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Australian (ASX) Medical Equipment Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies30
  • 7D-2.4%
  • 3M-26.9%
  • 1Y-25.4%
  • YTD-26.1%

Over the last 7 days, the Medical Equipment industry has dropped 2.4%, driven by a pullback from Cochlear of 3.9%. The industry has fallen 25% in the last year. Looking forward, 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, 17 Mar 2026AU$20.2bAU$6.2b-AU$58,276,011.0424.8x-346.4x3.2x
Thu, 12 Feb 2026AU$26.7bAU$6.0bAU$184.0m37.4x144.9x4.4x
Sat, 10 Jan 2026AU$27.1bAU$6.2bAU$177.6m36.1x152.3x4.4x
Mon, 08 Dec 2025AU$28.2bAU$6.3b-AU$91,732,757.1235.2x-307.3x4.4x
Wed, 05 Nov 2025AU$28.7bAU$6.3bAU$161.0m33x178.2x4.6x
Fri, 03 Oct 2025AU$28.3bAU$6.3bAU$167.3m38x169.4x4.5x
Sun, 31 Aug 2025AU$29.6bAU$6.3bAU$143.4m34.5x206.7x4.7x
Tue, 29 Jul 2025AU$29.5bAU$6.0bAU$198.0m41x148.9x4.9x
Thu, 26 Jun 2025AU$27.5bAU$6.0bAU$197.8m38.6x139.3x4.6x
Sat, 24 May 2025AU$26.3bAU$6.0bAU$197.6m37x133.3x4.4x
Mon, 21 Apr 2025AU$25.4bAU$6.1bAU$208.2m35.1x121.9x4.2x
Wed, 19 Mar 2025AU$27.1bAU$6.1bAU$204.9m37.5x132.1x4.5x
Fri, 14 Feb 2025AU$30.2bAU$6.0bAU$187.4m55.8x161.4x5x
Sun, 12 Jan 2025AU$29.5bAU$5.7bAU$128.7m55.2x229.3x5.2x
Tue, 10 Dec 2024AU$29.4bAU$5.6bAU$156.7m55.3x187.5x5.3x
Thu, 07 Nov 2024AU$28.1bAU$5.5bAU$160.9m53.4x174.4x5.1x
Sat, 05 Oct 2024AU$28.7bAU$5.4bAU$160.2m53.7x179.1x5.3x
Mon, 02 Sep 2024AU$28.8bAU$5.4bAU$160.7m46.7x179x5.3x
Wed, 31 Jul 2024AU$31.4bAU$5.3bAU$169.5m44.7x185.1x5.9x
Fri, 28 Jun 2024AU$30.0bAU$5.3bAU$168.6m48.2x177.8x5.7x
Sun, 26 May 2024AU$29.1bAU$5.3bAU$168.8m37.4x172.3x5.5x
Tue, 23 Apr 2024AU$28.6bAU$5.4bAU$170.2m38.8x167.8x5.3x
Thu, 21 Mar 2024AU$28.9bAU$5.4bAU$169.4m38.8x170.8x5.4x
Sat, 17 Feb 2024AU$29.0bAU$5.1bAU$280.4m26.4x103.5x5.6x
Mon, 15 Jan 2024AU$26.7bAU$5.1bAU$243.3m23.6x109.6x5.2x
Wed, 13 Dec 2023AU$26.5bAU$5.1bAU$245.4m25.4x107.8x5.2x
Fri, 10 Nov 2023AU$23.6bAU$5.2bAU$249.8m23.8x94.4x4.5x
Sun, 08 Oct 2023AU$23.5bAU$5.2bAU$247.6m23.2x94.8x4.5x
Tue, 05 Sep 2023AU$24.8bAU$5.2bAU$223.2m21.9x111x4.8x
Thu, 03 Aug 2023AU$23.4bAU$5.1bAU$71.6m23.2x326.8x4.6x
Sat, 01 Jul 2023AU$23.0bAU$5.0bAU$65.4m22.5x352.5x4.6x
Mon, 29 May 2023AU$24.3bAU$5.1bAU$66.1m17.9x367.8x4.8x
Wed, 26 Apr 2023AU$25.0bAU$5.0bAU$64.6m17.2x387.4x5x
Fri, 24 Mar 2023AU$22.5bAU$5.0bAU$63.3m16.5x356x4.5x
Price to Earnings Ratio

356x


Total Market Cap: AU$22.5bTotal Earnings: AU$63.3mTotal Revenue: AU$5.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Medical Equipment Industry Price to Earnings3Y Average 193.4x202420252026
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 3.2x.
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 7.7% 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 Market-2.69%
Healthcare-4.35%
Medical Equipment-2.41%
Medical Supplies-1.75%
Medical Equipment-2.71%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry even though it's trading below its 3-year average PE ratio of 43.4x.
    • Analysts expect its future annual earnings growth (21.8%) 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
ANN AnsellAU$29.841.5%
+AU$59.4m		-11.2%PE22x
PNV PolyNovoAU$0.959.1%
+AU$55.3m		-24.2%PE66.8x
AHC Austco HealthcareAU$0.3813.4%
+AU$16.9m		35.7%PE18.4x
HMD HeraMEDAU$0.04415.8%
+AU$6.8m		214.3%PS113.8x
CMP CompumedicsAU$0.308.9%
+AU$5.0m		22.0%PE539.2x

Latest News

EPI
AU$0.62
Epiminder
7D
-21.5%
1Y
n/a
AVR
AU$8.50
Anteris Technologies Global
7D
-1.2%
1Y
-20.0%
COH
AU$173.07
Cochlear
7D
-3.9%
1Y
-34.6%
AHC
AU$0.38
Austco Healthcare
7D
13.4%
1Y
35.7%
PNV
AU$0.95
PolyNovo
7D
9.1%
1Y
-24.2%

PNV: Refined Profitability And P E Assumptions Will Support Balanced Future Returns

Analysts have slightly adjusted their valuation work on PolyNovo, trimming the implied P/E multiple and updating growth and profitability assumptions. This has led to a modest change in their A$ price target while keeping the overall fair value view broadly in line with prior estimates.
CYC
AU$0.67
Cyclopharm
7D
-5.6%
1Y
-53.1%
ANN
AU$29.84
Ansell
7D
1.5%
1Y
-11.2%

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.
NAN
AU$3.40
Nanosonics
7D
-4.8%
1Y
-20.9%

NAN: RBC Upgrade And Premier Agreement Will Support Long Term Upside

Analysts have trimmed their price target on Nanosonics from about A$4.75 to around A$4.30, reflecting updates to their models that now assume a slightly higher discount rate, more moderate revenue growth, a somewhat higher profit margin, and a lower future P/E multiple, consistent with recent research commentary, including the upgrade from RBC Capital. Analyst Commentary Recent Street research, including the upgrade from RBC Capital, highlights where analysts see both opportunity and risk for Nanosonics at the current valuation.
CSX
AU$0.47
CleanSpace Holdings
7D
-13.0%
1Y
1.1%
CBL
AU$0.06
Control Bionics
7D
7.1%
1Y
50.0%
HMD
AU$0.044
HeraMED
7D
15.8%
1Y
214.3%
IMR
AU$1.88
Imricor Medical Systems
7D
-3.1%
1Y
33.3%
SLD
AU$0.84
Saluda Medical
7D
-9.7%
1Y
n/a
EMV
AU$1.60
EMVision Medical Devices
7D
1.3%
1Y
-11.1%
AT1
AU$0.037
Atomo Diagnostics
7D
5.7%
1Y
117.6%
CMP
AU$0.30
Compumedics
7D
8.9%
1Y
22.0%

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%