Regenerative Medicine Sector Outlook — September 2026

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HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › REGENERATIVE MEDICINE

Regenerative Medicine: Earnings Quality Separates Value

This report shows how profit visibility, reimbursement durability and platform breadth distinguish the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › REGENERATIVE MEDICINE

   Cover page introducing the September 2026 regenerative medicine sector outlook and its central finding.

   We open this review of regenerative medicine with the finding that profit visibility, not just growth, sets the valuation split across implants, instrumentation and therapeutics. What follows walks through where that split shows up and what it means for owners and boards.

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   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › REGENERATIVE MEDICINE Regenerative Medicine: Earnings Quality Separates Value This report shows how profit visibility, reimbursement durability and platform breadth distinguish the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five main sections plus the appendix.

   We've structured this report so the bottom line comes first: even a reader who only reads section one leaves with the full story. The sections that follow build the evidence — the landscape, valuation, precedent deals and the strategic agenda — for anyone who wants to go deeper.

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   CONTENTS What This Report Covers 01 The Bottom Line Regenerative Medicine Contains Distinct Business Models with Very Different Valuation Support 02 The Landscape Commercial Platforms Carry the Valuation Evidence 03 Valuation & Situations The Premium Survives a Forward Profit Lens 04 Precedent Transactions Precedent Transactions Favour Established Wound and Tissue Platforms 05 Strategic Implications The Operating Agenda Is Revenue Quality, Portfolio Breadth and Consistent Conversion 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Regenerative Medicine Splits Across Implants, Instrumentation, Therapeutics and Adjacent Models

   This page summarises the sector's valuation split across implants, instrumentation, therapeutics and adjacent business models.

   We find that only 4 of the 8 companies in this set carry a forward EV/EBITDA estimate, with a sector median of 10.0x on that priced group. The range is wide — 16.7x at the premium end versus 2.3x at the discount end — even though both sit on the same forward-profit basis. Margin alone doesn't explain the gap: LeMaitre Vascular, Inc. [LMAT] carries a 30% margin at the premium end while SANUWAVE Health Inc. [SNWV] carries a 31% margin at the discount end. The precedent record reinforces this, with the Acelity, Inc. transaction valued at $6.7B and 15.2x EV/EBITDA, showing what buyers pay for a scaled wound-care platform — so profit durability, not margin size alone, is the differentiator.

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   01 · THE BOTTOM LINE Regenerative Medicine Splits Across Implants, Instrumentation, Therapeutics 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 (4 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 6 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 A Profit Lens Covers Only Half the Set Only 4 of 8 companies carry a forward EV / EBITDA estimate. The middle of that priced set is 10.0x, and the lens reflects meaningful forward profit rather than revenue alone. 2 The Valuation Range Leaves Room to Separate The premium end stands at 16.7x versus 2.3x at the discount end. Because both are forward profit multiples, the gap already reflects forecast earnings and points to different views of durability. 3 Similar Margins Sit at Opposite Ends LeMaitre Vascular, Inc. [LMAT] carries a 30% margin at the premium end, while SANUWAVE Health Inc. [SNWV] carries a 31% margin at the discount end. Reimbursement durability, channel quality and operating consistency remain important parts of the valuation read. 4 The Transaction Record Points to Buyer Appetite for Scaled Wound Platforms The Acelity, Inc. transaction was valued at $6.7B and 15.2x EV / EBITDA. That precedent shows the price buyers have agreed for a scaled wound platform with established commercial reach. 10.0x Sector median EV/EBITDA CY2027E consensus · 4 rated of 8 companies 16.7x Premium end EV/EBITDA vs 2.3x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 23 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the section on commercial platforms and their valuation evidence.

   We turn now to the market landscape, where commercial platforms show clearer profit support than clinical-stage therapeutics. This section maps the approved universe by business segment before we get to valuation.

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   SECTION 02 02 THE LANDSCAPE Commercial Platforms Carry the Valuation Evidence Implants, biologic scaffolds and repair instrumentation have clearer profit support than clinical-stage therapeutics. 02 of 06 Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Profit Visibility Sits with Commercial Platforms, While Therapeutics Follow a Different Path

   This page groups the eight approved companies by business segment and shows median EV/EBITDA by group.

   We group all eight approved companies by business segment to see where profit visibility concentrates. Commercial platforms — implants, scaffolds and instrumentation — show clearer group-level profit support than therapeutics still working through clinical and regulatory milestones. This framing sets up the valuation detail that follows, so the reader can see why the two ends of the sector are priced differently.

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   02 · MARKET MAP Profit Visibility Sits with Commercial Platforms, While Therapeutics Follow a Different Path 8 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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 REGENERATIVE IMPLANTS AND BIOLOGIC SCAFFOLD DEVICES 2 cos median 10.0x IART AORT Both names carry forward profit estimates, making this the clearest segment for comparable valuation. GRAFT DELIVERY AND SOFT-TISSUE REPAIR INSTRUMENTATION 2 cos 16.7x · 1 rated LMAT SMTI Commercial access and procedure-based demand matter, but only one name currently carries the lead valuation estimate. CLINICAL-STAGE TISSUE REGENERATION THERAPEUTICS 2 cos no rated names MDXG SRZN Neither name carries the lead valuation estimate, so clinical and regulatory progress frame the story. ADJACENT MODELS 2 cos 2.3x · 1 rated ORGO SNWV The group spans different operating positions and offers limited support for a single segment valuation.

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   02 · LANDSCAPE

   Commercial Platforms Can Be Priced on Profit; Therapeutics Still Sit Outside That Lens

   This page contrasts commercial platforms, which can be priced on profit, with therapeutics, which sit outside that lens.

   We show that commercial platforms can be priced on a profit lens today, while therapeutics largely cannot yet. The appendix carries the full company-level detail behind this segment view for anyone who wants to trace a specific name. This distinction matters because it tells a reader which part of the sector rewards near-term execution versus longer-dated clinical outcomes.

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   02 · LANDSCAPE Commercial Platforms Can Be Priced on Profit; Therapeutics Still Sit Outside That Lens 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. Regenerative Medicine 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 Regenerative implants and biologic scaffold devices 2 25% 10.0x Integra LifeSciences Holdings Corporation (IART) · Artivion, Inc. (AORT) Profit visibility is established. Integra LifeSciences Holdings Corporation [IART] and Artivion, Inc. [AORT] pair regenerative implants and biologic scaffolds with forward profit estimates. Graft delivery and soft-tissue repair instrumentation 2 25% 16.7x n=1 LeMaitre Vascular, Inc. (LMAT) · Sanara MedTech Inc. (SMTI) Channel execution separates outcomes. LeMaitre Vascular, Inc. [LMAT] and Sanara MedTech Inc. [SMTI] serve procedure-led markets where account productivity, reorder behaviour and care-setting access matter. Clinical-stage tissue regeneration therapeutics 2 25% — MiMedx Group, Inc. (MDXG) · Surrozen, Inc. (SRZN) Milestones frame the value. MiMedx Group, Inc. [MDXG] and Surrozen, Inc. [SRZN] sit outside the lead profit lens, leaving clinical, regulatory and reimbursement progress central to their positioning. Adjacent models 2 25% 2.3x n=1 Organogenesis Holdings Inc. (ORGO) · SANUWAVE Health Inc. (SNWV) Different economics sit together. Organogenesis Holdings Inc. [ORGO] and SANUWAVE Health Inc. [SNWV] bring different product, pathway and commercial characteristics to the adjacent group.

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   SECTION 03

   03

   Divider introducing the section on public market valuation and the forward profit lens.

   We move next into valuation, where only half the peer set carries a forward EV/EBITDA estimate yet the priced range still spans wide. The following pages show where that range separates and why.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Survives a Forward Profit Lens Only half the peer set carries a forward EV / EBITDA estimate, but the priced range remains wide. 03 of 06 Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Profit Pricing Separates the Two Ends of the Peer Set

   This page ranks the four rated companies by EV/EBITDA (CY2027E) against a 10.0x sector median.

   We rank the four companies with an eligible forward multiple, sorted from richest to cheapest, against a sector median of 10.0x. This is a forward-profit basis; we cross-check with EV/Revenue because the set is broadly profitable, with a 25% median forward EBITDA margin across the eligible names. The tiers on this page are cut at the rated set's own quartiles, so the split shows relative standing inside the priced group itself — the wide spread among only four names is the sector's clearest valuation signal.

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   03 · PUBLIC MARKET VALUATION Forward Profit Pricing Separates the Two Ends of the Peer Set EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 10.0x · 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 (4 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 6 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. 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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.7x CORE · median 10.0x DISCOUNT · median 2.3x Sector median 10.0x WHAT SEPARATES THE TWO ENDS The range remains wide. The premium end is priced at 16.7x, compared with 2.3x at the discount end. Profit alone is insufficient. LeMaitre Vascular, Inc. [LMAT] and SANUWAVE Health Inc. [SNWV] are both profitable, yet they occupy opposite valuation ends. Coverage limits broad conclusions. Only 4 of 8 companies carry the forward estimate used for ranking, so company-specific reimbursement, growth and execution remain central.

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   03 · VALUATION DRIVERS

   The Premium Sits Where Profitability Comes with Commercial Durability

   This page frames how growth and margin cohorts relate to valuation, noting that data coverage across cohorts is limited.

   We look at whether faster revenue growth or higher margins line up with a valuation premium. In this set, the covered cohorts don't yet carry enough rated names to populate a reliable split, so we treat this as directional framing rather than a firm read. The takeaway is that growth and margin alone don't fully explain the spread we saw on the previous page — durability and other qualitative factors still need to be weighed.

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   03 · VALUATION DRIVERS The Premium Sits Where Profitability Comes with Commercial Durability 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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Similar Margins Can Carry Very Different Valuations LeMaitre Vascular, Inc. [LMAT] posts a 30% margin, while SANUWAVE Health Inc. [SNWV] posts 31%. Their different valuation positions show that margin is one part of the market's assessment. Faster Growth Does Not Map Directly to the Premium LeMaitre Vascular, Inc. [LMAT] carries 10% growth at the premium end, while SANUWAVE Health Inc. [SNWV] carries 26% at the discount end. Within these two names, faster growth is associated with the lower valuation. Coverage Durability Changes the Quality of Revenue Revenue backed by stable coding, payer coverage and evidence presents a different risk profile from revenue exposed to pathway or payment-policy change. Platform Breadth Strengthens Commercial Resilience Products spanning care settings, supported by donor recovery and processing, can reduce dependence on a single product, indication or channel.

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    03 · SITUATION MAP

    Margin and Valuation Create Four Different Operating Positions

    This page maps rated companies into four situations based on EV/EBITDA versus the 10.0x median and margin versus the 30% median.

    We cut the rated set on two dimensions — EV/EBITDA against the 10.0x sector median, and EBITDA margin against the 30% covered median — to place each name into one of four situations. One rated company without a margin figure isn't mapped, so the picture covers the available cohort deliberately. This is a way to characterise position, not a recommendation to buy or sell any name, and it sets up the operating priorities we cover next.

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    03 · SITUATION MAP Margin and Valuation Create Four Different Operating Positions Cut on EV / EBITDA vs the sector median (10.0x) (rows) and EBITDA margin vs the covered median (30%) (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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Margin Support Above-median multiple · above-median EBITDA margin 1 names LeMaitre Vascular, Inc. (LMAT) Within the three mapped names, LeMaitre Vascular, Inc. [LMAT] sits above both reference lines. The position pairs premium valuation with above-reference profitability. Premium Ahead of Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Margin Without Premium Below-median multiple · above-median EBITDA margin 1 names SANUWAVE Health Inc. (SNWV) Within the three mapped names, SANUWAVE Health Inc. [SNWV] sits below the valuation reference despite an above-reference margin. The position points to factors beyond current profitability. Conversion Still to Prove Below-median multiple · below-median EBITDA margin 1 names Integra LifeSciences Holdings Corporation (IART) Within the three mapped names, Integra LifeSciences Holdings Corporation [IART] sits below both reference lines. Better conversion, growth durability or commercial execution could change that position.

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    03 · THE AGENDA

    Growth, Margin and Scale: Three Operating Priorities Associated with Stronger Valuation Support

    This page frames growth, margin and scale as the three operating priorities most associated with stronger valuation support.

    We frame the questions an owner or acquirer should resolve around three priorities: growth, margin and scale. These are directional observations grounded in the cohort data shown earlier, not investment advice or a specific recommendation. Getting clarity on these three fronts is what positions a company toward the premium end of the range we've shown.

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    03 · THE AGENDA Growth, Margin and Scale: Three Operating Priorities Associated with Stronger Valuation Support 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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Strengthen Reimbursement Durability Focus the portfolio on products with stable coding, broad payer coverage and evidence tied to covered indications. What changes the answer: The answer changes when coverage expansion or payment-policy reform materially changes product economics. Concentrate on Productive Channels Direct resources toward care settings, accounts and products where clinician adoption, reorder behaviour and rep productivity reinforce one another. What changes the answer: The answer changes when distributor reach or a direct sales model produces more durable account economics. Build Breadth Around the Core Evaluate adjacent products, donor recovery capacity and processing capabilities that deepen existing clinician relationships. What changes the answer: The answer changes when an adjacent product adds channel complexity without improving account value or portfolio resilience.

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    SECTION 04

    04

    Divider introducing the section on precedent transactions in wound and tissue platforms.

    We turn to the deal record next, where strategic buyers have paid across a wide range for channel access, biologic content and scale. The following pages walk through select case studies and the full transaction list.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Established Wound and Tissue Platforms Strategic buyers have paid across a wide range for channel access, biologic content and scaled operations. 04 of 06 Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Agreed Valuations in the Transaction Record Vary Widely by Target Type and Deal Size

    This page walks through two case studies from the seven precedent transactions with disclosed terms.

    We highlight two case studies from the seven disclosed-terms transactions in the record, including the Acelity, Inc. deal valued at $6.7B and 15.2x EV/EBITDA. These multiples sit on an LTM-at-announcement basis, not directly comparable to the CY2027E public multiples we showed earlier, so we don't claim a spread between them. What they show instead is what a strategic buyer has actually agreed to pay for a scaled platform with established commercial reach — a useful anchor for thinking about platform value beyond the public market.

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    04 · DEAL CASE STUDIES Agreed Valuations in the Transaction Record Vary Widely by Target Type and Deal Size 2 of 7 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. 26 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. 16 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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 May-2019 $6.7B 3M Company Acelity, Inc. Set the Scaled Wound-Platform Benchmark EV / LTM revenue n/a EV / LTM EBITDA 15.2x WHY THE DEAL HAPPENED The transaction suggests a diversified buyer valued a scaled wound platform that could extend an established commercial channel. Product breadth and recurring procedure demand made the asset relevant beyond a single product. HOW THE TARGET WAS VALUED Acelity, Inc. was valued at $6.7B and 15.2x EV / EBITDA. That sits toward the upper end of the transaction record. Aug-2020 $23M SANUWAVE Health, Inc. acquires Celularity, Inc. EV / LTM revenue 1.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The completed transaction suggests a buyer saw commercial adjacency between wound-healing systems and Celularity, Inc. The combination brought related offerings closer to the same care pathway. HOW THE TARGET WAS VALUED Celularity, Inc. was valued at $23M and 1.8x EV / Revenue. That provides a revenue benchmark for a smaller adjacent transaction.

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    SECTION 05

    05

    Divider introducing the section on the operating agenda for owners and management teams.

    We close the analytical sections with the operating agenda: revenue quality, portfolio breadth and consistent conversion. The next page turns this into questions for owners, management teams and boards.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Operating Agenda Is Revenue Quality, Portfolio Breadth and Consistent Conversion Owners can strengthen their standing through durable coverage, productive channels and disciplined cost structure. 05 of 06 Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Durable Revenue and Consistent Conversion Sit with the Premium End of the Range

    This page sets out the strategic questions on durable revenue and conversion for owners, management and boards over the next twelve months.

    We put three questions on the table for the next twelve months: how to prioritise durable revenue quality, how to make commercial productivity repeatable, and how to test build-versus-buy with discipline. These are directional views drawn from the analysis in this report, not recommendations. Acting on them is what we'd expect to move a company from the discount end of the range toward the premium end.

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    05 · STRATEGIC IMPLICATIONS Durable Revenue and Consistent Conversion Sit with the Premium End of the Range 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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Prioritise Durable Revenue Quality Align product mix, pricing and investment with coverage durability, clinical evidence and care-setting economics. FOR MANAGEMENT TEAMS Make Commercial Productivity Repeatable Improve active-account growth, reorder behaviour, sales-rep productivity and portfolio penetration while protecting processing yield. FOR BOARDS Test Build-Versus-Buy with Discipline Compare internal investment with adjacent products, tissue-processing capacity and channel access that complement the current platform.

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    SECTION 06

    06

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

    We close with the full universe, the valuation methodology and the source index behind every figure in the body. This is where a reader can trace any number back to its filing.

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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 Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This appendix lists all eight public comparables, split between four rated and four not-rated companies, on the EV/EBITDA (CY2027E) basis.

    We list all eight comparables here, split between the four names with an eligible EV/EBITDA (CY2027E) multiple and the four without one. Teal shading marks a multiple above the 10.0x sector median, amber marks below it. This table, together with the companion workbook, is where a reader can check the full company-level detail behind the valuation pages.

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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 (10.0x); amber marks below · 4 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 4 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. Regenerative Medicine 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 — ≥13.1x · median 16.7x · 1 companies LeMaitre Vascular, Inc. LMAT Graft delivery and soft-tissue repair instrumentation $1.7B 16.7x 10% 30% 43 CORE — 6.7x–13.1x · median 10.0x · 2 companies Artivion, Inc. AORT Regenerative implants and biologic scaffold devices $1.3B 11.9x 11% n/a 31 Integra LifeSciences Holdings Corporation IART Regenerative implants and biologic scaffold devices $3.0B 8.2x 3% 19% 25 DISCOUNT — <6.7x · median 2.3x · 1 companies SANUWAVE Health Inc. SNWV Energy- and device-assisted wound healing systems $50M 2.3x 26% 31% 60

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists all seven precedent transactions with disclosed terms, newest first, out of the recorded transactions.

    We list all seven transactions with disclosed terms here, newest first, drawn from the full set of recorded transactions. Deal multiples are on an LTM-at-announcement basis and are not directly comparable to the CY2027E public multiples used elsewhere in this report. Transactions without a disclosed value or multiple sit in the companion workbook rather than this list, so what's shown here is the complete, comparable record.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 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. 26 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. 16 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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2025 Carisma Therapeutics Inc. → OrthoCellix, Inc. $135M n/a n/a The terminated OrthoCellix, Inc. proposal carried a recorded value of $135M. It separates announced consideration from a completed ownership change. May-2023 TowerBrook Capital Partners L.P. → Wound Business (TheraSkin and TheraGenesis) n/a n/a 6.0x TowerBrook Capital Partners L.P. agreed terms for Wound Business (TheraSkin and TheraGenesis) at 6.0x EV / EBITDA. The transaction suggests interest in an established wound platform with visible profit. Dec-2020 Integra LifeSciences Holdings Corporation → ACell, Inc. n/a 4.0x n/a Integra LifeSciences Holdings Corporation [IART] agreed to acquire ACell, Inc. at 4.0x EV / Revenue. The pairing suggests value in adding regenerative products to an existing surgical channel. Aug-2020 SANUWAVE Health, Inc. → Celularity, Inc. $23M 1.8x n/a SANUWAVE Health, Inc. [SNWV] acquired Celularity, Inc. for $23M at 1.8x EV / Revenue. The transaction joined wound-healing capabilities with a tissue-based product position. May-2019 3M Company → Acelity, Inc. $6.7B n/a 15.2x The Acelity, Inc. transaction established an upper-end benchmark for a scaled wound-care platform. Its size and profit valuation distinguish it from the smaller precedents. Dec-2016 Allergan plc → Acelity L.P. Inc. (LifeCell Corporation) n/a 6.4x n/a Allergan plc agreed to acquire Acelity L.P. Inc. (LifeCell Corporation) at 6.4x EV / Revenue. The transaction suggests strategic value in established tissue products and clinician access. Jun-2015 Integra LifeSciences Holdings Corporation → TEI Biosciences Inc., and TEI Medical Inc. n/a n/a 0.7x Integra LifeSciences Holdings Corporation [IART] acquired TEI Biosciences Inc., and TEI Medical Inc. at 0.7x EV / EBITDA. The result highlights the breadth of outcomes within regenerative assets.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page documents the report's sources, assumptions and data-quality handling.

    We show here how this report was built: what was included, what was excluded and where every underlying disclosure lives. Every figure in the body links back to its source record, and where it doesn't, the appendix names the basis on which it was read. This is the reference page for anyone who wants to verify a specific number before acting on it.

    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. Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 6 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Regenerative Medicine and it clears the coverage gate with 4 of 8 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 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 13 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 303 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 (302) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    In This Set, Similar Margins Can Sit at Very Different Valuation Points.

    Closing page restating that similar margins can sit at very different valuation points in this sector.

    We close on the finding that ties this report together: in this set, similar margins can sit at very different valuation points. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    In This Set, Similar Margins Can Sit at Very Different Valuation Points. NeuraCap AI — Regenerative Medicine Coverage September 2026 · Prepared by NeuraCap AI · Confidential Regenerative Medicine Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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