Has the U.K. Medical Equipment Industry valuation changed over the past few years?

Investors are pessimistic on the British 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 27.2x which is lower than its 3-year average PE of 58.8x. The 3-year average PS ratio of 2.3x is higher than the industry's current PS ratio of 2.0x.

Which industries have driven the changes within the U.K. Healthcare industry?

Investors are most optimistic about the Medical Supplies industry which is trading above its 3-year average PE ratio of 47.1x. Analysts are expecting annual earnings growth of 27.8%, which is lower than the prior year's growth of 34.2% per year. Investors are most pessimistic about the Medical Equipment industry, which is trading below its 3-year average of 80.4x.

U.K. (FTSE) Medical Equipment Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 12 Sep 2026	UK£14.4b	UK£7.2b	UK£528.6m	48.7x	27.2x	2x
Mon, 10 Aug 2026	UK£15.5b	UK£7.2b	UK£536.8m	49.4x	28.9x	2.1x
Wed, 08 Jul 2026	UK£15.6b	UK£7.2b	UK£570.1m	33.3x	27.3x	2.2x
Fri, 05 Jun 2026	UK£15.1b	UK£7.1b	UK£555.3m	31.1x	27.2x	2.1x
Sun, 03 May 2026	UK£15.4b	UK£7.1b	UK£569.2m	31.8x	27x	2.2x
Tue, 31 Mar 2026	UK£15.7b	UK£7.2b	UK£585.8m	21.8x	26.8x	2.2x
Thu, 26 Feb 2026	UK£17.7b	UK£6.9b	UK£469.0m	29.5x	37.8x	2.6x
Sat, 24 Jan 2026	UK£16.3b	UK£6.8b	UK£498.5m	28.7x	32.8x	2.4x
Mon, 22 Dec 2025	UK£16.5b	UK£6.9b	UK£499.5m	28.8x	33.1x	2.4x
Wed, 19 Nov 2025	UK£16.4b	UK£7.0b	UK£508.4m	26.9x	32.2x	2.3x
Fri, 17 Oct 2025	UK£17.6b	UK£6.9b	UK£498.6m	27.8x	35.3x	2.6x
Sun, 14 Sep 2025	UK£18.3b	UK£6.8b	UK£441.5m	31.8x	41.5x	2.7x
Tue, 12 Aug 2025	UK£17.8b	UK£6.8b	UK£446.5m	40x	39.8x	2.6x
Thu, 10 Jul 2025	UK£16.6b	UK£6.6b	UK£362.9m	45.5x	45.7x	2.5x
Sat, 07 Jun 2025	UK£17.3b	UK£6.6b	UK£365.9m	39.1x	47.3x	2.6x
Mon, 05 May 2025	UK£16.1b	UK£6.8b	UK£384.7m	36x	41.9x	2.4x
Wed, 02 Apr 2025	UK£16.2b	UK£6.9b	UK£398.6m	36.1x	40.6x	2.3x
Fri, 28 Feb 2025	UK£16.7b	UK£7.0b	UK£420.3m	32.9x	39.8x	2.4x
Sun, 26 Jan 2025	UK£15.1b	UK£6.9b	UK£308.8m	35.6x	48.9x	2.2x
Tue, 24 Dec 2024	UK£14.4b	UK£6.8b	UK£307.8m	34.1x	46.9x	2.1x
Thu, 21 Nov 2024	UK£14.7b	UK£6.8b	UK£302.3m	33.7x	48.7x	2.2x
Sat, 19 Oct 2024	UK£16.0b	UK£6.6b	UK£291.6m	35.8x	55x	2.4x
Mon, 16 Sep 2024	UK£16.9b	UK£6.5b	UK£293.0m	37.5x	57.5x	2.6x
Wed, 14 Aug 2024	UK£16.4b	UK£6.7b	UK£300.0m	38.9x	54.8x	2.5x
Fri, 12 Jul 2024	UK£16.2b	UK£6.5b	UK£245.2m	41.3x	66.2x	2.5x
Sun, 09 Jun 2024	UK£15.7b	UK£6.6b	UK£259.4m	38.8x	60.5x	2.4x
Tue, 07 May 2024	UK£15.4b	UK£6.7b	UK£255.0m	36.4x	60.5x	2.3x
Thu, 04 Apr 2024	UK£15.6b	UK£6.6b	UK£244.0m	37.8x	64x	2.4x
Sat, 02 Mar 2024	UK£15.4b	UK£6.6b	UK£184.2m	37.7x	83.6x	2.3x
Mon, 29 Jan 2024	UK£15.9b	UK£6.4b	UK£100.7m	50x	157.9x	2.5x
Wed, 27 Dec 2023	UK£15.7b	UK£6.4b	UK£100.5m	48.9x	155.9x	2.4x
Fri, 24 Nov 2023	UK£14.9b	UK£6.5b	UK£102.9m	45.1x	145.1x	2.3x
Sun, 22 Oct 2023	UK£13.4b	UK£6.7b	UK£109.0m	43.8x	122.7x	2x
Tue, 19 Sep 2023	UK£14.9b	UK£6.6b	UK£94.8m	51.9x	157.1x	2.3x


GB Market	-1.83%
Healthcare	-3.28%
Medical Equipment	-4.80%
Medical Supplies	-4.59%
Medical Equipment	-4.92%

Company	Last Price	7D	1Y	Valuation
AOTI AOTI	UK£1.30	4.0% +UK£5.3m	147.6%	PE70.2x
ABDX Abingdon Health	UK£0.11	2.3% +UK£1.1m	91.3%	PS5x
EKF EKF Diagnostics Holdings	UK£0.26	1.0% +UK£1.1m	-13.0%	PE51.5x
IHC Inspiration Healthcare Group	UK£0.20	2.6% +UK£448.3k	-5.3%	PS0.4x

Announcement • Sep 01

Ondine Biomedical Announces Positive Topline Results From Phase 3 Pivotal Lantern Study

Ondine Biomedical Inc. announced positive topline results from its LANTERN pivotal Phase 3 clinical trial evaluating its nasal photodisinfection technology for the prevention of surgical site infections. The trial met its primary efficacy endpoint. Nasal photodisinfection in addition to standard of care was associated with an estimated 40% relative reduction in 30-day surgical site infections compared with standard of care alone in the primary analysis. No treatment-related serious safety concerns were identified in the topline review. 5,188 patients were enrolled across 18 hospitals in the United States and Canada. Ondine plans to share detailed results with FDA and engage with the Agency through the pre-New Drug Application process before submitting a formal marketing application. The LANTERN trial was designed to demonstrate whether nasal photodisinfection in addition to standard of care reduced surgical site infections compared to standard of care alone. The primary analysis estimated a 40% relative reduction in 30-day SSIs and met the trial's prespecified Bayesian criterion for treatment benefit. The safety profile observed in LANTERN was consistent with more than a decade of prior clinical experience with nasal photodisinfection, including more than 250,000 patient treatments performed outside the United States. No treatment-related serious safety concerns were identified in the topline review; these findings remain subject to completion of detailed efficacy, safety, subgroup and other analyses. LANTERN enrolled a broad population of 5,188 patients undergoing major surgical procedures across 14 hospitals in the United States and 4 in Canada. Hospitals continued their usual standard of care infection-prevention practices, including permitted use of preoperative nasal mupirocin, presurgical antibiotics and other routine measures. Ondine plans to request a pre-New Drug Application meeting with the U.S. Food and Drug Administration to discuss the detailed LANTERN results and the Company's planned future regulatory submissions. Detailed study findings will also be presented at a major scientific meeting and submitted for publication in one or more peer-reviewed medical journals. LANTERN (Light-Activated Antimicrobial Therapy to Prevent Surgical Site Infections) is a multicentre, cluster-randomised, crossover, controlled Phase 3 superiority study evaluating nasal photodisinfection in addition to standard of care, versus standard of care alone for the prevention of surgical-site infections. The trial enrolled 5,188 patients undergoing major surgical procedures at 18 hospitals. The primary efficacy endpoint was the relative incidence of surgical site infection within 30 days of surgery, assessed and analysed according to prespecified criteria. Further detailed analyses of the primary endpoint as well as key secondary and exploratory endpoints are ongoing and will be reported in due course. More than 300 million surgical procedures are performed globally each year, including more than 35 million major surgical procedures annually in the United States. Surgical site infections remain one of the most serious complications of surgery, causing substantial patient morbidity, hospital readmissions, prolonged hospital stays and deaths. U.S. data have estimated that patients who develop an SSI face a two- to 11-fold increased risk of death compared with surgical patients without an infection. The economic burden is also substantial. Published U.S. estimates put the annual healthcare cost of SSIs at approximately $3.5 billion to $10 billion. The CDC also reports that an SSI can extend a patient's hospital stay by approximately 9.7 days and increase hospitalisation costs by more than $20,000 per admission. Ondine's nasal photodisinfection technology is a light-activated antimicrobial therapy designed to rapidly eliminate potentially pathogenic microorganisms in the nose, a major reservoir from which pathogens can spread to surgical sites and other parts of the body. Applied by a healthcare professional before surgery, the treatment uses a proprietary photosensitising agent activated by a specific wavelength of red light to produce a rapid antimicrobial effect through oxidative mechanisms. Because the mechanisms are non-antibiotic and act through multiple oxidative pathways, nasal photodisinfection is designed to have a low potential for development of microbial resistance. Ondine's lead product, branded as Steriwave® outside the United States, is authorised for nasal decolonisation in Canada, the UK, and certain other international markets. The Company has a pipeline of additional photodisinfection products in various stages of development for application in areas including chronic sinusitis, ventilator-associated pneumonia, burns and other indications. Regulatory approvals, clearances and authorisations vary by jurisdiction, and indications, claims and availability may differ between markets. Ondine's nasal photodisinfection technology is not approved by FDA and is not commercially available for sale in the United States. In the United States, it is limited by federal law to investigational use only.

U.K. (FTSE) Medical Equipment Industry Analysis

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