表和估值指南.pdfVIP

EMERGINGTECHRESEARCH

MedtechPublic

CompSheetand

ValuationGuide

Q4

2025

InstitutionalResearchGroupKeytakeaways

BenRiccio

ResearchAnalyst,

IndustryTechnologyResearch•Medtechunderperformsin2025:WhiletheSP500andNasdaqgained16.4%and20.4%,respectively,medtechfacedcontinued

ben.riccio@

headwindsfromtariffconcerns,weaknessintheconsumerhealthsegment,andinvestorrotationawayfromtraditionalplayerswith

pbinstitutionalresearch@limitedAIexposure.Diagnosticswasastandoutexception,deliveringamedianreturnof31.6%.TopmoversincludedExactSciences,

PublishedonFebruary23,2026whichjumpedover50%afternewsofitsacquisitionbyAbbott,whileRocheandNaterabothroseover40%ontheyear.

Contents•TheIPOwindowbeginstoopen:Afterseveralquietyears,medtechIPOactivitypickedupinthesecondhalfof2025.Inthelargest

Keytakeaways2healthcareIPOinhistory,Medlineraised$6.3billionata$31.8billionpre-moneyvaluation.Thesuccessfullistingindicatestariffs

Stockreturns3

concernsareeasing,andappetiteremainsformoretraditionalmedtechbusinessmodels.OntheVCside,successfullistingsfor

Revenue4

HeartowandBillionToOnedemonstratethattheIPOwindowisbeginningtoopenfordiff