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

Investors are optimistic on the Canadian Medical Equipment industry, and appear confident in long term growth rates. The 3-year average PS ratio of 6.1x is lower than the industry's current PS ratio of 7.0x.

Canadian (TSX) Medical Equipment Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 25 Aug 2026	CA$685.5m	CA$98.6m	-CA$90,034,508.51	n/a	-7.6x	7x
Thu, 23 Jul 2026	CA$717.9m	CA$99.3m	-CA$100,892,780.18	n/a	-7.1x	7.2x
Sat, 20 Jun 2026	CA$684.7m	CA$100.4m	-CA$102,942,245.18	n/a	-6.7x	6.8x
Mon, 18 May 2026	CA$753.1m	CA$99.0m	-CA$103,092,678.04	n/a	-7.3x	7.6x
Wed, 15 Apr 2026	CA$704.6m	CA$95.3m	-CA$108,945,505.75	n/a	-6.5x	7.4x
Fri, 13 Mar 2026	CA$690.6m	CA$95.9m	-CA$116,626,023.04	n/a	-5.9x	7.2x
Sun, 08 Feb 2026	CA$752.2m	CA$93.5m	-CA$112,481,001.82	n/a	-6.7x	8x
Tue, 06 Jan 2026	CA$739.5m	CA$93.9m	-CA$113,073,771.75	n/a	-6.5x	7.9x
Thu, 04 Dec 2025	CA$560.0m	CA$94.3m	-CA$105,763,609.29	n/a	-5.3x	5.9x
Sat, 01 Nov 2025	CA$625.1m	CA$91.4m	-CA$112,937,283.54	n/a	-5.5x	6.8x
Mon, 29 Sep 2025	CA$521.8m	CA$89.5m	-CA$109,695,547.30	n/a	-4.8x	5.8x
Wed, 27 Aug 2025	CA$494.2m	CA$90.0m	-CA$108,116,972.09	n/a	-4.6x	5.5x
Fri, 25 Jul 2025	CA$555.0m	CA$89.7m	-CA$100,871,172.62	n/a	-5.5x	6.2x
Sun, 22 Jun 2025	CA$634.1m	CA$89.2m	-CA$102,087,009.86	n/a	-6.2x	7.1x
Tue, 20 May 2025	CA$607.0m	CA$90.0m	-CA$104,103,772.56	n/a	-5.8x	6.7x
Thu, 17 Apr 2025	CA$619.3m	CA$85.6m	-CA$110,829,318.43	n/a	-5.6x	7.2x
Sat, 15 Mar 2025	CA$656.0m	CA$86.6m	-CA$102,459,279.46	n/a	-6.4x	7.6x
Mon, 10 Feb 2025	CA$665.8m	CA$82.3m	-CA$98,586,048.05	n/a	-6.8x	8.1x
Wed, 08 Jan 2025	CA$754.0m	CA$84.0m	-CA$117,637,978.09	n/a	-6.4x	9x
Fri, 06 Dec 2024	CA$647.5m	CA$83.1m	-CA$115,784,580.83	n/a	-5.6x	7.8x
Sun, 03 Nov 2024	CA$899.1m	CA$179.0m	-CA$112,775,091.15	n/a	-8x	5x
Tue, 01 Oct 2024	CA$878.2m	CA$174.2m	-CA$119,006,565.91	n/a	-7.4x	5x
Thu, 29 Aug 2024	CA$942.7m	CA$170.2m	-CA$121,414,070.36	n/a	-7.8x	5.5x
Sat, 27 Jul 2024	CA$1.0b	CA$192.2m	-CA$107,223,636.84	0.5x	-9.4x	5.2x
Mon, 24 Jun 2024	CA$848.5m	CA$190.7m	-CA$107,281,544.23	0.5x	-7.9x	4.4x
Wed, 22 May 2024	CA$874.8m	CA$247.3m	-CA$107,361,578.87	0.5x	-8.1x	3.5x
Fri, 19 Apr 2024	CA$846.1m	CA$240.1m	-CA$111,347,446.23	0.7x	-7.6x	3.5x
Sun, 17 Mar 2024	CA$911.0m	CA$230.5m	-CA$111,676,474.07	n/a	-8.2x	4x
Tue, 13 Feb 2024	CA$961.1m	CA$228.0m	-CA$118,476,448.78	n/a	-8.1x	4.2x
Thu, 11 Jan 2024	CA$1.4b	CA$280.9m	-CA$196,525,925.00	n/a	-7.1x	4.9x
Sat, 09 Dec 2023	CA$1.4b	CA$283.1m	-CA$196,300,156.00	n/a	-6.9x	4.8x
Mon, 06 Nov 2023	CA$1.4b	CA$269.5m	-CA$207,849,689.00	218.2x	-6.6x	5.1x
Wed, 04 Oct 2023	CA$1.3b	CA$269.3m	-CA$221,351,739.00	194.5x	-5.7x	4.7x
Fri, 01 Sep 2023	CA$1.3b	CA$271.1m	-CA$220,773,171.00	211.9x	-5.9x	4.8x


CA Market	-0.24%
Healthcare	0.55%
Medical Equipment	-1.69%
Medical Equipment	-1.06%
Medical Supplies	-4.15%

Company	Last Price	7D	1Y	Valuation
PRN Profound Medical	CA$9.48	3.0% +CA$10.2m	45.5%	PS13.1x
MIR MedMira	CA$0.065	8.3% +CA$3.5m	-13.3%	PS123.1x
FREQ Frequency Exchange	CA$0.27	14.9% +CA$2.1m	3.8%	PS21.4x
TLT Theralase Technologies	CA$0.19	2.7% +CA$1.5m	-5.0%	PS65.5x
THRM Therma Bright	CA$0.05	11.1% +CA$306.2k	-16.7%	PS22.5x

Announcement • Aug 14

Ventripoint Diagnostics Ltd Expands Subscription Access For FDA-Cleared AI Cardiac Imaging Platform VMS+ 4.0

Ventripoint Diagnostics Ltd. announced the next phase of its commercial strategy for VMS+ 4.0, its FDA-cleared platform that turns standard heart-ultrasound images into three-dimensional cardiac measurements. The Company is expanding subscription-based access, hospital demonstrations, and customer-engagement programs to help more hospitals evaluate and adopt VMS+. The objective is straightforward: expand access to advanced heart imaging using ultrasound systems hospitals already have. VMS+ uses artificial intelligence and Ventripoint’s proprietary Knowledge Based Reconstruction technology to create 3D models and quantitative measurements of all four chambers of the heart. The system is designed to provide MRI-comparable volumetric cardiac measurements while fitting into the more widely available heart-ultrasound workflow. Ventripoint is expanding its Device-as-a-Service model. This gives qualified hospitals and cardiac programs the option to access VMS+ through an annual subscription instead of relying solely on a traditional upfront capital purchase. The Company is targeting an approximately 80/20 weighting toward subscription-based access, while continuing to support capital-purchase options for institutions that prefer them. Subscription arrangements are designed to include installation, onboarding, clinical training, software updates, and technical support. VMS+ is designed to enhance that process by adding AI-assisted, three-dimensional analysis to standard heart-ultrasound exams. VMS+ 4.0 creates 3D models and measurements of all four heart chambers, provides ventricular volumes and ejection-fraction measurements, works alongside supported ultrasound systems already used in hospitals, is designed to provide MRI-comparable volumetric measurements, includes AI-assisted point placement, and does not require hospitals to replace their existing ultrasound systems. VMS+ 4.0 received U.S. FDA 510(k) clearance in 2025. The platform also holds regulatory approvals in Canada, the European Union and the United Kingdom and received a 2026 Gold Edison Award in Precision Health Technologies. In July, VMS+ was selected for the AIRES – Artificial Intelligence Reconstruction of Echocardiography Study, led by The Royal Wolverhampton NHS Trust in the United Kingdom. The NHS describes AIRES as the world’s first study evaluating AI-enabled heart ultrasound specifically in oncology patients. The study focuses on patients receiving chemotherapy for breast cancer and is expected to involve more than 500 echocardiography scans. Researchers will study whether AI can improve the accuracy, speed and efficiency of cardiac monitoring. AIRES is ongoing, and no clinical outcome should be inferred at this stage. Separately, Ventripoint recently signed an MOU with UniDoc Health Corp. to evaluate the potential integration of VMS+ into connected-care infrastructure for remote cardiac assessment and cardiovascular screening. The proposed model could support imaging access in remote, rural, Indigenous and other underserved communities, subject to further agreements. In a formal human-factors and usability study of VMS+ 3.0 involving 13 cardiac sonographers and healthcare professionals, Ventripoint reported 98% task completion, no critical errors, and an average workflow completed within 15 minutes. Participants completed acquisition, analysis, 3D visualization and reporting tasks in a simulated hospital environment. VMS+ 4.0 later added AI-assisted point placement intended to further support workflow efficiency. Current priorities include expanding hospital evaluations and product demonstrations, increasing subscription-based access in approved markets, supporting onboarding, training and implementation, expanding distributor, clinical and strategic relationships, and increasing awareness among healthcare systems, cardiologists and patient organizations. Current and previous generations of Ventripoint technology are used by hospitals in North America and Europe. The Company has also submitted VMS+ 4.0 for regulatory approval in China through strategic partner Lishman Global, which qualified for the NMPA’s expedited green channel review pathway. VMS+ is Ventripoint’s AI-assisted cardiac imaging platform. It uses standard heart-ultrasound images to create 3D models and quantitative measurements of all four chambers of the heart. VMS+ is designed to provide MRI-comparable volumetric cardiac measurements through the more widely available heart-ultrasound workflow. Subscription access is designed to include installation, onboarding, clinical training, software updates and technical support. In the AIRES study, VMS+ is being evaluated to monitor heart function in patients receiving breast cancer treatment. It does not detect or diagnose breast cancer. Hospitals and cardiac programs can contact Ventripoint to request a demonstration, discuss an evaluation or learn more about subscription-based access.

Announcement • Aug 01

FREmedica Technologies Inc. Launches NIKKI Lyme Wellness Program Through Ergopathics

FREmedica Technologies Inc. announced the commercial launch of its NIKKI Lyme Wellness Program through Ergopathics. Under the commercial referral relationship, Ergopathics will make the NIKKI Lyme Wellness Program available to practitioners who use Ergopathics' frequency-based assessment technology. Clinics determine independently whether to recommend or offer NIKKI to patients. The arrangement does not include minimum purchase commitments, guaranteed clinic participation, or guaranteed sales. Ergopathics conducted a survey of their clients and received a very positive indication that they will incorporate NIKKI into their practices. Ergopathics currently serves a network of more than 7,000 practitioner clinics in the United States. The launch provides FREmedica with the opportunity to introduce NIKKI to practitioners within that network. Access to the network does not mean all clinics have agreed to carry or recommend NIKKI. These clinics already use frequency-based wellness programs used to identify the health issue and NIKKI delivers the same frequency-based wellness programs to support the healing process. The initial rollout will focus on the NIKKI Lyme Wellness Program. Subject to market acceptance and the ongoing commercial referral relationship, the companies may evaluate introducing additional NIKKI wellness programs supporting sleep, stress, energy, and recovery. Sleep and stress affects everyone at some point in their life and affects life on many levels. Through this commercial referral relationship, practitioners who choose to do so may also offer NIKKI as a complementary wellness solution following those assessments. NIKKI creates a closed loop wellness program as the practitioner is now able to support what they track using the same frequency-based technologies. These two approaches to health support each other giving the patient a very good outcome. FREmedica Technologies Ltd. is a health technology company developing proprietary frequency-based wellness solutions. Its flagship wearable, NIKKI, delivers non-invasive wellness programs designed to support the body’s natural ability to restore balance. Originally developed with applications related to Lyme disease, the NIKKI platform has evolved into a wellness solution addressing sleep, stress, recovery, and performance — areas of increasing demand in international markets, including the Middle East. The Company’s technology is supported by ongoing testing and quality-of-life evaluations.

Canadian (TSX) Medical Equipment Industry Analysis

Industry Valuation and Performance

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Latest News

Ocumetics Technology Corp. announced that it has received CAD 3.11013 million in funding

TempraMed Technologies Ltd. Announces Resignation of Nancy Goertzen as Board of Director and from All Committees, Effective August 19, 2026

Profound Medical Corp. Introduces New Real-Time Interventional MRI Software For TULSA-PRO

Less than half of directors are independent

Perimeter Medical Imaging AI, Inc. to Report Q2, 2026 Results on Aug 20, 2026

Ventripoint Diagnostics Ltd Expands Subscription Access For FDA-Cleared AI Cardiac Imaging Platform VMS+ 4.0

Conavi Medical Corp. has completed a Follow-on Equity Offering in the amount of CAD 10 million.

No independent directors

FREmedica Technologies Inc. Launches NIKKI Lyme Wellness Program Through Ergopathics

New minor risk - Share price stability

Third quarter 2026 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 3Q 2025)

Insufficient new directors

Third quarter 2026 earnings released: CA$0.004 loss per share (vs CA$0.003 loss in 3Q 2025)