![Adheris Health logo](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>)
October 2026
Largest HealthTech Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
Pro Medicus, Sonic Healthcare, Cochlear, Telix Pharmaceuticals and Nanosonics.
 | Pro Medicus is a healthcare IT company specializing in radiology imaging software. Its main product, Visage 7, is a clinical desktop application that radiologists use to view, enhance, and manipulate images from any device and make a diagnosis. Its main customers are US private academic hospitals. In fiscal 2025, Pro Medicus earned 90% of revenue in North America, 8% from Australia, and the remaining 2% in Europe. | $117 | -32% | $12B | $12B | 66.3x | 84.0x | ||
| Sonic Healthcare is an Australian medical diagnostics company that provides pathology and clinical laboratory services, diagnostic imaging and primary care medical services. It was listed on the Australian Securities Exchange in 1987 and has grown largely through acquisitions in Australia, New Zealand, the United Kingdom, the United States, Germany, Switzerland and Belgium. The group reported revenue of A$9.6 billion and a net profit of A$514 million for the year to June 2025 and employs more than 45,000 people. It describes itself as the third largest provider of pathology and clinical laboratory services in the world and the largest private laboratory operator in Australia, Germany, Switzerland and the United Kingdom. It is also the second largest participant in Australian diagnostic imaging, and its Sonic Clinical Services division runs medical centres, skin cancer clinics and occupational health services in Australia. Revenue comes from fees for tests and scans paid by patients, Medicare and other public and private payers, and from hospital and NHS laboratory outsourcing contracts. The company is headquartered in Sydney and operates through a decentralised structure built around what it calls Medical Leadership. | $13 | -6% | $6.4B | $10B | 1.3x | 7.7x | ||
| Cochlear is the leading cochlear implant device manufacturer, with around 60% global market share. Developed markets contribute 80% of group revenue, where cochlear implants are the standard of care for children with severe-to-profound hearing loss. The company also actively targets the growing cohort of seniors in developed markets. Tender-oriented emerging markets contribute the remaining 20% of group revenue. Main products include cochlear implants, bone-anchored hearing aids, and associated sound processors. In fiscal 2026, 49% of revenue came from the Americas, 34% from Europe, the Middle East, and Africa, and 16% from the Asia-Pacific segment. | $90 | -52% | $5.9B | $5.9B | 3.6x | 26.4x | ||
| Telix develops radiopharmaceuticals to manage cancer. Radiopharmaceuticals are radioisotopes bound to molecules that can target specific cells. At low doses, these drugs can bind to specific cancer cells with radiation, and then positron emission tomography imaging can accurately visualize tumors. At high doses, these drugs can selectively target and treat tumors with radiation, known as radioligand therapy. Radiopharmaceuticals are usually injected into the bloodstream. Telix has a pipeline of potential radiopharmaceuticals but currently earns most of its revenue from US sales of Illuccix, largely used as an imaging agent to visualize the spread of prostate cancer. | $11 | +8% | $3.9B | $4.2B | 5.2x | 143.0x | ||
| Nanosonics Ltd is engaged in the manufacturing, service and distribution of the trophon ultrasound probe disinfector and its associated consumables and accessories; and research, development and commercialization of infection control and decontamination products and related technologies. Its products are divided into two categories: Ultrasound Reprocessing solutions, and Endoscope Reprocessing solutions. The company operates in a single segment being the healthcare equipment segment which manufactures and commercializes infection control and decontamination products and related technologies. Geographically, it operates in Australia, North America, Europe and Middle East, and Asia Pacific. | $2 | -34% | $595M | $502M | 3.5x | 29.2x | ||
| Integral Diagnostics is a major Australian diagnostic imaging provider. In Australia, imaging revenues are almost entirely earned via the public health Medicare system. Integral typically earns approximately 90% of group revenue from diagnostic imaging in Australia and the remainder from diagnostic imaging in Auckland, New Zealand. In Australia, Integral services regional areas in Queensland, Victoria, New South Wales, and Western Australia. | $1 | -13% | $552M | $937M | 1.7x | 9.7x | ||
| Clarity Pharmaceuticals Ltd is a clinical-stage radiopharmaceutical company developing next-generation theranostic (therapy and imaging) products, using its SAR Technology platform. Clarity's Targeted Copper Theranostic (TCT) platform of products utilize pairing of copper isotopes, specifically copper-64 (Cu-64 or 64Cu) for imaging and copper-67 Cu-67 or 67Cu) for therapy, which delivers accuracy and precision in the treatment of a range of cancers. The company's clinical development pipeline includes SAR-bisPSMA, SAR-Bombesin, and Sartate, in their different stages of development for the diagnosis and/or treatment of various cancers. Clarity operates in a single segment, which is the development of radiopharmaceuticals. Geographically, it operates in Australia and the United States. | $1 | -58% | $500M | $375M | 65.2x | (4.7x) | ||
| Polynovo earns majority of its revenue from U.S sales of its NovoSorb Biodegradable Temporizing Matrix, or NovoSorb BTM. The product is a patented biodegradable synthetic scaffold to support the regeneration of the dermis when lost through surgery, trauma, burns or other causes of tissue loss. Once the product is applied to a wound, it takes a few weeks for the dermal layer to fully integrate within the polymer scaffold before a clinician can delaminate the outer layer. A small wound would then close either naturally or with a dressing, while a larger wound would close through a split-skin graft or alternative product such as Avita's RECELL. NovoSorb BTM then slowly degrades to harmless byproducts which are fully absorbed in roughly 18 months. | $1 | -23% | $458M | $445M | 4.4x | 56.5x | ||
| Cogstate Ltd is a cognitive science company. The principal activity of the group is the Creation, validation, and commercialisation of digital brain health assessments; and the Design and provision of quality assurance services in clinical trials, focused on the administration, scoring, and recording of conventional brain health assessments and reporting. Its operating segment includes Clinical Trials, Healthcare, and Administration. The company generates maximum revenue from the Clinical Trials segment. In the clinical trials segment, technology and services are sold to pharmaceutical and biotechnology companies. The company derives revenue from the sale of licensed software and cognitive testing services. | $3 | +47% | $456M | $421M | 7.2x | 23.0x | ||
| Australian Clinical Labs is Australia’s third-largest private pathology provider. ACL earns almost its entire group revenue from pathology services in Australia, which are mostly earned via the publicly funded health Medicare system. ACL is well established in the states of Western Australia, South Australia, Victoria, and the Northern Territory. | $2 | +19% | $379M | $597M | 1.2x | 4.5x | ||
| Echo IQ Ltd is an Australian medical technology company focused on improving decision-making in cardiology. Its proprietary EchoSolv platform leverages AI-driven analysis of echocardiographic data to help clinicians detect Aortic Stenosis (AS) and other conditions with greater accuracy and efficiency. The company is focused on expanding its strategic partnerships, progressing regulatory pathways, and completing successful deployments of its technology in the USA healthcare market to establish its position in AI-enabled cardiovascular care. | $0 | +175% | $287M | $281M | 4374.7x | (21.7x) | ||
| Orthocell Ltd is a regenerative medicine company. The company is engaged in the development and commercialization of biological medical devices, cell therapies, and related technologies to address unmet clinical needs in human health in the regenerative medicine industry. Its product includes Striate plus; Remplir, which is a collagen wrap used in peripheral nerve repair; and OrthoACI, an implant used for the treatment of articular cartilage defects in the knee and ankle. It also has various other products in its pipeline, such as Tendon Cell Therapy and Collagen Medical Device Platform. | $0 | -39% | $127M | $97M | 12.2x | (9.3x) | ||
| Optiscan Imaging Ltd is engaged in the development, manufacture, and commercialization of endomicroscopic digital imaging technology solutions for medical, translational, and pre-clinical applications. Its technology offers real-time, 3D, in vivo imaging at the single-cell level, in a non-destructive manner that enables clinicians to make immediate informed decisions. Its products include InVivage, ViewnVivo, and Customisation. Its geographical segments include Australia, Germany, Norway, China, and the United States. | $0 | +46% | $120M | $111M | 355.5x | (22.4x) | ||
| EMvision Medical Devices Ltd is engaged in the research and development and commercialization of neurodiagnostic technology for stroke diagnosis and monitoring, as well as other medical imaging needs. The company's primary focus is portable, cost-effective, and non-invasive brain scanners, including a bedside device (emu) and an ultra-lightweight pre-hospital device (First Responder). Its first indication targets acute stroke care, with a second planned indication in traumatic brain injury. Both indications represent substantial societal and health economic burdens. It operates as a single segment in the research and development of medical device technology. | $1 | -5% | $107M | $97M | 15.4x | (17.1x) | ||
| Alcidion Group Ltd is a provider of intelligent informatics software. It offers a fully integrated digital patient care platform that includes a clinical decision support (CDS) system, Electronic Patient Record (EPR), and Patient Administration System (PAS). Alcidion is engaged in the development and licensing of its own healthcare software products (Miya Precision and its associated modules, including Miya Observations, Flow, Task Management and PAS), the reselling of healthcare software products from its strategic partners, and the delivery of product implementation, product support and maintenance, systems integration and data analysis services to healthcare customers in the United Kingdom, Australia, and New Zealand. The company generates maximum revenue from the United Kingdom. | $0 | +15% | $94M | $80M | 2.8x | 18.5x | ||
| BlinkLab Ltd is operates predominantly in one segment, being research and development of pharmaceutical solutions for neurological disorders. | $0 | +1% | $76M | $64M | ||||
| Cyclopharm Ltd is a company that engages in the manufacture and sale of medical equipment and radiopharmaceuticals, including associated research and development. It operates through the following segments. The Technegas segment involves supplying diagnostic equipment and consumables used by physicians in the detection of pulmonary embolism, and distributor of products to the diagnostic imaging sector. The Molecular Imaging segment offers to produce radiopharmaceuticals to be used by physicians in the detection of cancer, neurological disorders, and cardiac disease. The firm generates maximum revenue from the Technegas segment. | $0 | -21% | $41M | $38M | ||||
| PharmX Technologies Ltd is an Australia-based software and technology company. The company has a single segment which is Health Services. In Health services, the company develops and distributes business software for the pharmacy industry with particular emphasis on point-of-sale and pharmaceutical dispensing software, support services, and associated computer hardware. It derives a majority of its revenue from the Health services business. | $0 | -38% | $40M | $40M | ||||
| AnteoTech Ltd is a biotechnology company engaged in the development of specialty products and services and end-user diagnostic products focused on the Battery and Life Science diagnostics markets. Its key areas are the Energy and Life Science Division. The company is developing four products named AnteoX, Ultranode, AnteoBind NXT, and AnteoBind these products are used in the energy, diagnostic, and medical device markets. The company currently has a single segment which is the development of the AnteoTech IP. | $0 | +13% | $39M | $32M | ||||
| Singular Health Group Ltd provides medical software solutions. The company's business segment is the provision of Volume Rendering Platform (VRP) software, providing 3D printing services and 3D machine sales. It operates in one segment, which is the provision and development of medical technology within Australia. | $0 | -38% | $38M | $31M | ||||
| HeraMED Ltd is engaged in developing, connected pregnancy monitoring solutions for home and professional use. It has developed a foetal heartbeat monitor called HeraBEAT which is a medical-grade, clinically-validated, smart and connected Ultrasound Foetal Doppler device predominantly for use by an expectant mother to self-monitor her foetus' heart rate (FHR). It is also focused on the commercialization and deployment of its HeraCARE pregnancy monitoring solution. Geographically, the company generates a majority of its revenue from the United States of America followed by Australia and Israel. | $0 | +9% | $30M | $28M | ||||
| Resonance Health Ltd is engaged in the development and commercialisation of software-as-medical-device (SaMD) technologies and services for the quantitative analysis of radiological images in a regulated and quality-controlled environment. The Group’s core SaMD product is FerriScan, a non-invasive liver analysis technology used for the assessment of iron in the liver. The Company also has several AI-assisted SaMDs including FerriSmart, HepaFatSmart, and LiverSmart. Its business segments are; SaMD1 which derives key revenue, Corporate, TrialsWest, and Resonance Clinica. Geographically, it generates maximum revenue from the Asia Pacific region and the rest from North America, and Europe, Middle East and Africa (EMEA) regions. | $0 | +78% | $27M | $27M | ||||
| Beamtree Holdings Ltd is an Artificial intelligence (AI) health technology company. It offers software solutions like Picq, RippleDown, Risq, Ainsoff, Q Coding platform, and others across four product segments that combine into a modular software suite to assist healthcare services in transforming the quality of their data, analyzing key performance insights, and improving actionable decision support. The company's key operating product segments are: Knowledge Networks, which generate maximum revenue, Diagnostics, Clinical Decision Support, and Coding and Data Quality Assurance. Geographically, it operates in Australia, its key revenue-generating market, Europe, and the Rest of the world. | $0 | -56% | $19M | $20M | ||||
| Proteomics International Laboratories Ltd is a biological research and drug discovery company. It is a pioneering medical technology company operating at the forefront of predictive diagnostics and precision medicine. The Company specialises in proteomics-the industrial-scale study of the structure and function of proteins. Its pipeline includes Promarker, Pipeline PromarkerD, PromarkerEndo, PromarkerEso, and OxiDx. | $0 | -59% | $15M | $13M | ||||
| CurveBeam AI Ltd is a manufacturer of specialized imaging equipment that has developed software that, through the use of artificial intelligence (AI), and deep learning AI (DLAI), automates the scan processing and analysis of the high-quality images produced from the company’s CT devices to assist in the clinical assessment. The company has one operating segment, being the research, design, manufacture and sale of cone beam CT imaging equipment for orthopaedic specialties, which includes the development, validation and preparation for commercialisation of a HRpQCT Medical Device and Software as a Service (SaaS) platform. | $0 | -47% | $12M | $23M | ||||
| ImExHS Ltd is engaged in the development and sale of its Hiruko software platform. The software consists of Radiology, Cardiology, Pathology information systems, and Picture Archiving and Communications Systems. The segments of the company are Software and Radiology Services. The company derives maximum revenue from Radiology segment. | $0 | +18% | $11M | $10M | ||||
| Conneqt Health Ltd is a health technology company, developing solutions for health disorders. The company designs medical devices for use in cardiovascular health management. The company is mainly engaged in manufacturing biomarkers that helps to detect associated risks, optimize heart health, and empower good cardiovascular decisions. | $0 | -62% | $9M | $9M | ||||
| TALI Digital Ltd engaged in research and development, for commercialization, of medical technology projects. It is a digital health company delivering diagnostic and therapeutic solutions to improve cognitive function and behavior. | $0 | -17% | $7M | $7M | ||||
| Adheris Health Ltd is an E-healthcare software development company that provides pharmacy-driven patient engagement solutions that include personalised patient experiences to help simplify the patient medication journey. The group is leveraging THRIV, a cloud-based, AI-enabled platform. Its solutions empower the pharmacy of the future through improved pharmacy workflow and patient engagement solutions. | $0 | -43% | $7M | $120K | ||||
| Median | $0 | -17% | $94M | $80M | 5.2x | (2.2x) |
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