PitchBook-2023年四季度Medtech公開薪酬表和評估指南（英）-2024.1

EMERGING

TECH

RESEARCHMedtech

Publ

icC

omp

Sheet

a

ndVa

luation

Gu

ideQ42023Key

takeawaysPitchBookData,Inc.John

Gabbert

Founder,

CEONizar

Tarhuni

Vice

President,

Institutional

Researchand

Editorial?

Medtech

stocks

rebound:

Afterchallenging

stock

performance

through

Q3,during

which

medical

technology

(medtech)

stocksunderperformed,improved

market

conditionsand

robust

indexperformance

liftedthe

sector

in

Q4

as

the

rising

tide

appeared

to

liftnearly

all

boats.

The

S&P

500

and

NASDAQ

both

returned

low-double-digit

performance

in

Q4,

and

most

medtechcategories

endedup

with

similar

strong

performance

in

the

quarter—apart

from

life

sciences,

which

washeld

down

by

Illumina’s

-8%

return

in

Q4,

thuscontinuing

the

stock’s

tough

stretch.

On

a

three-year

basis,

medtechstock

performance

still

significantly

trails

the

indexesas

over

halfthe

stocks

tracked

in

ourpublic

compsheet

have

negativeperformance

on

a

three-year

basis.Paul

Condra

Head

ofEmerging

Technology

ResearchInstitutionalResearchGroupAnalysisAaron

DeGagne,

CFASenior

Analyst,

Healthcareaaron.degagne@pbinstitutionalresearch@?

Weight

loss

impact

subsides:

A

major

difference

between

medtechshare

price

performance

in

Q3

versusQ4

was

the

perceivedimpact

of

GLP-1

weight

loss

drugs

onexisting

business

models.

While

Q3

saw

glucose

monitoring

makersand

surgicaldeviceincumbents

experiencesignificant

stock

declines,

the

market

hasnow

recognized

that

the

impact

will

not

be

especially

severe

in

thenear

term.Diabetes

stocks

rebounded,

with

Insuletand

Dexcom

returning

36.0%

and

33.0%

in

Q4,

respectively.

Data

hasshown

thatthere

may

evenbe

positive

correlations

by

combining

weight

loss

drugswith

other

technologies

like

glucosemonitors.

Anddespitelower

demand

for

bariatric

surgeries,

robotic

surgerymaker

Intuitive

Surgicalhasbeen

performing

well

and

reported

quite

strong

Q4earnings.

At

thisstage,

it

does

not

appear

that

established

medtechmarkets

facematerial

short-term

risk

from

the

rapid

adoption

ofweight

loss

drugs.Published

on

January

25,

2024ContentsKeytakeawaysStock

returnsValuationsRevenue13456EBITDA?

Looking

ahead:

A

key

questionon

investors’

mindsgoing

into

2024

is

whetherM&A

and

IPO

activity

will

pick

up,

as

we

have

now

seentwostraight

years

of

below-trend

activity.

Consensus

expects

higher

free

cash

flow

across

all

medtechcategories,which

bodes

well

fora

potential

risein

M&A

activity

as

companiesseek

out

ways

to

spend

this

extra

cash.

This

effect

could

be

particularlypronounced

inconsumer

health,

a

category

whereinconsensus

expects

aggregatefree

cash

flow

growth

of

over

20%in

2024.

Incontrast,

estimatesfor

earnings

growth

fall

into

a

widerange,

from

2%

to

11%

between

various

medtechsectors,

comparedto

2024

forecasts

between9%

to

14%

as

of

the

end

of

Q3.

This

indicates

a

potential

divergence

of

outcomes

between

medtechcategories.Diagnosticsappear

setfor

a

rebound

year

after

a

tough

2023,

while

earnings

at

life

sciences

and

tools

companiesare

likely

to

continue

treading

water

as

thesector

adapts

to

less

growth

postpandemic,

and

investors

shift

their

focustoward

higher-growth

businesses.The

fullExceldatapackincludingforward-lookingestimatesisavailabletoPitchBookclients.Disclaimer:Any-0

values

are

negative

valuesthathavebeen

rounded

up

to0.Q42023

MEDTECHPUBLICCOMP

SHEET

ANDVALUATIONGUIDE2Stock

returns*ThefullExceldatapack

including

forward-looking

estimates

is

availabletoPitchBook

clients.Medicaldevices&suppliesLifesciencesMarketbottom-29.7%10.4%46.0%13.7%43.5%2.6%81.0%-7.7%N/A15.7%33.5%10.0%-3.7%MarketpeakMarketbottom-36.5%21.6%10.6%-6.6%6.0%3.7%0.1%10.0%Marketpeak-67.0%-9.7%-11.2%-43.1%-17.7%-17.3%-47.3%-27.6%CompanyBaxterBDBostonScientificZimmerBiometStrykerMedtronicIntuitiveSurgicalEdwardsGEHealthcareColoplastTeleflexAbbottJohnsonand

JohnsonJNJTickerBAXBDXBSXZBH1week0.7%0.3%3.4%0.9%0.7%0.6%0.3%0.6%-0.3%-0.2%-0.6%1.0%0.8%30

days6.2%3.5%4.3%6.8%1.7%4.5%8.6%13.1%14.2%-3.3%12.7%6.2%90days2.4%-5.7%9.5%8.4%9.6%YTD-24.2%-4.1%24.9%-4.5%22.5%6.0%27.1%2.2%32.4%-1.5%-0.1%0.3%1year-24.4%-5.1%24.7%-4.8%22.0%5.9%3years-51.2%0.8%65.5%-15.7%25.5%-28.4%25.7%-15.8%N/A5years-40.7%12.7%66.7%22.2%93.4%-7.7%114.8%52.1%N/ACompanyIlluminaWatersAgilentRevvityThermoFisherDanaherSartoriusMettler-ToledoTickerILMNWATARVTYTMODHRETR:SRTMTD1week-10.1%-0.2%-0.4%1.5%0.3%0.4%1.5%-0.1%30

days23.9%17.7%9.0%22.3%7.7%4.0%13.9%11.0%90days-8.3%20.1%24.3%-1.3%4.9%5.2%5.2%9.5%YTD-37.8%-3.9%-7.1%-22.0%-3.6%-1.7%-17.8%-16.1%1year-37.6%-4.8%-8.0%-23.5%-4.7%-2.2%-17.5%-17.3%3years-65.7%33.3%18.0%-22.3%15.2%17.2%-29.1%6.9%5years-57.8%78.2%110.8%41.4%138.6%156.3%167.2%117.6%-55.5%-1.2%34.1%-2.9%11.6%-22.4%-6.3%-40.6%N/A-34.3%-25.5%-20.8%-8.6%SYKMDT5.1%ISRGEWGEHCCSE:COLO

BTFX15.4%10.1%13.6%8.3%26.9%13.6%0.6%26.0%1.4%33.3%-3.0%-0.8%-0.2%-11.7%-25.0%-38.7%2.1%23.7%-2.0%54.8%23.2%MeanMedian-0.9%0.1%13.7%12.5%7.4%5.2%1.1%4.9%-30.1%-22.6%-13.7%-11.6%-14.5%-12.7%-3.3%11.0%94.0%114.2%ABT3.0%-11.3%2.3%MeanMedian0.6%0.6%6.3%6.2%9.1%9.5%17.9%12.1%-14.4%-14.7%5.4%0.3%4.9%-0.2%-4.4%-7.5%34.4%23.5%DiagnosticsMarketbottom10.8%29.3%-10.2%134.0%43.3%-5.3%Marketpeak-16.1%-11.2%-30.2%-9.2%-22.0%-44.4%-46.2%-31.4%CompanyQuestLabCorpRocheExact

SciencesBiomerieuxDiaSorinEurofinsTickerDGXLHSWX:ROGEXASPAR:BIMMIL:DIAPAR:ERFNTRA1week0.8%1.5%1.6%0.6%0.2%0.2%0.4%3.0%30

days1.9%6.2%7.5%13.7%2.4%8.8%12.3%10.6%90days13.1%13.1%5.9%YTD-11.9%12.5%-7.9%49.4%6.7%-25.8%-8.7%55.9%1year-12.1%12.4%-8.2%48.1%5.0%-26.5%-10.5%54.2%3years16.4%30.8%-15.4%-45.5%-21.1%-49.5%-23.5%-41.1%5years68.1%112.7%17.6%20.9%74.5%27.7%79.3%380.4%ConsumerhealthMarketbottom-6.7%26.2%11.1%36.5%28.9%49.7%36.5%N/AMarketpeak-21.3%-4.7%N/A-10.9%-16.3%-10.2%N/ACompanyInsuletDexcomBauschand

LombAlconTickerPODDDXCMBLCOSWX:ALCTKS:77411week0.4%1.6%8.5%0.8%3.5%1.3%0.4%0.8%30

days14.9%6.8%9.1%4.3%10.3%14.1%-2.7%7.2%90days36.0%33.0%0.1%YTD-26.3%9.6%10.4%13.7%30.4%14.4%3.8%1year-26.5%10.7%15.3%13.1%31.7%13.2%4.2%3years-15.2%37.0%N/A18.2%-9.6%5.1%N/A5years179.6%319.6%N/A8.4%14.8%13.0%15.5%41.6%0.4%N/A12.1%48.4%Hoya21.4%19.0%-1.5%7.2%108.8%51.6%N/ANateraCooperCompanies

COOHaleonKenvueLON:HLNKVUEMeanMedian1.0%0.7%7.9%8.2%15.7%13.1%32.8%20.7%-26.4%-26.1%8.8%-0.6%7.8%-1.6%-18.6%-22.3%97.6%71.3%N/AN/AN/AN/AN/AMeanMedian2.2%1.1%8.0%8.1%14.5%13.1%26.0%28.9%-12.7%-10.9%8.0%10.4%8.8%13.1%7.1%5.1%164.9%144.2%IndexesMarketbottom33.3%44.1%20.1%Marketpeak1week0.3%0.1%30days4.8%5.3%90days11.2%13.6%13.6%YTD24.2%43.4%15.1%1year23.9%43.3%14.8%3years27.7%16.4%1.5%5years91.9%128.0%51.5%S&P500NASDAQRussell

2000-0.6%-5.2%-10.8%-0.3%12.4%MeanMedian0.0%0.1%7.5%5.3%12.8%13.6%32.5%33.3%-5.5%-5.2%27.6%24.2%27.3%23.9%15.2%16.4%90.5%91.9%Sources:

PitchBook

and

Morningstar

?

Geography:

Global

?

*AsofDecember

31,

2023Q42023

MEDTECHPUBLICCOMP

SHEET

ANDVALUATIONGUIDE3Va

luationsThefullExceldatapack

including

forward-looking

estimates

is

availabletoPitchBook

clients.Sources:

PitchBook

and

Morningstar

?

Geography:

Global

?

*AsofDecember

31,

2023Q42023

MEDTECHPUBLICCOMP

SHEET

ANDVALUATIONGUIDE4Revenue*ThefullExceldatapack

including

forward-looking

estimates

is

availabletoPitchBook

clients.Medicaldevices&

suppliesEnterpriseActual

revenue($B)YoYrevenuegrowthEV/historicalTTMrevenueCompanyBaxterBDBostonScientificZimmerBiometStrykerMedtronicIntuitiveSurgicalEdwardsGEHealthcareColoplastTeleflexAbbottJohnsonandJohnsonSumTickervalue($B)$30.816A$10.2$12.5$8.417A$10.6$12.1$9.018A$11.1$16.0$9.819A$11.4$17.3$10.7$8.0$14.9$30.6$4.520A$11.7$16.1$9.921A$12.8$19.1$11.9$6.8$17.1$30.1$5.722A$15.1$18.9$12.7$6.9$18.4$31.7$6.220A3%21A10%19%20%11%19%4%31%19%2%12%11%24%14%14%22A18%-1%7%2%8%5%9%3%4%5%-1%1%1%3%20183.1x4.9x5.2x3.7x4.3x4.5x11.6x7.3xN/A7.8x5.3x4.5x4.4x5.6x4.7x20193.8x5.1x6.3x4.9x5.7x5.2x13.9x9.8xN/A8.5x6.6x5.0x4.6x6.6x5.4x20203.8x4.8x6.0x4.9x5.3x5.2x15.4x10.3xN/A10.8x7.2x5.0x4.6x6.9x5.3x20213.2x4.6x5.5x5.2x6.1x5.7x17.7x11.8xN/A11.4x7.2x5.4x4.6x7.4x5.6x20223.2x4.6x5.3x4.4x5.3x4.5x13.0x10.8x1.3x8.5x5.0x5.1x4.8x5.8x5.0x20232.4x4.5x5.7x4.2x5.7x3.9x13.0x7.7x2.1x7.5x4.1x4.7x4.9x5.4x4.7x12/312.1x4.2x6.2x4.1x5.8x3.9x14.4x7.2x2.2x7.1x4.2x4.9x4.4x5.4x4.4xBAXBDXBSXZBH$85.3$93.3$30.8$124.5$127.1$112.4$45.1$43.2$28.4-7%-8%-23%-4%-5%-3%1%3%3%-2%8%1%$7.7$7.8$7.9$6.1SYK$11.3$28.8$2.7$3.0$0.3$2.2$1.9$20.9$71.9$181.6$12.4$29.7$3.1$3.4$0.3$2.3$2.1$27.4$76.5$196.9$13.6$30.0$3.7$3.7$0.3$2.6$2.4$30.6$81.6$213.4$14.4$28.9$4.4$4.4$17.2$2.8MDTISRGEWGEHCCSE:COLOBTFX$4.3$16.6$2.7$5.2$17.6$3.1$5.4$18.3$3.3$13.0$2.6$2.5$2.8$2.8ABTJNJ$199.8$383.7$1,317.4$31.9$82.1$237.5$34.6$82.6$235.5$43.1$93.8$269.2$43.7$94.9$278.4-1%ConsumerhealthEnterpriseActual

revenue($B)YoYrevenuegrowthEV/historicalTTMrevenueCompanyInsuletDexcomBauschand

LombAlconHoyaCooper

CompaniesHaleonKenvueTickervalue($B)$15.916A$0.4$0.6N/A$6.6$4.3$2.0N/A17A$0.5$0.7N/A$6.8$4.5$2.1N/A18A$0.6$1.0$3.7$7.2$4.9$2.5N/A19A$0.7$1.5$3.8$7.5$5.2$2.7$10.8$14.3$46.520A$0.9$1.9$3.4$6.8$5.4$2.4$12.7$14.5$48.021A$1.1$2.4$3.8$8.3$5.3$2.9$0.6$15.1$39.522A$1.3$2.9$3.8$8.7$6.0$3.3$13.4$15.0$54.320A23%31%-10%-9%4%-8%17%1%21A21%27%10%21%-2%20%-95%4%22A19%19%0%20186.9x7.1xN/A0.0x3.7x4.8xN/A201910.1x8.8xN/A3.4x5.1x5.8xN/A2020N/AN/AN/A4.3xN/AN/AN/AN/A4.3x4.3x202116.8x16.8x0.0x4.8x9.1x6.4x0.0xN/A202213.4x12.3x1.3x4.3x6.8x4.9x1.0xN/A202310.4x11.3x2.0x4.3x6.8x4.8x2.6x2.8x6.0x4.8x12/318.4x11.4x2.3x4.4x7.4x5.5x3.4x3.1x5.7x4.9xPODDDXCMBLCOSWX:ALCTKS:7741COOLON:HLNKVUE$46.8$10.2$42.4$40.6$21.2$49.8$48.5$275.45%13%13%1975%-1%N/A$13.8N/A$14.6N/A$19.8N/A4.5x4.8xN/A6.6x5.8xSum3%-18%38%7.7x6.4x6.3x4.9xLifesciencesEnterpriseActual

revenue($B)YoYrevenuegrowthEV/historicalTTMrevenueCompanyIlluminaWatersAgilentRevvityThermoFisherDanaherSartoriusMettler-ToledoSumTickerILMNWATARVTYTMODHRETR:SRTMTDvalue($B)$23.516A$2.4$2.2$4.2$2.1$18.3$16.9$1.4$2.5$50.017A$2.8$2.3$4.5$2.3$20.9$15.5$1.6$2.7$52.518A$3.3$2.4$4.9$2.8$24.4$17.0$1.8$2.9$59.619A$3.5$2.4$5.2$2.9$25.5$17.9$2.0$3.0$62.520A$3.2$2.4$5.3$2.7$32.2$22.3$2.7$3.1$73.921A$4.5$2.8$6.3$3.8$39.2$29.5$4.1$3.7$93.922A$4.6$3.0$6.8$3.3$44.9$31.5$4.4$3.9$102.420A-9%-2%3%-8%26%24%30%3%21A40%18%18%44%22%32%53%21%27%22A1%7%201812.2x5.6x4.1x3.6x4.2x4.6x4.7x5.0x5.5x4.7x201913.1x6.6x4.5x4.1x5.0x5.4x6.3x6.4x6.4x5.8x202013.4x6.1x5.3x3.4x4.9x6.0x7.6x6.9x6.7x6.0x202113.8x7.7x7.0x4.4x5.9x7.3x10.4x8.9x8.2x7.5x20229.2x6.9x6.1x6.2x5.8x7.3x6.7x8.1x7.0x6.8x20236.7x6.3x5.9x6.5x5.5x7.5x7.2x8.2x6.7x6.6x12/315.4x7.3x6.2x5.9x5.6x7.7x7.5x7.6x6.7x6.8x$21.7$41.9$16.1$234.4$180.7$28.7$28.3$575.28%-13%15%7%8%5%18%9%DiagnosticsEnterpriseActual

revenue($B)YoYrevenuegrowthEV/historicalTTMrevenueCompanyQuestLabCorpRocheExactSciencesBiomerieuxDiaSorinEurofinsNateraTickervalue($B)$20.4$24.9$257.8$15.2$13.2$5.516A$7.2$9.6$51.3$0.1$2.3$0.6$2.8$0.2$74.217A$7.4$10.3$54.1$0.3$2.6$0.7$3.4$0.218A$7.5$11.3$58.1$0.5$2.9$0.8$4.5$0.319A$7.7$11.6$61.9$0.9$3.0$0.8$5.1$0.320A$9.4$14.0$62.1$1.5$3.6$1.0$6.2$0.421A$10.8$16.1$68.7$1.8$4.0$1.5$7.9$0.622A$9.9$14.9$66.3$2.1$3.8$1.4$7.1$0.820A22%21%0%70%19%27%21%29%8%21A14%15%11%18%12%46%28%60%13%22A-8%-8%-4%18%-5%-2%-11%31%-5%20182019202020212022202312/31DGXLH1.9x1.6xN/A8.3x2.8x5.5x1.7x2.8x3.5x2.8x2.2x1.9x4.4x11.6x3.1x6.7x2.0x5.8x4.7x3.7x1.9x1.7x4.6x9.3x4.3x8.4x2.3x9.3x5.2x4.4x2.1x2.0x4.8x11.1x4.1x8.0x3.3x13.9x6.2x4.5x2.2x1.9x4.5x5.0x3.0x5.6x2.6x4.8x3.7x3.8x2.2x2.0x3.7x5.8x2.9x4.6x2.1x4.8x3.5x3.3x2.2x2.0x3.7x5.6x3.1x4.3x2.1x5.7x3.6x3.4xSWX:ROGEXASPAR:BIMMIL:DIAPAR:ERFNTRA$15.5$7.0Sum$79.0$85.8$91.2$98.2$111.4$106.2Sources:

PitchBook

and

Morningstar

?

Geography:

Global

?

*AsofDecember

31,

2023Q42023

MEDTECHPUBLICCOMP

SHEET

ANDVALUATIONGUIDE5EBIT

DA*ThefullExceldatapack

including

forward-looking

estimates

is

availabletoPitchBook

clients.Medicaldevices

&suppliesActual

EBITDA($B)YoYEBITDAgrowthEBITDAmarginEV/TTMEBITDAEnterpriseCompanyBaxterBDBostonScientificZimmerBiometStrykerMedtronicIntuitiveSurgicalEdwardsGEHealthcareColoplastTeleflexAbbottJohnsonandJohnsonSumTickerBAXBDXBSXZBHvalue($B)$30.816A$2.1$3.8$2.2$2.9$2.9$9.2$1.0$0.9N/A17A$2.2$4.0$2.5$2.8$3.2$9.7$1.2$1.1N/A18A$2.6$6.2$2.8$2.6$3.6$9.6$1.6$1.2N/A$1.0$0.7$7.8$29.6$69.319A$2.8$6.8$3.1$2.6$4.1$10.6$1.9$1.4N/A$0.9$0.7$8.4$30.7$73.920A$2.7$5.6$2.2$2.0$3.5$9.3$1.6$1.4N/A$1.0$0.7$9.4$28.1$67.521A$3.0$6.5$3.3$2.3$4.3$8.7$2.6$1.7$3.7$1.2$0.9$13.1$33.3$84.422A$3.3$6.5$3.7$2.3$4.6$10.1$2.5$1.9$3.2$1.1$0.8$12.9$34.1$87.020A-3%21A13%17%46%13%23%-7%56%21%N/A20%22%39%19%25%22A9%0%12%0%6%17%-3%12%-12%-2%-4%-2%2%20A23%35%23%33%25%32%38%33%N/A35%28%27%N/A30%32%21A22A22%34%29%33%25%32%40%36%18%35%29%29%N/A30%31%201812.4x16.1x17.8x11.1x15.1x12.3x26.7x22.5xN/A22.6x18.7x17.4x11.5x17.0x16.8x201915.6x17.8x24.3x16.8x21.6x16.6x37.6x32.0xN/A24.8x24.5x21.4x13.6x22.2x21.5x202017.3x16.8x24.7x16.5x20.0x18.5x40.7x31.9xN/A30.1x26.7x18.2x13.4x22.9x19.3x202113.7x17.7x19.2x16.1x22.2x16.3x42.0x35.1xN/A31.7x24.6x19.3x13.2x22.6x19.3x202214.0x17.2x18.3x13.1x20.4x14.6x32.7x30.7xN/A25.4x17.2x20.2x13.5x19.8x17.8x202311.2x17.4x20.1x12.3x21.4x13.5x32.9x24.1x10.7x23.3x14.6x18.4x12.8x17.9x17.4x12/3110.2x12.5x24.2x12.7x25.3x12.6x41.7x24.0x12.4x25.9x15.0x19.4x10.6x19.0x15.0x23%34%28%34%25%29%45%33%21%37%31%30%N/A$85.3$93.3$30.8$124.5$127.1$112.4$45.1$43.2$28.4-18%-28%-22%-13%-12%-14%2%N/A6%-5%12%-8%SYKMDTISRGEWGEHCCSE:COLOTFXN/AN/A$13.0$0.5$4.8$25.5$56.0$0.6$7.1$27.4$61.7ABTJNJ$199.8$383.7$1317.4-9%3%MeanMedian31%30%ConsumerhealthActual

EBITDA($B)YoYEBITDAgrowthEBITDAmarginEV/TTMEBITDAEnterpriseCompanyInsuletDexcomBauschand

LombAlconHoyaCooper

CompaniesHaleonKenvueTickerPODDDXCMBLCOSWX:ALCTKS:7741COOLON:HLNKVUEvalue($B)$15.916A$0.017A$0.018A$0.019A$0.120A$0.121A$0.222A$0.220A41%N/A77%N/A-3%7%-17%N/A21A66%N/A-14%N/A50%10%28%N/A22A5%20A21A22A20182019202020212022202312/3112%24%N/A21%31%30%N/A16%16%28%26%35%32%25%N/A14%23%24%25%37%28%25%N/A73.2x

105.4x33.7xN/AN/AN/AN/A22.2xN/AN/AN/AN/A22.2x22.2x91.1x67.8xN/A21.2x22.8x19.9xN/A93.7x48.9x10.6x18.6x17.7x16.6x8.8x60.9x40.9x10.3x17.1x21.3x16.0x10.3x11.5x23.5x16.5x73.2x58.1x11.8xN/A20.9x20.7x13.6x16.3x30.7x20.7x$46.8$10.2$42.4$40.6$21.2$49.8$48.5$275.4N/A67%-16%-1%19%0%43.2xN/A26.8x13.7x18.3xN/AN/A41.5x26.8x-$0.0N/AN/AN/A$0.6N/A-$0.0N/AN/A$0.1N/A$1.7N/A$0.8N/A$2.7$0.3N/A$1.5$1.6$0.9N/A$0.5N/A$1.5$1.7$0.7N/A$0.4$1.1$2.2$1.8$0.9$3.2$9.8$0.7$0.9$2.2$2.2$0.9$3.4$10.5N/A7.2x14.7xN/AN/A32.2x24.2xN/A$0.7N/A$0.65%6%N/A24%24%N/A44.6x22.8xN/A30.7x17.7xSum$0.6$4.3$4.44%122%MeanMedian26%26%25%25%Life

sciencesActual

EBITDA($B)YoYEBITDAgrowthEBITDAmarginEV/TTMEBITDA2020

2021EnterpriseCompanyIlluminaWatersAgilentRevvityThermoFisherDanaherSartoriusMettler-ToledoSumTickerILMNWATARVTYTMODHRETR:SRTMTDvalue($B)$23.516A$0.7$0.7$1.0$0.4$4.6$4.0N/A17A$0.8$0.8$1.1$0.5$5.3$3.8N/A18A$1.1$0.9$1.3$0.6$6.2$4.3$0.5$0.8$15.519A$1.3$0.8$1.3$0.6$6.6$4.6$0.5$0.8$16.620A$1.0$0.8$1.4$1.1$10.3$6.7$0.7$0.9$22.921A$1.3$1.0$1.8$1.7$13.0$10.3$1.0$1.1$31.222A$0.7$1.0$2.0$1.3$12.1$10.9$1.5$1.2$30.820A-24%-2%5%21A37%19%26%53%27%55%36%24%37%22A-45%6%15%-26%-7%6%51%12%-1%20A21A22A201820192022202312/3130%34%26%42%32%30%28%29%31%30%29%35%28%45%33%35%25%30%32%32%16%34%30%38%27%35%34%32%31%33%34.5x15.9x16.2x16.2x16.5x18.0x17.4x18.4x19.1x17.0x42.3x19.0x18.0x18.5x19.6x21.3x22.1x23.0x23.0x20.5x49.6x18.4x20.3x9.9x72.7x

102.0x74.7x18.1x20.2x21.3x21.7x24.1x25.9x28.8x29.4x22.9x35.5x20.8x20.6x19.2x21.6x19.3x22.5x22.1x22.7x21.2x$21.7$41.9$16.1$234.4$180.7$28.7$28.3$575.222.7x25.1x14.2x19.6x21.6x28.7x29.8x29.3x23.9x20.2x20.8x20.9x22.2x22.8x20.6x25.5x31.9x21.5x73%55%46%38%9%15.2x20.1x23.3x23.8x22.6x20.2x$0.6$12.0$0.7$12.938%MeanMedianDiagnosticsActual

EBITDA($B)YoYEBITDAgrowthEBITDAmarginEV/TTMEBITDAEnterpriseCompanyQuestLabCorpRocheExactSciencesBiomerieuxDiaSorinEurofinsNateraTickerDGXLHSWX:ROGEXASPAR:BIMMIL:DIAPAR:ERFNTRAvalue($B)$20.4