Cardiovascular Devices Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › CARDIOVASCULAR DEVICES

Cardiovascular Devices: Premiums Sit with Faster Growth

This report shows where forward revenue premiums sit across business models, operating profiles and precedent transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › CARDIOVASCULAR DEVICES

   Cover slide introducing the cardiovascular devices sector outlook as of September 2026.

   We open with the sector's story in five sections: how cardiovascular devices price today, why the premium concentrates where it does, and what that means for the next twelve months. Everything that follows builds from this frame.

   Everything on this page

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › CARDIOVASCULAR DEVICES Cardiovascular Devices: Premiums Sit with Faster Growth This report shows where forward revenue premiums sit across business models, operating profiles and precedent transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the five sections and appendix that structure the report.

   We've built this into five sections plus an appendix, starting with the bottom line so a reader who only has five minutes still gets the full conclusion. Everything after section one is designed to prove and extend that opening view, so you can go as deep as you need.

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   CONTENTS What This Report Covers 01 The Bottom Line Cardiovascular Devices Reward Growth, While Business Model Shapes the Range 02 The Landscape Cath-Lab Products Hold the Higher Segment Valuation 03 Valuation & Situations Forward Revenue Pricing Splits Sharply Between the Two Ends 04 Precedent Transactions Strategic Buyers Have Paid up for Cardiovascular Platforms 05 Strategic Implications Operating Priorities Depend on Where Growth and Valuation Sit Today 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Cardiovascular Devices Split Across Diversified Cardiac Franchises, Cath-Lab Products and Vascular Conduits

   Summarizes the sector's valuation split across diversified cardiac franchises, cath-lab products and vascular conduits using EV/Revenue (CY2027E).

   We price this sector on EV/Revenue for CY2027E, the basis 13 of the 17 covered companies support, with a sector median of 3.4x. Cath-lab products sit at the higher end of that range while diversified cardiac franchises price closer to the middle, and the clearest split tracks with growth. That's the frame we build on through the rest of this report — so the coverage universe and the valuation basis are the foundation for everything that follows.

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   01 · THE BOTTOM LINE Cardiovascular Devices Split Across Diversified Cardiac Franchises, Cath-Lab Products and Vascular Conduits The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (13 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 17 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Revenue Is the Common Valuation Language Thirteen of 17 names have a forward revenue estimate, and the middle of that range is 3.4x. The revenue lens fits a set with only 10 of 17 names carrying meaningful forward EBITDA. 2 Cath-Lab Products Hold the Higher Segment Pricing Cath-lab consumables and interventional accessories sit at 4.3x, alongside 3.2x for diversified cardiac rhythm and structural heart franchises. Installed-base pull-through, accessory attach rates and cath-lab relationships remain important parts of that contrast. 3 The Premium Sits with Faster-Growing Names Among the 12 names with growth estimates, the six above 10% sit at 6.0x, while the six below sit at 2.7x. The observed split is associated with growth, while product mix and commercial maturity can also matter. 4 Few Names Clear Both Operating Bars Two of the 10 names with both estimates sit above the growth and 22% margin bars. Procedure growth, reimbursement position and installed-base economics help frame why balanced performance can be commercially durable. 3.4x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue and 2 of 17 names are… 7.7x Premium end EV/Revenue vs 2.1x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/Revenue — the spread the report explains 16 Transactions with disclosed terms 55 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the section on cath-lab products holding the higher segment valuation.

   Section two looks at how procedure exposure, recurring consumables and commercial maturity separate cardiovascular business models. Cath-lab products emerge as the higher-valued segment — so the next few pages show why.

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   SECTION 02 02 THE LANDSCAPE Cath-Lab Products Hold the Higher Segment Valuation Procedure exposure, recurring consumables and commercial maturity create distinct valuation profiles. 02 of 06 Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Cardiovascular Device Economics Split by Procedure Model and Commercial Stage

   Groups 17 approved companies by business segment and shows median EV/Revenue (CY2027E) for each group.

   We group the covered universe of 17 companies by business segment and price each group on EV/Revenue for CY2027E. This lets us see where procedure model and commercial stage separate pricing rather than treating the sector as one block. Cath-lab products and diversified cardiac franchises emerge as distinct pricing tiers — so segment identity is a first-order valuation driver here.

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   02 · MARKET MAP Cardiovascular Device Economics Split by Procedure Model and Commercial Stage 17 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED CARDIAC RHYTHM AND STRUCTURAL HEART FRANCHISES 9 cos median 3.2x Medtronic (MDT) Edwards (EW) Penumbra (PEN) Integer Holdings (ITGR) LivaNova (LIVN) Artivion (AORT) Anteris (AVR) CVRx (CVRX) InspireMD (NSPR) Broad procedure exposure and established franchises offer scale, but product mix creates a wide range of growth profiles. CATH-LAB CONSUMABLES AND INTERVENTIONAL ACCESSORIES 6 cos median 4.3x Merit Medical (MMSI) Pulse Biosciences (PLSE) AtriCure (ATRC) LeMaitre Vascular (LMAT) Kestra Medical (KMTS) AngioDynamics (ANGO) Recurring procedure use and accessory pull-through connect valuation to centre activity, attach rates and salesforce productivity. BIOENGINEERED VASCULAR CONDUITS 2 cos no rated names Orchestra BioMed (OBIO) Humacyte (HUMA) Development and adoption milestones matter more than current forward revenue valuation for these two names.

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   02 · LANDSCAPE

   Cath-Lab Products Pair Recurring Procedure Use with Higher Segment Pricing

   Shows that cath-lab products combine recurring procedure use with the higher segment median EV/Revenue.

   Cath-lab products price at 4.3x EV/Revenue, ahead of the 3.2x median for diversified cardiac rhythm and structural heart franchises. Installed-base pull-through and accessory attach rates help explain why recurring procedure economics are associated with that premium. For an owner or acquirer, the segment a business sits in shapes where forward revenue is willing to pay up — so segment identity matters before growth or margin even enter the conversation.

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   02 · LANDSCAPE Cath-Lab Products Pair Recurring Procedure Use with Higher Segment Pricing Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Diversified cardiac rhythm and structural heart franchises 9 53% 3.2x Medtronic plc (MDT) · Edwards Lifesciences Corporation (EW) · +7 more Breadth supports commercial reach. These franchises span cardiac rhythm and structural heart procedures, with 3.2x across the eight names carrying forward revenue estimates. Scale can support heart-team access, while franchise mix shapes the growth profile. Cath-lab consumables and interventional accessories 6 35% 4.3x Merit Medical Systems, Inc. (MMSI) · Pulse Biosciences, Inc. (PLSE) · +4 more Procedure use supports recurrence. This group sits at 4.3x across the five names with forward revenue estimates. Consumable pull-through, catheter attach rates and territory productivity connect growth to recurring cath-lab activity. Bioengineered vascular conduits 2 12% — Orchestra BioMed Holdings, Inc. (OBIO) · Humacyte, Inc. (HUMA) Milestones shape the outlook. Neither name carries a forward revenue estimate. Premarket approval, reimbursement and centre adoption therefore remain central to how commercial progress is assessed.

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   SECTION 03

   03

   Divider introducing the section on how forward revenue pricing splits between growth cohorts.

   Section three turns to public market valuation and shows how sharply forward revenue pricing splits between the premium and value ends of the range. The premium end combines faster growth with platforms built to sustain procedure adoption — so the next pages unpack exactly where that split runs.

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   SECTION 03 03 VALUATION & SITUATIONS Forward Revenue Pricing Splits Sharply Between the Two Ends The premium end combines faster growth with platforms that can sustain procedure adoption. 03 of 06 Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Buyers Price This Set Across a Wide Forward Revenue Range, Not to a Single Standard

   Ranks all 13 rated companies on EV/Revenue (CY2027E) against a 3.4x sector median.

   We rank the 13 rated companies on EV/Revenue for CY2027E, with a sector median of 3.4x. We use this revenue lens because forward EBITDA is unusable for a meaningful share of the set. The range is wide rather than clustered around the median — so buyers are pricing individual growth and quality stories, not one industry multiple.

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   03 · PUBLIC MARKET VALUATION Buyers Price This Set Across a Wide Forward Revenue Range, Not to a Single Standard EV / Revenue (CY2027E) · all 13 rated companies, sorted descending · sector median 3.4x · EV/Revenue is the lens because practitioners price this growth set on revenue and 2 of 17 names are loss-making on forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (13 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 17 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 7.7x CORE · median 3.4x DISCOUNT · median 2.1x Sector median 3.4x WHAT SEPARATES THE TWO ENDS The premium end holds growth. The premium tier sits at 7.7x. The three premium names with growth estimates are above the peer-set growth split. Forecasts already get credit. A forward revenue multiple already credits forecast growth. A premium that remains after that credit signals market confidence in the durability of procedure adoption and revenue quality. The discount end lacks consistency. The discount tier sits at 2.1x. Its names span different growth and margin profiles, pointing to a broader mix of commercial maturity, product concentration and operating execution.

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   03 · VALUATION DRIVERS

   Faster-Growing Names Carry Higher Forward Revenue Multiples

   Compares median EV/Revenue by revenue-growth cohort and by EBITDA-margin cohort, each split at its covered median.

   Companies growing revenue faster than the covered median price at 6.0x EV/Revenue, versus 2.7x for the slower-growing half. That gap is an association we observe in the data, not a claim that growth alone drives the premium — margin and mix matter too. For positioning purposes, growth is the strongest single signal we can point to here — so it's the first lens worth applying to any name in this set.

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   03 · VALUATION DRIVERS Faster-Growing Names Carry Higher Forward Revenue Multiples Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=6; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 10% · EBITDA-margin split at 22% Growth Separates the Forward Revenue Range Among the 12 names with growth estimates, the six above 10% sit at 6.0x and the six below sit at 2.7x. This is an observed split rather than evidence that growth alone accounts for valuation. Margin Adds Context Without Sorting the Set Cleanly Among the 10 names with both estimates, three clear only the margin bar and three clear only the growth bar. Profitability therefore sharpens the operating picture without creating a simple valuation order. Procedure Economics Shape the Quality of Growth Implanting-centre activation, cases per centre, accessory attach rates and gross margin per implant kit distinguish repeatable adoption from launch-led growth. Regulatory and Reimbursement Position Support Durability Premarket approval, coverage pathways and guideline relevance frame how long a growth profile may hold. Concentrated indications or reimbursement codes can leave otherwise attractive growth more exposed.

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    03 · SITUATION MAP

    Higher Valuation Clusters with Above-Middle Growth

    Maps companies by valuation versus the 3.4x sector median and growth versus the 10% covered median.

    We cut the universe on EV/Revenue against the 3.4x sector median and on revenue growth against the 10% covered median. Higher valuation clusters with above-median growth more than with any other single variable we've tested here. These are observations about where names sit today, not recommendations — so the map is a starting point for diligence, not a conclusion.

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    03 · SITUATION MAP Higher Valuation Clusters with Above-Middle Growth Cut on EV / Revenue vs the sector median (3.4x) (rows) and revenue growth vs the covered median (10%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Growth Leaders Above-median multiple · above-median revenue growth 5 names Edwards Lifesciences Corporation (EW) · Penumbra, Inc. (PEN) · AtriCure, Inc. (ATRC) · +2 more Five names sit above the middle on both forward revenue valuation and growth. Their position points to confidence in forecast growth and its durability. Established Premium Franchise Above-median multiple · below-median revenue growth 1 names Medtronic plc (MDT) One name, Medtronic plc [MDT], sits above the middle on valuation and below it on growth. Its position is consistent with franchise breadth carrying weight alongside a more measured growth profile. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 1 names Artivion, Inc. (AORT) One name, Artivion, Inc. [AORT], sits below the middle on valuation and above it on growth. Its position points to a gap between forecast growth and current market recognition. Operating Improvement Cases Below-median multiple · below-median revenue growth 5 names Integer Holdings Corporation (ITGR) · Merit Medical Systems, Inc. (MMSI) · LivaNova PLC (LIVN) · +2 more Five names sit below the middle on both valuation and growth. Their operating agenda centres on procedure momentum, revenue mix, cost structure and evidence of durable commercial adoption.

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    03 · GROWTH VS PROFITABILITY

    Few Names Sit Above the Middle of the Range on Both Growth and Margin

    Plots ten companies with both growth and margin estimates against the 10% growth and 22% margin medians.

    Among the ten companies with both a growth and a margin estimate, we cut the grid at 10% revenue growth and 22% EBITDA margin. Few names sit above both lines at once, which tells us balanced performance on growth and profitability is the exception rather than the rule in this sector. That scarcity is itself informative — so a name that does clear both bars deserves a closer look.

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    03 · GROWTH VS PROFITABILITY Few Names Sit Above the Middle of the Range on Both Growth and Margin Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 10 companies with both estimates · cuts at the covered medians (10% growth, 22% margin) · median EV/Revenue per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/Revenue (balanced n=2; margin-only n=3; growth-only n=3; neither n=2). Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 10% 20% 30% MARGIN ONLY median 3.2x BALANCED median 6.0x NEITHER median 2.4x GROWTH ONLY median 4.3x ITGR ANGO MDT MMSI LIVN LMAT AORT EW PEN ATRC x: revenue growth (CY2026E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map covers the 10 names with both growth and margin estimates. Two clear both bars: LeMaitre Vascular, Inc. [LMAT] and Edwards Lifesciences Corporation [EW]. Three clear only the margin bar, three clear only the growth bar and two clear neither. The 22% margin bar helps separate balanced operators from names whose performance rests more heavily on one dimension. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 10 names clear it (EW, LMAT).

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    03 · THE AGENDA

    The Valuation Gap Shows up in Three Places: Growth, Margin and Revenue Mix

    Frames the valuation gap as a set of questions on growth, margin and revenue mix for owners and acquirers to resolve.

    We've framed the valuation gap around three questions: where does growth come from, how durable is the margin, and how much of revenue is recurring. These aren't recommendations — they're the questions the data itself raises for an owner or acquirer to work through. Getting clear answers on these three fronts is what separates a premium-priced story from an average one — so this is where strategic conversations should start.

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    03 · THE AGENDA The Valuation Gap Shows up in Three Places: Growth, Margin and Revenue Mix NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Procedure Adoption Focus the operating plan on active centres, cases per centre, physician training and indications where reimbursement already supports uptake. What changes the answer: Choose this path when growth depends more on utilisation than on additional product breadth. Expand Recurring Revenue Mix Increase consumable pull-through, accessory attach rates and recurring revenue around the installed base. What changes the answer: Choose this path when placements are growing faster than the revenue captured around them. Rework the Cost Structure Align territory coverage, manufacturing footprint and field inventory with the commercial stage of each product line. What changes the answer: Choose this path when growth is present but operating progress remains uneven. Test Build Versus Buy Compare internal development with targeted additions in adjacent procedures, delivery systems and product lines. What changes the answer: Choose this path when time to market or channel fit matters more than internal ownership of development.

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    SECTION 04

    04

    Divider introducing the section on precedent transactions across the sector.

    Section four turns to the deal record, where strategic buyers have paid a wide range of prices for cardiovascular platforms. The transaction history spans both early and late commercial stages — so precedent is a guide to range, not to a single expected price.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Buyers Have Paid up for Cardiovascular Platforms The transaction record shows wide pricing across targets and stages of commercial maturity. 04 of 06 Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Both Early and Late Commercial Stages

    Presents three of sixteen precedent transactions with disclosed terms as detailed case studies.

    We walk through three of the sixteen precedent transactions with disclosed terms, chosen to represent both early and late commercial stages. These deal multiples are calculated on LTM financials at announcement, so they aren't directly comparable to the CY2027E public basis used elsewhere in this report. What they do show is that strategic buyers have been willing to pay across a wide range of stages and structures — so precedent supports flexibility in deal design, not a single template.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Both Early and Late Commercial Stages 3 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jan-2026 $14.5B Boston Scientific Corporation Boston Scientific Corporation reaches for Penumbra, Inc. [PEN] at strategic scale. EV / LTM revenue 10.4x EV / LTM EBITDA 69.8x WHY THE DEAL HAPPENED The pairing suggests a strategic buyer saw value in adding a diversified cardiovascular device platform. Penumbra, Inc. [PEN] also brings an established public-market growth profile to the combination. HOW THE TARGET WAS VALUED The disclosed value is $14.5B, equal to 10.4x revenue and 69.8x EBITDA. The revenue multiple stands above the middle of the public peer set. Jan-2025 $4.7B Stryker Corporation Stryker Corporation commits meaningful capital to Inari Medical, Inc. EV / LTM revenue 7.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing of a medtech buyer with a cardiovascular device target suggests a portfolio expansion rationale. The transaction size indicates meaningful strategic commitment. HOW THE TARGET WAS VALUED The disclosed value is $4.7B at 7.7x revenue. That multiple aligns with the premium tier of the public peer set. Jun-2024 $1.1B Boston Scientific Corporation Boston Scientific Corporation adds Silk Road Medical, Inc. through a focused transaction. EV / LTM revenue 6.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests interest in adding a focused cardiovascular device platform to a broader strategic portfolio. The fit is consistent with buyers using established commercial channels to add procedure exposure. HOW THE TARGET WAS VALUED The disclosed value is $1.1B at 6.2x revenue. That sits just below the 6.3x threshold for the premium public tier.

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    SECTION 05

    05

    Divider introducing the section on strategic implications for operating priorities.

    Section five turns from the data to the decisions it raises — where growth and valuation sit today shapes the operating priorities that make sense next. Revenue quality, procedure adoption and cost structure are the three levers we focus on — so this is where the analysis becomes a plan.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Operating Priorities Depend on Where Growth and Valuation Sit Today Revenue quality, procedure adoption and cost structure shape the next strategic decision. 05 of 06 Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Premium End of the Range Is Associated with Growth and Revenue Quality

    Argues that the premium end of the valuation range is associated with growth and revenue quality, and poses the resulting questions for owners, operators and boards.

    The premium end of this range is associated with faster growth and stronger revenue quality — an observation, not a guarantee that either one alone secures a higher price. For owners, operators and boards, the practical questions are where growth is repeatable, how much revenue is recurring, and whether capital is matched to commercial maturity. These are the questions this data puts on the table for the next twelve months — so they're worth answering before the next capital or portfolio decision.

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    05 · STRATEGIC IMPLICATIONS The Premium End of the Range Is Associated with Growth and Revenue Quality NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Define Where the Premium Can Hold Separate launch-led growth from repeatable procedure adoption. Prioritise indications, products and geographies where reimbursement, centre activation and utilisation reinforce one another. FOR OPERATORS Convert Placements into Recurring Revenue Manage cases per active centre, consumable pull-through, attach rates and salesforce productivity as one operating system. The objective is a more durable revenue mix with clearer unit economics. FOR BOARDS Match Capital to Commercial Maturity Balance label expansion, manufacturing investment and targeted portfolio additions against the evidence for procedure growth and margin progression.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparable universe, methodology and sources.

    Section six is the reference section — the full comparable universe, the valuation methodology, and where every underlying disclosure lives. Use it whenever you want to trace a specific figure back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Lists all 13 rated companies and 4 unrated companies grouped by EV/Revenue (CY2027E) valuation tier.

    This page carries all 13 rated companies plus the 4 companies without an eligible multiple, grouped by valuation tier on EV/Revenue for CY2027E. Every ticker links back to its underlying source, so you can trace any figure in the report to where it came from. Use this as the working list for deeper company-level diligence — so nothing here is a static summary.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (3.4x); amber marks below · 13 rated companies; 4 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.3x · median 7.7x · 4 companies Anteris Technologies Global Corp. AVR Diversified cardiac rhythm and structural heart… $473M 47.3x n/a n/a n/a Kestra Medical Technologies, Ltd. KMTS Cath-lab consumables and interventional accessories $1.5B 8.6x 53% n/a n/a Penumbra, Inc. PEN Diversified cardiac rhythm and structural heart… $12.2B 6.8x 13% 16% 29 Edwards Lifesciences Corporation EW Diversified cardiac rhythm and structural heart… $47.1B 6.4x 12% 31% 41 CORE — 2.5x–6.3x · median 3.4x · 5 companies LeMaitre Vascular, Inc. LMAT Cath-lab consumables and interventional accessories $1.7B 5.6x 11% 34% 43 AtriCure, Inc. ATRC Cath-lab consumables and interventional accessories $2.9B 4.3x 13% 15% 27 Medtronic plc MDT Diversified cardiac rhythm and structural heart… $135B 3.4x 8% 28% 32 Merit Medical Systems, Inc. MMSI Cath-lab consumables and interventional accessories $5.5B 3.2x 8% 27% 33 Integer Holdings Corporation ITGR Diversified cardiac rhythm and structural heart… $5.7B 2.9x -2% 21% 27 DISCOUNT — <2.5x · median 2.1x · 4 companies LivaNova PLC LIVN Diversified cardiac rhythm and structural heart… $4.0B 2.5x 10% 23% 31 Artivion, Inc. AORT Diversified cardiac rhythm and structural heart… $1.3B 2.4x 11% 20% 31 AngioDynamics, Inc. ANGO Cath-lab consumables and interventional accessories $618M 1.8x 7% 5% 10 CVRx, Inc. CVRX Diversified cardiac rhythm and structural heart… $56M 0.9x 4% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists all 16 precedent transactions with disclosed terms, newest first, out of 55 recorded transactions.

    This is the full list of the 16 precedent transactions with disclosed terms, out of 55 transactions recorded in this tier, newest first. Multiples are calculated on LTM financials at announcement, and every deal value links to its underlying filing. This is the primary reference for anyone benchmarking a specific transaction structure — so treat it as the working transaction file, not just a summary table.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (55 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 CJ CheilJedang Corp. → EDAP TMS SA n/a n/a 8.0x CJ CheilJedang Corp. agreed to acquire EDAP TMS SA at 8.0x EBITDA. The pricing points to an earnings-based frame for this transaction. Jan-2026 Boston Scientific Corporation → Penumbra, Inc. $14.5B 10.4x 69.8x Boston Scientific Corporation agreed to acquire Penumbra, Inc. [PEN]. The transaction places a public cardiovascular platform inside a strategic buyer. Jan-2025 Stryker Corporation → Inari Medical, Inc. $4.7B 7.7x n/a Stryker Corporation agreed to acquire Inari Medical, Inc. The transaction adds another strategic precedent for a cardiovascular device target. Jun-2024 Boston Scientific Corporation → Silk Road Medical, Inc. $1.1B 6.2x n/a Boston Scientific Corporation agreed to acquire Silk Road Medical, Inc. The pairing suggests interest in adding a focused cardiovascular platform. Nov-2022 Parent → Abiomed, Inc. n/a 15.0x n/a Parent agreed to acquire Abiomed, Inc. at 15.0x revenue. The multiple sits toward the upper end of the transaction record. Jan-2021 Haemonetics Corporation → Cardiva Medical, Inc. n/a 7.3x 7.2x Haemonetics Corporation agreed to acquire Cardiva Medical, Inc. at 7.3x revenue and 7.2x EBITDA. The transaction supports both revenue and earnings benchmarks. Oct-2020 Teleflex Incorporated → Z-Medica n/a 8.1x n/a Teleflex Incorporated agreed to acquire Z-Medica at 8.1x revenue. The transaction shows strategic appetite for a complementary medical device platform. Dec-2018 TPG Inc. → Millipede, Inc. n/a 15.7x 13.4x TPG Inc. agreed to acquire Millipede, Inc. at 15.7x revenue and 13.4x EBITDA. The two lenses show substantial pricing across both sales and earnings. Nov-2017 Thoma Bravo, L.P. → NextGen Healthcare, Inc. $1.8B 2.4x 28.8x Thoma Bravo, L.P. agreed to acquire NextGen Healthcare, Inc. for $1.8B, equal to 2.4x revenue and 28.8x EBITDA. The spread between the two measures highlights the importance of metric selection.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the full list of 16 precedent transactions with disclosed terms, newest first.

    This page continues the same list of 16 disclosed-term transactions out of 55 recorded, sorted newest first. As on the prior page, multiples sit on LTM financials at announcement and every value links to its filing. Together the two pages give a complete, traceable transaction record — so there's no need to look elsewhere for deal-level detail.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (55 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2017 CryoLife, Inc. → JOTEC AG n/a 4.4x n/a Jun-2017 Philips Healthcare N.V. → The Spectranetics Corporation n/a 7.7x n/a Value shown as recorded in the filing; deal value unit unresolved. May-2017 LivaNova PLC → Caisson Interventional, LLC $72M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2017 Boston Scientific Corporation → Symetis SA n/a 7.5x n/a Feb-2017 Teleflex Incorporated → Vascular Solutions, Inc. n/a 6.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2015 St. Jude Medical, Inc. → Thoratec Corporation n/a 7.2x n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2015 Cyberonics, Inc. → Sorin S.p.A. n/a n/a 11.7x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, valuation basis and data-quality treatment.

    This page sets out how the report was built: the valuation basis, what was excluded and why, and where each disclosure lives. Every figure in the body links back to its source record, and where it doesn't, the appendix names the basis it was read on. That transparency is what lets you rely on the figures in the earlier sections — so nothing here should be a black box.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (13 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 17 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Cardiovascular Devices and it clears the coverage gate with 13 of 17 companies (76%). P / E is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (10 of 17 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 52 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 671 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (670) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Observed Premium Sits with Faster Growth and Durable Procedure Economics.

    Closing statement that the observed premium sits with faster growth and durable procedure economics.

    The observed premium in this sector sits with faster growth and durable procedure economics. The companion tables carry the full universe and source index for any figure you want to trace further.

    Everything on this page

    The Observed Premium Sits with Faster Growth and Durable Procedure Economics. NeuraCap AI — Cardiovascular Devices Coverage September 2026 · Prepared by NeuraCap AI · Confidential Cardiovascular Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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