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Australian (ASX) Medical Equipment Industry Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies30
  • 7D-1.8%
  • 3M-21.1%
  • 1Y-23.6%
  • YTD-18.6%

Over the last 7 days, the Medical Equipment industry has dropped 1.8%, driven by Cochlear declining 2.5%. However, the industry is down 24% over the past year. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026AU$22.4bAU$6.1bAU$183.2m30.5x122.4x3.7x
Thu, 22 Jan 2026AU$27.6bAU$6.2bAU$178.6m36.1x154.3x4.5x
Sat, 20 Dec 2025AU$26.8bAU$6.2bAU$176.3m35.3x152.1x4.3x
Mon, 17 Nov 2025AU$28.0bAU$6.3bAU$175.2m39x160x4.5x
Wed, 15 Oct 2025AU$28.2bAU$6.3bAU$160.1m35.8x176x4.4x
Fri, 12 Sep 2025AU$29.2bAU$6.3bAU$167.7m37.7x174.2x4.7x
Sun, 10 Aug 2025AU$29.0bAU$6.0bAU$195.1m40.5x148.8x4.8x
Tue, 08 Jul 2025AU$28.2bAU$6.0bAU$197.8m39.7x142.4x4.7x
Thu, 05 Jun 2025AU$26.4bAU$6.0bAU$197.7m37x133.5x4.4x
Sat, 03 May 2025AU$26.9bAU$6.0bAU$208.5m37.1x128.8x4.4x
Mon, 31 Mar 2025AU$27.0bAU$6.1bAU$207.9m37.4x129.7x4.4x
Wed, 26 Feb 2025AU$27.6bAU$6.1bAU$214.3m47.1x128.9x4.6x
Fri, 24 Jan 2025AU$30.7bAU$5.6bAU$130.6m57.2x235.3x5.4x
Sun, 22 Dec 2024AU$28.2bAU$5.6bAU$130.4m53x216.3x5x
Tue, 19 Nov 2024AU$28.4bAU$5.6bAU$159.7m53.8x177.7x5.1x
Thu, 17 Oct 2024AU$28.1bAU$5.5bAU$161.4m52.5x174.4x5.1x
Sat, 14 Sep 2024AU$28.4bAU$5.5bAU$160.0m53.4x177.2x5.2x
Mon, 12 Aug 2024AU$30.7bAU$5.3bAU$164.1m45.5x187.1x5.8x
Wed, 10 Jul 2024AU$29.3bAU$5.3bAU$167.9m50.8x174.4x5.6x
Fri, 07 Jun 2024AU$29.9bAU$5.3bAU$168.7m44.6x177.5x5.6x
Sun, 05 May 2024AU$28.9bAU$5.3bAU$169.0m37.4x171.2x5.4x
Tue, 02 Apr 2024AU$29.7bAU$5.4bAU$169.4m38.8x175.5x5.5x
Thu, 29 Feb 2024AU$29.7bAU$5.3bAU$252.1m40.2x117.9x5.6x
Sat, 27 Jan 2024AU$26.7bAU$5.1bAU$245.5m25x108.9x5.2x
Mon, 25 Dec 2023AU$26.7bAU$5.0bAU$240.8m25.4x110.7x5.3x
Wed, 22 Nov 2023AU$24.0bAU$5.1bAU$245.9m23.8x97.8x4.7x
Fri, 20 Oct 2023AU$23.0bAU$5.2bAU$249.4m21.9x92.3x4.4x
Sun, 17 Sep 2023AU$24.4bAU$5.2bAU$246.6m23.2x98.8x4.7x
Tue, 15 Aug 2023AU$23.2bAU$4.9bAU$76.7m23.2x302.8x4.7x
Thu, 13 Jul 2023AU$22.6bAU$5.0bAU$64.9m22.5x348.9x4.5x
Sat, 10 Jun 2023AU$23.7bAU$5.0bAU$64.7m18.5x365.5x4.7x
Mon, 08 May 2023AU$24.3bAU$5.0bAU$63.8m17.9x381.7x4.9x
Wed, 05 Apr 2023AU$24.1bAU$5.0bAU$63.7m16.5x378.6x4.8x
Fri, 03 Mar 2023AU$22.9bAU$5.0bAU$65.5m17.7x349.9x4.6x
Price to Earnings Ratio

349.9x


Total Market Cap: AU$22.9bTotal Earnings: AU$65.5mTotal Revenue: AU$5.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Medical Equipment Industry Price to Earnings3Y Average 202.5x202420252026
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 industry is trading at a PE ratio of 122x which is lower than its 3-year average PE of 202x.
  • The 3-year average PS ratio of 4.9x is higher than the industry's current PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Medical Equipment industry have grown 41% per year over the last three years.
  • Revenues for these companies have grown 6.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

AU Market0.97%
Healthcare-1.19%
Medical Equipment-1.81%
Medical Supplies-0.34%
Medical Equipment-2.42%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry even though it's trading below its 3-year average PE ratio of 43.9x.
    • Analysts are expecting annual earnings growth of 20.5%, which is lower than the prior year's growth of 40.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 20% over the next 5 years.
  • However this is lower than its past earnings growth rate of 40% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 16% 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
AVR Anteris Technologies GlobalAU$8.455.5%
+AU$42.8m		-26.5%PS271x
AHC Austco HealthcareAU$0.3610.6%
+AU$13.1m		17.7%PE17.6x
CYC CyclopharmAU$0.859.7%
+AU$9.0m		-44.1%PS3.3x
ANN AnsellAU$32.240.3%
+AU$2.5m		-9.8%PE23.9x
SLD Saluda MedicalAU$0.991.0%
+AU$2.5m		n/aPS2.5x

Latest News

ANN
AU$32.24
Ansell
7D
0.3%
1Y
-9.8%

ANN: Chemical Protection And Sustainability Features Will Support Future Margin And Pricing Power

Analysts have slightly reduced their Ansell price target to A$36.05 from A$36.28. The adjustment reflects updated views that incorporate a lower assumed revenue growth rate, a moderately higher discount rate, and a slightly lower future P/E multiple, partly offset by a higher expected profit margin.
PNV
AU$0.93
PolyNovo
7D
-2.6%
1Y
-36.7%
NAN
AU$3.28
Nanosonics
7D
-8.9%
1Y
-29.2%

NAN: RBC Upgrade And Refreshed Assumptions Will Support Future Upside Potential

Analysts have maintained Nanosonics' fair value estimate at A$5.43. The latest price target update is supported by refreshed assumptions for the discount rate, revenue growth, profit margin, and future P/E, following recent research that includes an upgrade highlighted by RBC Capital.
COH
AU$193.00
Cochlear
7D
-3.4%
1Y
-27.7%

COH: Reset Expectations And Product Adoption Will Support Future Upside Potential

Analysts have trimmed their Cochlear price target from A$301.76 to A$250.59 as they factor in slightly lower revenue growth assumptions, a marginally higher discount rate, modestly softer profit margin expectations and a reduced future P/E multiple, as highlighted in recent Street research, including the latest upgrade at RBC Capital. Analyst Commentary Recent Street commentary around Cochlear focuses on how current expectations stack up against its A$250.59 target price and what needs to go right, or wrong, for that valuation to hold.
AHC
AU$0.36
Austco Healthcare
7D
10.6%
1Y
17.7%
IMR
AU$1.99
Imricor Medical Systems
7D
-2.5%
1Y
20.6%
SLD
AU$0.99
Saluda Medical
7D
1.0%
1Y
n/a
LDX
AU$0.26
Lumos Diagnostics Holdings
7D
-12.1%
1Y
779.3%

Antibiotic Stewardship And CLIA Waiver Progress Will Shape This Fairly Valued Outlook

Catalysts About Lumos Diagnostics Holdings Lumos Diagnostics Holdings focuses on point of care diagnostic tests that aim to support real time treatment decisions for physicians and patients. What are the underlying business or industry changes driving this perspective?
EBR
AU$0.73
EBR Systems
7D
-5.8%
1Y
-52.4%
SDI
AU$0.90
SDI
7D
1.7%
1Y
4.0%
CYC
AU$0.85
Cyclopharm
7D
9.7%
1Y
-44.1%
AVR
AU$8.45
Anteris Technologies Global
7D
5.5%
1Y
-26.5%
VHL
AU$0.023
Vitasora Health
7D
-14.8%
1Y
-54.9%
NX1
AU$0.028
Nexalis Therapeutics
7D
0%
1Y
21.7%
CBL
AU$0.061
Control Bionics
7D
8.9%
1Y
45.2%
EPI
AU$0.86
Epiminder
7D
-5.5%
1Y
n/a