Therapeutic and Monitoring Devices Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › THERAPEUTIC AND MONITORING DEVICES

Therapeutic Devices: The Top of the Valuation Range Sits with the Faster-Growing Names

How the market is valuing therapeutic and monitoring device businesses today, which groups sit at the top of the range, and what recent transactions were priced on.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › THERAPEUTIC AND MONITORING DEVICES

   This is the cover slide identifying the report as a sector outlook on Therapeutic and Monitoring Devices, dated September 28, 2026.

   We're opening our review of the Therapeutic and Monitoring Devices sector as of September 28, 2026, valued primarily on EV/EBITDA for CY2027E. What follows shows where the premium in this market currently sits and why.

   Everything on this page

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › THERAPEUTIC AND MONITORING DEVICES Therapeutic Devices: The Top of the Valuation Range Sits with the Faster-Growing Names How the market is valuing therapeutic and monitoring device businesses today, which groups sit at the top of the range, and what recent transactions were priced on. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Therapeutic and Monitoring 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've structured this deck so the headline finding sits in section one — read that page alone and you have the full argument. Everything after it is the evidence that supports it, from the market map through the precedent transactions. So what: you can go as deep as you need, starting from the conclusion.

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   CONTENTS What This Report Covers 01 The Bottom Line Three Markets Sit Inside Therapeutic and Monitoring Devices: Platforms, Disposables and Adjacent Service Models 02 The Landscape Three Quarters of the Names Are Diversified Platforms; The Two Smaller Groups Sit at the Ends of the Range 03 Valuation & Situations The Market Prices This Sector on Forward Earnings, and the Two Ends Sit Far Apart 04 Precedent Transactions What Buyers Agreed to Pay: Earnings Multiples at Scale, Revenue Multiples Early 05 Strategic Implications Mix, Coverage Breadth and Margin Durability Are the Levers You Control 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Three Markets Sit Inside Therapeutic and Monitoring Devices: Platforms, Disposables and Adjacent Service Models

   This slide states that the sector splits into three groups — platforms, disposables and adjacent service models — each priced differently on CY2027E EV/EBITDA.

   We see three distinct markets inside this sector: platform businesses at 76% of the set trading around 9.3x, a disposables pair priced at 17.1x, and a wider range that runs from 21.1x at the top to 5.0x at the bottom against a 10.5x sector median. That gap is wide enough that where a business sits inside it changes the story you'd tell about it. So what: the label 'therapeutic and monitoring devices' hides three different investment cases, and getting the grouping right is the first step in any assessment.

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   01 · THE BOTTOM LINE Three Markets Sit Inside Therapeutic and Monitoring Devices: Platforms, Disposables and Adjacent Service 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 (11 of 17 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 18%, 11 of 17 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Platforms Hold the Volume; The Disposables Pair Holds the Higher Multiple Diversified therapeutic device platforms are 13 of the 17 companies, 76% of the set, and the middle of that group sits at 9.3x forward earnings. The two infusion sets and therapy disposables names sit at 17.1x, where resupply behind an installed base is the revenue base. 2 The Gap Between the Two Ends Is Wide Enough to Change Your Plan On CY2027E earnings the top of the range sits at 21.1x and the bottom at 5.0x, with the middle of the set at 10.5x. A forward multiple already credits the growth in the estimate, so a premium that survives it points to earnings the market expects to hold. 3 The Premium Sits Alongside Faster Growth, and the Gap Is Not Small Of the 11 names with a forward estimate, the 6 growing faster than the middle of the set sit at 13.8x and the 5 below sit at 5.9x. That is association on a small base, and cohort mix or differences in estimate coverage could explain part of it. 4 The Larger Transactions Sit at the Scaled, Coverage-Backed End The Masimo Corporation transaction was recorded at $10.1B in February 2026, and the Critical Care product group carve-out at 17.2x EV / EBITDA. Both involve established monitoring and critical-care franchises, and both sit above the middle of this public set on forward earnings. 10.5x Sector median EV/EBITDA CY2027E consensus · 11 rated of 17 companies 21.1x Premium end EV/EBITDA vs 5.0x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 20 Transactions with disclosed terms 56 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market-map section, covering 13 platform businesses, 2 disposables names and 2 adjacent service-led models.

   We're moving into the landscape section, where 13 platform businesses, 2 disposables names and 2 adjacent service models make up the universe. So what: seeing the shape of the market first makes the pricing differences in the next pages easier to place.

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   SECTION 02 02 THE LANDSCAPE Three Quarters of the Names Are Diversified Platforms; The Two Smaller Groups Sit at the Ends of the Range 13 platform businesses, 2 disposables names and 2 adjacent service-led models. 02 of 06 Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Where the Names Sit: One Broad Platform Group and Two Smaller, Differently Priced Groups

   This slide groups all 17 companies by business segment and shows the median CY2027E EV/EBITDA for each group.

   We've grouped the 17 companies into one broad platform group and two smaller groups priced differently — the platform median sits at 9.3x versus 17.1x for the disposables pair. So what: the market is not pricing this sector as one group; it's pricing three groups differently, and any comparison needs to stay within the right one.

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   02 · MARKET MAP Where the Names Sit: One Broad Platform Group and Two Smaller, Differently Priced Groups 17 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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED THERAPEUTIC DEVICE PLATFORMS 13 cos median 9.3x DexCom (DXCM) Insulet (PODD) AdaptHealth (AHCO) Enovis (ENOV) Novocure (NVCR) IRadimed (IRMD) Beta Bionics (BBNX) Tactile Systems (TCMD) Delcath Systems (DCTH) TriSalus Life (TLSI) Owlet (OWLT) Inogen (INGN) Outset Medical (OM) The bulk of the set at 13 of the 17 companies, spanning continuous sensing, insulin delivery, orthopaedics and home equipment with very different annuity profiles. INFUSION SETS AND THERAPY DISPOSABLES 2 cos median 17.1x ResMed (RMD) KORU Medical (KRMD) Two names whose economics run on attach rate and resupply rather than one-off placement, and the market marks them at the upper end of the three groups. ADJACENT MODELS 2 cos 5.0x · 1 rated Viemed Healthcare (VMD) BrainsWay (BWAY) Two service-led and focused-indication names, where payer contracting, collections discipline and rental mix are the operating rhythm.

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   02 · LANDSCAPE

   The Platform Group Carries the Volume; The Disposables Pair Sits at the Upper End

   This slide shows the platform group carrying most of the names while the disposables pair sits at the upper end of the range.

   The platform group carries the volume of names in this set, while the two disposables names sit at the top of the pricing range. So what: scale and reach define the platform group's story, but resupply economics is what earns the premium at the other end.

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   02 · LANDSCAPE The Platform Group Carries the Volume; The Disposables Pair Sits at the Upper End 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. Therapeutic and Monitoring Devices 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 Diversified therapeutic device platforms 13 76% 9.3x DexCom, Inc. (DXCM) · Insulet Corp. (PODD) · +11 more The core of the sector. 13 of the 17 companies, 8 of them with a forward estimate, and the middle of the group at 9.3x on CY2027E earnings. One label covers continuous sensing, insulin delivery, orthopaedics and home equipment, so coverage breadth, installed base and resupply mix vary widely inside it. Infusion sets and therapy disposables 2 12% 17.1x ResMed Inc. (RMD) · KORU Medical Systems, Inc. (KRMD) Consumable annuity, upper end. Both names carry a forward estimate and the pair sits at 17.1x, the highest of the three groups on CY2027E earnings. Razor–razorblade economics is the model here: placements pull through sets and resupply, and attach rate matters more than any single capital sale. Adjacent models 2 12% 5.0x n=1 Viemed Healthcare, Inc. (VMD) · BrainsWay Ltd. (BWAY) Service-led, priced on cash. Two names, one of them with a forward estimate, where the value question is collections discipline, payer contracting and rental versus outright sale mix rather than technology risk. This group sits at the bottom of the three on forward earnings.

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   SECTION 03

   03

   This divider introduces the valuation section, covering CY2027E EV/EBITDA across all 17 companies, 11 of which carry a forward estimate.

   We're turning to valuation — CY2027E EV/EBITDA across the full universe of 17 companies, with 11 names carrying the estimate needed to be rated. So what: this is where we show exactly how far apart the two ends of this market are priced.

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   SECTION 03 03 VALUATION & SITUATIONS The Market Prices This Sector on Forward Earnings, and the Two Ends Sit Far Apart CY2027E EV / EBITDA across all 17 companies, 11 of them with a forward estimate. 03 of 06 Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Its Premium Even After the Forecast Is Credited

   This slide ranks the 11 rated companies by CY2027E EV/EBITDA, sorted descending against a 10.5x sector median.

   Ranking all 11 rated names by CY2027E EV/EBITDA, the top of the range holds a clear premium over the 10.5x sector median even after the forward estimate has already credited expected growth. So what: a multiple that survives a forward view says the market expects that growth to convert into durable earnings, not just to show up once.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Its Premium Even After the Forecast Is Credited EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 10.5x · 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 (11 of 17 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 18%, 11 of 17 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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 21.1x CORE · median 10.5x DISCOUNT · median 5.0x Sector median 10.5x WHAT SEPARATES THE TWO ENDS The top end carries 21.1x. Three of the 17 companies on this page sit at the top of the range, at 21.1x on CY2027E earnings. Because the lens is forward, that multiple already credits the growth inside the estimate — what survives it is the market's read on how long those earnings hold. The bottom end sits at 5.0x. Three companies sit at the bottom of the range at 5.0x, and their common ground is administered pricing and payer-driven economics. Home equipment and service models live with competitive bidding and a long reimbursement collection cycle, and those sit alongside the lower multiple. Eleven of seventeen carry a forward estimate. 5 of the 17 companies sit in the middle band between the two ends, and 6 of the 17 do not yet carry a forward EBITDA estimate. For those, the conversation runs on revenue quality — new patient starts versus resupply — until the earnings line is visible.

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   03 · VALUATION DRIVERS

   Faster Growers Are Carrying the Higher Forward Multiple in This Set

   This slide splits the rated names into faster- and slower-growth cohorts and into higher- and lower-margin cohorts, showing the median CY2027E EV/EBITDA for each.

   Split at the covered median, the 6 faster-growing names trade at 13.8x versus 5.9x for the 5 slower names, and margin cohorts split in a comparable pattern. So what: growth is moving with multiple in this set — an association worth testing against your own growth plan, though not proof that growth alone drives the premium.

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   03 · VALUATION DRIVERS Faster Growers Are Carrying the Higher Forward Multiple in This Set 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=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 18% The Faster Half Sits at 13.8x, the Slower Half at 5.9x Splitting the 11 names with a forward estimate at 11% revenue growth puts 6 above and 5 below. The 6 faster names sit at 13.8x on CY2027E earnings and the 5 slower ones at 5.9x — an association on a small base, not a mechanism. Margin Alone Does Not Line up with the Premium ResMed Inc. (RMD) carries a 40% EBITDA margin and sits at 13.2x, inside the middle band, while Novocure Ltd (NVCR) sits at the top of the range on a 4% margin. Across these 11 names with a forward estimate, the higher multiples are not stacked at the higher-margin end. Reimbursement Breadth Is the Qualifier Behind the Numbers Coverage determination breadth, dedicated HCPCS coding and prior authorization burden sit behind the growth line in this sector, and they are where diligence typically concentrates. Two of the three names at the bottom of the range run home equipment and service models exposed to competitive bidding.

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    03 · SITUATION MAP

    The Higher Multiples Cluster in One Corner of This Market, and Most of the Set Sits Outside It

    This slide plots the rated names on EV/EBITDA against revenue growth, each cut at its own median, to show where higher multiples cluster.

    Cutting the set on EV/EBITDA against the 10.5x sector median and on revenue growth against the 11% covered median, the higher multiples cluster in one corner and most of the set sits outside it. So what: this is a map of where the market is currently paying up, not a recommendation — it tells you which corner to study first.

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    03 · SITUATION MAP The Higher Multiples Cluster in One Corner of This Market, and Most of the Set Sits Outside It Cut on EV / EBITDA vs the sector median (10.5x) (rows) and revenue growth vs the covered median (11%) (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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Premium Together Above-median multiple · above-median revenue growth 5 names DexCom, Inc. (DXCM) · Insulet Corp. (PODD) · Novocure Ltd (NVCR) · +2 more DexCom, Inc. (DXCM), Insulet Corp. (PODD), Novocure Ltd (NVCR), Owlet, Inc. (OWLT) and KORU Medical Systems, Inc. (KRMD) sit above the middle of the set at 10.5x and above the covered middle on revenue growth. The operating job here is keeping that growth converting into the earnings the forecast has already credited. Premium on Slower Growth Above-median multiple · below-median revenue growth 1 names ResMed Inc. (RMD) ResMed Inc. (RMD) is the single name above the middle on multiple and below it on growth. That profile sits alongside a resupply-heavy revenue base — attach rate, adherence and retention — rather than top-line pace. Faster Growth, Lower Multiple Below-median multiple · above-median revenue growth 1 names Viemed Healthcare, Inc. (VMD) Viemed Healthcare, Inc. (VMD) is the single name growing faster than the covered middle while sitting below the middle on forward earnings. Home respiratory service models carry payer concentration and competitive bidding exposure, and that exposure sits alongside the lower multiple. Below the Middle on Both Below-median multiple · below-median revenue growth 4 names AdaptHealth Corp. (AHCO) · Enovis Corporation (ENOV) · Tactile Systems Technology, Inc. (TCMD) · +1 more AdaptHealth Corp. (AHCO), Enovis Corporation (ENOV), Tactile Systems Technology, Inc. (TCMD) and Inogen, Inc. (INGN) sit below the middle on both measures. For these four the controllable levers are revenue mix, margin durability and capital allocation rather than pace alone.

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    03 · GROWTH VS PROFITABILITY

    Three of the 11 Names with a Forward Estimate Clear Both the Growth and Margin Bars

    This slide plots the 11 rated companies by CY2027E revenue growth against CY2027E EBITDA margin, cut at the covered medians of 11% growth and 18% margin.

    Of the 11 names with both estimates, only 3 clear both the 11% growth and 18% margin bars at once. So what: names that combine growth and margin are the rare case in this set, which is exactly why the market prices them at a premium.

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    03 · GROWTH VS PROFITABILITY Three of the 11 Names with a Forward Estimate Clear Both the Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 11 companies with both estimates · cuts at the covered medians (11% growth, 18% margin) · median EV/EBITDA 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/EBITDA (balanced n=3; margin-only n=3; growth-only n=3; neither n=2). Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 20% 0% 10% 20% 30% 40% MARGIN ONLY median 5.3x BALANCED median 10.6x NEITHER median 6.9x GROWTH ONLY median 21.1x AHCO RMD INGN ENOV TCMD DXCM NVCR VMD PODD KRMD OWLT x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The horizontal cut is 11% revenue growth and the vertical cut is an 18% EBITDA margin, applied to the 11 names with a forward estimate. DexCom, Inc. (DXCM), Viemed Healthcare, Inc. (VMD) and Insulet Corp. (PODD) clear both bars and sit at 10.6x. The 3 names clearing the margin bar alone sit at 5.3x and the 2 clearing neither at 6.9x, while the 3 clearing growth alone sit at the top of the range. The margin-only median rests on 3 names and is lifted by RMD at 13.2x. The growth-only median rests on 3 names and is lifted by NVCR at 51.1x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 11 names clear it (DXCM, RMD).

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    03 · THE AGENDA

    Higher Multiples Sit at the Growth End of This Market; Pricing and Revenue Quality Are Yours to Move

    This slide frames the questions an owner or acquirer should resolve given where higher multiples sit in this market.

    Higher multiples sit at the growth end of this market, and pricing and revenue quality are levers management can move rather than wait on. So what: the next section turns this pattern into specific questions worth asking about mix and retention.

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    03 · THE AGENDA Higher Multiples Sit at the Growth End of This Market; Pricing and Revenue Quality Are Yours to Move 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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Grow the Resupply Annuity Ahead of Placements The two infusion sets and therapy disposables names sit at the upper end of the three groups on forward earnings, and their economics run on attach rate and resupply rather than one-off placement. Where placement capital can be traded for a longer consumable annuity, that is the mix shift this set is currently marking higher. What changes the answer: Resupply revenue per patient and attach rate moving in the same direction across four consecutive quarters. Widen Coverage and Coding Before Widening the Catalogue In this sector a coverage determination and dedicated HCPCS coding shape realized price more than the clearance itself, and payer concentration is a recognised detractor. Broadening covered lives on an existing therapy is an operating move available without taking on new product risk. What changes the answer: A new coverage determination, or a move from miscellaneous to dedicated coding on a material product line. Choose Build or Buy on Where the Earnings Multiple Sits 6 of the 17 companies here do not yet carry a forward EBITDA estimate, and that end of the market is marked on revenue. An owner weighing an adjacent modality can compare the cost and timeline of building it against what comparable assets in the transaction record were valued at. What changes the answer: An adjacent asset available at an earnings multiple below your own on comparable definitions. Convert Growth into Visible Earnings Inside the Forecast Window The lens here is CY2027E EV / EBITDA, so a forward multiple already credits the growth sitting in the estimate. Companies whose growth arrives as earnings inside that window keep the premium the forecast has extended to them. What changes the answer: Gross margin trajectory and cash runway confirming the earnings path inside the forecast window.

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    SECTION 04

    04

    This divider introduces the precedent transactions section, covering 9 transactions across strategic and financial buyers.

    We're moving to precedent transactions — 9 deals, announced and completed, across strategic and financial buyers. So what: this is the evidence for what buyers have actually agreed to pay in this sector, not just where public markets price it today.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay: Earnings Multiples at Scale, Revenue Multiples Early Nine transactions in the record, announced and completed, across strategic and financial buyers. 04 of 06 Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay: Scaled Franchises on Earnings, Early-Stage Assets on Revenue

    This slide presents 3 case studies drawn from transactions with disclosed terms, showing what buyers paid on earnings or revenue multiples.

    Among the transactions with disclosed terms, the Masimo Corporation deal was recorded at $10.1B and a Critical Care product-group carve-out at 17.2x EV/EBITDA — both scaled, coverage-backed franchises. So what: buyers are agreeing to earnings multiples for established, reimbursement-backed businesses and revenue multiples for earlier-stage assets, and that split matters when framing any future transaction.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay: Scaled Franchises on Earnings, Early-Stage Assets on Revenue 3 of 20 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. 53 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. 36 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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Feb-2026 $10.1B Danaher Corporation acquires Masimo Corporation EV / LTM revenue n/a EV / LTM EBITDA 22.1x WHY THE DEAL HAPPENED Masimo Corporation sits in established hospital and home monitoring with an installed base and consumable pull-through, and Danaher Corporation is a diversified acquirer with the call points to carry that kind of franchise. The transaction suggests a buyer adding scaled, coverage-backed monitoring rather than taking technology risk. HOW THE TARGET WAS VALUED The transaction was recorded at 22.1x EV / EBITDA — what the buyer agreed to pay, announced rather than closed. That sits above the middle of this public set on CY2027E earnings and at the high end of the earnings-based transactions shown here. Apr-2026 $1.2B Affiliates of American Industrial Partners acquires Avanos Medical, Inc. EV / LTM revenue 1.7x EV / LTM EBITDA 11.8x WHY THE DEAL HAPPENED Avanos Medical, Inc. is a diversified therapeutic device business, and Affiliates of American Industrial Partners is a financial buyer whose underwrite runs on normalized earnings rather than clinical milestones. The transaction suggests an operating value case — mix, cost structure and cash conversion — on an asset already at self-funding scale. HOW THE TARGET WAS VALUED Recorded on an announced basis at 11.8x EV / EBITDA and 1.7x revenue. On forward earnings that level sits above the middle of this public set, the zone where scaled diversified platforms in this record have been marked. Feb-2021 $1.1B Sandbridge Capital acquires Owlet Baby Care Inc. EV / LTM revenue 14.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Owlet Baby Care Inc. was an early-commercial monitoring franchise, and Sandbridge Capital is the kind of growth investor that funds evidence generation and coverage build-out. The transaction suggests capital backing an adoption curve ahead of earnings rather than buying a settled annuity. HOW THE TARGET WAS VALUED The transaction was recorded at $1.1B and 14.2x revenue, with no earnings multiple in the record. At the pre-scale end the revenue line travels with the valuation, and coverage breadth and evidence depth are the qualitative overlay.

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    SECTION 05

    05

    This divider introduces the strategic implications section, framed around mix, coverage breadth and margin durability.

    We close the analysis with what separates the ends of this set — operating profile, not sector label. So what: the final pages turn the data into a short set of operating questions for owners, boards and acquirers.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Mix, Coverage Breadth and Margin Durability Are the Levers You Control What separates the ends of this set is operating profile, not sector label. 05 of 06 Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Names at the Top of the Range Are Growing Faster; Mix, Pricing and Retention Are Operating Choices

    This slide sets out the operating questions raised by the pattern of faster growth sitting with higher multiples.

    The names at the top of the range are growing faster, and mix, pricing and retention are the operating choices that shape where a business sits in that range. So what: these are decisions management can act on now, ahead of the next planning cycle.

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    05 · STRATEGIC IMPLICATIONS The Names at the Top of the Range Are Growing Faster; Mix, Pricing and Retention Are Operating Choices 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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Your Multiple Travels with Mix, Not with Pace Alone Across the 11 names with a forward estimate, the higher multiples sit with faster growth, while one name carrying a 40% margin sits in the middle band. In the transaction record, scaled franchises were recorded on earnings multiples and early-commercial assets on revenue, so revenue quality — resupply versus placement — is the mix worth working. FOR BOARDS Reimbursement Exposure Is a Valuation Input, Not a Footnote Two of the three names at the bottom of the range run home equipment and service models living with competitive bidding and a long collection cycle. Payer mix, prior authorization turnaround and coding breadth belong in the same board review as margin and capital allocation. FOR ACQUIRERS The Supply of Assets Sits at the Early-Commercial End 6 of the 17 companies do not yet carry a forward EBITDA estimate, and in this record early-commercial assets were marked on revenue, with EKSO Bionics Holdings, Inc. at 1.4x. What buyers agreed to pay spans both conventions, so the first diligence question is which side of that line a target sits on.

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    SECTION 06

    06

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

    The appendix carries the full universe behind every figure in the body, the valuation basis, and where each disclosure sits. So what: any figure in this deck can be traced back to its source here.

    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 Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This slide lists the public comparables on CY2027E EV/EBITDA, grouped by valuation tier, covering 11 rated and 6 not-rated companies.

    All 11 rated companies sit here grouped by valuation tier against the 10.5x sector median, with the 6 names lacking an eligible multiple noted separately. So what: this is the full rated comparable set behind every median shown 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 (10.5x); amber marks below · 11 rated companies; 6 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 11 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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥15.1x · median 21.1x · 3 companies Novocure Ltd NVCR Diversified therapeutic device platforms $1.6B 51.1x 11% 4% 15 KORU Medical Systems, Inc. KRMD Infusion sets and therapy disposables $136M 21.1x 17% 11% 29 DexCom, Inc. DXCM Diversified therapeutic device platforms $32.4B 17.0x 11% 33% 44 CORE — 5.6x–15.1x · median 10.5x · 5 companies ResMed Inc. RMD Infusion sets and therapy disposables $31.4B 13.2x 4% 40% 44 Insulet Corp. PODD Diversified therapeutic device platforms $9.7B 10.6x 14% 24% 38 Owlet, Inc. OWLT Diversified therapeutic device platforms $142M 10.5x 20% 9% 29 Tactile Systems Technology, Inc. TCMD Diversified therapeutic device platforms $458M 8.0x 9% 14% 24 Inogen, Inc. INGN Diversified therapeutic device platforms $56M 5.9x 5% 3% 7 DISCOUNT — <5.6x · median 5.0x · 3 companies Enovis Corporation ENOV Diversified therapeutic device platforms $2.4B 5.3x 5% 18% 23 AdaptHealth Corp. AHCO Diversified therapeutic device platforms $2.7B 5.0x 4% 18% 22 Viemed Healthcare, Inc. VMD Home-based respiratory therapy and equipment servicing $356M 5.0x 11% 20% 32

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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, the first of two pages.

    Here are the transactions with disclosed terms, ordered newest first, each priced on LTM financials at announcement. So what: this is the primary evidence for what buyers have paid across this sector, separate from and not directly comparable to the public CY2027E basis.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 20 transactions with disclosed terms in this tier (56 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. 53 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. 36 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 20 transactions shown; the rest are in the companion workbook. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 Affiliates of American Industrial Partners → Avanos Medical, Inc. $1.2B 1.7x 11.8x Affiliates of American Industrial Partners announced the acquisition of Avanos Medical, Inc. at $1.2B, recorded at 11.8x EV / EBITDA. That is a profit-based price on a diversified device franchise, consistent with a normalized-earnings underwrite. Feb-2026 Danaher Corporation → Masimo Corporation $10.1B n/a 22.1x Danaher Corporation's announced acquisition of Masimo Corporation was recorded at 22.1x EV / EBITDA, the high end of the earnings multiples on this page. It is also the highest disclosed value among the nine transactions shown. Feb-2026 Applied Digital Corporation → EKSO Bionics Holdings, Inc. $21M 1.4x n/a Applied Digital Corporation's completed acquisition of EKSO Bionics Holdings, Inc. was recorded at $21M and 1.4x revenue. At the early-commercial end a revenue multiple is the working convention, because earnings are not yet what a buyer underwrites. Oct-2024 Parsley Energy, Inc. → V-Wave n/a n/a 4.1x The announced acquisition of V-Wave by Parsley Energy, Inc. carries no disclosed enterprise value in the record and an EV / EBITDA of 4.1x. Treat it as a single low-side data point rather than a benchmark. Aug-2024 The Carlyle Group → Baxter International Inc. (Vantive Kidney Care segment) n/a 0.7x 8.8x The Carlyle Group's announced acquisition of Baxter International Inc. (Vantive Kidney Care segment) was recorded at 0.7x revenue and 8.8x EV / EBITDA. Carve-outs of discrete lines are common here and are typically priced on standalone contribution after allocating… Aug-2024 Carlyle → Vantive Business n/a n/a 8.8x Carlyle's announced acquisition of Vantive Business appears in the record at 8.8x EV / EBITDA. What buyers agreed to pay for renal care assets in that 2024 record sits below the middle of today's public set on forward earnings. Jun-2024 Becton, Dickinson and Company → Critical Care product group n/a n/a 17.2x Becton, Dickinson and Company's announced acquisition of the Critical Care product group was recorded at 17.2x EV / EBITDA, toward the upper end of the earnings multiples on this page. A strategic acquirer with an existing hospital call point can absorb a field force… Jul-2021 Fortune Brands Home & Security, Inc. → Respiratory business (division of Teleflex) n/a n/a 8.9x The announced acquisition of the Respiratory business (division of Teleflex) by Fortune Brands Home & Security, Inc. was recorded at 8.9x EV / EBITDA. Respiratory franchises in this record are marked closer to the middle of the range than to the top. Feb-2021 Sandbridge Capital → Owlet Baby Care Inc. $1.1B 14.2x n/a Sandbridge Capital's announced transaction with Owlet Baby Care Inc. was recorded at $1.1B and 14.2x revenue. Pre-scale monitoring franchises in this record are marked on revenue, with coverage breadth and evidence depth as the qualitative overlay.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    The list continues here, completing the record of transactions with disclosed terms. So what: taken together, these two pages give a full view of recent deal pricing in this sector.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 20 transactions with disclosed terms in this tier (56 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. 53 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. 36 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 20 transactions shown; the rest are in the companion workbook. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2021 Boston Scientific Corporation → Preventice Solutions, Inc. n/a 5.9x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2020 Koninklijke Philips N.V. → BioTelemetry, Inc. n/a 6.4x 27.4x Dec-2020 Royal Philips → BioTelemetry, Inc. n/a 6.4x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2020 Philips Healthcare N.V. → BioTelemetry, Inc. n/a 6.2x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2019 Johnfk Medical Inc. → Sanuwave Health, Inc. $39M 22.9x n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2019 Pacira Pharmaceuticals Inc. → MyoScience Inc. n/a 40.3x n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Covis → AZ Respiratory n/a 3.3x n/a Value shown as recorded in the filing; deal value unit unresolved. Apr-2018 United Therapeutics Corporation → SteadyMed Ltd. $48M 64.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2017 Fresenius Medical Care Holdings, Inc. → NxStage Medical, Inc. n/a 5.3x n/a

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, valuation basis and what was excluded from the analysis.

    We've laid out here how each figure ties back to its original disclosure — filings, consensus estimates or market prices — and what was excluded from the analysis and why. So what: you can verify any number in this deck against its source before relying 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. Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 17 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 18%, 11 of 17 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 Therapeutic and Monitoring Devices and it clears the coverage gate with 11 of 17 companies (65%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 13 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 41 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 735 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 (734) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Premium Sits with Faster Growth and a Durable Resupply Annuity.

    This is the closing slide restating that the premium in this set sits with faster growth and a durable resupply annuity.

    In this set, the premium sits with faster growth and a durable resupply annuity — that's the throughline across the landscape, the valuation and the transaction record. So what: wherever you sit in this market, the questions worth answering are which side of that growth-and-annuity line your business sits on, and what would move it.

    Everything on this page

    In This Set, the Premium Sits with Faster Growth and a Durable Resupply Annuity. NeuraCap AI — Therapeutic and Monitoring Devices Coverage September 2026 · Prepared by NeuraCap AI · Confidential Therapeutic and Monitoring Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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