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U.K. (FTSE) Medical Equipment Industry Analysis

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies20
  • 7D-3.2%
  • 3M4.2%
  • 1Y4.8%
  • YTD5.5%

Over the last 7 days, the Medical Equipment industry has dropped 1.6%, driven by Smith & Nephew declining 3.5%. Meanwhile, Inspiration Healthcare Group actually outperformed within the industry, gaining 13% in the last week. This takes the industry's 12 month performance to a gain of 4.6%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Mar 2026UK£17.3bUK£7.2bUK£579.2m23.7x29.8x2.4x
Sun, 01 Feb 2026UK£16.4bUK£6.8bUK£494.9m28.9x33.1x2.4x
Tue, 30 Dec 2025UK£16.5bUK£6.8bUK£502.0m29.1x32.9x2.4x
Thu, 27 Nov 2025UK£16.7bUK£7.0bUK£505.5m27x33x2.4x
Sat, 25 Oct 2025UK£18.0bUK£6.9bUK£503.3m28.4x35.8x2.6x
Mon, 22 Sep 2025UK£17.9bUK£6.8bUK£446.6m30.8x40.1x2.6x
Wed, 20 Aug 2025UK£18.0bUK£6.8bUK£445.7m31.1x40.5x2.7x
Fri, 18 Jul 2025UK£16.2bUK£6.7bUK£368.4m43.7x43.9x2.4x
Sun, 15 Jun 2025UK£16.9bUK£6.6bUK£364.6m39x46.3x2.6x
Tue, 13 May 2025UK£16.1bUK£6.8bUK£388.0m35.5x41.5x2.4x
Thu, 10 Apr 2025UK£14.1bUK£6.9bUK£402.5m32.5x35.1x2x
Sat, 08 Mar 2025UK£16.9bUK£6.8bUK£410.3m34.2x41.1x2.5x
Mon, 03 Feb 2025UK£15.5bUK£6.9bUK£311.2m37.1x49.8x2.2x
Wed, 01 Jan 2025UK£14.6bUK£6.8bUK£307.5m34.3x47.5x2.1x
Fri, 29 Nov 2024UK£14.9bUK£6.8bUK£301.7m35.7x49.3x2.2x
Sun, 27 Oct 2024UK£15.4bUK£6.6bUK£294.2m32.3x52.3x2.3x
Tue, 24 Sep 2024UK£16.1bUK£6.5bUK£286.1m35.3x56.3x2.5x
Thu, 22 Aug 2024UK£16.8bUK£6.6bUK£294.4m39.3x56.9x2.6x
Sat, 20 Jul 2024UK£16.4bUK£6.5bUK£245.3m41.1x67x2.5x
Mon, 17 Jun 2024UK£15.4bUK£6.6bUK£260.5m38.2x59x2.3x
Wed, 15 May 2024UK£15.8bUK£6.7bUK£254.7m35.4x61.9x2.4x
Fri, 12 Apr 2024UK£15.5bUK£6.7bUK£246.1m39.3x62.9x2.3x
Sun, 10 Mar 2024UK£16.4bUK£6.5bUK£227.4m36.2x72.2x2.5x
Tue, 06 Feb 2024UK£15.8bUK£6.5bUK£149.0m51x105.7x2.4x
Thu, 04 Jan 2024UK£15.4bUK£6.5bUK£101.6m47x151.2x2.4x
Sat, 02 Dec 2023UK£14.9bUK£6.5bUK£100.8m48.9x147.9x2.3x
Mon, 30 Oct 2023UK£13.1bUK£6.7bUK£109.9m42.5x119.5x2x
Wed, 27 Sep 2023UK£14.8bUK£6.7bUK£96.4m55.1x153.9x2.2x
Fri, 25 Aug 2023UK£15.3bUK£6.5bUK£86.3m53.6x177.4x2.4x
Sun, 23 Jul 2023UK£16.3bUK£6.3bUK£83.8m60.1x194.1x2.6x
Tue, 20 Jun 2023UK£16.5bUK£6.3bUK£85.3m62.2x193.5x2.6x
Thu, 18 May 2023UK£17.2bUK£6.4bUK£89.1m63.5x192.8x2.7x
Sat, 15 Apr 2023UK£16.5bUK£6.5bUK£77.6m46.4x212.4x2.5x
Mon, 13 Mar 2023UK£16.3bUK£6.7bUK£99.1m31.2x164.2x2.4x
Price to Earnings Ratio

164.2x


Total Market Cap: UK£16.3bTotal Earnings: UK£99.1mTotal Revenue: UK£6.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Medical Equipment Industry Price to Earnings3Y Average 87x202420252026
Current Industry PE
  • 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 30.2x which is lower than its 3-year average PE of 87.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Medical Equipment industry have grown 80% per year over the last three years.
  • Revenues for these companies have grown 2.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

GB Market-4.04%
Healthcare-2.95%
Medical Equipment-3.21%
Medical Supplies-3.07%
Medical Equipment-3.28%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry even though it's trading below its 3-year average PE ratio of 59.1x.
    • Analysts are expecting annual earnings growth of 22.4%, which is higher than its past year's earnings growth of 10.0% per year.
  • Investors are most pessimistic about the Medical Equipment industry, which is trading below its 3-year average of 130x.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 10% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 13% 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
IHC Inspiration Healthcare GroupUK£0.2613.3%
+UK£2.7m		48.4%PS0.5x
NIOX NIOX GroupUK£0.641.0%
+UK£2.5m		-0.9%PE54.2x
AOTI AOTIUK£0.364.3%
+UK£1.6m		-66.8%PE21.9x
ABDX Abingdon HealthUK£0.073.7%
+UK£1.1m		-3.4%PS3.6x
EKF EKF Diagnostics HoldingsUK£0.261.0%
+UK£1.0m		22.9%PE18.4x

Latest News

TSTL
UK£4.00
Tristel
7D
-2.4%
1Y
15.9%
EKF
UK£0.26
EKF Diagnostics Holdings
7D
1.0%
1Y
22.9%
ABDX
UK£0.07
Abingdon Health
7D
3.7%
1Y
-3.4%
SN.
UK£13.06
Smith & Nephew
7D
-3.5%
1Y
13.0%

SN.: Product Expansion And Capital Returns Will Support Measured Margin Progress

Analysts have lifted their price target for Smith & Nephew to £14.31 from £14.06, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Showcasing handheld robotics, digital surgery tools and trauma products for hip, knee, shoulder and extremities at the AAOS Annual Meeting, including the CORI Surgical System and CORIOGRAPH pre operative planning and modeling services, plus expanded trauma offerings such as the EVOS LARGE & PERIPROSTHETIC Plating System, TRIGEN MAX Tibia Nailing System and new distribution deals with SI-BONE and RMR Ortho (Product related announcement) First CORI SHOULDER robotic shoulder arthroplasty procedures completed at Duke Health using the AETOS Shoulder System, with live demonstrations planned at AAOS in Booth #839 (Product related announcement) Board recommending a 2025 final dividend of 24.1 US cents per share, taking the total 2025 distribution to 39.1 US cents per share, described as a 4.3% increase from 2024 and aligned with a stated payout ratio of 35% to 40% (Dividend announcement) Company guidance for 2026 points to targets for further progress in revenue and profit for the full year, with expectations for a stronger second half compared to the first half for both revenue and profit, in line with what management describes as normal phasing (Corporate guidance) Completion of a share buyback tranche, with 28,320,469 shares repurchased for US$500m, stated as 3.24% of the company, under the programme announced on 5 August 2025 (Buyback update) Valuation Changes Fair Value: raised slightly from £14.06 to £14.31 per share.
CTEC
UK£2.49
Convatec Group
7D
-2.9%
1Y
-7.0%
AOTI
UK£0.36
AOTI
7D
4.3%
1Y
-66.8%
CREO
UK£0.14
Creo Medical Group
7D
-5.8%
1Y
4.6%

CREO: Improved Profit Outlook Will Support Long Term Upside Potential

Analysts have adjusted their price target on Creo Medical Group to reflect updated assumptions around discount rates, revenue growth, profit margins and future P/E. The change, framed in £ terms, is presented as a recalibration rather than a sweeping overhaul of the valuation story.
CLBX
UK£0.0095
CelLBxHealth
7D
-7.3%
1Y
-91.0%

CLBX: Equity Raises And Lower Risk Profile Will Support Oncology Upside

Analysts have raised their target price for CelLBxHealth to £0.07. The updated view reflects revised assumptions around the discount rate, profit margin, revenue growth, and future P/E multiples.
RUA
UK£0.13
RUA Life Sciences
7D
-2.7%
1Y
7.0%
IHC
UK£0.26
Inspiration Healthcare Group
7D
13.3%
1Y
48.4%
AMS
UK£2.01
Advanced Medical Solutions Group
7D
-6.3%
1Y
-5.4%
CNSL
UK£0.019
Cambridge Nutritional Sciences
7D
-5.0%
1Y
-41.5%

Cambridge Nutritional Sciences plc's (LON:CNSL) Low P/S No Reason For Excitement

Jan 06
Cambridge Nutritional Sciences plc's (LON:CNSL) Low P/S No Reason For Excitement
NIOX
UK£0.64
NIOX Group
7D
1.0%
1Y
-0.9%