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Australian (ASX) Medical Equipment Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies30
  • 7D0.2%
  • 3M-29.3%
  • 1Y-30.5%
  • YTD-29.1%

The Medical Equipment is pretty flat in the last 7 days, but Cochlear has stood out, gaining 3.4%. Unfortunately though, the industry is down 30% over the past 12 months. Earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026AU$19.3bAU$6.3b-AU$67,165,314.8724.8x-288.1x3.1x
Sun, 22 Feb 2026AU$22.9bAU$6.1bAU$183.7m31.2x124.7x3.8x
Tue, 20 Jan 2026AU$27.5bAU$6.2bAU$177.9m38.7x154.8x4.4x
Thu, 18 Dec 2025AU$26.8bAU$6.2bAU$176.5m35.3x151.6x4.3x
Sat, 15 Nov 2025AU$28.0bAU$6.3bAU$157.3m39x178.3x4.5x
Mon, 13 Oct 2025AU$28.7bAU$6.3bAU$160.8m38x178.8x4.6x
Wed, 10 Sep 2025AU$29.4bAU$6.3bAU$167.8m34.5x175.2x4.7x
Fri, 08 Aug 2025AU$29.4bAU$6.0bAU$195.2m40.8x150.4x4.9x
Sun, 06 Jul 2025AU$28.2bAU$6.0bAU$198.1m39.8x142.5x4.7x
Tue, 03 Jun 2025AU$26.5bAU$6.0bAU$197.7m37.1x134x4.4x
Thu, 01 May 2025AU$26.7bAU$6.1bAU$208.3m36.7x128x4.4x
Sat, 29 Mar 2025AU$26.9bAU$6.1bAU$207.9m37.4x129.6x4.4x
Mon, 24 Feb 2025AU$28.2bAU$6.0bAU$213.7m47.5x131.8x4.7x
Wed, 22 Jan 2025AU$30.5bAU$5.7bAU$129.8m57.2x235.3x5.4x
Fri, 20 Dec 2024AU$28.4bAU$5.6bAU$130.3m53.4x217.6x5x
Sun, 17 Nov 2024AU$28.5bAU$5.6bAU$159.7m54.1x178.4x5.1x
Tue, 15 Oct 2024AU$28.7bAU$5.4bAU$161.2m53.6x178x5.3x
Thu, 12 Sep 2024AU$27.9bAU$5.5bAU$160.1m52.5x174.3x5.1x
Sat, 10 Aug 2024AU$30.7bAU$5.3bAU$164.1m45.5x187.1x5.8x
Mon, 08 Jul 2024AU$29.6bAU$5.3bAU$167.8m53x176.4x5.6x
Wed, 05 Jun 2024AU$29.0bAU$5.3bAU$168.8m33.8x172x5.5x
Fri, 03 May 2024AU$28.6bAU$5.3bAU$168.9m36x169.4x5.4x
Sun, 31 Mar 2024AU$29.7bAU$5.4bAU$169.4m38.8x175.5x5.5x
Tue, 27 Feb 2024AU$29.7bAU$5.3bAU$238.7m26.4x124.6x5.6x
Thu, 25 Jan 2024AU$26.6bAU$5.1bAU$245.2m25.6x108.6x5.2x
Sat, 23 Dec 2023AU$26.7bAU$5.0bAU$240.5m25.4x110.8x5.3x
Mon, 20 Nov 2023AU$24.0bAU$5.2bAU$247.1m24.1x97x4.6x
Wed, 18 Oct 2023AU$23.6bAU$5.2bAU$249.8m24.5x94.4x4.5x
Fri, 15 Sep 2023AU$24.4bAU$5.2bAU$246.3m22.5x98.9x4.7x
Sun, 13 Aug 2023AU$23.4bAU$5.1bAU$72.3m23.2x323.3x4.6x
Tue, 11 Jul 2023AU$22.4bAU$5.0bAU$65.3m23.2x343.4x4.4x
Thu, 08 Jun 2023AU$24.1bAU$5.0bAU$64.8m18.5x372x4.8x
Sat, 06 May 2023AU$24.3bAU$5.0bAU$63.8m17.9x381.6x4.9x
Mon, 03 Apr 2023AU$23.6bAU$5.0bAU$64.2m16.5x368x4.7x
Price to Earnings Ratio

368x


Total Market Cap: AU$23.6bTotal Earnings: AU$64.2mTotal Revenue: AU$5.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Medical Equipment Industry Price to Earnings3Y Average 187.2x202420252026
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 4.9x is higher than the industry's current PS ratio of 3.1x.
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 7.8% 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 Market0.32%
Healthcare2.66%
Medical Equipment0.21%
Medical Supplies1.42%
Medical Equipment-0.34%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry even though it's trading below its 3-year average PE ratio of 43.2x.
    • Analysts expect its future annual earnings growth (21.7%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 22% 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 18% 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$170.233.4%
+AU$366.9m		-36.3%PE32.2x
ANN AnsellAU$28.672.1%
+AU$73.1m		-15.9%PE20.5x
NAN NanosonicsAU$3.706.6%
+AU$67.6m		-19.7%PE54x
OIL Optiscan ImagingAU$0.1017.6%
+AU$15.7m		-25.9%PS42.8x
NTI Neurotech InternationalAU$0.01330.0%
+AU$3.9m		-58.1%PS2.4x

Latest News

IMR
AU$1.92
Imricor Medical Systems
7D
-1.8%
1Y
29.8%
LDX
AU$0.26
Lumos Diagnostics Holdings
7D
-1.9%
1Y
1,008.7%
PNV
AU$0.90
PolyNovo
7D
-1.6%
1Y
-25.1%

PNV: Higher Margin Outlook And Steady P E Assumption Will Support Upside Potential

Analysts have slightly increased their A$ price target for PolyNovo, citing updated assumptions for revenue growth, profit margins and future P/E that together support a modestly higher valuation outlook. Valuation Changes Fair Value: A$ fair value input is unchanged at 1.0. Discount Rate: Discount rate has edged down slightly from 7.58% to 7.58%.
MX1
AU$0.055
Micro-X
7D
-12.7%
1Y
-9.8%

We're Keeping An Eye On Micro-X's (ASX:MX1) Cash Burn Rate

Mar 25
We're Keeping An Eye On Micro-X's (ASX:MX1) Cash Burn Rate
EBR
AU$0.64
EBR Systems
7D
-9.9%
1Y
-64.2%
NAN
AU$3.70
Nanosonics
7D
6.6%
1Y
-19.7%

NAN: RBC Upgrade And Higher Future P/E Will Support Upside Potential

Narrative Update on Nanosonics The analyst price target for Nanosonics has been adjusted slightly higher from A$5.43 to about A$5.43, as analysts factor in updated assumptions for discount rate, revenue growth, profit margin, and a higher future P/E multiple, supported by recent positive Street research, including the RBC Capital upgrade. Analyst Commentary Bullish analysts have taken a more constructive view on Nanosonics, reflected in updated assumptions for discount rate, revenue growth, profit margin, and a higher future P/E multiple.
COH
AU$170.23
Cochlear
7D
3.4%
1Y
-36.3%

COH: VA Access Expansion Will Support Future Upside Potential

Analysts have adjusted their price target on Cochlear slightly lower to A$245.91 from A$250.59, reflecting modest tweaks to assumptions around the discount rate, revenue growth, profit margins and future P/E following recent research updates. Analyst Commentary Bullish Takeaways Bullish analysts see the revised A$245.91 target as still supportive of upside potential relative to recent trading levels, suggesting the core earnings story remains intact despite the small adjustment.
NTI
AU$0.013
Neurotech International
7D
30.0%
1Y
-58.1%
EPI
AU$0.64
Epiminder
7D
1.6%
1Y
n/a
AVR
AU$7.90
Anteris Technologies Global
7D
-6.0%
1Y
6.5%
AHC
AU$0.34
Austco Healthcare
7D
-2.1%
1Y
14.2%
CYC
AU$0.75
Cyclopharm
7D
4.2%
1Y
-35.3%
ANN
AU$28.67
Ansell
7D
2.1%
1Y
-15.9%

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Margin And Pricing Power

Analysts have made a small upward adjustment to their Ansell valuation, with the fair value estimate nudging higher from about A$36.05 to around A$36.47. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
AT1
AU$0.04
Atomo Diagnostics
7D
11.1%
1Y
135.3%
CC5
AU$0.021
Clever Culture Systems
7D
-4.5%
1Y
50.0%
OIL
AU$0.10
Optiscan Imaging
7D
17.6%
1Y
-25.9%