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Australian (ASX) Medical Equipment Industry Analysis

UpdatedJun 17, 2026
DataAggregated Company Financials
Companies31
  • 7D2.2%
  • 3M-21.9%
  • 1Y-42.1%
  • YTD-42.2%

The Medical Equipment industry is up 2.2% in the last week, with Cochlear up 6.1%. During this same period, the Nanosonics underperformed, falling 5.3%. In the past year, the industry is down 42%. Earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

Has the Australian Medical Equipment Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Jun 2026AU$16.2bAU$6.2b-AU$204,341,652.2521.3x-79.5x2.6x
Fri, 15 May 2026AU$14.9bAU$6.2b-AU$194,664,578.2719.2x-76.7x2.4x
Sun, 12 Apr 2026AU$19.8bAU$6.2b-AU$60,472,516.8025.4x-328x3.2x
Tue, 10 Mar 2026AU$20.5bAU$6.2b-AU$57,253,510.1224.2x-357.4x3.3x
Thu, 05 Feb 2026AU$26.9bAU$6.1bAU$182.7m36.1x147.2x4.4x
Sat, 03 Jan 2026AU$27.1bAU$6.2bAU$177.7m37.4x152.5x4.4x
Mon, 01 Dec 2025AU$28.9bAU$6.3bAU$131.8m36.5x219.6x4.6x
Wed, 29 Oct 2025AU$29.6bAU$6.3bAU$161.9m31.7x182.9x4.7x
Fri, 26 Sep 2025AU$28.3bAU$6.3bAU$166.9m35.8x169.6x4.5x
Sun, 24 Aug 2025AU$28.5bAU$6.1bAU$209.3m38.5x136.4x4.7x
Tue, 22 Jul 2025AU$28.8bAU$6.0bAU$197.9m40.2x145.8x4.8x
Thu, 19 Jun 2025AU$27.0bAU$6.0bAU$197.7m37.8x136.6x4.5x
Sat, 17 May 2025AU$26.7bAU$6.1bAU$197.3m37.2x135.2x4.4x
Mon, 14 Apr 2025AU$24.9bAU$6.1bAU$207.8m34.2x119.6x4.1x
Wed, 12 Mar 2025AU$26.8bAU$6.1bAU$211.7m37.4x126.6x4.4x
Fri, 07 Feb 2025AU$30.6bAU$5.6bAU$130.6m57.4x234x5.4x
Sun, 05 Jan 2025AU$29.2bAU$5.7bAU$129.8m54.7x225x5.2x
Tue, 03 Dec 2024AU$29.2bAU$5.5bAU$156.7m55.5x186.4x5.3x
Thu, 31 Oct 2024AU$27.5bAU$5.5bAU$161.7m52.1x170.4x5x
Sat, 28 Sep 2024AU$28.0bAU$5.4bAU$159.9m51.6x175.4x5.2x
Mon, 26 Aug 2024AU$29.1bAU$5.4bAU$111.6m46.2x261x5.4x
Wed, 24 Jul 2024AU$31.1bAU$5.3bAU$168.8m45.5x184.3x5.9x
Fri, 21 Jun 2024AU$29.1bAU$5.3bAU$168.5m46x173x5.5x
Sun, 19 May 2024AU$29.8bAU$5.3bAU$168.3m34.5x177.2x5.6x
Tue, 16 Apr 2024AU$29.0bAU$5.4bAU$169.7m38.1x170.9x5.4x
Thu, 14 Mar 2024AU$29.5bAU$5.3bAU$168.6m40.3x174.8x5.5x
Sat, 10 Feb 2024AU$28.2bAU$5.1bAU$279.7m26.4x100.9x5.5x
Mon, 08 Jan 2024AU$27.0bAU$5.1bAU$242.6m23.6x111.1x5.3x
Wed, 06 Dec 2023AU$25.1bAU$5.1bAU$246.0m24.8x102.2x4.9x
Fri, 03 Nov 2023AU$22.7bAU$5.2bAU$248.9m22.5x91x4.4x
Sun, 01 Oct 2023AU$23.8bAU$5.2bAU$246.6m24.5x96.3x4.6x
Tue, 29 Aug 2023AU$25.0bAU$5.2bAU$148.5m21.9x168.1x4.8x
Thu, 27 Jul 2023AU$23.4bAU$5.0bAU$64.4m22.5x362.7x4.7x
Sat, 24 Jun 2023AU$22.7bAU$5.0bAU$64.9m23.2x349.3x4.5x
Price to Earnings Ratio

349.3x


Total Market Cap: AU$22.7bTotal Earnings: AU$64.9mTotal Revenue: AU$5.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Medical Equipment Industry Price to Earnings3Y Average 143.9x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Medical Equipment industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 4.7x is higher than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • Total earnings for the Medical Equipment industry have declined over the last three years, with the industry now making a loss overall.
  • Meanwhile revenues have grown 7.4% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Australian Healthcare industry?

AU Market3.44%
Healthcare1.62%
Medical Equipment2.22%
Medical Equipment3.07%
Medical Supplies0.79%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry even though it's trading below its 3-year average PE ratio of 41.5x.
    • Analysts are expecting annual earnings growth of 19.1%, which is lower than the prior year's growth of 22.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 19% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
COH CochlearAU$111.326.1%
+AU$417.9m		-60.8%PE21.1x
ANN AnsellAU$29.692.5%
+AU$101.6m		-2.8%PE21.6x
IMR Imricor Medical SystemsAU$1.8912.5%
+AU$74.2m		24.3%PS1614.1x
VHL Vitasora HealthAU$0.01871.4%
+AU$14.5m		-53.8%PS7x
CSX CleanSpace HoldingsAU$0.4025.0%
+AU$6.3m		2.6%PE17.9x

Latest News

PNV
AU$1.00
PolyNovo
7D
-3.8%
1Y
-17.4%
Narrative Update • Jun 15

PNV: Refined Cash Flow Assumptions Will Support Steady Outlook And Balanced Upside Potential

Analysts have modestly revised their fair value outlook for PolyNovo, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E. Together, these factors support a slightly adjusted A$ price target and a more refined view of the stock’s long term earnings profile.
VHL
AU$0.018
Vitasora Health
7D
71.4%
1Y
-53.8%
AVR
AU$12.53
Anteris Technologies Global
7D
-4.0%
1Y
107.1%
CYC
AU$0.54
Cyclopharm
7D
-9.3%
1Y
-46.2%
Narrative Update • Jun 04

CYC: Modest Assumption Shifts Will Support Future Upside Potential

Analysts have slightly adjusted their price target for Cyclopharm, citing updated fair value, discount rate, profit margin and P/E assumptions. Together, these factors point to a modest recalibration of the stock's A$ valuation rather than a major shift in outlook.
NAN
AU$3.19
Nanosonics
7D
-5.3%
1Y
-23.7%
Narrative Update • Jun 03

NAN: Stable Outlook And Improved Assumptions Will Support Future Upside Potential

Analysts have kept their A$5.43 price target on Nanosonics steady, citing relatively unchanged fair value estimates. These are supported by small adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions.
COH
AU$111.32
Cochlear
7D
6.1%
1Y
-60.8%
Narrative Update • Jun 03

COH: Margin Resilience And Temporary Volume Weaknesses Will Support Future Upside

The analyst price target for Cochlear has eased slightly from about A$126.08 to A$124.60, as analysts factor in more moderate revenue growth expectations alongside marginally stronger profit margins and a slightly lower assumed future P/E, following mixed recent research views. Analyst Commentary Bullish Takeaways Bullish analysts see room for upside if Cochlear can deliver on revenue expectations while maintaining the marginally stronger profit margins now being reflected in models.
AHC
AU$0.21
Austco Healthcare
7D
-2.3%
1Y
-25.9%
CSX
AU$0.40
CleanSpace Holdings
7D
25.0%
1Y
2.6%
IMR
AU$1.89
Imricor Medical Systems
7D
12.5%
1Y
24.3%
CBL
AU$0.093
Control Bionics
7D
13.4%
1Y
210.0%
SLD
AU$0.41
Saluda Medical
7D
-2.4%
1Y
n/a
LDX
AU$0.11
Lumos Diagnostics Holdings
7D
4.8%
1Y
279.3%
HMD
AU$0.037
HeraMED
7D
-3.9%
1Y
335.3%
ANN
AU$29.69
Ansell
7D
2.5%
1Y
-2.8%
Narrative Update • Mar 28

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Upside Potential

Analysts have nudged their fair value estimate for Ansell slightly lower, trimming the price target from about A$36.47 to A$36.23 as they refresh assumptions around discount rates, long term revenue growth, profit margins and the future P/E multiple. What's in the News Announced an interim dividend of US$0.266 per share for the six months ended December 31, 2025, with an ex date of February 23, 2026, record date of February 24, 2026, and payment date of March 13, 2026 (Key Developments).
NTI
AU$0.016
Neurotech International
7D
33.3%
1Y
-5.9%
SOM
AU$0.55
SomnoMed
7D
-6.8%
1Y
-11.3%