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Australian (ASX) Medical Equipment Industry Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies30
  • 7D1.3%
  • 3M-29.2%
  • 1Y-29.3%
  • YTD-29.6%

The Medical Equipment industry is up 1.3% in the last week, with Cochlear up 1.6%. Meanwhile, EBR Systems actually underperformed within the industry, shrinking 13% in the last week. In contrast, the industry has lost 29% in the last 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
Tue, 31 Mar 2026AU$19.2bAU$6.3b-AU$69,508,851.3225.4x-276.5x3x
Thu, 26 Feb 2026AU$22.5bAU$6.1bAU$198.2m30.6x113.4x3.7x
Sat, 24 Jan 2026AU$28.3bAU$6.1bAU$180.2m37.4x156.9x4.6x
Mon, 22 Dec 2025AU$26.8bAU$6.2bAU$176.4m35.3x152x4.3x
Wed, 19 Nov 2025AU$27.6bAU$6.3bAU$174.7m39x157.9x4.4x
Fri, 17 Oct 2025AU$29.1bAU$6.3bAU$161.1m32.6x180.6x4.6x
Sun, 14 Sep 2025AU$29.4bAU$6.2bAU$168.4m36.6x174.8x4.7x
Tue, 12 Aug 2025AU$29.2bAU$6.0bAU$195.1m40.6x149.6x4.9x
Thu, 10 Jul 2025AU$28.2bAU$6.0bAU$198.0m39.5x142.2x4.7x
Sat, 07 Jun 2025AU$26.3bAU$6.0bAU$197.8m36.7x132.8x4.4x
Mon, 05 May 2025AU$26.9bAU$6.0bAU$208.6m37.2x128.8x4.4x
Wed, 02 Apr 2025AU$26.8bAU$6.1bAU$207.7m37.3x128.8x4.4x
Fri, 28 Feb 2025AU$27.3bAU$6.1bAU$208.6m46.4x130.9x4.5x
Sun, 26 Jan 2025AU$30.9bAU$5.6bAU$131.3m57.8x235.5x5.5x
Tue, 24 Dec 2024AU$28.6bAU$5.6bAU$130.2m53.6x219.4x5.1x
Thu, 21 Nov 2024AU$28.7bAU$5.5bAU$159.6m54.7x179.8x5.2x
Sat, 19 Oct 2024AU$28.0bAU$5.5bAU$161.3m52x173.6x5.1x
Mon, 16 Sep 2024AU$28.4bAU$5.5bAU$160.0m53.4x177.2x5.2x
Wed, 14 Aug 2024AU$30.9bAU$5.3bAU$163.9m42.5x188.5x5.8x
Fri, 12 Jul 2024AU$29.9bAU$5.3bAU$167.8m43.3x177.9x5.7x
Sun, 09 Jun 2024AU$30.1bAU$5.3bAU$169.2m41.7x178.1x5.7x
Tue, 07 May 2024AU$29.1bAU$5.3bAU$168.8m37.4x172.3x5.5x
Thu, 04 Apr 2024AU$29.1bAU$5.4bAU$169.4m38.8x171.9x5.4x
Sat, 02 Mar 2024AU$29.4bAU$5.4bAU$162.2m40.2x181.1x5.5x
Mon, 29 Jan 2024AU$26.7bAU$5.1bAU$245.6m25x108.8x5.2x
Wed, 27 Dec 2023AU$26.7bAU$5.0bAU$240.9m25.4x110.7x5.3x
Fri, 24 Nov 2023AU$23.9bAU$5.1bAU$245.8m24.5x97.2x4.7x
Sun, 22 Oct 2023AU$22.5bAU$5.2bAU$249.5m21.9x90.2x4.3x
Tue, 19 Sep 2023AU$24.0bAU$5.2bAU$246.4m22.5x97.5x4.6x
Thu, 17 Aug 2023AU$24.2bAU$5.2bAU$116.4m22.5x207.5x4.7x
Sat, 15 Jul 2023AU$23.3bAU$4.9bAU$63.7m22.5x366x4.7x
Mon, 12 Jun 2023AU$23.7bAU$5.0bAU$64.6m18.5x366.5x4.7x
Wed, 10 May 2023AU$24.1bAU$5.0bAU$63.6m17.2x378.6x4.8x
Fri, 07 Apr 2023AU$24.5bAU$5.0bAU$64.2m17.2x381.1x4.9x
Price to Earnings Ratio

381.1x


Total Market Cap: AU$24.5bTotal Earnings: AU$64.2mTotal Revenue: AU$5.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Medical Equipment Industry Price to Earnings3Y Average 184.8x202420252026
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 3.0x.
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 7.9% 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 Market0.96%
Healthcare0.19%
Medical Equipment1.34%
Medical Equipment1.50%
Medical Supplies0.97%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry even though it's trading below its 3-year average PE ratio of 43.1x.
    • Analysts expect its future annual earnings growth (21.3%) 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 21% 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$169.104.8%
+AU$504.9m		-36.2%PE32x
NAN NanosonicsAU$3.756.8%
+AU$72.0m		-19.2%PE54.7x
PNV PolyNovoAU$0.946.3%
+AU$38.0m		-19.7%PE65.4x
IMR Imricor Medical SystemsAU$1.903.3%
+AU$19.3m		33.3%PS1429.7x
ANN AnsellAU$28.230.4%
+AU$12.9m		-18.0%PE20.1x

Latest News

HMD
AU$0.05
HeraMED
7D
28.2%
1Y
177.8%
ANN
AU$28.23
Ansell
7D
0.4%
1Y
-18.0%

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).
EBR
AU$0.58
EBR Systems
7D
-13.4%
1Y
-66.9%
IMR
AU$1.90
Imricor Medical Systems
7D
3.3%
1Y
33.3%
LDX
AU$0.22
Lumos Diagnostics Holdings
7D
-17.0%
1Y
816.7%
PNV
AU$0.94
PolyNovo
7D
6.3%
1Y
-19.7%

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
-9.8%
1Y
-9.8%

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

Mar 25
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NAN
AU$3.75
Nanosonics
7D
6.8%
1Y
-19.2%

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$169.10
Cochlear
7D
4.8%
1Y
-36.2%

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.
EPI
AU$0.59
Epiminder
7D
-6.3%
1Y
n/a
AVR
AU$7.30
Anteris Technologies Global
7D
-8.8%
1Y
19.3%
CYC
AU$0.85
Cyclopharm
7D
13.3%
1Y
-34.1%
DVL
AU$0.026
dorsaVi
7D
-5.4%
1Y
341.7%
SLD
AU$0.82
Saluda Medical
7D
4.5%
1Y
n/a
CC5
AU$0.022
Clever Culture Systems
7D
-4.3%
1Y
57.1%
CMP
AU$0.28
Compumedics
7D
-5.1%
1Y
-16.4%

Compumedics Limited's (ASX:CMP) Price Is Right But Growth Is Lacking After Shares Rocket 26%

Jan 29
Compumedics Limited's (ASX:CMP) Price Is Right But Growth Is Lacking After Shares Rocket 26%