Medtech equities broadly underperformed major market indexes in 2025, pressured by tariff uncertainty and investor rotation toward AI. Diagnostics was a notable exception, delivering a median return of nearly 30%. Despite the sector’s weak performance, M&A and IPOs generated headlines in Q4. Medline completed the largest healthcare IPO on record, signaling some easing of tariff concerns. Among VC-backed companies, public listings from Heartflow and BillionToOne improved the IPO outlook for 2026; although, both companies entered the public markets with strong commercial traction, indicating the IPO window remains narrow for most medtech startups.
Read the full article: PItchBook Q4 2025 Medtech Public Comp Sheet and Valuation Guide //
Source: https://pitchbook.com/news/reports/q4-2025-medtech-public-comp-sheet-and-valuation-guide