October 2026
Largest Medical Devices Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
Cochlear, 4DMedical, Nanosonics, Polynovo and Optiscan Imaging.
 | 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. | $91 | -52% | $6B | $6B | 3.7x | 26.7x | ||
| 4DMedical Ltd is a medical technology company developing imaging software for respiratory care. Its product portfolio includes XV Lung Ventilation Analysis Software (XV LVAS), CT LVAS, and CT, which are used to analyze lung ventilation and perfusion from medical imaging. The company delivers its software through a software-as-a-service (SaaS) model for integration with hospital systems and incorporates artificial intelligence capabilities into its imaging solutions. Geographically, the company generates key revenue from United States followed by Australia. The company also expanded its commercial presence across Europe, Canada, New Zealand and Brazil. | $3 | +149% | $1.7B | $1.5B | 315.1x | (10.9x) | ||
| 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% | $594M | $502M | 3.5x | 29.3x | ||
| 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 | -26% | $444M | $431M | 4.3x | 55.0x | ||
| 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 | -7% | $104M | $94M | 14.9x | (16.7x) | ||
| Austco Healthcare Ltd engages in the development and provision of electronic communications and clinical management solutions. It offers Tacera, a nurse call, and healthcare communication system for healthcare professionals and patient. The group is segmented into four geographic regions consisting of Australia/New Zealand, Asia, Europe, and North America. | $0 | -39% | $65M | $56M | 0.9x | 5.2x | ||
| Ceretas Ltd is a clinical-stage medtech company developing the Ceretas Device, a portable, non-invasive therapeutic ultrasound platform for treating Alzheimer's disease and other neurodegenerative conditions. Its Device operates through two mechanisms: Neuromodulation, which uses low-intensity focused ultrasound to stimulate neural circuits involved in memory, cognition, and mood, thereby reducing behavioural symptoms of Alzheimer's disease, such as agitation, and slowing cognitive decline; and Blood-brain barrier opening, which uses ultrasound combined with circulating microbubbles to temporarily and reversibly open the selective barrier formed by the brain's capillary walls, potentially facilitating the brain's natural clearance of certain proteins contributing to Alzheimer's disease. | $1 | -- | $48M | $41M | - | - | ||
| 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 | -39% | $37M | $30M | 30.7x | (6.6x) | ||
| SomnoMed Ltd is a public company providing treatment solutions for sleep-related breathing disorders, including obstructive sleep apnea, snoring, and bruxism. Its products include SomnoDent, SomMorning Repositioner, SomnoBrux and SomTab. It produces and sells devices for the oral treatment of sleep-related disorders mainly in Asia Pacific, North America and Europe, with maximum revenue generated from Europe. | $0 | -71% | $36M | $28M | 0.3x | 7.4x | ||
| 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 | -33% | $35M | $32M | 2.7x | (2.9x) | ||
| 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 | -1% | $34M | $28M | 41.2x | (6.9x) | ||
| Trajan Group Holdings Ltd is a developer and manufacturer of analytical and life sciences products and devices, seeking to enrich human well-being through scientific measurement. Its current portfolio of products comprises products, devices and solutions that are used in the analysis of biological, food, and environmental samples. The Group now reports in three operating segments: Components and Consumables, Capital Equipment and Disruptive Technologies. Key revenue is generated from Components and consumables, which include parts, supplies, components, and consumable products worldwide. The Group operates in Asia (Malaysia, Japan and Australia and New Zealand (ANZ)), USA and Europe, Middle East, Africa, and India (EMEA). | $0 | -64% | $28M | $60M | 0.5x | 8.8x | ||
| 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 | -3% | $27M | $25M | 120.3x | (8.9x) | ||
| Nova Eye Medical Ltd designs, develops, manufactures, markets and sells glaucoma surgical devices (GSD) for the market. Its devices are used by ophthalmic surgeons to reduce intraocular pressure (IOP) in patients with glaucoma. The company earns all its revenues from the sales of surgical devices for the treatment of glaucoma. Its AlphaRET segment is responsible for the commercialization of the 2RT ophthalmic laser; a potential treatment to delay progression to late-stage AMD for patients who have the disease in its intermediate stage. Its segments include Glaucoma Surgical Devices segment includes the design, manufacture, marketing and sale of the iTrack, iTrack Advance and the Molteno3 glaucoma surgical device; and AlphaRET. | $0 | +2% | $26M | $27M | 1.1x | (18.9x) | ||
| CleanSpace Holdings Ltd (ASX: CSX) is a Sydney-based Australian company that designs, manufactures and sells compact powered air-purifying respirators for workplace respiratory protection in healthcare and industrial markets. Its products use the patented breath-responsive AirSensit technology and include the CleanSpace AGILE, WORK, CST PRO, CST ULTRA, EX and HALO models, used in construction, fire services, oil and gas, mining and welding. The company listed on the ASX on 23 October 2020, raising A$131.4 million at A$4.41 per share, made up of A$20.0 million of new capital and an A$111.4 million sell-down by existing holders. CVC Emerging Companies Fund, a seed investor since June 2019, sold part of its holding at the IPO. North America had become its largest market by the time of listing, and Dr Alex Birrell is chief executive. It earns revenue by selling respirators to enterprise customers. | $0 | -42% | $22M | $16M | ||||
| Control Bionics Ltd is engaged in the healthcare device business. It is involved in developing, commercializing, and selling assistive communications technology systems within the disability sector. Its core systems include NeuroNode Trilogy and NeuroNode3. These systems allow people with speech and movement difficulties to control a computer for speech generation, electronic communications, entertainment, and external control of other devices. Geographically, it derives a majority of revenue from North America and has its presence in Australia as well. | $0 | +81% | $22M | $21M | ||||
| OncoSil Medical Ltd is a medical device company. It is engaged in the development and commercialization of its product candidate, the OncoSil localized radiation therapy for the treatment of pancreatic and distal cholangiocarcinoma. It operates in one segment. the device development for new medical treatments. Geographically, the company derives its maximum revenue from Europe and the rest from Australia and New Zealand. | $1 | -32% | $20M | $16M | ||||
| Renerve Ltd specializes in developing a range of ready-to-use products that are cleaner, safer for repairing or replacing damaged peripheral nerves, resulting in good patient outcomes. Its product candidates include NervAlign Bionic Nerve, NervAlign Nerve Graft, and NervAlign Nerve Cuff [The NervAlign Nerve Guide Matrix, The NervAlign Nerve Conduit, The NervAlign Bionic Replacement Nerve]. The company operates in New Zealand and USA. Maximum of revenue is from USA. | $0 | -18% | $9M | $8M | ||||
| 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 | -69% | $7M | $8M | ||||
| Median | $0 | -32% | $35M | $31M | 4.3x | (2.2x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.