May 2026
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Largest Laboratory Services Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Thermo Fisher Scientific, Danaher, Wuxi AppTec, IDEXX Laboratories and Waters.
 | Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. The firm operates through four segments as of year-end 2024 (revenue figures include some cross-segment revenue): analytical technologies (17% of sales); specialty diagnostic products (11%); life science solutions (23%); and lab products and services, which includes CRO services (the remainder). | $442 | +10% | $164B | $204B | 4.6x | 17.7x | ||
| In 1984, Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company. Then, through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in the life sciences and diagnostic industries after the late 2023 divestiture of its environmental and applied solutions group, Veralto. | $164 | -14% | $116B | $129B | 5.2x | 16.7x | ||
 | Wuxi AppTec Co Ltd provides a portfolio of research and manufacturing services throughout the discovery, development, and manufacturing spectrum for small molecule drugs, development of computer software and databases as well as consulting services for combinatorial chemistry and pharmaceuticals. The services offered by the company include drug research and development testing, clinical research services, an end-to-end CRDMO platform for peptide, oligonucleotide, and small molecules, and integrated biology services and solutions for drug discovery. The company's reportable segments are WuXi Chemistry, which derives maximum revenue, WuXi Testing, WuXi Biology, and Others. Geographically, it derives key revenue from the United States of America, followed by China, Europe, and other regions. | $15 | +65% | $45B | $40B | 6.0x | 9.9x | ||
| Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx derives roughly 35% of its revenue from outside the United States. | $546 | +6% | $43B | $44B | 10.2x | 29.1x | ||
| Water sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. As a percentage of sales in 2024, Waters generated 58% from biopharmaceutical customers, 31% from industrial clients, and 11% from academic/government institutions. In early 2026, Waters plans to merge with BD's life science and diagnostics business, which will substantially change those concentrations. Waters will wind up with more concentration in diagnostics (versus none now) and discovery-related life science tools. | $332 | -5% | $33B | $38B | 11.9x | 33.3x | ||
| Originally spun out of Hewlett-Packard in 1999, Agilent has evolved into a leading life science and diagnostic firm. Today, Agilent's measurement technologies serve a broad base of customers with its three operating segments: life science and diagnostics, cross lab operations consisting of consumables and services, and applied end markets. Over half of its sales are generated from the biopharmaceutical, chemical, and advanced materials end markets, which we view as the stickiest end markets, but it also supports clinical lab, environmental, forensics, food, academic, and government-related organizations. The company is geographically diverse, with operations in the US and China representing the largest country concentrations. | $112 | +0% | $32B | $33B | 4.8x | 16.6x | ||
| Mettler-Toledo supplies weighing and precision instruments to customers in the life sciences (around 55% of sales), industrial (around 40%), and food retail (around 5%) industries. Its products include laboratory and retail scales, pipettes, pH meters, thermal analysis equipment, titrators, metal detectors, and X-ray analyzers. Mettler leads the market for weighing instrumentation and controls more than 50% of the market for lab balances. The business is geographically diversified, with the Americas accounting for about 37% of sales, Europe about 27%, China about 16% and the rest of the world about 20%. | $1,075 | -7% | $22B | $24B | 5.9x | 19.0x | ||
| Quest Diagnostics is a leading independent provider of diagnostic testing, information, and services in the US. The company generates over 95% of its revenue through clinical testing, anatomic pathology, esoteric testing, and substance abuse testing with specimens collected at its national network of roughly 2,300 patient service centers, as well as multiple doctors offices and hospitals. The firm also runs a much smaller diagnostic solutions segment that provides clinical trials testing, risk-assessment services, and information technology solutions. | $190 | +10% | $21B | $27B | 2.4x | 12.4x | ||
| Labcorp is one of the nation's two largest independent clinical laboratories, with roughly 20% of the independent lab market. The company operates approximately 2,000 patient-service centers, offering a broad range of 5,000 clinical lab tests, ranging from uncomplicated routine blood and urine screens to complex oncology and genomic testing. | $256 | +3% | $21B | $27B | 2.0x | 11.4x | ||
| Sartorius Stedim Biotech is a leading provider of bioprocessing solutions. Its sells equipment and consumables for fermentation, filtration, fluid management, purification, and cell culture media for manufacturing biologic drugs and has a focus on single-use technology. It is a subsidiary of Sartorius AG, which has 71.5% ownership and 83% voting control. The business is geographically diverse, with 35% of sales from the Americas, 42% from Europe, the Middle East, and Africa, 15% from Asia excluding China, and 8% from China. | $181 | -19% | $18B | $20B | 5.7x | 18.5x | ||
 | Eurofins, headquartered in Luxembourg, is a decentralized network of life sciences companies that provide various analytical tests and laboratory services. These include tests to evaluate the safety, identity, composition, authenticity, purity, origin, and traceability of various biological substances and products. Eurofins operates over 950 laboratories in 61 countries. Its revenue from Europe, North America, and the rest of the world contributes approximately 50%, 40%, and 10% of total revenue, respectively. Its areas of business activity are food, feed, and environmental testing ("life"), biopharmaceutical services, diagnostic services and products, and consumer and technology products testing, which contribute approximately 40%, 30%, 20%, and 10% respectively. | $69 | +2% | $12B | $16B | 1.9x | 8.3x | ||
 | Max Healthcare Institute Ltd is a health care service provider. The company's facilities include third-party healthcare providers with whom the company has entered long-term service contracts for providing clinical, radiology, and pathology services. Its hospitals provide the full range of services through its Outpatient, Day Care, Emergency Room, and In-Patient departments to accommodate medical specialties such as orthopedics, internal medicine, general surgery, cardiac sciences, oncology, neurosciences, and obstetrics, as well as diagnostics. The group derives revenue from India. | $11 | -9% | $11B | $11B | 10.9x | 42.2x | ||
| Revvity is a global life sciences and diagnostics company formed in 2023 following the rebranding of PerkinElmer. The company operates in two segments: life sciences, which provides reagents and instruments for biopharma and academic research, and signals software, and diagnostics, which offers tools in immunodiagnostics and newborn and reproductive health. Revvity’s products and services are sold worldwide, with major markets in the US, Europe, and China. | $95 | +6% | $11B | $13B | 4.6x | 15.5x | ||
 | BioMérieux designs, develops, and manufactures a broad portfolio of in vitro diagnostics for detecting disease-causing pathogens and contamination. The company operates in four segments: molecular biology (42% of 2024 sales), microbiology (33%), immunoassays (10%), and industrial applications (about 15%). The Americas account for the largest portion of the firm's revenue (40%), followed by Asia-Pacific (27%) and Europe, the Middle East, and Africa (27%). BioMérieux is headquartered in Marcy-l'Étoile, France. | $83 | -39% | $10B | $10B | 2.0x | 8.2x | ||
 | Bangkok Dusit Medical Services PCL operates a network of hospitals throughout Thailand under the Bangkok Hospital, Phyathai Hospital, Samitivej Hospital, Paolo Hospital, BNH Hospital, and Royal International Hospital brands. The company has two business segments namely, hospital operations and other businesses that support hospital business such as medical laboratories, production and distribution of pharmaceutical products/medical equipment/saline, pharmacies, assets management for healthcare business, accounting services, technology and information services, training business and insurance broker. The company's hospital operations generate the vast majority of its revenue. | $1 | -16% | $9B | $9B | 2.5x | 10.5x | ||
 | Founded in the 1880s and listing on the ASX in 1952, ALS operates two divisions: commodities and life sciences. ALS commodities traditionally generated the majority of underlying earnings, providing geochemistry, metallurgy, inspection and mine site services for the global mining industry. Expansion into environmental, pharmaceutical and food testing areas has lessened earnings exposure to commodities. | $16 | +36% | $8B | $9B | 4.2x | 18.7x | ||
| Fortis Healthcare Ltd provides integrated healthcare delivery services in India. The company manages healthcare centers including hospitals, diagnostics, and day care specialty facilities. The company's key specialty in its hospital business is cardiac sciences. It is predominantly engaged in the business of healthcare services which is the only reportable segment. The company's key hospitals include Fortis Escorts Heart Institute in Dehli, Fortis Mulund in Mumbai, and Fortis Hospital in Bengaluru. The majority of the company's revenue is derived from India. | $10 | +31% | $8B | $8B | 8.6x | 42.2x | ||
| Charles River Laboratories was founded in 1947 and is a leading provider of drug discovery and development services. The company’s research model & services segment is the leading provider of animal models for laboratory testing, which breeds and delivers animal research models with specific genetic characteristics for preclinical studies around the world. The discovery & safety assessment segment includes services required to take a drug through the early development process, including discovery services. The manufacturing support segment includes microbial solutions, which provides in vitro (non-animal) testing products, biologics testing services, and avian vaccine services. | $150 | +11% | $7B | $10B | 2.5x | 10.4x | ||
| Qiagen offers proprietary sample and assay technology to extract, purify, amplify, and interpret DNA, RNA, and proteins. The company's sales are split almost evenly between applications in life sciences and molecular diagnostics. Qiagen generates nearly 90% of its revenue from consumables with the balance coming from instrumentation and related services. The Americas account for the largest portion of the firm's revenue (52% of 2024 sales), followed by EMEA (33%), and the Asia-Pacific (15%). | $34 | -29% | $7B | $8B | 3.8x | 10.5x | ||
| Based in Minnesota, Bio-Techne is a life sciences manufacturer supplying consumables and instruments for the pharma, biotech, academic, and diagnostic markets. It reports in two segments: protein sciences (about 75% of revenue) and diagnostics and genomics (25%). The protein sciences segment sells reagents and analytical instruments used in life sciences research, including antibodies used in protein analysis. The diagnostics and genomics segment sells diagnostic reagents, molecular diagnostics, and spatial biology products. The United States accounts for about 55% of revenue. The firm also has operations in Europe, the Middle East, and Africa (20% of sales), the UK (5%), and Asia-Pacific (15%), with the rest of the world accounting for the remaining 5%. | $44 | -8% | $7B | $7B | 5.8x | 16.5x | ||
| Pharmaron Beijing Co Ltd is a research and development service company supporting the life science industry. The company offers drug research and development service capabilities, ranging from synthetic, medicinal, and analytical chemistry, biology, DMPK, pharmacology, drug safety assessment, radiochemistry, and isotopically labelled metabolism, chemical and pharmaceutical development to clinical development. The company's operating segment includes Laboratory services; CMC (small molecule CDMO) services, Clinical development services, and biologics and CGT services. It generates maximum revenue from the Laboratory services segment. | $4 | +11% | $7B | $7B | 3.5x | 14.8x | ||
| Sonic Healthcare is a global pathology provider. It is the largest private operator in Australia, Germany, Switzerland and the UK, the second-largest in Belgium and New Zealand, and the third largest in the US. In addition to pathology, which contributes roughly 85% of group revenue, Sonic is the second-largest player in diagnostic imaging in Australia and the largest operator of medical centers in Australia. The company typically earns about 35% of group revenue in Australia and New Zealand, 25% in the US, and 40% in Europe. | $13 | -31% | $6B | $10B | 1.5x | 8.6x | ||
| Repligen, headquartered in Waltham, Massachusetts, is a global life sciences company that develops and sells bioprocessing equipment and supplies used in the manufacturing of biologic drugs, including monoclonal antibodies, recombinant proteins, vaccines, and cell and gene therapies. Its customers include biopharmaceutical companies, contract development and manufacturing organizations, or CDMOs, and other life science companies. It sells four main product categories: filtration (including fluid management) is the largest category (about 55% of total revenue), while chromatography, proteins, and process analytics are 21%, 11%, and 13%, respectively. Customers in North America, Europe, and Asia Pacific contribute about 44%, 37%, and 19% of revenue, respectively. | $104 | -12% | $6B | $6B | 7.8x | 32.0x | ||
| Shenzhen New Industries Biomedical Engineering Co Ltd is researching, developing, producing, and selling a series of fully automatic chemiluminescence immunoassay instruments and supporting reagents. | $7 | -17% | $6B | $5B | 7.9x | 17.6x | ||
| Hangzhou Tigermed Consulting Co Ltd is a China-based Contract Research Organization. The company's offered services include bioanalytical, medical writing, biostatistical analysis, and medical imaging. The therapeutic areas of the company include Infections, Hematology, Cardiovascular, Endocrinology, Rheumatology, Nephrology, and Central Nervous System (CNS) among others. | $6 | -5% | $6B | $5B | 5.5x | 26.2x | ||
| Avantor Inc provides products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company operates through two segments: Laboratory Solutions and Bioscience Production. It offers materials & consumables, equipment & instrumentation, and services & specialty procurement. Product groups include Equipment & Instrumentation, Services & Specialty Procurement, Proprietary Materials & Consumables, and Third-Party Materials & Consumables. Materials & consumables include high-purity chemicals and reagents, lab supplies, customized excipients, single-use assemblies, chromatography products, sample preparation kits, and fluid handling solutions. It operates in the Americas, Europe, and AMEA. | $8 | -41% | $5B | $9B | 1.3x | 8.2x | ||
| Sotera Health Co provides sterilization, analytical lab testing, and advisory services to help ensure that medical, pharmaceutical, and food products are safe for healthcare practitioners, patients, and consumers. The company operates in three reportable segments: Sterigenics, Nordion, and Nelson Labs. The Sterigenics segment, which generates maximum revenue, provides outsourced terminal sterilization and irradiation services for medical devices, pharmaceuticals, food safety, and other application markets using three core technologies: gamma irradiation, EO processing, and E-beam irradiation. Geographically, the company generates maximum revenue from the United States, followed by Canada, Europe, and other regions. | $15 | +25% | $4B | $6B | 5.4x | 10.7x | ||
 | Diasorin develops and manufactures a broad portfolio of in vitro diagnostics used for detecting pathogens and contamination of samples from the human body, as well as used in industrial settings such as food and water contamination testing. The company operates three segments: immunodiagnostics (66% of sales), molecular diagnostics (17%), and licensed technologies (14%). Diasorin was an important manufacturer of covid tests, which boosted its profits during the pandemic, but this segment’s importance has decreased over the years, and in 2024, it accounted for only 2% of total sales. | $82 | -22% | $4B | $5B | 3.4x | 10.4x | ||
| Genscript Biotech Corp is a China-based provider of life science research services and products. The firm is known for its gene synthesis capabilities, a widely used service by academics, biotech companies, and pharmaceutical companies around the world. The company's business segments include Life-science services and products, Biologics development services, Industrial synthetic biology products, and the Operation unit. The company generates the majority of its revenue from the life-science services and products unit, which provides comprehensive research services and products, which are widely used and are fundamental to life-science research and application. Geographically, the company generates the majority of its revenue from the United States of America, followed by Mainland China. | $2 | +5% | $4B | $3B | 3.3x | 17.0x | ||
| MGI Tech Co Ltd is a producer of clinical high-throughput gene sequencers, and its multi-omics platforms include genetic sequencing, medical imaging, and laboratory automation. It provides real-time, panoramic, and full-life-cycle equipment and systems for precision medicine, precision agriculture, precision healthcare, and other relevant industries. | $8 | -25% | $3B | $3B | 7.0x | 120.7x | ||
| Dr. Lal PathLabs Ltd is a pathology lab based in India. It is involved in providing diagnostic services and other healthcare tests in the areas of pathology and radiology. The company operates laboratories for carrying out pathological diagnostic services in various branches of biochemistry, hematology, histopathology, microbiology, electrophoresis, immunochemistry, immunology, virology, cytology, and other pathological and radiological investigations. Its diagnostic services assist in preventing, monitoring, and treating diseases and improving health conditions. The company has business operations in India and other countries, of which maximum revenue is generated within India. | $17 | +14% | $3B | $3B | 10.7x | 33.3x | ||
| BGI Genomics Co Ltd is a China-based company principally engaged in the provision of genomic class diagnosis and research services through the application of biotechnology. It offers its services in various research areas, such as agriculture and food science, cancer research, metagenomics, reproductive health, biomarker discovery, and drug discovery. The company mainly provides services for domestic and overseas academic institutions hospitals, medical institutions and others. | $6 | -21% | $2B | $2B | 3.8x | 47.6x | ||
 | Tecan Group AG sells automated laboratory instruments and solutions for the diagnostics and life sciences research markets. The firm operates in two segments; The Life Sciences Business (end-customer business) segment supplies end users with automated workflow solutions directly. These solutions include laboratory instruments, software packages, application know-how, services, consumables, and spare parts, The partnering Business (OEM business) segment develops and manufactures OEM instruments and components that are distributed by partner companies under their names. A majority proportion of Tecan's revenue is generated in the Americas and Europe. | $174 | -17% | $2B | $2B | 1.9x | 12.1x | ||
| Neogen Corporation, headquartered in Lansing, Michigan, develops, manufactures, and markets various products for food and animal safety. In food safety, the company performs diagnostics to detect unintended substances in food and animal feed, to prevent contamination and foodborne illnesses such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, and ruminant by-products. In animal safety, the company segment is engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodent control products, cleaners, disinfectants, insect control products and genomics testing services. | $9 | +46% | $2B | $2B | 2.8x | 13.6x | ||
| Dian Diagnostics Group Co Ltd is an independent third-party medical diagnostic service provider that provides diagnostic services outsourcing as its core business. It promotes the development of multi-service areas of medical diagnostic platforms and integrated development strategies for upstream and downstream industry chains, covering medical diagnostic services and diagnostic products. | $3 | -- | $2B | $2B | 1.2x | 13.7x | ||
 | Fleury SA is engaged in the provision of medical services in the diagnostic, treatment, clinical analysis, health management, medical care, orthopedics and ophthalmology areas and offers its digital healthcare platform. The company carries out its activities through customer service units and hospital-based units. Furthermore, the company has a mobile service operation with coverage in municipalities in addition to a digital platform. It has two reportable business segments: Diagnostic Medicine and Integrated Medicine. The maximum revenue is generated from Diagnostic Medicine Segment. | $3 | +25% | $2B | $2B | 1.4x | 4.9x | ||
| Qingdao Haier Biomedical Co Ltd is engaged in designing, manufacturing, marketing and sales of low temperature storage equipment for biomedical samples. The company provides provides complete storage solutions for biological sample banks, blood safety, vaccine safety, medical supplies and reagent safety. | $5 | +8% | $2B | $1B | 3.9x | 23.2x | ||
| Daan Gene Co Ltd is a high-tech enterprise-oriented in molecular diagnostic techniques. It is primarily committed to research and development, production, and service of in-vitro diagnostic products, including qPCR, Sequeacing, TRF, ELISA, and Liquid-Based Cytology diagnostic kits and equipment. Geographically, tahe group operates in China. | $1 | +10% | $1B | $1B | 11.0x | (18.4x) | ||
| Guangzhou Wondfo Biotech Co Ltd manufactures medical diagnostic tests. Its products include immunodiagnostic rapid test kits, including fertility, which include pregnancy HCG, ovulation LH, and others. The company's products are used in a clinical test, field test, and personal health management, among others. | $3 | -14% | $1B | $1B | 3.4x | 39.7x | ||
| BioLife Solutions Inc is a life sciences company that develops, manufactures, and markets bioproduction products and services that are designed to improve quality and de-risk biologic manufacturing, distribution, and transportation in the cell and gene therapy ("CGT") industry. The company provides solutions such as Cell Processing, Cold Chain, and Thawing. The company generates the majority of its revenue from Cell Processing through the biopreservation product "CryoStor". Geographically the company generates the majority of its revenue from the United States. | $22 | +2% | $1B | $1B | 10.6x | 41.3x | ||
| NeoGenomics Inc provides oncology diagnostic testing and consultative services which include technical laboratory services and professional interpretation of laboratory test results by licensed physicians or molecular experts in pathology and oncology. The company operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. The company operates in a single segment and derives revenue from clients by providing clinical cancer testing, interpretation, and consultative services, molecular and NGS testing, comprehensive technical and professional services offerings, clinical trials and research, validation laboratory services, and oncology data solutions. | $8 | +15% | $1B | $1B | 1.9x | 31.2x | ||
 | Clinica Baviera SA operates ophthalmological clinics. It is involved in the diagnosis, treatment, and monitoring of various types of ophthalmological disorders. It offers diagnosis and treatment for various eye problems such as long-sightedness, short-sightedness, astigmatism, cataracts and eye strain. | $66 | +45% | $1B | $1B | 3.1x | 10.7x | ||
| Novogene Co Ltd is engaged in providing multi-level scientific research and technical services and solutions for life science basic research, medical and clinical application research, and independent development and innovation of genetic testing medical equipment. | $2 | +9% | $911M | $682M | 2.1x | 13.5x | ||
| Diagnosticos da America SA operates as a medical diagnostics company in Brazil. The company offers clinical analysis, diagnostic imaging tests, and patient service centers. It has three operating segments. Outpatient care services and care coordination includes Diagnosis and health management, Hospitals and oncology include Medical and hospital services & Foreign operations include Diagnosis. The majority is from the Hospitals and oncology segment. Geographically, it operates in Brazil and South America (Argentina, Uruguay, Chile and Colombia). | $1 | +120% | $842M | $2B | 0.9x | 5.1x | ||
| Azenta Inc provides biological and chemical sample exploration and management solutions, using precision automation and cryogenics to develop automated ultra-cold storage. It serves customers from research to commercialization with sample management, automated storage, genomic services, consumables, informatics, and repository services. The company operates through two segments: Sample Management Solutions, offering SRS and Core Products such as automated stores, cryogenic systems, sample tubes, consumables, instruments, and thawing devices, which generate majority of its revenue; and Multiomics, which provides genomic analysis services. The company operates in United States, China, United Kingdom, rest of Europe, and others, with majority of its revenue in the United States. | $16 | -39% | $748M | $423M | 0.7x | 6.4x | ||
| Jiangsu Bioperfectus Technologies Co Ltd is engaged in product development, production and sales of disease prevention and control, female genital micro-ecological testing and tumor screening. Its products portfolio includes Fever respiratory pathogen detection series, Fever with a rash pathogen test series, Fever with bleeding pathogen test series, Foodborne diseases and diarrheal pathogen detection and Other types of pathogen detection series. | $9 | +27% | $734M | $562M | 11.3x | 116.4x | ||
| Assure Tech (Hangzhou) Co Ltd is a biotechnology company. The company is engaged in research & development, production, sell of diagnostic reagents, POCT and biological materials. | $5 | -3% | $674M | $416M | 6.3x | 22.9x | ||
| Maravai LifeSciences Holdings Inc is a life sciences company that provides critical products that drive the development of groundbreaking vaccines, drug therapies, cell and gene therapies, and diagnostics. The group's solutions empower research into human diseases and support the entire biopharmaceutical development process from early discovery to commercialization. Its reportable segments are Nucleic acid production and biologics safety testing. It generates a majority of its revenue from Nucleic Acid Production and focuses on the manufacturing and sale of nucleic acid products to support the needs of customers' research, and therapeutic and vaccine programs. In addition, the segment also provides research products for labeling and detecting proteins in cells and tissue samples. | $4 | +81% | $602M | $707M | 3.8x | (22.7x) | ||
| 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 | -14% | $551M | $955M | 2.1x | 12.2x | ||
 | Instituto de Diagnostico SA, through Clinica Indisa, provides medical and healthcare services. It offers clinical services in the areas of general surgery, traumatology, urology, maternity, dialysis, cardiovascular, odontology, gynecology and obstetrics, blood bank facility, maternity facility, critical patient unit, and various other medical-related services and facilities. Along with its subsidiaries, the company operates in the following segments; Hospitalization which generates maximum revenue and corresponds to services provided to patients who are hospitalized and spend days in bed; Outpatient corresponds to services that do not involve occupation of bed days; and Others corresponds to the parking rental and services category maintenance. | $3 | +35% | $464M | $556M | 1.8x | 15.4x | ||
| Fulgent Genetics Inc is a technology company that focuses on genetic testing to provide physicians with clinically actionable diagnostic information. The company is engaged in laboratory services business and a therapeutic development business. The laboratory services business which generates key revenue includes, technical laboratory services and professional interpretation of laboratory results by licensed physicians. Its therapeutic development business is focused on developing drug candidates for treating a broad range of cancers. The geographical segments are the United States, which generates the vast majority of the revenue; and Foreign. | $16 | -24% | $450M | $184M | 0.6x | (18.4x) | ||
| Myriad Genetics Inc is a molecular diagnostics and precision medicine company committed to advancing health and well-being for all. The company develops and commercializes molecular tests that help patients and providers uncover genetic insights. Its tests assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties, supporting earlier detection, more precise treatment, and lowering healthcare costs. Its tests include BRACAnalysis CDx, EndoPredict, FirstGene, Foresight, GeneSight, MyChoice CDx, MyRisk (cancer treatment), MyRisk (cancer risk), Prequel, Precise Tumor, Prolaris, and SneakPeek. The company operates in the US and Rest of World, with maximum revenue from the US. | $4 | -13% | $345M | $432M | 0.5x | 11.1x | ||
| Eurobio Scientific is one of the leading providers of specialty in vitro diagnostics and life-science solutions. The product portfolio includes Tetanos Quick Stick, BJI InoPlex, AlloMap, and TEDAC Consortium. | $26 | -10% | $262M | $257M | 1.3x | 7.9x | ||
| 908 Devices Inc manufactures medical devices. It has developed a suite of purpose-built handheld and desktop mass spectrometry, or Mass Spec, devices for the point-of-need. Mass Spec devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the critical problems in life sciences research, bioprocessing, industrial biotech, forensics, and adjacent markets. The company geographically derives maximum revenue from United States, and also has its presence in Europe, Middle East and Africa, Americas and Other and Asia Pacific. | $7 | +17% | $251M | $144M | 2.6x | (15.0x) | ||
| 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. | $1 | -37% | $246M | $454M | 0.9x | 3.4x | ||
| Frontage Holdings Corp provides laboratory and related services to pharmaceutical and agrochemical companies. Its segments include North America and Europe segment, including drug discovery, drug development, pharmaceutical product development and laboratory testing in the USA, Canada and Europe; and PRC segment, including drug discovery, drug development, pharmaceutical product development and laboratory testing in the PRC. It derives majority of the revenue from North America and Europe segment. Geographically majority of the revenue is derived from USA and Canada. | $0 | -22% | $230M | $319M | 1.2x | 5.9x | ||
| OraSure Technologies Inc is a medical devices company that develops, manufactures, and distributes oral fluid diagnostic and collection devices. Its reportable segments are diagnostics and molecular solutions. The diagnostics segment produces rapid oral diagnostic tests and specimen collection devices for infectious diseases such as HIV and HCV. The molecular solutions segment specializes in kits used to collect, stabilize, and transport genetic material samples for molecular testing of both hereditary diseases and infectious diseases, such as COVID-19. The company gets majority of its sales from the molecular solutions business, derived mainly from customers in the United States. | $3 | +5% | $207M | $43M | 0.4x | (1.0x) | ||
| Healius is Australia’s second-largest pathology provider. Pathology revenue is almost entirely earned via the public health Medicare system and makes up the majority of Healius' group revenue. A small portion comes from its clinical testing business, Agilex. | $0 | -59% | $184M | $817M | 0.9x | 5.3x | ||
| Suraksha Diagnostic Ltd offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services to its customers through its extensive operational network, consisting of its flagship central reference laboratory, satellite laboratories, and customer touchpoints which include diagnostic centres and sample collection centres across the states of West Bengal, Bihar, Assam, and Meghalaya. | $3 | -10% | $163M | $170M | 5.8x | 17.9x | ||
 | Bioneer Corp engages in the manufacture and sale of biotechnological products in South Korea. It offers deoxyribonucleic acid (DNA) reagents, molecular diagnostic kits, DNA and ribonucleic acid (RNA) amplification products, human diagnostics kits, veterinary diagnostics kits, among others. | $6 | -45% | $158M | $167M | 0.8x | 10.6x | ||
| Biodesix Inc is a diagnostic solutions company with a focus in lung disease. The Company has a single operating segment focused on providing diagnostic testing services to customers. It provides biopharmaceutical companies with services that include diagnostic research, clinical trial testing, and the discovery, development, and commercialization of companion diagnostics. The revenue is derived from two sources, providing diagnostic testing services associated with blood-based lung and Covid tests; and providing biopharmaceutical companies with services generally provided outside the clinical setting and governed by individual contracts with third parties as well as development and commercialization of companion diagnostics. | $14 | +136% | $144M | $190M | 2.1x | (10.9x) | ||
 | BICO Group AB is a bio-convergence company. The company focuses on the application areas of bioprinting, multiomics, cell line development, and diagnostics. The Group consists of three reporting segments: Bioprinting, Life Science Solutions, and Lab Automation. Bioprinting consists of CELLINK, MatTek, Visikol, and Advanced BioMatrix. Life Science Solutions consists of CYTENA, DISPENDIX, Discover Echo, QInstruments, SCIENION, and Cellenion. Lab Automation consists of Biosero. | $2 | -50% | $135M | $130M | 0.8x | 62.4x | ||
| Atlantic International Corp is a U.S.-based outsourced services and workforce solutions company. The company specializes in permanent, temporary, and temporary-to-permanent placement services in various areas, including accounting and finance, administrative and clerical, hospitality, information technology, legal, light industrial, and medical fields. It also provides productivity consulting and workforce management solutions. | $1 | -47% | $113M | $200M | 0.5x | (4.6x) | ||
 | Fonet Bilgi Teknolojileri AS is engaged in providing software for the health care sector. It offers Hospital Information Management Systems, Laboratory Information Systems, software for archiving the medical images, and appointments. | $0 | +149% | $108M | $106M | 5.6x | 11.4x | ||
 | CEL Corp is engaged in the rental housing business that provides apartment management proposals, apartment designs and apartment construction management services, rental housing development business, rental management business entrusted with apartment management, and Renovation business. | $31 | -- | $105M | ($5M) | (0.0x) | (0.3x) | ||
| Rapid Micro Biosystems Inc is an life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables. The company's flagship Growth Direct platform automates and modernizes the antiquated, manual microbial quality control (MQC) testing workflows used in the pharmaceutical manufacturing operations across the globe. It derives revenue from development, manufacturing, marketing and selling Systems and related LIMS connection software, consumables and services. | $2 | -41% | $90M | $91M | 2.7x | (2.1x) | ||
| Exagen Inc is a commercial-stage diagnostics company committed to addressing the unmet need for the accurate diagnosis and monitoring of patients affected by autoimmune rheumatic diseases. It currently markets ten testing products under its Avise brand to provide an accurate, timely, and differential diagnosis and to optimize the treatment of ARDs. It markets and sells solutions to community rheumatologists. | $3 | -50% | $84M | $88M | 1.3x | (9.0x) | ||
 | 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 | -30% | $66M | $58M | 3.0x | 15.1x | ||
| Daxor Corp is a medical instrumentation and biotechnology company focused on blood volume measurement. The company develops and markets the BVA-100 (Blood Volume Analyzer), the first diagnostic blood test cleared by the FDA to provide safe, accurate, objective quantification of blood volume status and composition compared to patient-specific norms in a broad range of medical conditions. | $11 | +35% | $64M | $64M | 6.2x | — | ||
 | BATM Advanced Communications Ltd is an Israel-based technology company. The company organizes its business operations into three divisions: Networking, Cyber Division, and Diagnostics Division. Networking includes marketing, research, and development of data communication products, which includes high-performance connectivity solutions for the network edge, Cyber Division mostly includes the provision of integrated hardware and software solutions for network encryption, including hardware security modules (HSMs). Diagnostics division is mainly engaged in the sale and distribution of in vitro diagnostics (IVD) reagents and instruments, including the development and production of proprietary products. Its geographical segments are the United States of America, Israel, and Europe. | $0 | -23% | $63M | $50M | 0.4x | 2.6x | ||
| Anatolia Tani Ve Biyoteknoloji Urunleri Arastirma Gelistirme Sanayi Ve Ticaret AS is an international biotechnology company. It is engaged in designing, developing, and manufacturing Real-Time PCR kits, nucleic acid extraction kits, and automated nucleic acid extraction instruments. It also manufactures NA Extraction kits, Microbiology kits, Genetic Disorders kits, Panel kits, Sequencing kits, Food Testing kits. | $0 | +14% | $60M | $68M | 4.2x | (30.9x) | ||
| Novacyt SA is engaged in developing and selling diagnostic products for cancer and infectious diseases. The company operates its business through the following business segments: Primer Design, IT-IS International, Lab21 Products, Corporate, Yourgene Health and Intercompany eliminations. Majority of the revenue is generated from Yourgene Health segment. | $1 | -5% | $45M | $34M | 1.2x | (3.2x) | ||
| Co-Diagnostics Inc is a molecular diagnostics company. The company develops, manufactures, licenses, and commercializes reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules (DNA or RNA), including molecular tools for detection of infectious diseases. CDI's low-cost system uses its tests to diagnose tuberculosis, Zika, hepatitis B and C, Malaria, dengue and others. The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR platform and to locate genetic markers for use in applications other than infectious diseases. | $1 | -- | $5M | ($1M) | (2.1x) | 0.0x | ||
| IMD Companies Inc is a holding company. The company has re-positioned to be a holding company for acquisitions in the financial, cryptocurrency, blockchain, Social Media, and NFT markets. The company seeks to increase shareholder value by tactically growing its core business while strategically seeking to acquire new businesses and create other business alliances. | $0 | -- | $3M | $3M | — | — | ||
 | Euroinvestment SA is a holding company. It is engaged in providing dental and prosthetic laboratory services. It serves through a network of 6 clinics in Warsaw, Poland. | $0 | -- | $2M | $3M | — | 97.7x | ||
| Median | $8 | -5% | $1B | $1B | 3.0x | 12.1x |
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