Pathkey.AI Valuation Multiples

Merck KGaA operates in three main segments: Life Science, Electronics, and Healthcare. The Life Science segment provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. The Electronics segment offers specialty materials to manufacture a variety of products, such as semiconductors and flat-screen televisions. In the healthcare segment, Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In 1995, the E. Merck KG family publicly sold part of the company, resulting in the current 30% public ownership of the firm.

Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business.

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.

Sartorius AG is a leading provider of bioprocessing solutions. Its bioprocess division sells equipment and consumables for upstream and downstream manufacturing of biologic drugs, and has a focus on single-use technology. Its laboratory products and services division offers a wide range of products for laboratory use, including scales, pipettes, and filtration equipment. As of 2024, the bioprocess and LPS divisions contributed 80% and 20% of revenue, respectively. Bioprocess is housed in its subsidiary Sartorius Stedim Biotech, of which Sartorius AG has a 72% ownership and 83% voting control. The business is geographically diverse, with revenue across Europe, Middle East, and Africa (41% of 2024 sales), the Americas (36%), and Asia-Pacific (23%). We estimate China revenue to be around 10%.

In spring 2024, 3M spun out its legacy healthcare segment as a stand-alone firm, Solventum. At that time, the firm comprised four segments. The smallest one—purification and filtration—has since been sold. Now, medsurg is the largest business, contributing roughly 64% of consolidated revenue, and includes advanced wound care and wound prevention. Dental solutions (restorative composites and orthodontia) and health information systems (mainly revenue cycle management) each contribute 18% of total revenue.

Icon is a global late-stage contract research organization that provides drug development and clinical trial services to pharmaceutical, biotechnology, and medical-device firms. While the vast majority of its revenue comes from clinical research, Icon also offers ancillary services such as laboratory and imaging capabilities. The company is headquartered in Ireland.

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.

Tempus AI Inc is a technology company. It has built the Tempus Platform, which comprises both a technology platform to free healthcare data from silos and an operating system to make the resulting data useful. Its Intelligent Diagnostics use AI, including generative AI, to make laboratory tests more accurate, tailored, and personal.

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%.

Demant is a Denmark-based manufacturer and distributor of hearing solutions, such as hearing aid devices and diagnostic equipment. More than 80% of the company's sales come from North America and Europe.

Hinge Health Inc is a technology platform for individuals seeking to treat and prevent joint and muscle pain. Through a combination of AI-powered motion tracking technology, the Company’s platform helps members address musculoskeletal (MSK) conditions, enables improved member outcomes and supports cost reductions for its clients. The Company’s clients are self-insured employers.

BillionToOne Inc is a precision diagnostics company revolutionizing molecular testing with its patented Quantitative Counting Templates (QCT) platform. This technology enables ultrasensitive, single-molecule DNA quantification, making genetic testing more accurate, affordable, and accessible. The company serves prenatal screening and oncology markets with non-invasive tests that detect fetal genetic risks and monitor cancer therapy response.

Caris Life Sciences Inc is a patient-centric, next-generation AI TechBio company. It develop and commercialize solutions to transform healthcare through the use of comprehensive molecular information and artificial intelligence/machine learning algorithms at scale.

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).

XtalPi Holdings Ltd is an research platform company powered by artificial intelligence (AI) and robotics. It is dedicated to driving intelligent and digital transformation in the life sciences and materials sciences sectors. The company combines quantum physics, AI, cloud computing, and large-scale robotics to provide research & development solutions, services, and products for pharmaceuticals, biotechnology, renewable energy, and materials industries globally. The company has single segment that is intelligent robotics solutions and drug discovery solutions (including one-stop drug discovery solutions).

Adaptive Biotechnologies Corp is a company advancing the field of immune-driven medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. Its clinical diagnostic product, clonoSEQ, is test authorized by the FDA for the detection and monitoring of minimal residual disease (MRD) in patients with multiple myeloma (MM), B cell acute lymphoblastic leukemia (ALL) and chronic lymphocytic leukemia (CLL) and is also available as a CLIA-validated laboratory developed test (LDT) for patients with other lymphoid cancers, including diffuse large B-cell lymphoma (DLBCL).

Privia Health Group Inc is a technology-driven, national physician-enablement company. It collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual care settings.

Clover Health Investments Corp is a healthcare technology company. It focuses on empowering Medicare physicians to proactively manage chronic diseases through its proprietary software platform, Clover Assistant. This cloud-based solution provides personalized insights to physicians, enabling early detection and management of chronic conditions. It operates in one segment: Insurance, through which it offers PPO and HMO plans to Medicare Advantage members in several states.

Bloomage BioTechnology Corp Ltd manufactures and sells a variety of chemicals and chemical-based products, typically made from hyaluronic acid or sodium hyaluronic acid. The company's products include raw materials, medical products, functional skincare, and functional foods. Raw materials, mainly hyaluronic acid, are used in pharmaceuticals, medical devices, cosmetics, and food. Medical products span beauty and therapeutic uses, such as viscoelastics, lubricants, fillers, and skin protectors. Skincare items include lotions, creams, and masks, while functional foods feature hyaluronic acid drinks and supplements.

GeneDx Holdings Corp focuses on genomics, creating the foundation for providing genomic information at scale and pioneering exome and genome sequencing for rare and ultra-rare genetic pediatric disorders. The company believes exome and genome testing will become the standard for diagnosing genetic disease, with the potential to transform healthcare from reactive to proactive. It aims to advance precision medicine by offering genetic diagnoses at the earliest moments, driving improved outcomes, and fueling discovery with genomic intelligence. Its operating segment mainly provides pediatric and rare disease diagnostics, focusing on whole exome and genome sequencing and, to a lesser extent, data and information services.

Generate Biomedicines Inc is a clinical-stage generative biology company pioneering the AI revolution in biotechnology and drug design and development. The company's single operating segment is engaged in the field of generative biology by using machine learning for drug discovery and development through the programming of novel protein therapeutics. Its product candidates include: GB-0895, GB-4362, and GB-5267. Through the company's Generate Platform, it can generate medicines on demand across multiple therapeutic modalities with unprecedented speed representing a fundamental shift in drug discovery.

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.

Absci Corp is the Artificial intelligence powered synthetic biology company unlocking the potential of proteins as the next generation of therapeutics. It enables the creation of novel biologics by unifying biologic drug discovery and cell line development into one simultaneous process.

Syngene International Ltd is a contract research and manufacturing organization in India. It supports research and development programs, from lead generation to clinical and commercial supplies. The Company is engaged in a single operating segment of providing contract research and manufacturing services. The company operates in India, the United States of America and other countries, of which a majority of the revenue is derived from the USA. The company receives revenue by providing contract research and manufacturing services. It offers services such as Oligonucleotide synthesis, Bioinformatics, Clinical development services, polymer research, chemical development, safety assessment, discovery chemistry, discovery biology, and others.

Oxford Nanopore Technologies PLC makes a novel generation of DNA/RNA sequencing technology that provides rich data and is fast, accessible, and easy to use. The company is predominantly involved in researching, developing, manufacturing, and commercializing a nanopore-based sequencing platform that allows the real-time analysis of deoxyribonucleic acid (DNA) or ribonucleic acid (RNA). This enables its customers to perform scientific/biomedical research in a range of areas, including human genetics, cancer research, outbreak surveillance, environmental analysis, pathogens/antimicrobial resistance, microbiome analysis, and crop science. The company's reportable segments are; Life Science Research Tools which generates key revenue, and COVID Testing.

GemPharmatech Co Ltd is a provider of genetically engineered mouse models and services to preclinical research and development communities. The company develops mouse models with independent intellectual property rights based on technical platforms such as gene editing, stem cells, phenotypic analysis, efficacy analysis, and sterile animals, and carries out one-stop services such as model customization, customized breeding, and functional efficacy analysis.

CareDx Inc operates as a precision medicine company focused on the discovery, development, and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers. It offers testing services, products, and digital solutions along with the pre- and post-transplant patient journey and is a provider of genomics-based information for transplant patients. The Company's commercially available testing services consist of AlloSure Kidney, AlloMap Heart, AlloSure Heart, a dd-cfDNA solution for heart transplant patients, and AlloSure Lung, a dd-cfDNA solution for lung transplant patients. Geographically it generates the majority of its revenue from the United States. The company generates the majority of revenue from the Testing services.

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.

Nanjing Vazyme Biotech Co Ltd is a biotechnology company. It is committed to research and development both in technology and products focusing on functional proteins, such as enzymes, antigens, antibodies, and polymer organic materials.

Suzhou Sepax Technologies Co Ltd is engaged in the Research, development and produce liquid chromatography materials for drug analysis, detection, separation and purification.

Omada Health Inc empowers individuals to make lasting health changes through personalized, virtual care between doctor’s visits. The integrated platform of the company supports members with cardiometabolic conditions like prediabetes, diabetes, hypertension, musculoskeletal issues, and behavioral health needs. The company's specialized care tracks also assist members using GLP-1 medications. The Company delivers measurable health outcomes and value for employers, health plans, health systems, and pharmacy benefit managers.

Nutex Health Inc is healthcare services and operations company with 20 hospital facilities in eight states (hospital division), and a primary care-centric, risk-bearing population health management division. The hospital division implements and operates healthcare models, including micro-hospitals, specialty hospitals and hospital outpatient departments (HOPDs). The population health management division owns and operates provider networks such as independent physician associations (IPAs) and offers a cloud-based proprietary technology platform to IPAs that aggregates clinical and claims data across multiple settings, information systems and sources to create a holistic view of patients and providers.

Indegene Ltd provides digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech, and medical device companies. It assists them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. Its portfolio of solutions covers all aspects of commercial, medical, regulatory, and R&D operations for life sciences companies. The company's segments include Enterprise Medical Solutions, Enterprise Commercial Solutions, Omnichannel Activation, and Others. Key revenue is generated from the Omnichannel Activation segment. The company has a presence in India, Europe, and North America, with the majority of revenue coming from North America.

Zhongyuan Union Cell & Gene Engineering Corp Ltd is engaged in stem cell technology research, as well as detection and storage sources of stem cells in China. The company insists on the core strategy upon dual-core development of 'cell + gene' with the major businesses covering various cell storage businesses of newborns and adults; the preparation and storage of cord blood hematopoietic stem cells, umbilical cord mesenchymal stem cells, placental pluripotent stem cells, adipose-derived stem cells and immune cells; genetic testing services relating to children's genes.

JMDC Inc is engaged in constructing and providing a medical database, offering PHR and other health promotion services, telemedicine such as diagnostic imaging, and providing digital solutions to dispensing pharmacies.

Certara Inc accelerates medicines to patients using biosimulation software and technology to transform traditional drug discovery and development. It provides modeling and simulation, regulatory science, and assessment software and services to help clients reduce clinical trials, accelerate regulatory approval and increase patient access to medicines. The company has its business presence in the Americas which is also it key revenue generating market, EMEA and Asia Pacific region.

Takara Bio Inc is a biotechnology company that develops gene therapy procedures. The company reports in three business segments: Bioindustry, Gene therapy, and AgriBio. Takara's bioindustry business provides research reagents, scientific instruments, and various contracted services to universities and companies around the world. The company's gene therapy business is focused on treating cancer and HIV. Its AgriBio business aims to leverage biotechnologies in the food ingredient field, including large-scale mushroom production. The vast majority of Takara's revenue is derived from its bioindustry segment.

SEEGENE Inc is engaged in the healthcare sector. The Korean firm specializes in developing upgraded technology for accurate diagnosis of various diseases. Its products include pathogen inspection solutions such as respiratory, gastrointestinal, tuberculosis and meningitis pathogens.

CryoPort Inc is a leader serving the life sciences industry as a provider of integrated temperature-controlled supply chain solutions supporting the life sciences in the biopharma/pharma, animal health, and reproductive medicine markets. It operates in two reportable segments: Life Sciences Services and Life Sciences Products. Geographically the company operates in the Americas, Europe, the Middle East and Africa (EMEA), and Asia Pacific (APAC), generating a majority of its revenue from the Americas.

Bide Pharmatech Co Ltd is engaged in the research and development, design, production and sales of drug molecular building blocks.

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.

Bayzed Health Group Inc is an oncology healthcare group that principally engages in the investment in, and provision of, medical and healthcare related services in the PRC. It operates and manages a network of eight hospitals in Beijing, Tianjin, Shanxi Province, Anhui Province and Henan Province with strategic focus on provision of full-cycle oncology healthcare services, through its direct ownership in the equity interest in six private for-profit hospitals and management over two private not-for-profit hospitals.

Eikon Therapeutics Inc is a late-stage clinical biopharmaceutical company dedicated to building a world-wide , fully-integrated organization developing important, medicines to address serious unmet medical needs. It operates in a single operating segment, which is in the business of drug discovery leveraging its proprietary technology and clinical development of its product candidates. Its product candidates include: EIK1001, EIK1003, EIK1004, EIK1005, and EIK1006.

Evolent Health Inc is engaged in healthcare delivery and payment. The company supports health systems and physician organizations in their migration toward value-based care and population health management. It provides specialty care management services in oncology, cardiology, musculoskeletal markets and holistic total cost of care management along with an integrated platform for health plan administration and value-based business infrastructure under one go to market package. The primary solutions provided by the company include specialty care management services, total cost of care management, and administrative services.

Yidu Tech Inc offers healthcare solutions built on big data and artificial intelligence (AI) technologies. The company serves various healthcare industry participants, including hospitals, pharmaceutical, biotech, research institutions, insurance companies, etc. Its operating segments are: Big data platform and solutions, Life sciences solutions, and Health management platform and solutions. The majority of the company's revenue is generated from its Big data platform and solutions segment, which provides data intelligence platforms and data analytics-driven solutions (such as Eywa 5.0, Lingxi Intelligent Management, AI Middleware, etc.) for hospitals, healthcare institutions, regulators, and policymakers. Geographically, the company generates maximum revenue from Mainland China.

Veradigm Inc is a healthcare technology company that drives value through its various combinations of platforms, data, expertise, connectivity, and scale. The company delivers a combination of point-of-care clinical and financial solutions. The Veradigm Network features a dynamic community of solutions and partners providing insights, technology, and data-driven solutions for the healthcare provider, payer, and Life Science markets.

Pacific Biosciences of California Inc is a biotechnology company focused on designing, developing, and manufacturing sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems. It operates in, one reportable segment: the development, manufacturing, and marketing of an integrated platform for genetic analysis. The majority of the company's revenue is derived from Americas, followed by Asia-Pacific and Europe Middle East, and Africa.

Sophia Genetics SA is a healthcare technology company dedicated to establishing the practice of data-driven medicine as the standard of care and for life sciences research. It has built a cloud-based SaaS platform capable of analyzing data and generating insights from complex multimodal data sets and different diagnostic modalities. The Company had a physical presence in three countries outside of its headquarters in Switzerland: France, the United States, and Brazil.