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Australian (ASX) Medical Equipment Industry Analysis

UpdatedApr 17, 2026
DataAggregated Company Financials
Companies30
  • 7D-2.5%
  • 3M-30.0%
  • 1Y-25.6%
  • YTD-29.1%

Over the last 7 days, the Medical Equipment industry has dropped 2.8%, driven by pullbacks in Ansell and Cochlear of 6.3% and 2.1%, respectively. In contrast, Anteris Technologies Global has gained 13%. However, the industry is down 24% over the past year. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Apr 2026AU$19.4bAU$6.2b-AU$56,980,339.5826.7x-340.3x3.1x
Sun, 15 Mar 2026AU$20.2bAU$6.2b-AU$58,276,011.0424.8x-346.5x3.2x
Tue, 10 Feb 2026AU$26.3bAU$6.1bAU$182.9m36.1x143.6x4.3x
Thu, 08 Jan 2026AU$27.2bAU$6.2bAU$178.5m36.1x152.6x4.4x
Sat, 06 Dec 2025AU$27.9bAU$6.2bAU$133.1m35.2x209.5x4.5x
Mon, 03 Nov 2025AU$29.2bAU$6.3bAU$161.7m34x180.8x4.7x
Wed, 01 Oct 2025AU$27.9bAU$6.3bAU$167.2m40.1x166.7x4.5x
Fri, 29 Aug 2025AU$29.7bAU$6.3bAU$147.6m41.3x201.6x4.7x
Sun, 27 Jul 2025AU$29.2bAU$6.0bAU$198.2m40.7x147.3x4.9x
Tue, 24 Jun 2025AU$27.5bAU$6.1bAU$197.0m38.3x139.4x4.5x
Thu, 22 May 2025AU$26.7bAU$6.0bAU$197.7m37.5x135.1x4.4x
Sat, 19 Apr 2025AU$25.4bAU$6.1bAU$208.2m35.1x121.9x4.2x
Mon, 17 Mar 2025AU$26.5bAU$6.1bAU$204.7m36.8x129.7x4.4x
Wed, 12 Feb 2025AU$30.1bAU$6.0bAU$187.5m55.4x160.5x5x
Fri, 10 Jan 2025AU$29.7bAU$5.7bAU$129.5m55.7x229x5.2x
Sun, 08 Dec 2024AU$29.3bAU$5.6bAU$156.9m55.3x186.9x5.2x
Tue, 05 Nov 2024AU$27.8bAU$5.5bAU$160.8m52.9x173x5.1x
Thu, 03 Oct 2024AU$28.8bAU$5.4bAU$159.9m53.5x180.4x5.3x
Sat, 31 Aug 2024AU$28.7bAU$5.4bAU$168.7m46.2x170.3x5.3x
Mon, 29 Jul 2024AU$31.1bAU$5.3bAU$169.4m44.7x183.6x5.8x
Wed, 26 Jun 2024AU$30.2bAU$5.3bAU$168.6m47.5x179.2x5.7x
Fri, 24 May 2024AU$29.2bAU$5.3bAU$168.7m37.4x172.9x5.5x
Sun, 21 Apr 2024AU$28.6bAU$5.4bAU$170.2m38.8x167.8x5.3x
Tue, 19 Mar 2024AU$29.3bAU$5.3bAU$168.9m41.3x173.3x5.5x
Thu, 15 Feb 2024AU$28.6bAU$5.2bAU$281.5m25.7x101.5x5.5x
Sat, 13 Jan 2024AU$26.7bAU$5.1bAU$243.2m23.6x109.6x5.2x
Mon, 11 Dec 2023AU$25.8bAU$5.1bAU$245.6m24.8x105x5x
Wed, 08 Nov 2023AU$23.2bAU$5.2bAU$249.3m23.2x93.1x4.5x
Fri, 06 Oct 2023AU$23.7bAU$5.2bAU$249.0m23.2x95.2x4.5x
Sun, 03 Sep 2023AU$24.9bAU$5.2bAU$223.7m22.5x111.3x4.8x
Tue, 01 Aug 2023AU$23.6bAU$5.0bAU$64.8m23.2x363.9x4.7x
Thu, 29 Jun 2023AU$22.6bAU$5.0bAU$65.2m22.5x346.4x4.5x
Sat, 27 May 2023AU$24.3bAU$5.1bAU$66.0m17.9x368.1x4.8x
Mon, 24 Apr 2023AU$24.7bAU$5.0bAU$64.1m17.2x384.8x4.9x
Price to Earnings Ratio

384.8x


Total Market Cap: AU$24.7bTotal Earnings: AU$64.1mTotal Revenue: AU$5.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Medical Equipment Industry Price to Earnings3Y Average 174.1x202420252026
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 4.8x is higher than the industry's current PS ratio of 3.2x.
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 7.2% 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 Market0.18%
Healthcare1.75%
Medical Equipment-2.46%
Medical Equipment-1.59%
Medical Supplies-4.38%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry even though it's trading below its 3-year average PE ratio of 42.8x.
    • Analysts are expecting annual earnings growth of 19.9%, 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 20% 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
AVR Anteris Technologies GlobalAU$8.5013.2%
+AU$96.3m		85.6%PS309.6x
PNV PolyNovoAU$1.006.4%
+AU$41.5m		-10.3%PE69.9x
EBR EBR SystemsAU$0.6612.9%
+AU$33.8m		-52.0%PS130.8x
IMR Imricor Medical SystemsAU$1.925.5%
+AU$32.1m		30.3%PS1506.7x
SOM SomnoMedAU$0.583.6%
+AU$4.4m		20.8%PS1.1x

Latest News

LDX
AU$0.18
Lumos Diagnostics Holdings
7D
-2.6%
1Y
640.0%
PNV
AU$1.00
PolyNovo
7D
6.4%
1Y
-10.3%

PNV: Higher Margin Outlook And Adjusted Assumptions Will Support Balanced Upside Potential

Analysts have lifted their price target on PolyNovo to A$X.X0 from A$Y.Y0. The change reflects slightly higher assumptions for long term revenue growth and profit margins, a modestly higher discount rate, and a marginally lower future P/E multiple.
CYC
AU$0.74
Cyclopharm
7D
-10.8%
1Y
-30.8%
NAN
AU$3.52
Nanosonics
7D
-4.3%
1Y
-21.1%

NAN: RBC Upgrade And Premier Agreement Will Support Future Upside Potential

Analysts have modestly adjusted their assumptions for the discount rate, revenue growth, profit margin and future P/E in their models for Nanosonics. They have kept the fair value estimate steady at A$4.30 and anchored their view to recent research upgrades on the stock.
COH
AU$169.79
Cochlear
7D
-2.1%
1Y
-34.9%

COH: VA Access Expansion And Upgraded Coverage Will Underpin Future Upside

Analysts have slightly adjusted their price target for Cochlear to A$244.58 from A$245.91. This reflects updated assumptions around discount rates and valuation multiples, while core growth and profitability expectations remain broadly unchanged.
EBR
AU$0.66
EBR Systems
7D
12.9%
1Y
-52.0%
ANN
AU$27.72
Ansell
7D
-6.3%
1Y
-5.7%

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).
IMR
AU$1.92
Imricor Medical Systems
7D
5.5%
1Y
30.3%
EPI
AU$0.55
Epiminder
7D
-6.8%
1Y
n/a
AVR
AU$8.50
Anteris Technologies Global
7D
13.2%
1Y
85.6%
AHC
AU$0.34
Austco Healthcare
7D
-2.9%
1Y
21.4%
SOM
AU$0.58
SomnoMed
7D
3.6%
1Y
20.8%
DVL
AU$0.028
dorsaVi
7D
3.7%
1Y
300.0%
CVB
AU$0.065
CurveBeam AI
7D
8.3%
1Y
-38.1%
SLD
AU$0.69
Saluda Medical
7D
-12.7%
1Y
n/a
RHT
AU$0.043
Resonance Health
7D
10.3%
1Y
16.2%