2025-05-13-PitchBook-PitchBook年一季度医疗技术公共报表和估值指南（英）_7页_529kb
报告摘要
Medtech Public Comp Sheet and Valuation Guide Summary
Core Content Overview
This report provides an analysis of the medical technology (medtech) sector, focusing on public company performance in terms of stock returns, valuations, revenue trends, and EBITDA. It highlights the performance of major segments within the medtech industry: medical devices & supplies, consumer health, life sciences, and diagnostics. The data is sourced from PitchBook and Morningstar, as of March 31, 2025, and covers a global perspective.
Key Takeaways
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Medtech holds up amid market turmoil:
The medtech sector showed mixed results in Q1 2025, with about half of large public companies experiencing share price gains. Despite overall market declines, the sector's median stock returns outperformed the S&P 500 and Nasdaq indices.- S&P 500: -4.6%
- Nasdaq: -10.4%
- Life Sciences: Noted for high volatility, with Tempus AI gaining nearly 43% before losing those gains, and Illumina falling over 45%.
- Medical devices & supplies: Some companies like Boston Scientific and Abbott saw significant gains, while others like Intuitive Surgical experienced sharp declines.
- Consumer health: Companies such as Insulet and Dexcom had mixed performance, with some showing strong growth and others facing declines.
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Tariff risks not fully priced in:
Analysts expect double-digit revenue growth in diagnostics, consumer health, and medical devices, but the life sciences segment is projected for more modest growth of around 3%.- Diagnostics is considered the most resilient to market volatility and tariff pressures.
- Consumer health is vulnerable to demand-side risks if economic conditions worsen.
- Medical devices may face headwinds from rising input costs and margin pressure.
- The report anticipates a shift in consensus estimates as companies report Q1 earnings.
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Valuations are lower, but risks remain:
Medtech valuations have trended downward in recent years, with EV/EBITDA multiples hovering at or below 20x and EV/revenue multiples in the 3x to 6x range.- While not indicating the sector is cheap, the downward trend and further declines in April may offer longer-term upside potential.
- Any softness in earnings or revenue could negatively impact valuations, hence caution is advised due to current market uncertainty.
Stock Returns
Medical Devices & Supplies
| Company | 1 Week | 30 Days | 90 Days | Bottom | YTD | 1 Year | 3 Years | 5 Years |
|---|---|---|---|---|---|---|---|---|
| Baxter | 1.9% | -0.8% | 17.4% | -37.8% | 17.0% | -21.4% | -56.4% | -56.5% |
| BD | -0.1% | 1.6% | 1.0% | 3.7% | 1.1% | -6.1% | -12.7% | 4.2% |
| Boston Scientific | -1.7% | -2.8% | 12.9% | 154.7% | 12.9% | 48.1% | 124.2% | 234.2% |
| Zimmer Biomet | 1.7% | 8.5% | 7.1% | 5.7% | 8.3% | -12.8% | -11.4% | 30.2% |
| Stryker | -0.5% | -3.6% | 3.4% | 78.4% | 3.8% | 5.0% | 38.4% | 157.3% |
| Medtronic | -0.3% | -2.3% | 12.5% | 11.9% | 12.0% | 3.3% | -20.1% | 6.8% |
| Intuitive Surgical | -2.6% | -13.6% | -5.1% | 165.8% | -5.5% | 25.4% | 62.1% | 224.2% |
| Edwards | 1.6% | 1.2% | -2.1% | -12.3% | -0.2% | -23.1% | -41.1% | 26.0% |
| GE Healthcare | -1.2% | -7.6% | 3.2% | N/A | 3.0% | -9.9% | N/A | N/A |
| Coloplast | -0.4% | -1.5% | -4.6% | 5.9% | -3.5% | -22.5% | -31.8% | -29.9% |
| Teleflex | -2.4% | 4.1% | -22.4% | -26.0% | -22.8% | -38.0% | -61.1% | -50.6% |
| Abbott | 4.3% | -3.9% | 17.3% | 32.5% | 16.9% | 18.3% | 11.9% | 73.2% |
| Johnson & Johnson | 1.6% | 0.5% | 14.7% | 1.9% | 15.2% | 5.1% | -6.9% | 28.7% |
- Mean: 0.1%, -1.6%, 4.3%, 32.0%, 4.5%, -2.2%, -0.4%, 54.0%
- Median: -0.3%, -1.5%, 3.4%, 5.8%, 3.8%, -6.1%, -12.1%, 27.4%
Consumer Health
| Company | 1 Week | 30 Days | 90 Days | Bottom | YTD | 1 Year | 3 Years | 5 Years |
|---|---|---|---|---|---|---|---|---|
| Insulet | -4.2% | -3.5% | 0.6% | 12.9% | 2.2% | 56.2% | -5.9% | 65.0% |
| Dexcom | -9.3% | -22.7% | -12.2% | -30.5% | -13.0% | -50.5% | -48.6% | 7.2% |
| Bausch + Lomb | -8.9% | -8.5% | -19.4% | -5.4% | -19.2% | -15.1% | N/A | N/A |
| Alcon | 2.0% | 1.9% | 10.8% | 65.7% | 10.8% | 14.5% | 19.2% | 84.8% |
| Hoya | -4.0% | -3.8% | -10.6% | 16.0% | -10.6% | -9.8% | -2.8% | 31.6% |
| Cooper Companies | 0.3% | -6.7% | -8.2% | 33.5% | -7.0% | -15.0% | -21.2% | 23.6% |
| Haleon | 1.6% | 0.9% | 6.9% | 68.7% | 6.8% | 20.5% | N/A | N/A |
| Kenvue | 2.6% | 1.6% | 12.3% | N/A | 12.7% | 13.0% | N/A | N/A |
- Mean: -2.5%, -5.1%, -2.5%, 23.0%, -2.2%, 1.7%, -11.9%, 42.4%
- Median: -1.8%, -3.7%, -3.8%, 16.0%, -2.4%, 1.6%, -5.9%, 31.6%
Life Sciences
| Company | 1 Week | 30 Days | 90 Days | Bottom | YTD | 1 Year | 3 Years | 5 Years |
|---|---|---|---|---|---|---|---|---|
| Illumina | -16.7% | -17.4% | -45.1% | -62.0% | -44.0% | -43.2% | -79.3% | -70.6% |
| Waters | -1.3% | -2.3% | -0.6% | 36.1% | 0.1% | 7.0% | 19.4% | 102.2% |
| Agilent | -4.1% | -8.6% | -12.9% | -6.9% | -12.3% | -19.6% | -12.7% | 69.7% |
| Revity | -2.6% | -5.7% | -5.2% | -9.6% | -5.5% | 2.4% | -38.3% | 49.4% |
| Thermo Fisher | -4.3% | -5.9% | -4.3% | -0.6% | -4.8% | -13.8% | -16.0% | 80.8% |
| Danaher | -8.0% | -7.1% | 2.1% | -37.3% | 2.3% | -38.3% | -52.1% | -16.8% |
| Sartorius | -2.6% | -7.2% | -3.5% | 7.1% | -3.3% | -12.0% | -13.9% | 80.0% |
| Mettler-Toledo | -18.2% | -14.1% | 42.9% | N/A | 40.8% | N/A | N/A | N/A |
| Tempus AI | -6.8% | -7.7% | -4.2% | -10.2% | -4.2% | -16.8% | -26.7% | 46.8% |
- Mean: -4.1%, -4.6%, -4.2%, -10.2%, -4.2%, -16.8%, -26.7%, 46.8%
- Median: -3.7%, -4.1%, -4.3%, -7.5%, -4.8%, -15.5%, -18.4%, 74.7%
Diagnostics
| Company | 1 Week | 30 Days | 90 Days | Bottom | YTD | 1 Year | 3 Years | 5 Years |
|---|---|---|---|---|---|---|---|---|
| Quest | 1.1% | -2.1% | 12.2% | 36.0% | 12.1% | 25.5% | 24.1% | 114.8% |
| Labcorp | -1.6% | -7.3% | 1.5% | 32.4% | 2.0% | 7.6% | 3.0% | 133.4% |
| Roche | -4.3% | -0.8% | 16.4% | 2.1% | 16.4% | 30.0% | -18.0% | -0.5% |
| Exact Sciences | -8.1% | -8.7% | -23.0% | 36.9% | -24.0% | -38.5% | -42.7% | -22.5% |
| bioMérieux | -2.3% | 3.0% | 14.8% | 59.1% | 16.3% | 11.8% | 13.4% | 3.4% |
| DiaSorin | -4.4% | -6.1% | -4.6% | -9.1% | -4.8% | 2.3% | -38.5% | -24.1% |
| Eurofins | -2.8% | 6.1% | 3.8% | -8.5% | 5.5% | -16.6% | -47.1% | 4.6% |
| Natera | -3.5% | -4.1% | 2.7% | 34.2% | 3.8% | 9.7% | -7.5% | 4.0% |
- Mean: 3.5x, 4.7x, 5.2x, 6.2x, 3.7x, 3.5x, 3.1x
- Median: 2.8x, 3.7x, 4.4x, 4.5x, 3.8x, 3.3x, 2.8x
Valuations
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EV/LTM revenue:
- Mean: 5.6x
- Median: 4.7x
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EV/LTM EBITDA:
- Mean: 5.5x
- Median: 4.7x
Revenue Trends
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Medical Devices & Supplies:
- Mean EV/historical TTM revenue: 5.6x
- Median EV/historical TTM revenue: 4.7x
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Consumer Health:
- Mean EV/historical TTM revenue: 4.5x
- Median EV/historical TTM revenue: 4.8x
-
Life Sciences:
- Mean EV/historical TTM revenue: 5.5x
- Median EV/historical TTM revenue: 4.7x
-
Diagnostics:
- Mean EV/historical TTM revenue: 3.5x
- Median EV/historical TTM revenue: 2.8x
EBITDA
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Medical Devices & Supplies:
- EV/EBITDA: 5.6x
- EV/revenue: 5.5x
-
Consumer Health:
- EV/EBITDA: 4.5x
- EV/revenue: 4.5x
-
Life Sciences:
- EV/EBITDA: 5.5x
- EV/revenue: 5.5x
-
Diagnostics:
- EV/EBITDA: 3.5x
- EV/revenue: 3.5x
Summary of Key Points
- Medtech as a sector has shown resilience during Q1 2025 despite broader market volatility.
- The life sciences segment is particularly vulnerable to tariff risks and market fluctuations.
- Analysts expect double-digit revenue growth in diagnostics, consumer health, and medical devices, but the life sciences segment is projected for 3% growth.
- Medtech valuations have trended downward, but this could present longer-term upside potential.
- Illumina experienced the steepest decline in the life sciences segment, while Boston Scientific and Abbott had notable gains.
- The report highlights the importance of monitoring earnings and revenue trends, as they directly impact valuation multiples.
- PitchBook clients can access detailed financial data in the full Excel data pack.
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