
June 2026
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![]() | GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company’s sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%). | $64 | -14% | $29B | $37B | 1.8x | 9.9x | ||
![]() | Illumina provides tools and services to analyze genetic material with life science and clinical lab applications. The company generates over 90% of its revenue from sequencing instruments, consumables, and services. Illumina’s high-throughput technology enables whole genome sequencing in humans and other large organisms. Its lower throughput tools enable applications that require smaller data outputs, such as viral and cancer tumor screening. Illumina also sells microarrays (9% of 2024 sales) that enable lower-cost, focused genetic screening with primarily consumer and agricultural applications. | $168 | +76% | $25B | $27B | 6.2x | 18.4x | ||
![]() | Hologic manufactures proprietary products for the healthcare needs of women. The company operates in four segments: diagnostics (44% of total sales), breast health (38%), surgical (16%), and skeletal health (2%). While the company traditionally focused on breast health, the acquisition of Gen-Probe put greater emphasis on commercial diagnostics. The United States accounts for the largest portion of the firm's revenue (69%), followed by Europe (20%), Asia (8%), and other international markets (3%). Hologic is headquartered in Bedford, Massachusetts. | $76 | +16% | $17B | $17B | - | - | ||
![]() | Domiciled in the US, Penumbra designs, manufactures, and markets an array of thrombectomy and embolization devices and equipment to mechanically remove blood clots. The firm sells mainly to hospitals and physicians. These minimally invasive devices are primarily used in the acute care setting for patients with stroke, pulmonary embolism, deep vein thrombosis, cranial aneurysms, and other vascular diseases. | $321 | +25% | $13B | $12B | 8.7x | 46.7x | ||
![]() | Baxter offers a variety of medical supplies and equipment to providers. From its legacy operations, Baxter sells injectable therapies for use in care settings, including IV pumps, administrative sets, and solutions; nutritional products; and surgical sealants and hemostatic agents. Baxter expanded its portfolio of hospital-focused offerings by acquiring Hillrom in late 2021, which added basic equipment like hospital beds, operating room equipment, and patient monitoring tools to the portfolio. Baxter also sold its kidney care tools in early 2025. | $19 | -36% | $10B | $18B | 1.6x | 7.8x | ||
![]() | Glaukos Corp is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. It has commenced commercialization activities for iDose TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma drug therapy inside the eye for extended periods of time. The company also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus. The company has three primary commercialized micro-scale surgical device products designed to treat glaucoma: the iStent, the iStent inject W, and the iStent infinite. | $122 | +18% | $7B | $7B | 13.7x | (211.6x) | ||
![]() | Lantheus Holdings Inc caters to the United States healthcare sector with the development of diagnostic products. Its products are in three categories: Precision Diagnostics, Radiopharmaceutical Oncology, and Strategic Partnerships and Other Revenue. Precision Diagnostic products assist healthcare professionals Find and Follow diseases, with a focus in cardiology. Radiopharmaceutical Oncology diagnostics and therapeutics help HCPs Find, Fight and Follow cancer. Strategic Partnerships focus on enabling precision medicine through the use of biomarkers, digital solutions and pharma services platforms, and also includes license of RELISTOR to Bausch Health Companies, Inc. | $103 | +26% | $7B | $7B | 4.4x | 11.9x | ||
![]() | Balchem Corp is engaged in the development, manufacture, and marketing of specialty performance ingredients and products for various industries. The company's reportable segments are; Human Nutrition and Health, which generates maximum revenue, and provides human-grade choline nutrients and mineral amino acid chelated products through this segment for nutrition and health applications; Animal Nutrition and Health, which provides nutritional products derived from its microencapsulation and chelation technologies in addition to the essential nutrient choline chloride; and the Specialty Products segment includes re-packaging and distributing several performance gases and chemicals. Geographically, the company derives its key revenue from the United States and the rest from foreign countries. | $158 | -1% | $5B | $5B | 5.0x | 18.9x | ||
![]() | 10x Genomics Inc is a life science technology company based in the United States. Its solutions include instruments, consumables, and software for analyzing biological systems. The company's integrated solutions include instruments, consumables, and software for analyzing biological systems at a resolution and scale that matches the complexity of biology. Its product offerings include a Chromium platform comprising microfluidic chips and related consumables, Chromium X series, Visium and Xenium platforms, and others, which are predominantly used for the study of biological components. Geographically, the company derives operates from the United States and the rest from Americas (excluding the United States), Europe, Middle East and Africa, China, and Asia-Pacific (excluding China). | $34 | +189% | $4B | $4B | 5.9x | 971.1x | ||
![]() | RadNet Inc is a national provider of diagnostic imaging services that operates in two business segments: Imaging Center segment and Digital Health segment. The Imaging Center segment provides physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. Services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), and fluoroscopy. The Digital Health segment develops and deploys clinical applications to enhance the interpretation of medical images and improve patient outcomes with an emphasis on brain, breast, prostate, and pulmonary diagnostics. | $53 | -7% | $4B | $6B | 2.8x | 17.9x | ||
![]() | Butterfly Network Inc is a digital health business transforming care with handheld, whole-body ultrasound. Powered by its proprietary Ultrasound-on-Chip technology, its solution enables the acquisition of imaging information from an affordable, powerful device that fits in a healthcare professional’s pocket with a combination of cloud-connected software and hardware technology that is easily accessed through a mobile application. The company enables the practical application of ultrasound information in the clinical workflow. Butterfly iQ+ is an ultrasound device that can perform whole-body imaging in a single handheld probe using semiconductor technology. With its small, handheld size, low cost, and simple user interface. | $5 | +160% | $1B | $1B | 12.7x | (46.7x) | ||
![]() | Personalis Inc is a provider of genomic sequencing and analytics solutions to support the development of personalized cancer vaccines and other next-generation cancer immunotherapies. It has one segment, the sale of sequencing and data analysis services. Its products include ImmunoID NeXT, NeXT Personal, NeXT Dx Test, and other pharma research solutions. | $12 | +84% | $1B | $1B | 15.4x | (15.1x) | ||
![]() | Alphatec Holdings Inc is a medical technology company focused on the designing, development, and advancement of products for the surgical treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The company's spine approach technologies include Posterior Cervical Fusion, Anterior Cervical Discectomy and Fusion, Lateral Interbody Fusion, and Posterior Lumbar Interbody Fusion among others. Its procedural offerings are designed to address the underlying causes of spinal pathology by advancing the three fundamental objectives of spine surgery: (1) decompression of neural elements, (2) stabilization of spinal segments, and (3) restoration and maintenance of proper spinal alignment. | $8 | -29% | $1B | $2B | 2.2x | 18.0x | ||
![]() | US Physical Therapy Inc through its subsidiaries operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. The principal payment sources for the clinics' services are managed care programs, commercial health insurance, Medicare/Medicaid, workers' compensation insurance, and proceeds from personal injury cases. Its operating segment includes Physical therapy operations and Industrial injury prevention services. The company generates maximum revenue from the Physical therapy operations segment. | $62 | -21% | $940M | $1B | 1.6x | 11.6x | ||
![]() | Talkspace Inc is a behavioral healthcare company offering access to licensed therapists, psychologists, and psychiatrists through its technology platform. It serves clients including health plans, enterprises, and individual subscribers. Therapists address various mental health conditions, while psychiatrists cater to a higher acuity demographic. Revenue stems from payor and direct-to-enterprise clients, with contracts lasting one to three years. The majority of the Company’s operations and revenues are based in the United States. | $5 | +88% | $873M | $789M | 3.4x | 50.0x | ||
![]() | Claritev Corp is a healthcare technology, data, and insights company focused on improving transparency, affordability, and quality. The company provides tech-enabled solutions and services to interpret clients' needs and customize solutions that combine its payment integrity, network-based, and analytics-based services. The Company's focus is being a value-added provider of data analytics and technology-enabled end-to-end cost management, payment, and revenue integrity solutions to the U.S. healthcare industry. | $28 | -39% | $470M | $5B | 5.4x | 8.6x | ||
![]() | 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. | $5 | -12% | $442M | $529M | 0.6x | 13.6x | ||
![]() | Varex Imaging Corp Designs, manufactures, sells, and services X-ray imaging components, including X-ray tubes, detectors, ionization chambers, high-voltage connectors, software, collimators, generators, exposure control devices, and heat exchangers.. The company operates through two segments: Medical, the key revenue driver, providing X-ray imaging components and accessories for healthcare applications, and Industrial, which provides Linatron X-ray accelerators, X-ray tubes, flat panel detectors, high-voltage connectors, and coolers for non-medical use. Geographically, it generates the majority of its revenue from Europe, the Middle East, and Africa (EMEA), with the rest coming from the Americas and Asia Pacific. | $10 | +21% | $441M | $728M | 0.9x | 6.2x | ||
![]() | Imricor Medical Systems Inc is a medical device company that develops MRI-guided technology to address issues with traditional X-ray ablation procedures. Its principal business activities are designing, manufacturing, and selling MRI-compatible products for cardiac catheter ablation procedures to treat arrhythmias. The company's products include the Advantage-MR EP Recorder/Stimulator, Vision-MR Ablation Catheter, and Vision-MR Dispersive Electrode. Geographically, the company generates maximum revenue from Europe, followed by the Middle East and the United States. | $1 | +15% | $439M | $424M | 1450.4x | (19.7x) | ||
![]() | Humacyte Inc is developing a disruptive biotechnology platform to deliver universally implantable bioengineered human tissues and organs designed to improve the lives of patients and transform the practice of medicine. It develops and manufactures acellular tissues to treat a wide range of diseases, injuries, and chronic conditions. Company's pipeline includes Vascular Trauma, PAD, Dailysis, Acellular Tissue Engineered Vessels, Organ Systems, Advanced Tissue Constructs. | $1 | -28% | $331M | $348M | 170.8x | (15.7x) | ||
![]() | Carlsmed Inc is a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. It is focused on becoming the standard of care for spine fusion surgery. The aprevo Technology Platform consists of AI-enabled software solutions, and interbody implants that it custom design for each patient's unique pathology and vertebral bone topography, and single-use surgical instruments. The Company designs, manufactures, and markets aprevo, a comprehensive technology platform for spine fusion surgery procedures. | $11 | -- | $303M | $224M | 4.4x | (8.0x) | ||
![]() | Alpha Teknova Inc provides critical reagents that enable the discovery, development, and production of biopharmaceutical products such as drug therapies, novel vaccines, and molecular diagnostics. Its offer three product types: pre-poured media plates for cell growth and cloning; liquid cell culture media and supplements for cellular expansion; and molecular biology reagents for sample manipulation, resuspension, and purification. It derives key revenue from United States. | $5 | +11% | $291M | $301M | 7.4x | (44.9x) | ||
![]() | Korro Bio Inc is a biopharmaceutical company with a mission to discover, develop, and commercialize a new class of genetic medicines based on editing RNA, enabling the treatment of both rare and highly prevalent diseases. It is generating a portfolio of differentiated programs that are designed to harness the body’s natural RNA editing process to effect a precise yet transient single base edit. By editing RNA instead of DNA, Korro Bio is expanding the reach of genetic medicines by delivering additional precision and tunability. | $11 | -11% | $160M | $89M | 14.0x | (1.1x) | ||
![]() | Hyperfine Inc is a medical device company that created Swoop. The Swoop Portable MR Imaging System produces high-quality images at a lower magnetic field strength than conventional MRI scanners. The company derives its revenue from sale of sales of MRI devices and service sales which consist of sales from subscriptions of bundled devices, maintenance, and software. | $2 | +108% | $149M | $121M | 9.0x | (3.4x) | ||
![]() | Nano X Imaging Ltd is engaged in the business of manufacturing medical imaging systems. It offers a Nanox System which is a combination of hardware and software. It develops a prototype of the Nanox.ARC, a medical imaging system incorporating its novel digital X-ray source; and Nanox.CLOUD, a companion cloud-based software that will allow for the delivery of medical screening as a service. It has three business segments: Nanox.ARC division, the radiology services division and the AI solutions division. Key revenue is generated from Radiology Services. | $2 | -60% | $144M | $92M | 7.1x | (1.9x) | ||
![]() | Fonar Corp is a United States-based company which is engaged in the business of designing, manufacturing, selling and servicing magnetic resonance imaging (MRI) scanners, which utilize MRI technology for the detection and diagnosis of human disease, abnormalities, other medical conditions, and injuries. The company operates through two segments namely Manufacturing and servicing of medical equipment; and the Management of diagnostic imaging centers, which generates a vast majority of the revenue. | $19 | +28% | $120M | $105M | - | - | ||
![]() | BioStem Technologies Inc is a regenerative biotechnology company focused on harnessing elements of perinatal tissue and the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases. Its proprietary approach, Local MicroEnvironment Activation, uses combinations of Small Molecules, Cytokines, and Growth Factors to activate the microenvironment within the body to create communication for repair in the tissue. The company offers a comprehensive portfolio of high-quality brands that are trademarked and include VENDAJE, VENDAJE AC, VENDAJE OPTIC and AmnioWrap2. | $5 | -61% | $84M | $60M | - | - | ||
![]() | electroCore Inc is a commercial stage bioelectronic medicine company with a platform for non-invasive vagus nerve stimulation therapy initially focused on neurology. The company's product gammaCore is Food and Drug Administration cleared in the United States for adjunctive use for the preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, the acute treatment of pain associated with migraine headache in adult patients, and the prevention of migraine in adult patients, The use of gammaCore by adolescent patients and Treatment of hemicrania continua and paroxysmal hemicrania in adult patients. | $10 | +88% | $82M | $83M | 2.6x | (9.6x) | ||
![]() | Applied BioCode Corp is engaged in designing, developing, manufacturing, and commercializing multiplex testing products for the in-vitro diagnostics market. The company's in-vitro diagnostic products focus on the molecular infectious disease segment of the market with assays that detect pathogens for gastrointestinal tract infections, respiratory infections, and sexually transmitted infections. The firm's products include barcoded magnetic bead technology (BMB). The BMB technology and detection systems assist in the development of multiplexed nucleic acids or protein detection assays. The company also develops applications for other areas of the diagnostics industry including life science research, agricultural testing, and veterinary markets. | $1 | +26% | $80M | $64M | 4.2x | (14.0x) | ||
![]() | LENSAR Inc is a commercial-stage medical device company focused on designing, developing, and marketing a femtosecond laser system for the treatment of cataracts. The company Laser System incorporates a range of proprietary technologies designed to assist the surgeon in obtaining visual outcomes, efficiency, and reproducibility by providing imaging, simplified procedure planning, efficient design, and precision. Its product portfolio consists of the LENSAR Laser System with Streamline IV and IntelliAxis and its associated consumable components. Geographically, the company generates the majority of its revenue from the United States, followed by Europe and Asia. | $6 | -57% | $69M | $58M | 1.0x | 287.9x | ||
![]() | BioRegenx Inc develops and manufactures medical test equipment and high-quality, science-based nutritional products. The Company distributes wellness devices. The products are sold nationally through a direct selling channel to health professionals and research organizations. The company operates and manages its business as one reportable and operating segment as a medical testing, diagnostic and nutraceutical company. The Company focuses on commercialization of its patented technologies in its field. | $0 | -25% | $9M | $11M | - | - | ||
![]() | CollPlant Biotechnologies Ltd is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs and medical aesthetics. Its products are based on its rhCollagen (recombinant human collagen) produced with CollPlant's proprietary plant based genetic engineering technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing. The revenues include income from business collaborators and sales of the BioInk product for the development of 3D bioprinting of organs and tissues, sales of rhCollagen for the medical aesthetics market, and sales in Europe of the products for tendinopathy and wound healing. The company operates in United States, which derives key revenue, Canada, Europe and Other, and Israel. | $0 | -71% | $6M | $4M | 1.7x | (0.4x) | ||
![]() | Zicix Corp is dedicated to delivering a powerful Storage Network Platform, enabling businesses to optimize their logistics processes through a single platform, offering a variety of services, including Air Cargo, International Warehouse and Storage Box, Transportation. By leveraging its extensive network in Asia, Europe, and partners in Middle East, it provides end-to-end solutions that empower its clients to achieve their expansion objectives. | $0 | -- | $2M | $4M | - | - | ||
![]() | Longevity Health Holdings Inc is a United States based bio-aesthetics company focused on developing, manufacturing, and marketing cosmetic skincare and haircare products. The company has two cosmetic product lines, Carmell Secretome and Elevai Exosomes, that support skin and hair health. | $0 | -- | $792K | $585K | - | - | ||
![]() | Emergent Health Corp develops and sells regenerative medicine, neutraceuticals, and phytonutritionals. Its products comprise Vita-Stim a nutrient that enhances the immune system, nourishes stem cells and maintains health; Neuvitale which nourishes stem cells and acts as a methyl donor to protect DNA; Hungarest a diet aid that controls appetite in the brain and stomach; and EmergentO2, a water oxygenator, which increases oxygen in the bloodstream; and products for reducing facial wrinkles. The company distributes its products through health food stores, pharmacies, online, and various other retail outlets throughout the United States and internationally. | $0 | -- | $43K | $43K | - | - | ||
![]() | ViewRay Inc designs, manufactures and markets MRIdian, an MR Image-Guided radiation therapy system to simultaneously image and treat cancer patients. MRIdian's high-definition MR was purpose-built to address specific challenges, including beam distortion, skin toxicity, and other concerns that may arise when high magnetic fields interact with radiation beams. | -- | -- | $2K | $4M | - | - | ||
| Median | $10 | +11% | $440M | $477M | 4.7x | 7.0x |
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