EMERGING TECH RESEARCH

Medtech Public
Comp Sheet and
Valuation Guide

Q1
2024
PitchBook Data, Inc.
John Gabbert Founder, CEO
Key takeaways
Nizar Tarhuni Vice President, Institutional Research
and Editorial

Paul Condra Head of Emerging Technology Research

• Momentum in innovation sectors: While share prices of less-profitable yet higher-growth companies remain well below their
highs in most cases, there has been a meaningful improvement in investor perception of companies in innovation-fueled sectors.

Institutional Research Group 2023 saw strong double-digit revenue growth from disruptive companies, including Intuitive Surgical, Exact Sciences, and Natera,
Analysis and over the past six months, shares of these firms have risen about 33%, 12%, and 109%, respectively. Surgical robotics remains

Aaron DeGagne, CFA

a high-performing category within medtech. We expect medical robotics to lead the way when the IPO window opens, and UK-
Senior Analyst, Healthcare
aaron.degagne@pitchbook.com
based CMR Surgical is near the top of our IPO watchlist, although the startup likely has a strong enough balance sheet to wait it
out until market conditions significantly improve. Investor appetite for innovation has also benefited companies in the diabetes
pbinstitutionalresearch@pitchbook.com

Published on April 17, 2024

management space, as new technologies along with product expansion efforts targeted at non-insulin-taking diabetics are set to
fuel ongoing sales and profit growth. Consensus expects meaningful EBITDA and free cash flow margin expansion for pure-play
diabetes tech firms Dexcom and Insulet over the next three years.
Contents
Key takeaways 2
• More reasonable valuations: Across the medtech sector, public valuations appear to have reached a steady state following their
Stock returns 4
declines through 2022 and 2023. While multiples have generally held steady, there have been pockets of rising valuations, and
Valuations 5
on a trailing 12-month basis, EBITDA multiples increased in Q1 in the medical devices, consumer health, and life sciences sectors.
Revenue 6
And on a price/earnings basis, consumer health stands out, with median P/E multiples increasing up to 28x in Q1. In our view,
EBITDA 7
this has been powered to an extent by strong US consumer interest despite shaky macroeconomic conditions. Since going public
in May 2023, Kenvue—formerly Johnson & Johnson’s consumer health division—has seen its shares decline more than 20%;
however, the stock is now up more than 10% since reaching a low point on March 1, 2024.

The full Excel data pack

including forward-looking
estimates is available to
PitchBook clients.

Disclaimer: Any -0 values are negative values

that have been rounded up to 0.

Q1 2024 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDE 2

 • Life sciences in transition: The past 18 months have been tough for life sciences as the sector adapted to lower demand for
COVID-19 products, which led to top-line declines in 2023 for Sartorius, Danaher, Mettler-Toledo, and others. Consensus
estimates indicate the worst is over for these companies and expect revenue growth to be flat to slightly positive in 2024 for the
life sciences cohort. Still, revenue forecasts for next year are just slightly above 2022 levels (the pandemic peak), and EBITDA
is expected to remain below pandemic levels through 2026. On the more positive front, life sciences companies are likely
to see some benefit from the increasing adoption of GLP-1 weight-loss drugs, as production ramp-up is pushing biopharma
manufacturing to reach new heights. And, looking ahead, the stage is set for a notable test of market views in the diagnostics
sector, as Illumina expects to finalize its divestment of liquid biopsy maker Grail by the end of Q2.

Q1 2024 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDE 3

 Stock returns* The fully interactive data pack for this report is available to PitchBook clients via the Excel plug-in.

Med ic al d ev ic es & su p p lies L if e sc ien c es

12/29/23 Mar k et Mar k et Market Market
C omp any T i c k er 1 w eek 30 d ays 9 0 d ay s bottom p eak YTD 1 y ear 3 y ear s 5 y ear s C omp any T i c k er 1 week 30 days 90 days bottom peak YTD 1 year 3 years 5 years
Baxter BAX 1.9% 2.8% 10.6% -22.3% -50.8% 10.0% 6.0% -50.3% -47.4% Illumina ILMN -7.5% -9.9% -8.8% -35.9% -66.7% -7.7% -43.6% -67.8% -59.1%
BD BDX 0.5% 3.5% 1.5% 12.1% 0.2% 0.8% 0.9% 2.7% 1.6% Waters WAT -0.9% 1.9% 4.6% 27.2% -5.6% 4.8% 13.0% 21.2% 36.8%
Boston Scientific BSX 1.3% 2.2% 18.5% 73.0% 58.8% 18.4% 38.1% 77.5% 78.5% Agilent A -1.3% 6.2% 4.7% 15.8% -7.0% 4.9% 8.2% 16.0% 81.0%
Zimmer Biomet ZBH 3.8% 6.3% 8.4% 23.3% 5.4% 8.7% 4.1% -15.1% 6.5% Revvity RVTY 1.7% -2.2% -3.9% -10.3% -45.4% -4.9% -19.8% -18.4% 9.0%
Stryker SYK 1.5% 1.7% 19.5% 71.5% 33.3% 20.8% 27.5% 47.9% 81.2% Thermo Fisher TMO -0.3% 1.6% 9.5% 16.1% -9.9% 6.8% 3.2% 26.7% 112.3%
Medtronic MDT 4.9% 4.5% 5.8% 8.5% -17.9% 5.2% 10.1% -26.9% -4.3% Danaher DHR -2.0% -2.3% 7.9% 11.9% -10.8% 6.4% 12.8% 24.2% 113.4%
Intuitive Surgical ISRG 1.3% 3.2% 18.3% 114.2% 10.9% 20.6% 58.8% 65.4% 109.8% Sartorius ETR:SRT -4.9% 0.6% 1.4% 1.5% -46.5% -1.3% -15.9% -32.2% 93.3%
Edwards EW 1.9% 11.1% 25.3% 15.6% -25.5% 26.5% 17.2% 15.9% 49.8% Mettler-Toledo MTD 0.3% 7.1% 9.8% 20.7% -20.5% 9.6% -11.2% 13.7% 84.1%
GE Healthcare GEHC 1.3% -2.3% 17.6% N/A N/A 19.0% 10.7% N/A N/A
Coloplast CSE:COLO B -0.2% 3.1% 18.1% 36.6% -22.4% 17.8% 3.7% -11.8% 23.3%
Teleflex TFX 2.4% 0.6% -9.3% 21.1% -32.4% -9.7% -9.2% -45.6% -25.1% Mean -1.9% 0.4% 3.1% 5.9% -26.5% 2.3% -6.7% -2.1% 58.9%
Abbott ABT 2.8% -5.3% 3.3% 13.6% -18.3% 3.5% 14.7% -7.0% 42.2% Median -1.1% 1.1% 4.6% 13.9% -15.6% 4.8% -4.0% 14.9% 82.6%
Johnson and Johnson JNJ 1.9% -2.1% 0.9% -2.8% -7.8% -1.1% 3.1% -4.7% 13.2%

Mean 1.9% 2.3% 10.7% 30.4% -5.5% 10.8% 14.3% 4.0% 27.4% D iagn o stic s
Median 1.9% 2.8% 10.6% 18.4% -12.8% 10.0% 10.1% -5.9% 18.2% Market Market
C omp any T i c k er 1 week 30 days 90 days bottom peak YTD 1 year 3 years 5 years
Co n su mer h ealth Quest DGX 2.9% 5.9% -3.5% 7.0% -19.0% -5.5% -4.4% 4.0% 48.0%
Mar k et Mar k et LabCorp LH 2.4% 1.7% -3.9% 24.3% -14.6% -6.1% 13.3% 1.2% 66.4%
C omp any T i c k er 1 w eek 30 d ays 9 0 d ay s bottom p eak YTD 1 y ear 3 y ear s 5 y ear s Roche SWX:ROG 1.1% -3.5% -12.5% -21.4% -38.9% -12.5% -10.6% -21.7% -7.6%
Insulet PODD 4.3% 4.8% -21.0% -26.3% -37.8% -18.0% -45.9% -34.0% 80.3% Exact Sciences EXAS 11.2% 22.6% -6.7% 118.4% -15.3% -6.4% 4.2% -42.4% -20.3%
Dexcom DXCM 4.1% 21.4% 11.8% 41.1% 6.5% 12.7% 21.2% 58.8% 365.8% Biomerieux PAR:BIM 1.2% -0.4% -0.7% 42.3% -22.6% -0.5% 7.2% -14.1% 33.6%
Bausch and Lomb BLCO 5.5% 1.5% 0.6% 11.8% N/A 1.5% 1.1% N/A N/A DiaSorin MIL:DIA 1.0% -5.6% -6.2% -11.2% -47.9% -5.9% -9.3% -40.2% -3.9%
Alcon SWX:ALC -1.1% -2.8% 6.1% 44.8% -5.5% 6.1% 16.7% 19.2% N/A Eurofins PAR:ERF 5.1% 8.5% -2.1% 9.8% -47.4% -3.1% -5.7% -32.4% 54.2%
Hoya TKS:7741 -4.5% -1.9% -0.5% 28.3% -16.7% -0.1% 16.2% 4.3% 87.7% Natera NTRA -0.9% 19.5% 46.0% 116.7% 0.1% 47.7% 68.6% 0.0% 343.5%
Cooper Companies COO 1.0% 7.4% 7.2% 60.5% -3.7% 8.8% 10.4% 5.5% 37.0%
Haleon LON:HLN 1.0% 5.6% 2.6% 40.1% N/A 1.9% 6.3% N/A N/A Mean 3.0% 6.1% 1.3% 35.7% -25.7% 1.0% 7.9% -18.2% 64.2%
Kenvue KVUE 4.2% 12.1% -0.3% N/A N/A -0.5% N/A N/A N/A Median 1.8% 3.8% -3.7% 17.0% -20.8% -5.7% -0.1% -17.9% 40.8%

Mean 1.8% 6.0% 0.8% 28.6% -11.5% 1.5% 3.7% 10.8% 142.7%
Median 2.6% 5.2% 1.6% 40.1% -5.5% 1.7% 10.4% 5.5% 84.0%

In d ex es
Market Market
1 week 30 days 90 days bottom peak YTD 1 year 3 years 5 years
S&P 500 0.2% 3.5% 10.2% 46.9% 9.5% 10.8% 30.5% 32.3% 85.4%
NASDAQ -0.1% 2.1% 9.1% 57.2% 3.5% 10.9% 37.3% 25.4% 111.9%
Russell 2000 1.2% 3.3% 4.8% 25.9% -6.5% 5.6% 19.9% -1.6% 38.0%

Mean 0.4% 3.0% 8.0% 43.3% 2.2% 9.1% 29.2% 18.7% 78.4%
Median 0.2% 3.3% 9.1% 46.9% 3.5% 10.8% 30.5% 25.4% 85.4%

Sources: PitchBook and Morningstar • Geography: Global • *As of March 31, 2024

Q1 2024 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDE 4

Valuations The fully interactive Excel data pack for this report is available to PitchBook clients via the Excel plug-in.

EV/LTM revenue* EV/LTM EBITDA*

Sources: PitchBook and Morningstar • Geography: Global • *As of March 31, 2024 Sources: PitchBook and Morningstar • Geography: Global • *As of March 31, 2024

Q1 2024 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDE 5

Revenue* The fully interactive Excel data pack for this report is available to PitchBook clients via the Excel plug-in.

Medical devices & supplies

Enterprise Actual revenue ($B) YoY revenue growth EV/historical TTM revenue
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Baxter BAX $33.0 $10.6 $11.1 $11.4 $11.7 $12.1 $14.5 $14.8 4% 19% 2% 3.1x 3.8x 3.8x 3.2x 3.2x 2.4x 2.2x
BD BDX $86.4 $12.1 $16.0 $17.3 $16.1 $19.1 $18.9 $19.4 19% -1% 3% 4.9x 5.1x 4.8x 4.6x 4.6x 4.5x 4.2x
Boston Scientific BSX $109.5 $9.0 $9.8 $10.7 $9.9 $11.9 $12.7 $14.2 20% 7% 12% 5.2x 6.3x 6.0x 5.5x 5.3x 5.7x 7.0x
Zimmer Biomet ZBH $32.6 $7.8 $7.9 $8.0 $6.1 $6.8 $6.9 $7.4 11% 2% 7% 3.7x 4.9x 4.9x 5.2x 4.4x 4.2x 4.2x
Stryker SYK $146.1 $12.4 $13.6 $14.9 $14.4 $17.1 $18.4 $20.5 19% 8% 11% 4.3x 5.7x 5.3x 6.1x 5.3x 5.7x 6.6x
Medtronic MDT $132.8 $29.7 $30.0 $30.6 $28.9 $30.1 $31.7 $31.2 4% 5% -1% 4.5x 5.2x 5.2x 5.7x 4.5x 3.9x 4.0x
Intuitive Surgical ISRG $136.3 $3.1 $3.7 $4.5 $4.4 $5.7 $6.2 $7.1 31% 9% 14% 11.6x 13.9x 15.4x 17.7x 13.0x 13.0x 17.0x
Edwards EW $56.6 $3.4 $3.7 $4.3 $4.4 $5.2 $5.4 $6.0 19% 3% 12% 7.3x 9.8x 10.3x 11.8x 10.8x 7.7x 8.7x
GE Healthcare GEHC $48.9 $0.3 $0.3 $16.6 $17.2 $17.6 $18.3 $19.6 2% 4% 7% N/A N/A N/A N/A 1.3x 2.1x 2.4x
Coloplast CSE:COLO B $33.4 $2.3 $2.6 $2.7 $2.8 $3.1 $3.3 $3.5 12% 5% 7% 7.8x 8.5x 10.8x 11.4x 8.5x 7.5x 8.3x
Teleflex TFX $12.3 $2.1 $2.4 $2.6 $2.5 $2.8 $2.8 $3.0 11% -1% 7% 5.3x 6.6x 7.2x 7.2x 5.0x 4.1x 4.0x
Abbott ABT $205.8 $27.4 $30.6 $31.9 $34.6 $43.1 $43.7 $40.1 24% 1% -8% 4.5x 5.0x 5.0x 5.4x 5.1x 4.7x 4.9x
Johnson and Johnson JNJ $387.6 $76.5 $81.6 $82.1 $82.6 $78.7 $80.0 $85.2 -5% 2% 6% 4.4x 4.6x 4.6x 4.6x 4.8x 4.9x 4.4x
Sum $1,421.5 $196.9 $213.4 $237.5 $235.5 $253.5 $262.8 $272.0 8% 4% 3% 5.6x 6.6x 6.9x 7.4x 5.8x 5.4x 6.0x
4.7x 5.4x 5.3x 5.6x 5.0x 4.7x 4.4x

Consumer health
Enterprise Actual revenue ($B) YoY revenue growth EV/historical TTM revenue
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Insulet PODD $12.7 $0.5 $0.6 $0.7 $0.9 $1.1 $1.3 $1.7 21% 19% 30% 6.9x 10.1x N/A 16.8x 13.4x 10.4x 6.5x
Dexcom DXCM $53.3 $0.7 $1.0 $1.5 $1.9 $2.4 $2.9 $3.6 27% 19% 24% 7.1x 8.8x N/A 16.8x 12.3x 11.3x 12.3x
Bausch and Lomb BLCO $10.4 N/A $3.7 $3.8 $3.4 $3.8 $3.8 $4.1 10% 0% 10% N/A N/A N/A 0.0x 1.3x 2.0x 2.2x
Alcon SWX:ALC $44.9 $6.8 $7.2 $7.5 $6.8 $8.3 $8.7 $9.5 21% 5% 8% 0.0x 3.4x 4.3x 4.8x 4.3x 4.3x 4.6x
Hoya TKS:7741 $40.3 $4.5 $4.9 $5.2 $5.4 $5.3 $6.0 $5.4 -2% 13% -9% 3.7x 5.1x N/A 9.1x 6.8x 6.8x 7.5x
Cooper Companies COO $22.8 $2.1 $2.5 $2.7 $2.4 $2.9 $3.3 $3.6 20% 13% 9% 4.8x 5.8x N/A 6.4x 4.9x 4.8x 5.8x
Haleon LON:HLN $49.3 N/A N/A $10.8 $12.7 $13.1 $0.6 $14.0 4% -95% 2079% N/A N/A N/A 0.0x 1.0x 2.6x 3.4x
Kenvue KVUE $48.1 N/A N/A $14.3 $14.5 $15.1 $15.0 $15.4 4% -1% 3% N/A N/A N/A N/A N/A 2.8x 3.1x
Sum $281.9 $14.6 $19.8 $46.5 $48.0 $52.0 $41.6 $57.4 8% -20% 38% 4.5x 6.6x 4.3x 7.7x 6.3x 6.0x 5.7x
4.8x 5.8x 4.3x 6.4x 4.9x 4.8x 5.2x

Life sciences
Enterprise Actual revenue ($B) YoY revenue growth EV/historical TTM revenue
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Illumina ILMN $23.0 $2.8 $3.3 $3.5 $3.2 $4.5 $4.6 $4.5 40% 1% -2% 12.2x 13.1x 13.4x 13.8x 9.2x 6.7x 5.1x
Waters WAT $22.4 $2.3 $2.4 $2.4 $2.4 $2.8 $3.0 $3.0 18% 7% -1% 5.6x 6.6x 6.1x 7.7x 6.9x 6.3x 7.5x
Agilent A $43.4 $4.5 $4.9 $5.2 $5.3 $6.3 $6.8 $6.8 18% 8% 0% 4.1x 4.5x 5.3x 7.0x 6.1x 5.9x 6.3x
Revvity RVTY $15.4 $2.3 $2.8 $2.9 $2.7 $3.8 $3.3 $2.8 44% -13% -17% 3.6x 4.1x 3.4x 4.4x 6.2x 6.5x 5.5x
Thermo Fisher TMO $248.6 $20.9 $24.4 $25.5 $32.2 $39.2 $44.9 $42.9 22% 15% -5% 4.2x 5.0x 4.9x 5.9x 5.8x 5.5x 5.8x
Danaher DHR $198.6 $15.5 $17.0 $17.9 $22.3 $24.8 $26.6 $23.9 11% 7% -10% 4.6x 5.4x 6.0x 7.3x 7.3x 7.5x 8.3x
Sartorius ETR:SRT $30.0 $1.6 $1.8 $2.0 $2.7 $4.1 $4.4 $3.7 53% 8% -16% 4.7x 6.3x 7.6x 10.4x 6.7x 7.2x 7.7x
Mettler-Toledo MTD $30.5 $2.7 $2.9 $3.0 $3.1 $3.7 $3.9 $3.8 21% 5% -3% 5.0x 6.4x 6.9x 8.9x 8.1x 8.2x 8.0x
Sum $612.0 $52.5 $59.6 $62.5 $73.9 $89.3 $97.6 $91.3 21% 9% -6% 5.5x 6.4x 6.7x 8.2x 7.0x 6.7x 6.8x
4.7x 5.8x 6.0x 7.5x 6.8x 6.6x 6.9x

Diagnostics
Enterprise Actual revenue ($B) YoY revenue growth EV/historical TTM revenue
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Quest DGX $19.7 $7.4 $7.5 $7.7 $9.4 $10.8 $9.9 $9.3 14% -8% -6% 1.9x 2.2x 1.9x 2.1x 2.2x 2.2x 2.1x
LabCorp LH $23.8 $10.3 $11.3 $11.6 $14.0 $13.1 $11.9 $12.2 -6% -10% 3% 1.6x 1.9x 1.7x 2.0x 1.9x 2.0x 1.9x
Roche SWX:ROG $233.5 $54.1 $58.1 $61.9 $62.1 $68.7 $68.9 $67.2 11% 0% -2% N/A 4.4x 4.6x 4.8x 4.5x 3.7x 3.6x
Exact Sciences EXAS $14.3 $0.3 $0.5 $0.9 $1.5 $1.8 $2.1 $2.5 18% 18% 20% 8.3x 11.6x 9.3x 11.1x 5.0x 5.8x 5.1x
Biomerieux PAR:BIM $13.2 $2.6 $2.9 $3.0 $3.6 $4.0 $3.8 $4.0 12% -5% 5% 2.8x 3.1x 4.3x 4.1x 3.0x 2.9x 3.1x
DiaSorin MIL:DIA $5.1 $0.7 $0.8 $0.8 $1.0 $1.5 $1.4 N/A 46% -2% N/A 5.5x 6.7x 8.4x 8.0x 5.6x 4.6x 4.0x
Eurofins PAR:ERF $15.3 $3.4 $4.5 $5.1 $6.2 $7.9 $7.1 $7.0 28% -11% 0% 1.7x 2.0x 2.3x 3.3x 2.6x 2.1x 2.0x
Natera NTRA $10.6 $0.2 $0.3 $0.3 $0.4 $0.6 $0.8 $1.1 60% 31% 32% 2.8x 5.8x 9.3x 13.9x 4.8x 4.8x 7.9x
Sum $79.0 $85.8 $91.2 $98.2 $108.4 $105.8 $103.3 10% -2% -2% 3.5x 4.7x 5.2x 6.2x 3.7x 3.5x 3.7x
2.8x 3.7x 4.4x 4.5x 3.8x 3.3x 3.3x

Sources: PitchBook and Morningstar • Geography: Global • *As of March 31, 2024

Q1 2024 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDE 6

EBITDA* The fully interactive Excel data pack for this report is available to PitchBook clients via the Excel plug-in.

Medical devices & supplies

Actual EBITDA ($B) YoY EBITDA growth EBITDA margin EV/TTM EBITDA
Enterprise
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Baxter BAX $33.0 $2.2 $2.6 $2.8 $2.7 $2.6 $2.9 $2.8 -2% 12% -6% 22% 20% 19% 12.4x 15.6x 17.3x 13.7x 14.0x 11.2x 12.0x
BD BDX $86.4 $4.0 $6.2 $6.8 $5.6 $6.5 $6.5 $6.8 17% 0% 5% 34% 34% 35% 16.1x 17.8x 16.8x 17.7x 17.2x 17.4x 12.9x
Boston Scientific BSX $109.5 $2.5 $2.8 $3.1 $2.2 $3.3 $3.7 $4.0 46% 12% 9% 28% 29% 28% 17.8x 24.3x 24.7x 19.2x 18.3x 20.1x 27.3x
Zimmer Biomet ZBH $32.6 $2.8 $2.6 $2.6 $2.0 $2.3 $2.3 $2.5 13% 0% 9% 34% 33% 34% 11.1x 16.8x 16.5x 16.1x 13.1x 12.3x 12.9x
Stryker SYK $146.1 $3.4 $3.9 $4.4 $3.8 $4.7 $4.9 $5.5 22% 6% 11% 27% 27% 27% 15.1x 21.6x 20.0x 22.2x 20.4x 21.4x 26.7x
Medtronic MDT $132.8 $9.7 $9.6 $10.6 $9.3 $8.7 $10.1 N/A -7% 17% N/A 29% 32% N/A 12.3x 16.6x 18.5x 16.3x 14.6x 13.5x N/A
Intuitive Surgical ISRG $136.3 $1.2 $1.6 $1.9 $1.6 $2.6 $2.5 $2.8 56% -3% 12% 45% 40% 39% 26.7x 37.6x 40.7x 42.0x 32.7x 32.9x 48.9x
Edwards EW $56.6 $1.1 $1.2 $1.4 $1.4 $1.7 $1.9 $1.9 21% 12% -4% 33% 36% 31% 22.5x 32.0x 31.9x 35.1x 30.7x 24.1x 30.4x
GE Healthcare GEHC $48.9 N/A N/A N/A N/A $3.7 $3.2 $3.6 N/A -12% 11% 21% 18% 18% N/A N/A N/A N/A N/A 10.7x 13.6x
Coloplast CSE:COLO B $33.4 N/A $1.0 $0.9 $1.0 $1.2 $1.1 $1.1 20% -2% -4% 37% 35% 31% 22.6x 24.8x 30.1x 31.7x 25.4x 23.3x 29.4x
Teleflex TFX $12.3 $0.6 $0.7 $0.7 $0.7 $0.9 $0.8 N/A 22% -4% N/A 31% 29% N/A 18.7x 24.5x 26.7x 24.6x 17.2x 14.6x N/A
Abbott ABT $205.8 $7.1 $7.8 $8.4 $9.4 $13.1 $12.9 $10.6 39% -2% -18% 30% 29% 26% 17.4x 21.4x 18.2x 19.3x 20.2x 18.4x 19.4x
Johnson and Johnson JNJ $387.6 $27.4 $29.6 $30.7 $28.1 $29.7 $31.2 $32.9 6% 5% 5% 38% 39% 39% 11.5x 13.6x 13.4x 13.2x 13.5x 12.8x 11.8x
Sum $1421.5 $62.0 $69.6 $74.2 $67.8 $80.8 $84.2 $74.4 19% 4% -12% Mean 31% 31% 30% 17.0x 22.2x 22.9x 22.6x 19.8x 17.9x 22.3x
Median 31% 32% 31% 16.8x 21.5x 19.3x 19.3x 17.8x 17.4x 19.4x

Consumer health
Actual EBITDA ($B) YoY EBITDA growth EBITDA margin EV/TTM EBITDA
Enterprise
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Insulet PODD $12.7 $0.0 $0.0 $0.1 $0.1 $0.2 $0.2 $0.3 69% 3% 51% 17% 14% 17% 73.2x 105.4x N/A 91.1x 93.7x 60.9x 45.2x
Dexcom DXCM $53.3 $0.0 $0.1 $0.3 $0.5 $0.4 $0.6 $0.9 -14% 62% 37% 16% 22% 24% 33.7x 43.2x N/A 67.8x 48.9x 40.9x 60.6x
Bausch and Lomb BLCO $10.4 N/A N/A N/A N/A $1.1 $0.7 $0.7 N/A -38% 7% 28% 18% 17% N/A N/A N/A N/A 10.6x 10.3x 14.7x
Alcon SWX:ALC $44.9 N/A $1.7 $1.5 $1.5 $2.2 $2.2 $2.5 50% -1% 16% 26% 25% 26% N/A 26.8x 22.2x 21.2x 18.6x 17.1x 17.9x
Hoya TKS:7741 $40.3 N/A N/A $1.6 $1.7 $1.8 $2.2 $2.0 10% 19% -10% 35% 37% 37% 7.2x 13.7x N/A 22.8x 17.7x 21.3x 20.3x
Cooper Companies COO $22.8 $0.7 $0.8 $0.9 $0.7 $0.9 $0.9 $1.0 28% 0% 10% 32% 28% 28% 14.7x 18.3x N/A 19.9x 16.6x 16.0x 21.5x
Haleon LON:HLN $49.3 N/A N/A N/A N/A $3.2 $3.4 $3.6 N/A 5% 7% 25% 528% 26% N/A N/A N/A N/A 8.8x 10.3x 13.6x
Kenvue KVUE $48.1 N/A N/A N/A N/A N/A $4.2 $4.0 N/A N/A -3% N/A 28% 26% N/A N/A N/A N/A N/A 11.5x 12.0x
Sum $281.9 $0.7 $2.7 $4.3 $4.4 $9.8 $14.3 $15.0 122% 46% 5% Mean 26% 87% 25% 32.2x 41.5x 22.2x 44.6x 30.7x 23.5x 25.7x
Median 26% 87% 25% 24.2x 26.8x 22.2x 22.8x 17.7x 16.5x 19.1x

Life sciences
Actual EBITDA ($B) YoY EBITDA growth EBITDA margin EV/TTM EBITDA
Enterprise
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Illumina ILMN $23.0 $0.8 $1.1 $1.3 $1.0 $1.3 $0.7 $0.7 37% -45% -6% 29% 16% 15% 34.5x 42.3x 49.6x 72.7x 102.0x 74.7x 33.5x
Waters WAT $22.4 $0.8 $0.9 $0.8 $0.8 $1.0 $1.0 $1.0 19% 6% 2% 35% 34% 35% 15.9x 19.0x 18.4x 22.7x 20.2x 18.1x 21.4x
Agilent A $43.4 $1.1 $1.3 $1.3 $1.4 $1.8 $2.0 $2.0 26% 15% 1% 28% 30% 30% 16.2x 18.0x 20.3x 25.1x 20.8x 20.2x 21.8x
Revvity RVTY $15.4 $0.5 $0.6 $0.6 $1.1 $1.5 $0.9 $0.4 30% -39% -53% 38% 27% 15% 16.2x 18.5x 9.9x 14.2x 20.9x 21.3x 36.5x
Thermo Fisher TMO $248.6 $5.3 $6.2 $6.6 $10.3 $13.0 $12.1 $10.8 27% -7% -10% 33% 27% 25% 16.5x 19.6x 15.2x 19.6x 22.2x 21.7x 23.0x
Danaher DHR $198.6 $3.8 $4.3 $4.6 $6.7 $9.1 $9.7 $7.6 37% 6% -21% 37% 36% 32% 18.0x 21.3x 20.1x 21.6x 22.8x 24.1x 26.0x
Sartorius ETR:SRT $30.0 N/A $0.5 $0.5 $0.7 $1.0 $1.5 $0.9 36% 51% -38% 25% 35% 26% 17.4x 22.1x 23.3x 28.7x 20.6x 25.9x 31.9x
Mettler-Toledo MTD $30.5 $0.7 $0.8 $0.8 $0.9 $1.1 $1.2 $1.2 24% 12% -4% 30% 32% 32% 18.4x 23.0x 23.8x 29.8x 25.5x 28.8x 25.3x
Sum $612.0 $12.9 $15.5 $16.6 $22.9 $29.8 $29.2 $24.8 30% -2% -15% Mean 32% 30% 26% 19.1x 23.0x 22.6x 29.3x 31.9x 29.4x 27.4x
Median 32% 31% 28% 17.0x 20.5x 20.2x 23.9x 21.5x 22.9x 25.6x
Diagnostics
Actual EBITDA ($B) YoY EBITDA growth EBITDA margin EV/TTM EBITDA
Enterprise
Company Ticker value ($B) 17A 18A 19A 20A 21A 22A 23A 21A 22A 23A 21A 22A 23A 2018 2019 2020 2021 2022 2023 3/28
Quest DGX $19.7 $1.6 $1.5 $1.6 $2.5 $2.9 $2.0 $1.8 19% -32% -10% 27% 20% 20% 9.3x 12.0x 7.1x 8.6x 10.7x 10.7x 10.9x
LabCorp LH $23.8 $2.0 $2.0 $2.1 $3.7 $3.9 $2.5 $2.1 5% -35% -16% 29% 21% 17% 9.0x 11.8x 6.4x 9.0x 10.5x 11.6x 11.2x
Roche SWX:ROG $233.5 N/A $23.4 $26.1 $25.5 $27.8 $25.8 $25.2 9% -7% -2% 41% 37% 37% 8.2x 9.0x 11.0x 12.2x 11.6x 9.8x 9.3x
Exact Sciences EXAS $14.3 -$0.1 -$0.1 -$0.3 $0.0 -$0.4 -$0.4 N/A -4804% 4% N/A -22% -20% N/A N/A N/A N/A N/A N/A N/A N/A
Biomerieux PAR:BIM $13.2 N/A $0.6 $0.7 $0.9 $1.2 $0.9 $0.9 30% -28% 4% 31% 24% 23% 13.0x 13.4x 15.5x 14.5x 12.7x 13.3x 14.3x
DiaSorin MIL:DIA $5.1 N/A $0.3 $0.3 $0.5 $0.6 $0.6 N/A 38% -3% N/A 43% 43% N/A 14.4x 16.4x 19.3x 19.5x 15.5x 13.9x 14.1x
Eurofins PAR:ERF $15.3 N/A $0.7 $1.0 $1.5 $2.2 $1.5 $1.4 40% -31% -4% 27% 21% 20% 8.1x 8.6x 8.5x 12.6x 11.7x 10.4x 10.7x
Natera NTRA $10.6 N/A -$0.1 -$0.1 -$0.2 -$0.5 -$0.5 -$0.4 120% 15% -19% -73% -64% -39% N/A N/A N/A N/A N/A N/A N/A
Sum $335.6 $34.4 $37.8 $32.3 $31.1 10% -14% -4% Mean 13% 10% 13% 10.3x 11.9x 11.3x 12.7x 12.1x 11.6x 11.7x
Median 28% 21% 20% 9.1x 11.9x 9.7x 12.4x 11.6x 11.2x 11.1x

Sources: PitchBook and Morningstar • Geography: Global • *As of March 31, 2024

Q1 2024 MEDTECH PUBLIC COMP SHEET AND VALUATION GUIDE 7

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