Medical Devices Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MEDICAL DEVICES

Medical Devices: Premiums Sit with Faster Growth

This report shows where value sits across business models, public peers and precedent transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

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

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

Sources & methodology

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1. 01

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MEDICAL DEVICES

   Cover slide introducing the Medical Devices sector outlook as of September 2026.

   We open with the medical devices sector as of September 2026, valued primarily on EV / Revenue for CY2027E. This report sets up where value concentrates across diversified platforms, procedure-led franchises and adjacent models.

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

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus appendix: the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications.

   We start with the roadmap: five numbered sections covering the bottom line, the market landscape, valuation and situations, precedent transactions and strategic implications, plus an appendix. The bottom line comes first by design, so if we only get through section one, you still leave with the full story. From here we build out the evidence behind that headline view.

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   CONTENTS What This Report Covers 01 The Bottom Line Medical Devices Reward Growth That Looks Durable 02 The Landscape Procedure-Led Franchises Hold the Higher Ground 03 Valuation & Situations The Forward Premium Demands More than a Growth Forecast 04 Precedent Transactions Buyers Are Paying Across Scale, Profitability and Strategic Fit 05 Strategic Implications Strengthen the Revenue Model Behind the Forecast 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Medical Devices Split Between Diversified Platforms, Procedure-Led Franchises and Lower-Valued Adjacent Models

   This slide summarises the report's central finding: medical devices split into diversified platforms, procedure-led franchises and lower-valued adjacent models.

   Medical devices don't trade as one market: procedure-led franchises command the highest valuations, diversified platforms sit in the middle, and adjacent models trade lowest, at 3.9x, 3.4x and 1.5x respectively. Names growing faster than 9% sit at 3.7x versus 2.4x for slower growers, but the forward lens already prices in that growth. The premium tier trades at 6.7x against 0.8x at the discount end, a spread that points to differing views on durability rather than growth alone. So the operating story for owners and acquirers centres on proving that growth is durable, not just fast.

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   01 · THE BOTTOM LINE Medical Devices Split Between Diversified Platforms, Procedure-Led Franchises and Lower-Valued Adjacent Models 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 (30 of 33 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 (30 of 33 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Faster Growth Travels with Higher Forward Revenue Multiples Names above 9% growth sit at 3.7x, compared with 2.4x below that mark. Owners still need to connect the forecast to procedure volume, installed base growth and consumable pull-through. 2 Procedure-Led Franchises Sit Above Adjacent Models Surgical instruments and procedural consumables sit at 3.9x, diversified medtech platforms at 3.4x and adjacent models at 1.5x. The contrast puts revenue mix and account-level switching friction at the centre of the value story. 3 The Premium End Requires a Durability Case The premium end sits at 6.7x versus 0.8x at the discount end. Because the forward lens already credits expected growth, the spread is consistent with differing views on reimbursement, adoption and revenue durability. 4 Growth-Only Names Sit Near the Top of the Range Among four names clearing both 6% growth and 24% margin bars, the middle sits at 5.9x; five growth-only names sit at 6.6x. Among four names below both bars, the middle sits at 1.8x. 3.4x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue and 5 of 33 names are… 6.7x Premium end EV/Revenue vs 0.8x at the discount end top quartile (n=8) against bottom quartile (n=7) on EV/Revenue — the spread the report explains 44 Transactions with disclosed terms 107 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 market landscape section, covering how business segments compare on valuation.

   Next we turn to the market landscape: how diversified platforms, procedure-led franchises and adjacent models compare on valuation. Surgical instruments and consumables sit above the broader platform set, which sets up the segment view ahead.

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   SECTION 02 02 THE LANDSCAPE Procedure-Led Franchises Hold the Higher Ground Diversified platforms anchor the set, while surgical instruments and consumables sit higher. 02 of 06 Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Procedure Exposure Carries the Higher Valuation Position

   This slide groups the approved companies by business segment and shows the median EV / Revenue for each group.

   We group the approved companies into segments and rank them by median EV / Revenue on CY2027E. Procedure exposure carries the higher valuation position in this set. That contrast tells us where the market is already paying up, and where it isn't. So the segment a company sits in shapes its valuation starting point as much as its own growth story.

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   02 · MARKET MAP Procedure Exposure Carries the Higher Valuation Position 33 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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED MEDTECH PLATFORMS 21 cos median 3.4x Medtronic (MDT) Boston Scientific (BSX) Penumbra (PEN) Globus Medical (GMED) Glaukos (GKOS) Haemonetics (HAE) TransMedics Group (TMDX) Integra (IART) AxoGen (AXGN) Alphatec Holdings (ATEC) PROCEPT (PRCT) Cerus (CERS) Delcath Systems (DCTH) Avita Medical (RCEL) Senseonics (SENS) InMode (INMD) Profound Medical (PROF) Pulmonx (LUNG) +3 more Scale and product breadth make this group the anchor for the public peer set. SURGICAL INSTRUMENTS AND PROCEDURAL CONSUMABLES 9 cos median 3.9x Intuitive Surgical (ISRG) Becton, (BDX) ResMed (RMD) West (WST) Stevanato Group (STVN) Pulse Biosciences (PLSE) Embecta (EMBC) Azenta (AZTA) Nyxoah S.A. (NYXH) Procedure exposure and recurring consumable potential place this group toward the higher end. ADJACENT MODELS 3 cos median 1.5x Alpha Tau Medical (DRTS) Cognyte Software (CGNT) Anika Therapeutics (ANIK) These businesses broaden the map but sit outside the main medtech operating pattern.

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   02 · LANDSCAPE

   Surgical Instruments and Consumables Sit Above the Broader Platform Set

   This slide compares segment groups, showing surgical instruments and consumables valued above the broader platform set.

   Looking segment by segment, surgical instruments and consumables sit above the broader platform set on median EV / Revenue. Diversified platforms anchor the middle of the distribution. This tells us procedure-linked revenue is the more valued mix today. So portfolio decisions should weigh how much procedure-linked revenue a business carries.

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   02 · LANDSCAPE Surgical Instruments and Consumables Sit Above the Broader Platform Set 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. Medical 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 medtech platforms 21 64% 3.4x Medtronic plc (MDT) · Boston Scientific Corporation (BSX) · +19 more Scale anchors the set. Among 21 names, 20 have a forward estimate and the middle sits at 3.4x. Product breadth can support resilience, but owners still need clear franchise-level growth and capital allocation discipline. Surgical instruments and procedural consumables 9 27% 3.9x Intuitive Surgical, Inc. (ISRG) · Becton, Dickinson and Company (BDX) · +7 more Procedure exposure carries a premium. Among 9 names, 8 have a forward estimate and the middle sits at 3.9x. Procedure volume, consumable attach and physician relationships are central to the commercial case. Adjacent models 3 9% 1.5x Alpha Tau Medical Ltd (DRTS) · Cognyte Software Ltd. (CGNT) · +1 more Adjacency sits at a discount. Among 3 names, 2 have a forward estimate and the middle sits at 1.5x. The valuation gap makes business-model fit and buyer relevance important questions.

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   03

   Divider introducing the valuation section, noting that the forward premium requires more than a growth forecast.

   Section three turns to valuation: the forward premium already reflects expected growth, so durability and revenue quality carry more weight than the growth number alone. We'll walk through where the range sits and what separates the ends of it.

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   SECTION 03 03 VALUATION & SITUATIONS The Forward Premium Demands More than a Growth Forecast Expected growth is already reflected, increasing the importance of durability and revenue quality. 03 of 06 Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Valuation Range Widens When Growth Durability Comes into Focus

   This slide ranks all rated companies by EV / Revenue (CY2027E) and shows a sector median of 3.4x.

   Across the rated companies, EV / Revenue on CY2027E carries a sector median of 3.4x, with the range widening once we account for growth durability. We use this basis because practitioners price this industry on revenue rather than EBITDA. That choice matters here since a number of names are loss-making on forward EBITDA. So the multiple a name earns says as much about durability as about growth.

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   03 · PUBLIC MARKET VALUATION The Valuation Range Widens When Growth Durability Comes into Focus EV / Revenue (CY2027E) · all 30 rated companies, sorted descending · sector median 3.4x · EV/Revenue is the lens because practitioners price this growth set on revenue and 5 of 33 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 (30 of 33 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 (30 of 33 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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 6.7x CORE · median 3.4x DISCOUNT · median 0.8x Sector median 3.4x WHAT SEPARATES THE TWO ENDS The forward lens raises expectations. The premium end sits at 6.7x, while the discount end sits at 0.8x. Forecast growth is already reflected, so the remaining gap is consistent with different views on durability. Revenue quality still matters. Installed base economics, recurring pull-through and reimbursement support can make a growth forecast more credible through the hospital capital budget cycle. Durability remains the question. Management teams need an operating case that links account penetration, utilisation and pricing to sustained revenue performance.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 3.9x Against 2.0x Below It

   This slide splits rated companies into growth and margin cohorts and shows the median EV / Revenue for each half.

   Splitting the rated set at its covered margin median, names above the 24% EBITDA margin line carry 3.9x versus 2.0x below it. A parallel split on revenue growth follows the same direction, with faster growers trading above slower growers. This is an association across the cohorts shown, not a causal claim. So margin and growth cohort membership are useful markers of where a business sits in the valuation range.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 3.9x Against 2.0x Below It 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=15; slower n=14; higher-margin n=9; lower-margin n=9). Driver readings are NeuraCap views on the supplied data — association, not causation. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 9% · EBITDA-margin split at 24% The Growth Split Is Visible in Forward Valuation The median is 3.7x for 15 names above 9% growth, compared with 2.4x for 14 names below that mark. Procedure Adoption Gives Growth Its Commercial Context Procedure volume, utilisation and consumable pull-through show whether growth is broadening within the installed base or relying on continued capital placement. Profitability Remains a Qualifier Rather than a Clean Divider The operating question is whether gross margin structure, sales productivity and manufacturing scale can support growth as the franchise matures.

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    03 · SITUATION MAP

    Valuation and Growth Point to Different Operating Priorities

    This slide plots companies by EV / Revenue versus the sector median and by revenue growth versus the covered median to characterise situations, not recommendations.

    We cut the set on EV / Revenue against the 3.4x sector median and on revenue growth against the 9% covered median, producing four situations rather than a ranking. This is descriptive: it characterises where a company sits, it does not recommend buying or selling any security. The boundaries come from the cohort's own medians. So the map is a starting point for asking why a company sits where it does, not a verdict on it.

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    03 · SITUATION MAP Valuation and Growth Point to Different Operating Priorities Cut on EV / Revenue vs the sector median (3.4x) (rows) and revenue growth vs the covered median (9%) (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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Growth Above-median multiple · above-median revenue growth 10 names Intuitive Surgical, Inc. (ISRG) · Penumbra, Inc. (PEN) · Glaukos Corporation (GKOS) · +7 more Ten names combine above-middle growth with an above-middle forward multiple. The operating priority is to sustain adoption, capacity and recurring revenue without weakening unit economics. Higher Multiple, Lower Growth Above-median multiple · below-median revenue growth 6 names Medtronic plc (MDT) · Boston Scientific Corporation (BSX) · Becton, Dickinson and Company (BDX) · +3 more Six names retain an above-middle multiple despite below-middle growth. The priority is to protect revenue quality while finding credible sources of renewed procedure or account growth. Lower Multiple, Higher Growth Below-median multiple · above-median revenue growth 5 names Alphatec Holdings, Inc. (ATEC) · PROCEPT BioRobotics Corporation (PRCT) · Cognyte Software Ltd. (CGNT) · +2 more Five names show above-middle growth but remain below the middle of the valuation range. The value case needs clearer evidence on reimbursement, revenue mix, retention or the cost required to support growth. Lower Multiple, Lower Growth Below-median multiple · below-median revenue growth 8 names Globus Medical, Inc. (GMED) · Integra LifeSciences Holdings Corporation (IART) · Embecta Corp. (EMBC) · +5 more Eight names sit below the middle on both measures, with one name unmapped. The agenda centres on portfolio focus, cost structure and where capital can earn a stronger operating return.

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    03 · GROWTH VS PROFITABILITY

    Growth Clears the Valuation Bar More Often than Margin Alone

    This slide plots revenue growth against EBITDA margin for companies with both estimates, cut at the covered medians of 6% growth and 24% margin.

    Among the companies with both estimates, we cut on 6% growth and 24% margin to form four quadrants. Growth clears the valuation bar more often than margin alone in this set. Each quadrant carries only a handful of names, so we read the pattern as directional rather than definitive. So growth appears to be the more consistent gate to a higher multiple here, though the sample is small.

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    03 · GROWTH VS PROFITABILITY Growth Clears the Valuation Bar More Often than Margin Alone Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 18 companies with both estimates · cuts at the covered medians (6% growth, 24% 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=4; margin-only n=5; growth-only n=5; neither n=4). Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 20% 0% 10% 20% 30% 40% MARGIN ONLY median 3.4x BALANCED median 5.9x NEITHER median 1.8x GROWTH ONLY median 6.6x BDX IART RMD BSX MDT INGN ANIK AZTA GMED WST HAE STVN ISRG PEN ATEC TMDX AXGN GKOS x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The chart separates names at 6% growth and 24% margin. Among four names above both bars, the middle sits at 5.9x. Among five growth-only names, the middle sits at 6.6x; among four names below both bars, it sits at 1.8x. The small groups make this a directional view rather than a broad rule. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 18 names clear it (ISRG, RMD, GMED).

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    03 · THE AGENDA

    Mix, Pricing and Retention Are the Levers Open to Owners at Both Ends of the Range

    This slide frames mix, pricing and retention as the operating levers open to owners at both ends of the valuation range.

    The levers here are mix, pricing and retention — tools available to owners regardless of where they sit in the range. We frame these as questions to resolve, not as recommendations. This is a directional view, grounded in the cohort data covered earlier. So the practical next step is testing which of these levers moves the needle for a specific business.

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    03 · THE AGENDA Mix, Pricing and Retention Are the Levers Open to Owners at Both Ends of the Range 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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen the Recurring Revenue Model Increase utilisation, consumable attach and account penetration around the installed base rather than relying mainly on new capital placements. What changes the answer: The answer changes when pull-through improves without a matching increase in selling cost. Concentrate Resources Behind the Franchise Direct capital and commercial capacity toward products with established reimbursement, physician adoption and a credible path into adjacent indications. What changes the answer: The answer changes when a franchise shows repeatable procedure growth across accounts and channels. Rework the Cost Structure for Scale Align manufacturing, channel cost and sales coverage with the revenue mix the business can support through the next phase of growth. What changes the answer: The answer changes when incremental revenue begins to convert into durable operating contribution. Test Build Versus Buy Compare internal development with targeted product or channel additions that can deepen the procedural bag or accelerate account access. What changes the answer: The answer changes when acquisition economics offer a clearer return than internal development and commercial build-out.

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    04

    Divider introducing the precedent transactions section, covering deals across scale, profitability and strategic fit.

    Section four turns to the transaction record: buyers have paid across scale, profitability and strategic fit, spanning sponsor-backed scale deals and smaller strategic combinations. We'll walk through case studies first, then the full list.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Are Paying Across Scale, Profitability and Strategic Fit The transaction record spans sponsor-backed scale deals and smaller strategic combinations. 04 of 06 Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show What Buyers Agreed to Pay for Whole Companies Here

    This slide walks through a small set of disclosed transactions as case studies, with multiples on LTM financials at announcement.

    We walk through a handful of disclosed transactions as case studies, each priced on LTM financials at announcement. The complete list sits in the appendix for reference. These deal multiples are not directly comparable to the CY2027E public basis, so we don't draw a spread between the two. So the case studies show what buyers have actually paid for control, alongside — not against — the public market view.

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    04 · DEAL CASE STUDIES Precedent Transactions Show What Buyers Agreed to Pay for Whole Companies Here 3 of 44 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. 122 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 63 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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2025 $18.3B Blackstone Inc.; TPG Capital Blackstone Inc.; TPG Capital acquires Hologic, Inc EV / LTM revenue 4.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Blackstone Inc.; TPG Capital moved for Hologic, Inc in Oct-2025; the record shows it as completed. HOW THE TARGET WAS VALUED The filing records $18.3B of enterprise value, struck at 4.3x LTM revenue, the benchmark buyers in this segment start from. Aug-2026 $5.7B KKR KKR acquires Integer Holdings Corporation EV / LTM revenue 3.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED KKR moved for Integer Holdings Corporation in Aug-2026; the record shows it as announced. HOW THE TARGET WAS VALUED The filing records $5.7B of enterprise value, struck at 3.2x LTM revenue, the benchmark buyers in this segment start from. Jan-2024 $2.7B Boston Scientific Corporation Boston Scientific Corporation acquires Axonics, Inc. EV / LTM revenue 9.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Boston Scientific Corporation moved for Axonics, Inc. in Jan-2024; the record shows it as announced. HOW THE TARGET WAS VALUED The filing records $2.7B of enterprise value, struck at 9.4x LTM revenue, the benchmark buyers in this segment start from.

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    SECTION 05

    05

    Divider introducing the strategic implications section, focused on strengthening the revenue model behind the forecast.

    Section five turns to strategic implications: procedure growth, installed base economics and recurring pull-through shape the value case from here. We close with the questions this puts on the table for owners, management and boards.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Revenue Model Behind the Forecast Procedure growth, installed base economics and recurring pull-through shape the value case. 05 of 06 Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Value Case Starts with Revenue Quality and Ends with Operating Proof

    This slide sets out directional views on revenue quality and operating proof for owners, management teams and boards.

    For owners, the focus is making growth durable at the account level — utilisation, pull-through, pricing and retention within the installed base. For management teams, commercial spend should match procedure economics in the territories and channels that can support it. For boards, capital allocation should follow the evidence for reimbursement, adoption and recurring revenue. So the value case starts with revenue quality and ends with proof in the operating numbers.

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    05 · STRATEGIC IMPLICATIONS The Value Case Starts with Revenue Quality and Ends with Operating Proof 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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Make Growth Durable at the Account Level Focus on utilisation, consumable pull-through, pricing and retention within the installed base. These operating measures show whether growth can persist beyond new placements. FOR MANAGEMENT TEAMS Match Commercial Spend to Procedure Economics Prioritise territories, indications and channels where procedure volume can support sales productivity and account depth. FOR BOARDS Allocate Capital Around Franchise Evidence Compare portfolio investment, cost restructuring and targeted acquisitions against the durability of reimbursement, adoption and recurring revenue.

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    SECTION 06

    06

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

    The final section carries the full universe: every comparable, the valuation basis, and where each underlying disclosure lives. Use it to trace any 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 Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

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

    This slide lists rated public comparables grouped by valuation tier against EV / Revenue on CY2027E.

    This page lists the rated comparables grouped into valuation tiers, shaded above and below the 3.4x sector median. Tickers link through to the underlying source for anyone who wants to check the numbers. Names without an eligible multiple are set out separately. So this is the evidence base behind the valuation view, not a summary of it.

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    06 · PUBLIC COMPARABLES (1 OF 2) 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 · 30 rated companies; 3 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 30 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. Medical 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 — ≥4.0x · median 6.7x · 8 companies Glaukos Corporation GKOS Diversified medtech platforms $9.1B 10.8x 22% 11% 40 Intuitive Surgical, Inc. ISRG Surgical instruments and procedural consumables $143B 10.7x 13% 45% 57 West Pharmaceutical Services, Inc. WST Surgical instruments and procedural consumables $26.4B 7.4x 6% 28% 35 Penumbra, Inc. PEN Diversified medtech platforms $12.2B 6.8x 13% 16% 29 AxoGen, Inc. AXGN Diversified medtech platforms $2.2B 6.6x 20% 10% 32 ResMed Inc. RMD Surgical instruments and procedural consumables $31.4B 5.3x 4% 39% 44 Stevanato Group S.p.A. STVN Surgical instruments and procedural consumables $6.9B 4.3x 9% 27% 38 Profound Medical Corp. PROF Diversified medtech platforms $172M 4.1x 68% n/a n/a CORE — 1.7x–4.0x · median 3.4x · 15 companies Haemonetics Corporation HAE Diversified medtech platforms $5.8B 3.9x 6% 30% 38 Senseonics Holdings, Inc. SENS Diversified medtech platforms $389M 3.9x 56% n/a n/a TransMedics Group, Inc. TMDX Diversified medtech platforms $3.2B 3.7x 18% 14% 36 Avita Medical Inc. RCEL Diversified medtech platforms $393M 3.6x 26% n/a n/a Delcath Systems, Inc. DCTH Diversified medtech platforms $457M 3.5x 24% n/a n/a Boston Scientific Corporation BSX Diversified medtech platforms $75.4B 3.4x 4% 31% 35 Becton, Dickinson and Company BDX Surgical instruments and procedural consumables $67.1B 3.4x 3% 30% n/a

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    06 · PUBLIC COMPARABLES (2 OF 2)

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

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

    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 · 30 rated companies; 3 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 30 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. 19

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) 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 · 30 rated companies; 3 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 30 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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 1.7x–4.0x · median 3.4x · 15 companies Medtronic plc MDT Diversified medtech platforms $135B 3.4x 4% 27% 32 Globus Medical, Inc. GMED Diversified medtech platforms $9.6B 2.8x 6% 34% 41 Alphatec Holdings, Inc. ATEC Diversified medtech platforms $2.0B 2.0x 15% 16% 33 Azenta, Inc. AZTA Surgical instruments and procedural consumables $1.3B 1.9x 5% 14% n/a Cerus Corporation CERS Diversified medtech platforms $509M 1.8x 9% n/a n/a Anika Therapeutics, Inc. ANIK Specialty therapeutic device franchises $235M 1.8x 5% 16% 22 Integra LifeSciences Holdings Corporation IART Diversified medtech platforms $3.0B 1.8x 3% 20% 25 PROCEPT BioRobotics Corporation PRCT Diversified medtech platforms $814M 1.7x 21% n/a n/a DISCOUNT — <1.7x · median 0.8x · 7 companies Embecta Corp. EMBC Surgical instruments and procedural consumables $1.5B 1.4x 5% n/a n/a Cognyte Software Ltd. CGNT Adjacent: enterprise security analytics software $574M 1.2x 10% n/a n/a InMode Ltd. INMD Diversified medtech platforms $368M 1.0x 2% n/a n/a Sensus Healthcare, Inc. SRTS Diversified medtech platforms $28M 0.8x 45% n/a 52 Nyxoah S.A. NYXH Surgical instruments and procedural consumables $55M 0.7x n/a n/a n/a Pulmonx Corporation LUNG Diversified medtech platforms $60M 0.6x 19% n/a n/a Inogen, Inc. INGN Diversified medtech platforms $56M 0.2x 5% 1% 7

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first.

    This page opens the full precedent list, newest first, showing a subset of the transactions with disclosed terms. Deal multiples sit on LTM financials at announcement, a different basis from the CY2027E public multiples used elsewhere, so we don't compare the two directly. The remaining transactions sit in the companion workbook. So this is the record of what buyers actually paid, organised for quick reference.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 44 transactions with disclosed terms in this tier (107 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. 122 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 63 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. 18 of 44 transactions shown; the rest are in the companion workbook. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 KKR → Integer Holdings Corporation $5.7B 3.2x n/a KKR paid $5.7B at 3.2x LTM revenue. Jul-2026 MiMedx Group, Inc. → Sanara MedTech Inc. $350M 3.2x 18.5x MiMedx Group, Inc. paid $350M at 3.2x LTM revenue. Apr-2026 Undisclosed buyer → CONMED Corporation $2.0B 1.5x 7.9x Undisclosed buyer paid $2.0B at 1.5x LTM revenue. Dec-2025 n/a → FONAR Corporation $103M 0.3x 2.0x n/a paid $103M at 0.3x LTM revenue. Dec-2025 1567208 B.C. Ltd. → Quipt Home Medical Corp. $264M 1.0x 4.5x 1567208 B.C. Ltd. paid $264M at 1.0x LTM revenue. Oct-2025 Blackstone Inc.; TPG Capital → Hologic, Inc $18.3B 4.3x n/a Blackstone Inc.; TPG Capital paid $18.3B at 4.3x LTM revenue. May-2025 Gregg G Williams 2006 Irrevocable Trust → Vivani Medical, Inc. $63M n/a n/a Gregg G Williams 2006 Irrevocable Trust paid $63M. Feb-2025 Globus Medical, Inc. → Nevro Corp. $374M 0.9x n/a Globus Medical, Inc. paid $374M at 0.9x LTM revenue. Nov-2024 Standex International Corporation → Arctic Solutions, Inc. $6M n/a n/a Standex International Corporation paid $6M.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the precedent transactions list with disclosed terms, newest first.

    This second page completes the set of transactions shown here, out of the full disclosed-terms list. The same LTM-at-announcement basis applies, and the remaining record sits in the companion workbook. So together these two pages give the visible slice of the deal record behind the report's transaction commentary.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 44 transactions with disclosed terms in this tier (107 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. 122 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 63 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. 18 of 44 transactions shown; the rest are in the companion workbook. Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2024 UFP Technologies, Inc. → AQF Medical n/a n/a 12.3x Jan-2024 Boston Scientific Corporation → Axonics, Inc. $2.7B 9.4x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2023 Patient Square Capital, LP → Eargo, Inc. n/a 0.7x 8.8x Aug-2023 Bruker Corporation → PhenomeX Inc. n/a 1.0x n/a Dec-2021 Rayner Surgical Inc. → OMEROS CORPORATION $791M 8.7x n/a Value shown as recorded in the filing; deal value unit unresolved. Sep-2021 Baxter International Inc. → Hill-Rom Holdings, Inc. n/a n/a 18.9x Sep-2021 ZOLL Medical Corporation → Itamar Medical Ltd. n/a 9.9x n/a Aug-2021 Medtronic PLC → Intersect ENT, Inc. n/a 10.5x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2020 Vesper Healthcare Acquisition Corp. → HydraFacial $1.1B n/a n/a

22. 22
    06 · 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. 22

    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. Medical Devices Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (30 of 33 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 (30 of 33 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Medical Devices and it clears the coverage gate with 30 of 33 companies (91%). 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 (17 of 33 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 81 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 1379 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 (1378) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

23. 23

    In This Sample, the Premium Sits with Faster Growth and a More Durable Revenue Story.

    Closing slide stating that in this sample, the premium sits with faster growth and a more durable revenue story.

    In this sample, the premium sits with faster growth and a more durable revenue story. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    In This Sample, the Premium Sits with Faster Growth and a More Durable Revenue Story. NeuraCap AI — Medical Devices Coverage September 2026 · Prepared by NeuraCap AI · Confidential Medical Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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