May 2026
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Largest HealthTech Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Medistim, Nordhealth, PhotoCure, Carasent and Omda.
 | Medistim ASA is a medical device company. It is engaged in researching, developing, producing, distributing, and sales of medical equipment through its own business or participation in other companies, as well as related activities. The company's business is focused on cardiac and vascular surgery. The group operates in the USA, Europe, China, and the Rest of the World. The main divisions are sale of own products and sale of third-party products. Sale of own products has two business models, the capital model and the lease model. Third-party products segment sells medical devices from third party manufacturers in Norway, Sweden and Denmark. Key revenue is generated from Own Products segment. | $24 | +18% | $444M | $425M | 5.6x | 17.7x | ||
| Nordhealth AS is a cloud-based healthcare Software-as-a-Service business. Its flagship products are Provet Cloud and EasyPractice, both cloud-based Practice Management Software for veterinarians and therapists, respectively. It builds software that empowers healthcare professionals to improve patient care, increase efficiency and expand their business. The company has two operating segments namely: Veterinary and Therapy. It operates geographically in Norway, which derives maximum revenue, Finland, the United Kingdom, Sweden, Denmark, Germany and Other countries. | $3 | -18% | $256M | $239M | 4.0x | 206.3x | ||
| PhotoCure ASA is a Norway-based business group associated with the research, development, production, distribution, marketing, and sales of pharmaceutical products and specialty pharmaceutical companies. The technology platform of the company is focused on the field of photodynamic diagnosis and treatment of cancer. The company has two operating segments of the group the Commercial franchise and the Development portfolio. It generates prime revenue from the Commercial franchise segment, which includes Hexvix and Cysview products. Its geographical segments are Nordic countries, Germany, France, Austria, the United Kingdom, BeNeLux, Italy, Other European countries, Canada, and the United States. | $7 | +37% | $191M | $166M | 2.9x | 28.2x | ||
| Carasent AB (publ) Formerly Carasent AB is in the businesses that develop entrepreneurial and e-health solutions. It delivers cloud based EHR solutions, with Webdoc as the platform, and a ecosystem of platform services, including solutions for patient communication and business intelligence. The ecosystem of solutions makes Carasent a one-stop shop for clinics and can cover all needs. | $3 | -13% | $169M | $159M | 4.1x | 15.3x | ||
| Omda AS has built software tools exclusively for health and emergency professionals. Its Integration Engine and APIs enable its products to successfully merge with existing systems of all types and specifications. The company provides solutions in domains such as Emergency, Connected Imaging, Laboratory Information Management Systems, Medication Management, Health Analytics, and Women & Child. Geographically, the company generates the majority of its revenue from Norway. | $4 | -32% | $76M | $124M | 2.3x | 8.3x | ||
| Gentian Diagnostics AS operates as a medical diagnostics company in Norway. It develops and produces in-vitro diagnostic reagents (IVD) for use in medical diagnostics and research. Its portfolio and pipeline of reagents span areas of inflammations, severe infections, kidney diseases, heart failures, and veterinary healthcare. The company's product portfolio includes the Gentian Cystatin C Immunoassay, the GCAL circulating calprotectin immunoassay (IVDR), the Gentian Retinol Binding Protein (RBP), and the Gentian Canine CRP among others. Geographically, it generates a majority of its revenue from Europe followed by Asia and the United States of America. | $4 | -35% | $60M | $52M | 2.7x | 13.6x | ||
| Observe Medical ASA through its subsidiaries develops medical technology products that benefit patients and healthcare professionals. It has developed the product Sippi, which is an automatic and digital urine meter and the technology Sippcoat that prevents bacterial migration in closed collection systems. The company's products include: UnoMeter urine measurement, Sippi urine meter, the Biim Ultrasound system, and Others. | $0 | +44% | $15M | $18M | 8.6x | (5.4x) | ||
| Lifecare ASA focuses on the research, development, and commercialization of sensor technology for continuous monitoring of body analytes. Lifecare develops and licenses nanotechnology for medical use to facilitate the production and sale of medical devices. Its miniaturized sensor technology measures changes by reading osmotic pressure variations in a small chamber, and can, e.g., measure glucose and lactate levels by applying different chemical compositions. The company operates as a single segment focused on research and development (R&D) of its osmotic pressure sensor and related components. | $0 | -86% | $11M | $21M | 1759.4x | (1.8x) | ||
| Induct AS is engaged in the business of software development. It offers a digital platform for work and collaboration, for individuals, Homes, Organizations, and Work. | $0 | -43% | $8M | $8M | 5.1x | 10.0x | ||
| Genetic Analysis AS is a research-driven diagnostic company dedicated to delivering diagnostic solutions to the growing human microbiota market. It is providing a CE-marked gut microbiota analysis for testing bacterial imbalance in IBS and IBD patients. Geographically, it operates in the USA, Europe, and the Rest of the world. | $0 | -42% | $5M | $3M | 1.7x | (4.9x) | ||
| Median | $3 | -25% | $68M | $88M | 4.1x | 11.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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