Health Care Equipment and Supplies Sector Outlook — September 2026
A sector outlook on Health Care Equipment and Supplies as of September 2026, comparing valuation across device platforms, hospital consumables and adjacent models, and benchmarking public comparables against precedent transactions. Built for owners, management teams and boards weighing capital and portfolio priorities.
Key figures
- 10.3x
- Sector median valuation EV/EBITDA (CY2027E), 6 of 10 rated
- 12.2x
- Faster-growth cohort EV/EBITDA (CY2027E), growth above 4% split
- 8.1x
- Slower-growth cohort EV/EBITDA (CY2027E), growth below 4% split
- $17.9B
- Hologic transaction value Recorded deal value
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Executive summary
Health Care Equipment and Supplies spans distinct operating models, and forward valuation tracks that divide: the sector median EV/EBITDA (CY2027E) sits at 10.3x, with faster-growing names at 12.2x against 8.1x for slower peers. Hospital consumables and device platforms each represent 40% of the rated set but price at 10.1x and 7.8x respectively, showing business mix shapes the value test. The Hologic transaction, recorded at $17.9B and 13.6x, shows the terms available when buyers underwrite a sizeable platform with strategic fit.
Key findings
- Sector median forward valuation sits at 10.3x EV/EBITDA (CY2027E).
- Faster-growing names price at 12.2x versus 8.1x for slower peers.
- Consumables and device platforms each hold 40% of the set, priced differently.
- The Hologic deal, at $17.9B and 13.6x, shows conviction buyers will pay for scale.
What each page shows
The analyst’s walkthrough of the deck, page by page.
- 01
HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE EQUIPMENT AND SUPPLIES
Cover slide identifying the report as a Health Care Equipment and Supplies sector outlook dated September 2026.
This report examines the Health Care Equipment and Supplies sector as of September 2026, using EV/EBITDA (CY2027E) as the primary valuation basis. We'll walk through where value concentrates across device platforms, hospital consumables and adjacent models.
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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE EQUIPMENT AND SUPPLIES Health Care Equipment and Supplies: Quality Holds Value The report shows where public valuations and precedent transactions place value across distinct operating models. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
- 02CONTENTS
What This Report Covers
Contents slide listing the report's five sections plus appendix.
The report runs five sections plus an appendix: the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications. We lead with the bottom line so a reader who stops there still gets the full story.
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CONTENTS What This Report Covers 01 The Bottom Line Value Sits with Durable Growth, Recurring Revenue and Proven Earnings 02 The Landscape One Sector Label Covers Three Distinct Operating Models 03 Valuation & Situations The Valuation Spread Leaves Room for Operating Progress to Matter 04 Precedent Transactions Precedent Transactions Favour Buyers with Conviction 05 Strategic Implications Strengthen the Revenue Engine Before Choosing the Capital Path 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
- 0301 · THE BOTTOM LINE
Health Care Equipment and Supplies Span Device Platforms, Hospital Consumables and Adjacent Models
Summarizes that the sector spans device platforms, hospital consumables and adjacent models with differing valuation and deal evidence.
Across the ten approved companies, six carry an EV/EBITDA (CY2027E) estimate with a sector median of 10.3x, and the spread reflects differing views of durability. Faster-growing names price at 12.2x versus 8.1x for slower peers, putting profitable growth at the centre of the value discussion. Business mix matters too — hospital consumables and implantable device platforms each represent 40% of the set but price at 10.1x and 7.8x. The Hologic transaction, recorded at $17.9B and 13.6x, shows the terms strategic buyers will underwrite for a sizeable platform — so scale and durability together define where value sits.
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01 · THE BOTTOM LINE Health Care Equipment and Supplies Span Device Platforms, Hospital Consumables and Adjacent Models The full story on one page · figures on EV / EBITDA (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 / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Earnings Support the Primary Valuation Lens The middle of the range is 10.3x across 6 of 10 approved companies with an estimate. With CY2027E earnings already crediting forecast growth, the remaining spread points to differing views of durability. 2 The Premium Sits with Faster Growth Among the six names with an estimate, three above the 4% growth split price at 12.2x, alongside 8.1x for the three below it. The association puts profitable growth at the centre of the value discussion. 3 Business Mix Changes the Value Test Procedural instruments and single-use hospital consumables represent 40% of the set and price at 10.1x, while implantable and therapeutic device platforms represent 40% and price at 7.8x. Installed base, consumables pull-through and reimbursement exposure shape how owners defend revenue quality. 4 Strategic Conviction Can Support Substantial Terms The announced Hologic, Inc. transaction carries a recorded value of $17.9B and 13.6x EV / EBITDA. That benchmark shows the terms available when buyers underwrite a sizeable platform. 10.3x Sector median EV/EBITDA CY2027E consensus · 6 rated of 10 companies 13.7x Premium end EV/EBITDA vs 6.6x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 9 Transactions with disclosed terms 23 recorded in this tier · 3 told as case studies, the full list in the appendix
- 04SECTION 02
02
Divider introducing the market-map section on operating models within the sector.
One sector label covers three distinct operating models — installed-base economics, hospital consumables and adjacent models — each facing a different value test. We'll use the next few pages to show how the market breaks down.
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SECTION 02 02 THE LANDSCAPE One Sector Label Covers Three Distinct Operating Models Installed-base economics, hospital consumables and adjacent models face different value tests. 02 of 06 Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
- 0502 · MARKET MAP
Recurring Pull-Through and Capital Exposure Divide the Sector
Groups the ten approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.
We grouped the ten approved companies by business segment and compared median EV/EBITDA (CY2027E) across groups, finding consumables-oriented names at 10.1x versus device-platform names at 7.8x. This split highlights how recurring pull-through and capital exposure divide the sector — so where a company sits in that map shapes how the market prices it.
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02 · MARKET MAP Recurring Pull-Through and Capital Exposure Divide the Sector 10 approved companies grouped by business segment · median EV / EBITDA (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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 IMPLANTABLE AND THERAPEUTIC DEVICE PLATFORMS 4 cos median 7.8x LivaNova (LIVN) AdaptHealth (AHCO) IRadimed (IRMD) Cerus (CERS) Clinical adoption, reimbursement and therapy concentration shape the durability of these platforms. PROCEDURAL INSTRUMENTS AND SINGLE-USE HOSPITAL CONSUMABLES 4 cos median 10.1x Solventum (SOLV) Baxter (BAX) Stevanato Group (STVN) Nyxoah S.A. (NYXH) Capital placements can seed recurring consumables demand, making attach rate and reorder behaviour central. ADJACENT MODELS 2 cos 12.2x · 1 rated STERIS (STE) Kewaunee (KEQU) These businesses broaden the peer set but require model-specific comparisons.
- 0602 · LANDSCAPE
Hospital Consumables Hold the Higher Observed Segment Valuation
Shows that hospital consumables hold the higher observed segment valuation among rated names.
Hospital consumables hold the higher observed segment valuation among rated names, priced at 10.1x versus device platforms at 7.8x. Installed base, consumables pull-through and reimbursement exposure help explain why owners in this segment can defend revenue quality more readily — so segment identity is a first-order driver of value here.
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02 · LANDSCAPE Hospital Consumables Hold the Higher Observed Segment Valuation Segment view of the approved universe · EV / EBITDA (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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Implantable and therapeutic device platforms 4 40% 7.8x LivaNova PLC (LIVN) · AdaptHealth Corp. (AHCO) · +2 more Adoption proof matters here. This group prices at 7.8x across two names with an estimate. Coverage, clinical evidence and therapy concentration remain central to the value case. Procedural instruments and single-use hospital consumables 4 40% 10.1x Solventum Corporation (SOLV) · Baxter International Inc. (BAX) · +2 more Pull-through supports durability. This group prices at 10.1x across three names with an estimate. Installed base, attach rate and consumables pull-through can soften exposure to the hospital capital budget cycle. Adjacent models 2 20% 12.2x n=1 STERIS plc (STE) · Kewaunee Scientific Corporation (KEQU) Different economics need context. One of the two names carries an estimate, so the observed valuation should be read as company-specific rather than a broad segment benchmark.
- 07SECTION 03
03
Divider introducing the valuation section on forward pricing and operating progress.
The valuation spread leaves room for operating progress to matter — forward pricing separates the premium end from the discount end. We'll look next at what drives that spread.
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SECTION 03 03 VALUATION & SITUATIONS The Valuation Spread Leaves Room for Operating Progress to Matter Forward pricing separates the premium end from the discount end. 03 of 06 Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
- 0803 · PUBLIC MARKET VALUATION
Forward Pricing Separates Durable Platforms from Challenged Positions
Ranks all six rated companies by EV/EBITDA (CY2027E) against the 10.3x sector median.
Across the six rated companies, EV/EBITDA (CY2027E) multiples range from durable platforms trading well above the 10.3x sector median to challenged positions trading well below it. Tier zones cut at the rated set's quartiles separate the premium from the discount end. This spread shows forward pricing already distinguishes conviction on durability — so the multiple a name commands reflects how the market reads its staying power.
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03 · PUBLIC MARKET VALUATION Forward Pricing Separates Durable Platforms from Challenged Positions EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 10.3x · 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 / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). 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 / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.7x CORE · median 10.3x DISCOUNT · median 6.6x Sector median 10.3x WHAT SEPARATES THE TWO ENDS The spread remains wide. The premium end prices at 13.7x, compared with 6.6x at the discount end. Forward pricing tests durability. The multiple already reflects forecast earnings, so a sustained premium signals confidence beyond near-term growth. Revenue quality still matters. Recurring consumables, service renewal and reimbursement durability give owners clearer ways to defend the earnings base.
- 0903 · VALUATION DRIVERS
Faster-Growing Names Hold the Higher Forward Valuation
Compares median EV/EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort.
Splitting the rated names at their covered growth median, faster-growing companies command 12.2x versus 8.1x for slower growers. A parallel cut on EBITDA margin points the same direction, though the sample is small enough that we read this as association, not causation. Together these cuts show growth and margin move with valuation — so an owner's growth and margin trajectory is a direct input into how the market will price the business.
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03 · VALUATION DRIVERS Faster-Growing Names Hold the Higher Forward Valuation Median EV / EBITDA (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=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 23% Growth Separates the Observed Valuation Groups On the six names with an estimate, the three above the 4% split price at 12.2x, compared with 8.1x for the three below. Growth Still Needs an Earnings Base Installed-base expansion is more defensible when placements carry consumables pull-through, service revenue or reimbursement support. Durability Can Protect the Forward Case Retention, reorder behaviour and quality-system discipline help distinguish repeatable earnings from a temporary capital cycle.
- 1003 · SITUATION MAP
Value Sits with the Higher-Margin Names That Hold Their Market Standing
Cuts the rated set on EV/EBITDA versus the sector median and EBITDA margin versus the covered median to characterise situations.
We cut the rated set on EV/EBITDA versus the sector median of 10.3x and on EBITDA margin versus the covered median of 23%, to characterise — not recommend — situations. Value sits with higher-margin names that hold their market standing in this quadrant. This is a NeuraCap observation on the data shown, not a buy or sell call — so it's a starting point for diligence, not a conclusion.
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03 · SITUATION MAP Value Sits with the Higher-Margin Names That Hold Their Market Standing Cut on EV / EBITDA vs the sector median (10.3x) (rows) and EBITDA margin vs the covered median (23%) (columns) · 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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Margin Above-median multiple · above-median EBITDA margin 2 names STERIS plc (STE) · Stevanato Group S.p.A. (STVN) These names combine above-line valuation with above-line profitability. The priority is protecting recurring mix, service quality and operating discipline. Premium Before Margin Above-median multiple · below-median EBITDA margin 1 names LivaNova PLC (LIVN) The valuation is above the reference line while profitability is below it. Margin progression can test whether the premium is durable. Margin Before Premium Below-median multiple · above-median EBITDA margin 1 names Solventum Corporation (SOLV) Profitability is above the reference line while valuation is below it. The operating question is whether growth, mix or capital exposure is limiting recognition. Value Under Pressure Below-median multiple · below-median EBITDA margin 2 names Baxter International Inc. (BAX) · AdaptHealth Corp. (AHCO) Both valuation and profitability sit below the reference lines. The agenda centres on revenue quality, cost structure and portfolio focus.
- 1103 · THE AGENDA
Growth, Margin and Revenue Mix Are Where the Valuation Gap Shows Up
Frames growth, margin and revenue mix as the open questions behind the valuation gap.
Growth, margin and revenue mix are where the valuation gap shows up in this data, framed here as questions an owner or acquirer should resolve rather than conclusions. This is directional, NeuraCap advisory judgment grounded in the cohort data shown earlier — not investment advice. It sets the agenda for the strategic discussion that follows.
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03 · THE AGENDA Growth, Margin and Revenue Mix Are Where the Valuation Gap Shows Up 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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Recurring Revenue Increase consumables pull-through, service attach and renewal across the installed base. What changes the answer: Placement growth is not translating into repeat revenue or stronger contribution. Rework the Portfolio Prioritise products with durable reimbursement, attractive reorder behaviour and manageable quality-system demands. What changes the answer: Capital and management attention remain tied to low-return or concentrated product lines. Build or Partner Selectively Compare internal investment with partnerships or acquisitions where a new therapy or call point can use existing commercial infrastructure. What changes the answer: The installed base or field organisation can support adjacent products without disproportionate cost. Protect Earnings Quality Address payer concentration, field inventory, remediation spending and capital-cycle exposure before they weaken operating flexibility. What changes the answer: Forecast earnings depend on temporary demand, add-backs or concentrated counterparties.
- 12SECTION 04
04
Divider introducing the precedent-transactions section.
Precedent transactions favour buyers with conviction — agreed terms vary widely across strategic fit, earnings quality and adoption risk. The case studies ahead show what that looks like in practice.
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SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Buyers with Conviction Agreed terms vary widely across strategic fit, earnings quality and adoption risk. 04 of 06 Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12
- 1304 · DEAL CASE STUDIES
Agreed Terms Widen When Strategic Fit or Earnings Quality Stands Out
Walks through three of nine disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.
We walk through three of the nine transactions with disclosed terms as case studies, including the Hologic transaction at $17.9B and 13.6x on LTM financials at announcement. These multiples sit on a different basis than the CY2027E public multiples, so we draw no spread between the two. What stands out is that agreed terms widen when strategic fit or earnings quality stands out — so buyers pay up for conviction, not just scale.
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04 · DEAL CASE STUDIES Agreed Terms Widen When Strategic Fit or Earnings Quality Stands Out 3 of 9 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. 23 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. 14 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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Oct-2025 $17.9B affiliates of Blackstone Inc. and TPG Capital Hologic, Inc. drew sponsor backing at substantial scale. EV / LTM revenue 4.3x EV / LTM EBITDA 13.6x WHY THE DEAL HAPPENED The transaction suggests affiliates of Blackstone Inc. and TPG Capital saw a platform suited to long-term sponsor ownership. Its size points to conviction in the breadth and durability of the earnings base. HOW THE TARGET WAS VALUED The announced transaction records $17.9B of value, 4.3x EV / Revenue and 13.6x EV / EBITDA. The earnings benchmark sits above the public peer set's middle. May-2019 $6.7B 3M Company Acelity LP, Inc. offered a sizeable strategic addition. EV / LTM revenue n/a EV / LTM EBITDA 15.2x WHY THE DEAL HAPPENED The transaction suggests the target offered a meaningful extension to a diversified equipment portfolio. The strategic fit points to value in adding established products and commercial reach. HOW THE TARGET WAS VALUED The announced transaction records $6.7B of value and 15.2x EV / EBITDA. That multiple sits toward the upper end of the observed transaction record. May-2024 $802M Nordson Corporation Atrion Corporation secured premium strategic terms. EV / LTM revenue 4.5x EV / LTM EBITDA 19.6x WHY THE DEAL HAPPENED The combination with Nordson Corporation suggests a strategic adjacency with relevance beyond standalone earnings. The agreed terms indicate conviction in the fit. HOW THE TARGET WAS VALUED The completed transaction records $802M of value, 4.5x EV / Revenue and 19.6x EV / EBITDA. Both measures provide a premium transaction benchmark.
- 14SECTION 05
05
Divider introducing the strategic-implications section.
Strengthen the revenue engine before choosing the capital path — the right priorities depend on recurring mix, profitability and strategic fit. The next page frames what that means for owners, management teams and boards.
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SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Revenue Engine Before Choosing the Capital Path The right priorities depend on recurring mix, profitability and strategic fit. 05 of 06 Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14
- 1505 · STRATEGIC IMPLICATIONS
Revenue Quality and Operating Proof Come Before Capital Structure
Sets out NeuraCap's view on the questions this data puts on the table for the next twelve months.
Revenue quality and operating proof come before capital structure decisions, in our view. Owners can choose the value engine that fits their business, management teams can turn placements into annuities through attach rate and renewal, and boards can match capital to evidence on retention and margin durability. These are observations grounded in the analysis, not recommendations — so they're a checklist for the next twelve months, not a mandate.
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05 · STRATEGIC IMPLICATIONS Revenue Quality and Operating Proof Come Before Capital Structure 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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Choose the Value Engine Decide whether the business compounds through recurring consumables, reimbursement-anchored services or therapy adoption, then align investment to that model. FOR MANAGEMENT TEAMS Turn Placements into Annuities Focus commercial effort on attach rate, reorder behaviour, service renewal and contribution per procedure rather than unit volume alone. FOR BOARDS Match Capital to Evidence Use retention, margin durability and strategic fit to frame build-versus-buy choices and portfolio allocation.
- 16SECTION 06
06
Divider introducing the appendix covering the full universe, methodology and sources.
Section six carries the full universe, methodology and sources — the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives.
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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 Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16
- 1706 · PUBLIC COMPARABLES (1 OF 1)
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier
Lists all public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, with six rated and four not rated.
This appendix lists all six rated companies on EV/EBITDA (CY2027E), shaded against the 10.3x sector median, alongside four names without an eligible multiple. Every rated row here also appears in the companion workbook, which carries the complete field set. This is the full comparable set behind the valuation pages — so any figure in the body can be traced back to its source here.
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06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.3x); amber marks below · 6 rated companies; 4 not rated (no eligible EV/EBITDA) · 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 6 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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.8x · median 13.7x · 2 companies Stevanato Group S.p.A. STVN Procedural instruments and single-use hospital… $6.9B 15.1x 5% 29% 38 STERIS plc STE Specialty therapy device franchises $22.3B 12.2x 7% 27% 34 CORE — 8.6x–11.8x · median 10.3x · 2 companies LivaNova PLC LIVN Implantable and therapeutic device platforms $4.0B 10.6x 10% 23% 31 Solventum Corporation SOLV Procedural instruments and single-use hospital… $20.3B 10.1x -1% 24% 27 DISCOUNT — <8.6x · median 6.6x · 2 companies Baxter International Inc. BAX Procedural instruments and single-use hospital… $19.8B 8.1x 3% 21% 23 AdaptHealth Corp. AHCO Implantable and therapeutic device platforms $2.7B 5.0x -11% 18% 22
- 1806 · PRECEDENT TRANSACTIONS (1 OF 1)
All Precedent Transactions with Disclosed Terms, Newest First
Lists all nine transactions with disclosed terms, newest first, out of 23 recorded transactions.
This appendix lists all nine transactions with disclosed terms, newest first, out of 23 recorded transactions in this tier; multiples are on LTM financials at announcement where disclosed. Fourteen recorded transactions without a disclosed value or multiple are omitted here and kept in the companion workbook. This is the complete precedent record behind the deal case studies — so a client can trace any transaction cited in the body.
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06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 9 transactions with disclosed terms in this tier (23 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. 23 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. 14 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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Utah Medical Products, Inc. → Orion Medical Supplies Ltd n/a n/a 11.9x The announced acquisition of Orion Medical Supplies Ltd by Utah Medical Products, Inc. carries 11.9x EV / EBITDA. Oct-2025 affiliates of Blackstone Inc. and TPG Capital → Hologic, Inc. $17.9B 4.3x 13.6x The announced Hologic, Inc. transaction suggests sponsor conviction in a sizeable health care equipment and supplies business. Aug-2025 Permira Holdings LLP → Channel-Markers Medical, LLC n/a 5.7x n/a Permira Holdings LLP agreed to acquire Channel-Markers Medical, LLC at 5.7x EV / Revenue. Aug-2024 The Carlyle Group → Baxter International Inc. (Vantive Kidney Care segment) n/a 0.7x 8.8x The announced acquisition of Baxter International Inc. (Vantive Kidney Care segment) carries 0.7x EV / Revenue and 8.8x EV / EBITDA. May-2024 Nordson Corporation → Atrion Corporation $802M 4.5x 19.6x The completed Atrion Corporation transaction shows the valuation available for a strategic adjacency. Jan-2021 STERIS plc → Cantel Medical Corp n/a 4.3x 22.2x The announced Cantel Medical Corp transaction carries 4.3x EV / Revenue and 22.2x EV / EBITDA. Nov-2019 MacDonald, Dettwiler and Associates Ltd. → Endoclear LLC n/a 4.7x 7.3x The announced Endoclear LLC transaction carries 4.7x EV / Revenue and 7.3x EV / EBITDA. May-2019 3M Company → Acelity LP, Inc. $6.7B n/a 15.2x The announced Acelity LP, Inc. transaction paired a sizeable platform with a diversified strategic portfolio. Oct-2014 Steris Corporation → Synergy Health plc n/a n/a 13.0x The announced Synergy Health plc transaction carries 13.0x EV / EBITDA.
- 1906 · METHODOLOGY
Sources, Assumptions and Data Quality
Sources, Assumptions and Data Quality.
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. 19
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. Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Health Care Equipment and Supplies and it clears the coverage gate with 6 of 10 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 17 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 458 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 (457) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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In This Sample, Premium Positions Align with Growth, Margin and Durable Revenue.
Closing statement that premium positions align with growth, margin and durable revenue in this sample.
In this sample, premium positions align with growth, margin and durable revenue. The companion tables carry the full universe, exclusion ledger and source index for any figure a client wants to trace further.
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In This Sample, Premium Positions Align with Growth, Margin and Durable Revenue. NeuraCap AI — Health Care Equipment and Supplies Coverage September 2026 · Prepared by NeuraCap AI · Confidential Health Care Equipment and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20
Sources and methodology
This report covers Health Care Equipment and Supplies (Health Care › Health Care Equipment and Services › Health Care Equipment and Supplies) with market data and consensus estimates as of September 28, 2026. The company universe is the 10 listed companies whose core business is Health Care Equipment and Supplies according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: AdaptHealth Corp. (AHCO), Baxter International Inc. (BAX), Cerus Corporation (CERS), IRadimed Corporation (IRMD), Kewaunee Scientific Corporation (KEQU), LivaNova PLC (LIVN), Nyxoah S.A. (NYXH), Solventum Corporation (SOLV), STERIS plc (STE), Stevanato Group S.p.A. (STVN). The market map groups them by business vertical — Implantable and therapeutic device platforms: 4 companies (LIVN, AHCO, IRMD, CERS); Procedural instruments and single-use hospital consumables: 4 companies (SOLV, BAX, STVN, NYXH); Adjacent models: 2 companies (STE, KEQU). 6 of the 10 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
Scope and company universe
This report covers Health Care Equipment and Supplies (Health Care › Health Care Equipment and Services › Health Care Equipment and Supplies) with market data and consensus estimates as of September 28, 2026. The company universe is the 10 listed companies whose core business is Health Care Equipment and Supplies according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: AdaptHealth Corp. (AHCO), Baxter International Inc. (BAX), Cerus Corporation (CERS), IRadimed Corporation (IRMD), Kewaunee Scientific Corporation (KEQU), LivaNova PLC (LIVN), Nyxoah S.A. (NYXH), Solventum Corporation (SOLV), STERIS plc (STE), Stevanato Group S.p.A. (STVN). The market map groups them by business vertical — Implantable and therapeutic device platforms: 4 companies (LIVN, AHCO, IRMD, CERS); Procedural instruments and single-use hospital consumables: 4 companies (SOLV, BAX, STVN, NYXH); Adjacent models: 2 companies (STE, KEQU). 6 of the 10 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
What was excluded and why
17 records failed a validation gate and never feed a statistic in this report (16 excluded from aggregate; 1 quarantined). Each exclusion, with its reason: AHCO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AHCO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AHCO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BAX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CERS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CERS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CERS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CERS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LIVN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NYXH — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NYXH — Implied EBITDA margin -827.4% outside the plausible band [-100%, 80%] (effect: quarantined) · NYXH — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NYXH — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NYXH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NYXH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NYXH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NYXH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)
Primary valuation basis and how it was chosen
Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Health Care Equipment and Supplies and it clears the coverage gate with 6 of 10 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 6 of 10 companies; EV / rEVenue: 9 of 10 companies; P/E: 6 of 10 companies. 1 company shows a non-meaningful EV / EBITDA denominator and is excluded from that statistic. 3 companies show a non-meaningful P / E denominator and are excluded from that statistic.
How the multiples and statistics are computed
Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥11.8x, Core 8.6x–11.8x, Discount <8.6x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 10.3x = median(ev_ebitda CY2027E) (6 rated companies) · 13.7x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 10.3x = median(ev_ebitda CY2027E) within Core tier (n=2) · 6.6x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 12.2x = median(ev_ebitda CY2027E) | growth ≥ 4% (n=3) · 8.1x = median(ev_ebitda CY2027E) | growth < 4% (n=3) · 12.2x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 23% (n=3) · 8.1x = median(ev_ebitda CY2027E) | EBITDA margin < 23% (n=3) · 29% = median Rule of 40 score (revenue growth + EBITDA margin) (n=6)
Precedent transactions: what is in the record and why
The precedent record holds the M&A transactions in Health Care Equipment and Supplies recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 23 transactions were recorded for this industry; 9 are shown. 14 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 9 × deal value unit unresolved; 11 × no evidence record; 1 × duplicate precedent id; 2 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.
Sources
Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 462 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.
Interpretation and important notice
Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.
This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.
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