Medical Imaging Equipment Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 21

←→Full screen

HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MEDICAL IMAGING EQUIPMENT

Medical Imaging Equipment: Where the Premium Sits, Size Is Not the Whole Story

The report shows how business mix, earnings durability and strategic fit separate value across imaging companies.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 21 · HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MEDICAL IMAGING EQUIPMENT

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MEDICAL IMAGING EQUIPMENT

   This is the cover slide introducing the Medical Imaging Equipment sector outlook dated September 28, 2026.

   This report examines the Medical Imaging Equipment sector as of September 28, 2026, using EV / EBITDA (CY2027E) as the primary valuation basis. We built it to show that where the premium sits is not simply a function of size — positioning and earnings durability matter more.

   Everything on this page

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MEDICAL IMAGING EQUIPMENT Medical Imaging Equipment: Where the Premium Sits, Size Is Not the Whole Story The report shows how business mix, earnings durability and strategic fit separate value across imaging companies. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the five sections and the appendix that make up the report.

   We've structured this report so the bottom line comes first — section 01 gives you the whole story on a single page. From there we walk through the landscape, valuation and situations, precedent transactions, and strategic implications, with a full appendix behind every figure. So what: a client can stop after page one and still leave with our conclusion, or go deeper on demand.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line Medical Imaging Divides into Broad Platforms and Focused Radiation Instrumentation 02 The Landscape Broad Imaging Exposure Holds the Names; Radiation Instrumentation Holds the Premium 03 Valuation & Situations The Top of the Range Sits with Focused Positioning and Durable Forward Earnings 04 Precedent Transactions Buyers Pursue Both Scaled Platforms and Targeted Imaging Capabilities 05 Strategic Implications Value Improves When the Equipment Sale Supports a Durable Earnings Story 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Medical Imaging Equipment Splits Between Broad Platforms and Radiation Instrumentation

   This page summarizes the report's central finding that the sector divides between broad imaging platforms and radiation instrumentation.

   Of the nine approved companies, eight sit in the broad adjacent-imaging group — 89% of the set — spanning established platforms and newer point-of-care models. The one radiation-instrumentation name, Mirion Technologies (MIR), trades at 13.5x forward EV / EBITDA, well above the 7.9x seen at the discount end of the adjacent group. Margin alone doesn't explain the spread: among the five rated names, valuation and profitability line up for some but not others. Precedent deals span both ends too, from Hologic at $18.3B to View Point Medical at $140M. So what: scale isn't the story here — positioning and earnings durability are what separate the premium names from the rest.

   Everything on this page

   01 · THE BOTTOM LINE Medical Imaging Equipment Splits Between Broad Platforms and Radiation Instrumentation 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 (5 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Most Names Sit in the Broad Adjacent Group 8 of 9 approved names sit in adjacent imaging, navigation and spine systems, representing 89% of the set. This group spans established platforms and newer point-of-care models, so commercial maturity varies within it. 2 Radiation Instrumentation Sits at the Top of the Range Mirion Technologies, Inc. (MIR) is the single radiation instrumentation name and carries 13.5x forward EV / EBITDA. The discount end is 7.9x across two adjacent-group names, suggesting different expectations for earnings durability. 3 Margin Alone Does Not Sort the Names Among the 5 names with a forward EV / EBITDA estimate, two sit above both valuation and the 18% margin line. One sits above the valuation line with a lower margin, while another shows the reverse. 4 Transactions Span Platform and Capability Deals Among transactions with disclosed values, Hologic, Inc is shown at $18.3B and View Point Medical, Inc. at $140M. The buyer mix is consistent with different paths to installed-base access and capability expansion. 9.2x Sector median EV/EBITDA CY2027E consensus · 5 rated of 9 companies 13.5x Premium end EV/EBITDA vs 7.9x at the discount end top quartile (n=1) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 11 Transactions with disclosed terms 22 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   This divider introduces section two, covering the market map of imaging exposure and instrumentation.

   Broad imaging exposure holds most of the names, while radiation instrumentation holds the premium. Let's walk through how the approved universe breaks down by business segment.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE Broad Imaging Exposure Holds the Names; Radiation Instrumentation Holds the Premium The approved names span established equipment platforms, enabling technologies and newer point-of-care models. 02 of 06 Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Broad Imaging Holds the Set, While Focused Radiation Exposure Stands Apart

   This slide groups the nine approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

   We've grouped the approved universe by business segment to see where the premium actually sits. Broad imaging carries most of the names, while radiation instrumentation stands apart as a distinct commercial model. Group medians here are calculated only on rated names, since not every company has an eligible multiple. So what: the market map shows this is a sector with one label but two different investment cases underneath it.

   Everything on this page

   02 · MARKET MAP Broad Imaging Holds the Set, While Focused Radiation Exposure Stands Apart 9 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. Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: SPINE IMPLANTS WITH ENABLING IMAGING AND NAVIGATION 8 cos median 8.6x GE HealthCare (GEHC) Koninklijke (PHG) Globus Medical (GMED) Butterfly Network (BFLY) Alphatec Holdings (ATEC) Varex Imaging (VREX) Hyperfine (HYPR) Nano-X Imaging (NNOX) This group contains 89% of approved names and spans equipment, navigation, enabling technology and point-of-care models. RADIATION DETECTION, DOSIMETRY AND NUCLEAR IMAGING INSTRUMENTATION 1 cos 13.5x · 1 rated Mirion (MIR) This focused group links imaging instrumentation with radiation safety and dosimetry requirements.

6. 06
   02 · LANDSCAPE

   One Sector Label Covers Two Distinct Commercial Models

   This slide details how one sector label covers two distinct commercial models.

   The sector-level label hides real differences in how these businesses generate revenue and defend margin. Full company-level detail sits in the appendix, but the segment view here already shows why a single multiple can't describe the group. So what: understanding the commercial model behind each name is a precondition for reading its valuation correctly.

   Everything on this page

   02 · LANDSCAPE One Sector Label Covers Two Distinct Commercial Models 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. Medical Imaging Equipment 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 Adjacent: spine implants with enabling imaging and navigation 8 89% 8.6x GE HealthCare Technologies Inc. (GEHC) · Koninklijke Philips N.V. (PHG) · +6 more Broad, varied equipment exposure. These approved names serve imaging, navigation and adjacent procedural workflows. Their value stories differ with installed base, service attach, recurring mix and commercial maturity. Radiation detection, dosimetry and nuclear imaging instrumentation 1 11% 13.5x n=1 Mirion Technologies, Inc. (MIR) Focused radiation instrumentation. This group serves specialised detection, dosimetry and nuclear imaging needs. Regulatory obligations and focused applications distinguish its commercial position from broader equipment platforms.

7. 07
   SECTION 03

   03

   This divider introduces section three on public market valuation.

   The top of the range sits with focused positioning and durable forward earnings. A forward EV / EBITDA lens already credits forecast performance, which raises the bar for a sustained premium.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Sits with Focused Positioning and Durable Forward Earnings A forward EV / EBITDA lens already credits forecast performance, raising the test for a sustained premium. 03 of 06 Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   Focused Positioning Holds the Top While Broader Names Fill the Lower End

   This slide ranks the five rated companies by EV/EBITDA (CY2027E) against a 9.2x sector median.

   Among the five rated companies, focused positioning holds the top of the range while broader names fill the lower end, against a sector median of 9.2x. Every multiple shown here sits on the same CY2027E basis, so the ranking is directly comparable across names. Tier zones are our own groupings cut at the rated set's quartiles, not a market convention. So what: the range shows real dispersion, and the top isn't defined by size — it's defined by how the market prices forward earnings quality.

   Everything on this page

   03 · PUBLIC MARKET VALUATION Focused Positioning Holds the Top While Broader Names Fill the Lower End EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 9.2x · 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 (5 of 9 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. Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.5x CORE · median 10.1x DISCOUNT · median 7.9x Sector median 9.2x WHAT SEPARATES THE TWO ENDS The top is specialised. The premium end is 13.5x and contains the focused radiation instrumentation name. Its positioning differs from the broader adjacent businesses at the lower end. The lower end is broader. The discount end is 7.9x across two adjacent-group names. Their placement shows that equipment breadth and profitability do not translate into the same forward valuation. Forward pricing raises the bar. The ranked page shows 9 approved names, with 5 names with a forward EV / EBITDA estimate. Because the multiple already credits forecast earnings, premium positioning also requires confidence in durability.

9. 09
   03 · VALUATION DRIVERS

   Higher Margins Sit with the Top of the Range, and Business Quality Shows up in the Forward Earnings

   This slide splits median EV/EBITDA (CY2027E) by revenue-growth and EBITDA-margin cohorts among rated names.

   Higher margins tend to sit with the top of the range, and business quality shows up in the forward earnings multiple. These cohort splits are association, not causation — we're describing what the data shows, not claiming one drives the other. So what: margin and growth profile are useful screens for where a name is likely to sit in the valuation range, even if they don't fully explain it.

   Everything on this page

   03 · VALUATION DRIVERS Higher Margins Sit with the Top of the Range, and Business Quality Shows up in the Forward Earnings 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Profitability Supports Positioning Without Sorting the Range Cleanly The valuation-and-margin map contains names on both sides of each dividing line. Margin therefore needs to be considered with growth, mix and the durability of the earnings base. Installed Base Creates the Foundation for Recurring Economics A large, active fleet can support service, parts and consumables pull-through. Fleet age, modality mix and replacement-cycle position shape the quality of that opportunity. Service Attach Turns Equipment Placements into Durable Relationships Renewal, uptime and first-time-fix performance influence the value of the field service organisation. The important distinction is the economics that follow the initial system placement. Software Upgrades Can Deepen Returns from Existing Hardware Paid software and AI attach can expand the revenue opportunity within an installed base. The commercial test is whether customers adopt upgrades through normal budget and tender cycles.

10. 10
    03 · SITUATION MAP

    The Five Forward-Earnings Names Occupy Four Different Operating Positions

    This slide places the five rated companies into four quadrants cut on EV/EBITDA versus the 9.2x median and EBITDA margin versus the 18% median.

    The five forward-earnings names split across four different operating positions once we cut on valuation versus the 9.2x sector median and margin versus the 18% covered median. These are observations, not recommendations — the boundaries are the cohort's own medians. So what: no single name occupies the same quadrant twice, which tells us the sector doesn't reward one strategy over another so much as it rewards clarity of position.

    Everything on this page

    03 · SITUATION MAP The Five Forward-Earnings Names Occupy Four Different Operating Positions Cut on EV / EBITDA vs the sector median (9.2x) (rows) and EBITDA margin vs the covered median (18%) (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. Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Margin Support Above-median multiple · above-median EBITDA margin 2 names GE HealthCare Technologies Inc. (GEHC) · Mirion Technologies, Inc. (MIR) GE HealthCare Technologies Inc. (GEHC) and Mirion Technologies, Inc. (MIR) sit above both dividing lines. Their positions combine higher forward valuation with above-line profitability. Premium Before Margin Conversion Above-median multiple · below-median EBITDA margin 1 names Alphatec Holdings, Inc. (ATEC) Alphatec Holdings, Inc. (ATEC) sits above the valuation line and below the margin line. Its position places emphasis on translating growth and product momentum into sustained profitability. Margin Ahead of Valuation Below-median multiple · above-median EBITDA margin 1 names Globus Medical, Inc. (GMED) Globus Medical, Inc. (GMED) sits below the valuation line and above the margin line. Its position indicates that profitability alone is not associated with premium placement in this set. Both Measures Below Line Below-median multiple · below-median EBITDA margin 1 names Koninklijke Philips N.V. (PHG) Koninklijke Philips N.V. (PHG) sits below both dividing lines. Its position places greater weight on earnings improvement, mix and confidence in durability.

11. 11
    03 · THE AGENDA

    Revenue Mix, Pricing and Build-Versus-Buy Are the Choices the Peer Valuations Point Toward

    This slide frames revenue mix, pricing and build-versus-buy as the strategic questions the peer valuations raise.

    The valuation spread points toward three questions any owner or acquirer should resolve: revenue mix, pricing power, and whether to build or buy the next capability. This is our advisory judgment grounded in the cohort data shown earlier, not investment advice. So what: these are the decisions that determine which side of the valuation range a company ends up on.

    Everything on this page

    03 · THE AGENDA Revenue Mix, Pricing and Build-Versus-Buy Are the Choices the Peer Valuations Point Toward 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 Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Installed-Base Economics Service attach, renewal and parts and consumables pull-through can strengthen the earnings quality behind equipment placements. What changes the answer: The route gains weight when fleet utilisation is healthy but recurring participation remains underdeveloped. Expand Paid Upgrades on Existing Systems Software and AI attach can add value to the installed base without relying solely on new equipment placements. What changes the answer: The route gains weight when customers show adoption through existing procurement and budget channels. Improve Field Service Productivity Uptime, first-time-fix performance and field service cost can improve the economics of the service book. What changes the answer: The route gains weight when service demand is durable but delivery cost constrains profitability. Choose Build Versus Buy by Capability Gap Detector, tube, navigation and software gaps can be addressed internally or through a focused transaction. What changes the answer: The answer changes with technical differentiation, regulatory timing and access to the target customer channel.

12. 12
    SECTION 04

    04

    This divider introduces section four on precedent transactions.

    Buyers are pursuing both scaled platforms and targeted imaging capabilities. The transaction record spans sponsor-backed platforms, imaging components and focused medical-device capabilities.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Pursue Both Scaled Platforms and Targeted Imaging Capabilities The transaction record spans sponsor-backed platforms, imaging components and focused medical-device capabilities. 04 of 06 Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

13. 13
    04 · DEAL CASE STUDIES

    The Transaction Record Supports More than One Route to Strategic Relevance

    This slide walks through three precedent transactions with disclosed terms as illustrative case studies.

    We've selected three of the eleven transactions with disclosed terms as case studies, with multiples shown on LTM financials at announcement. Hologic was recorded at $18.3B and View Point Medical at $140M, illustrating how differently sized deals both support strategic relevance. These deal multiples sit on a different basis than our CY2027E public comparables, so we don't draw a direct spread between them. So what: the transaction record confirms more than one route to strategic relevance — scale is one path, but focused capability is clearly another.

    Everything on this page

    04 · DEAL CASE STUDIES The Transaction Record Supports More than One Route to Strategic Relevance 3 of 11 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. 32 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. 11 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 Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Oct-2025 $18.3B Blackstone Inc.; TPG Capital Blackstone Inc.; TPG Capital acquired Hologic, Inc as a scaled healthcare platform. EV / LTM revenue 4.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The sponsor buyer group suggests an underwriting case centred on durable operating earnings and platform breadth. In imaging, installed-base and service economics can support that assessment. HOW THE TARGET WAS VALUED The disclosed value was $18.3B and the revenue multiple was 4.3x. That provides a scaled-platform benchmark within the transaction record. Aug-2026 $1.1B Teledyne Technologies Inc Teledyne Technologies Inc acquires Varex Imaging Corporation EV / LTM revenue 1.2x EV / LTM EBITDA 9.3x WHY THE DEAL HAPPENED The pairing suggests interest in imaging component capability, technical depth and customer access. It also fits the pattern of subsystem suppliers consolidating specialised capability. HOW THE TARGET WAS VALUED The disclosed value was $1.1B, with 1.2x EV / Revenue and 9.3x EV / EBITDA. The earnings multiple sits between the 8.0x and 11.3x transaction benchmarks in the record. Apr-2026 $140M Merit Medical Systems, Inc. Merit Medical Systems, Inc. agreed to acquire View Point Medical, Inc. as a focused addition to its… EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests that a broader medical-device owner saw strategic fit in View Point Medical, Inc. The transaction is consistent with buyers adding focused capabilities to existing commercial platforms. HOW THE TARGET WAS VALUED The disclosed value was $140M. That headline value is the usable benchmark for this focused capability transaction.

14. 14
    SECTION 05

    05

    This divider introduces section five on strategic implications for owners.

    Value improves when the equipment sale supports a durable earnings story. Service attach, recurring mix and focused capability all shape how owners can strengthen their position.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Value Improves When the Equipment Sale Supports a Durable Earnings Story Service attach, recurring mix and focused capability shape how owners can strengthen positioning. 05 of 06 Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

15. 15
    05 · STRATEGIC IMPLICATIONS

    For Owners, More Durable Forward Earnings Are Associated with the Higher Multiples

    This slide sets out the questions durable forward earnings put on the table for owners over the next twelve months.

    For owners, more durable forward earnings are associated with the higher multiples we saw in the valuation section. This is directional, our own view drawn from the analysis in this report, not a recommendation. So what: the practical takeaway is to treat earnings durability as a lever management can actually influence, not just a market outcome to observe.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS For Owners, More Durable Forward Earnings Are Associated with the Higher Multiples 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 Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Build Beyond the Equipment Placement A stronger position combines hardware demand with service attach, renewal and parts and consumables pull-through. The objective is a more durable earnings base across the replacement cycle. FOR OPERATORS Turn the Installed Base into Operating Evidence Focus on uptime, first-time-fix performance, upgrade adoption and field service cost. These operating levers shape the quality of recurring economics. FOR BOARDS Allocate Capital Around Capability and Channel Gaps Compare internal investment with focused acquisitions across components, software and customer access. Regulatory timing and commercial reach should shape the choice.

16. 16
    SECTION 06

    06

    This divider introduces the appendix covering the full universe, methodology and sources.

    The full universe, methodology and sources sit behind every figure in the body of this report. This section gives comparables detail, the valuation basis, and where each underlying disclosure lives.

    Everything on this page

    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 Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This appendix table lists all nine approved companies, showing the five rated on EV/EBITDA (CY2027E) against the 9.2x median.

    This table carries all five rated companies against the 9.2x sector median, with four additional names shown as not rated because they lack an eligible multiple. Tickers link to the underlying source so every figure can be traced. So what: this is the full comparable set behind every valuation chart earlier in the deck.

    Everything on this page

    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 (9.2x); amber marks below · 5 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 5 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 Imaging Equipment 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 — ≥11.1x · median 13.5x · 1 companies Mirion Technologies, Inc. MIR Radiation detection, dosimetry and nuclear imaging… $4.5B 13.5x 7% 25% 34 CORE — 8.1x–11.1x · median 10.1x · 2 companies Alphatec Holdings, Inc. ATEC Adjacent: spine implants with enabling imaging and… $2.0B 11.1x 15% 16% 33 GE HealthCare Technologies Inc. GEHC Adjacent: spine implants with enabling imaging and… $38.9B 9.2x 5% 18% 23 DISCOUNT — <8.1x · median 7.9x · 2 companies Globus Medical, Inc. GMED Adjacent: spine implants with enabling imaging and… $9.6B 8.1x 6% 34% 41 Koninklijke Philips N.V. PHG Adjacent: spine implants with enabling imaging and… $30.6B 7.7x 4% 18% 23

18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first.

    Of 22 recorded transactions, 11 carry disclosed terms and are listed here newest first, with deal values linked to the underlying filing. Multiples shown are LTM at announcement and are not directly comparable to our CY2027E public basis. So what: this is the complete disclosed-terms record supporting the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (22 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. 32 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. 11 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. Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Teledyne Technologies Inc → Varex Imaging Corporation $1.1B 1.2x 9.3x Teledyne Technologies Inc and Varex Imaging Corporation pair diversified technology ownership with imaging capability. The transaction suggests strategic interest in imaging components and customer access. Apr-2026 CJ CheilJedang Corp. → EDAP TMS SA n/a n/a 8.0x CJ CheilJedang Corp. agreed to acquire EDAP TMS SA. The pairing shows that buyer interest can extend beyond established imaging and medtech owners. Apr-2026 Merit Medical Systems, Inc. → View Point Medical, Inc. $140M n/a n/a Merit Medical Systems, Inc. agreed to acquire View Point Medical, Inc. The transaction places a focused medical capability within a broader medical-device owner. Oct-2025 Blackstone Inc.; TPG Capital → Hologic, Inc $18.3B 4.3x n/a Blackstone Inc.; TPG Capital acquired Hologic, Inc. The transaction suggests confidence in the earnings and operating profile of an established healthcare platform. Nov-2020 n/a → Butterfly Network, Inc. $1.9B 46.3x n/a The Butterfly Network, Inc. transaction sits within the record for newer imaging models. Such businesses are commonly assessed through installed-base development and the path toward recurring economics. Apr-2020 n/a → Substantially All Assets of CEO Imaging Systems, Inc. n/a 1.3x n/a Substantially All Assets of CEO Imaging Systems, Inc. entered the transaction record through an asset acquisition. This structure can isolate a specific operating capability from a broader organisation. Apr-2018 Altaris Capital Partners, LLC → Analogic Corporation n/a n/a 11.3x Altaris Capital Partners, LLC agreed to acquire Analogic Corporation. The pairing suggests a financial underwriting case around an established imaging equipment business. Dec-2014 Royal Philips NV → Volcano Corp. n/a 0.7x n/a Royal Philips NV acquired Volcano Corp. The pairing suggests a route to broaden imaging capability within an established healthcare platform. Dec-2013 Covidien plc → Given Imaging Ltd. n/a 5.2x n/a Covidien plc agreed to acquire Given Imaging Ltd. The transaction suggests strategic interest in adding focused imaging capability to a broader medical platform.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first.

    This second page completes the list of the 11 disclosed-terms transactions out of 22 recorded, continuing newest first. As before, deal values link to the underlying filing and multiples sit on an LTM-at-announcement basis. So what: together these two pages give a client the full precedent record behind our transaction commentary.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (22 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. 32 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. 11 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. Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2013 GSI Group Inc. → NDS Surgical Imaging n/a 0.7x n/a Value shown as recorded in the filing; deal value unit unresolved. n/a Undisclosed buyer → Bruker Corporation n/a 2.6x 15.3x Value shown as recorded in the filing; divestiture roles reassigned.

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, assumptions and data-quality treatment.

    Every figure in this report links to the record it was taken from, and where no link exists, the appendix names the source and the basis on which it was read. This is where we document what was included, what was excluded, and why. So what: a client can trace any number in this deck back to its origin.

    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 Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 9 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 Medical Imaging Equipment and it clears the coverage gate with 5 of 9 companies (56%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 6 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 24 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 403 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 (402) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    The Premium Sits with Distinct Positioning and Credible Forward Earnings.

    This closing slide restates that the premium sits with distinct positioning and credible forward earnings.

    The premium in Medical Imaging Equipment sits with distinct positioning and credible forward earnings, not simply with size. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    The Premium Sits with Distinct Positioning and Credible Forward Earnings. NeuraCap AI — Medical Imaging Equipment Coverage September 2026 · Prepared by NeuraCap AI · Confidential Medical Imaging Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

More coverage in Health Care

• Bi-Weekly Update · Sep 28, 2026Medical Imaging Equipment Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Managed Health Care Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Managed Health Care Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Bi-Weekly Update · Sep 28, 2026Medical Devices Bi-Weekly Industry Events & M&A Update — September 14–28, 2026