M&A advisory for medical devices companies
Medical device M&A is structurally dominated by the large strategic consolidators in each therapeutic area - Medtronic, Stryker, Boston Scientific, Abbott, J&J MedTech, Siemens Healthineers and Roche Diagnostics on the IVD side - with PE platforms increasingly active in the mid-market across orthopaedics, ophthalmology and the device services tail. Deals are gated by reimbursement coverage and installed-base trajectory more than headline revenue, with quality system standing and clinical evidence weighing on price almost as heavily as growth.
The active buyer set is dominated by the large strategic consolidators - Medtronic, Stryker, J&J MedTech, Boston Scientific, Abbott, BD and Edwards Lifesciences - each focused on its own therapeutic-area depth, alongside the PE platforms increasingly active in the mid-market across orthopaedics, ophthalmology and device services. Flow has direct access into this buyer set and into the corp dev teams that gate each consolidator's process.
Flow team has relevant sector experience and has worked with medical device companies across diagnostics and IVD platforms, surgical and interventional devices, monitoring and wearables, implantables and capital equipment and reagent platforms.
"Medical devices" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing medical devices M&A targets
Units shipped
Installed base
Consumables pull-through
Device gross margin
Disposables gross margin
FDA / CE submissions in flight
Reimbursement coverage
Average selling price
Inventory days
Cash runway
Medical devices valuations in May 2026
Public medical devices comps trade at 2.9x EV/Revenue. Median revenue multiple across medical devices M&A deals was 3.5x in the last 12 months.
2.9x
Median EV/Revenue as of May 2026 for public medical devices companies
5.0x
Samsung is the highest valued public medical devices company based on EV/Revenue (excluding outliers)
3.5x
Median EV/Revenue across medical devices M&A deals in the last 12 months
23x
Median EV/Revenue across medical devices VC rounds in the last 12 months
Key recent medical devices M&A deals
$18B acquisition of Hologic by Blackstone was the largest medical devices M&A transaction completed in the last year.
See all medical devices M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Oct-25 | Hologic |  | 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. | Blackstone | $18B | 4.6x | |
Jul-25 | B | Becton, Dickinson and Company (biosciences and diagnostics solutions unit) | | - | Waters | $18B | - |
Jan-26 | Penumbra | | 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. | Boston Scientific | $15B | 11x | |
Feb-26 | Masimo | | Masimo Corp is a technology company. The company's segment includes healthcare and non-healthcare. The healthcare business segment is a key revenue driver, develops, manufactures, and markets a variety of noninvasive patient monitoring technologies, hospital automation and connectivity solutions, remote monitoring devices and consumer health products. Its non-healthcare segment includes consumer audio business develops, manufactures, markets sells and licenses premium and luxury audio sound products and related integration technologies. | Danaher | $9.9B | 6.6x | |
Mar-26 | GN Hearing |  | GN Hearing is a Danish manufacturer of hearing aids. | Amplifon | $2.7B | 0.9x | |
May-25 | Optegra Eye Health Care |  | Optegra Eye Health Care is a London-headquartered provider of surgical eye treatments including laser vision correction, lens replacement, and cataract removal. The company operates 20 clinics across the UK and Europe staffed by over 100 consultant ophthalmologists. Founded in 2008, Optegra partners with the NHS for glaucoma and macular degeneration services while offering private patients finance plans up to 24 months. | EssilorLuxottica | $2.3B | 20x | |
Aug-25 | HistoSonics | | HistoSonics is a Minneapolis-headquartered medical device company pioneering histotripsy for tissue ablation. Its Edison platform delivers focused ultrasound to destroy liver tumors non-invasively, receiving FDA Breakthrough Device Designation in 2020 and full approval in 2023. Clinical trials demonstrate precise targeting without incisions. | K5 Global | $2.3B | - | |
Mar-26 | Capsugel | | Capsugel is a global leader in two-piece hard capsules and drug delivery systems serving pharmaceutical and nutraceutical companies worldwide with manufacturing sites in Europe, North America, and Asia. | Lone Star Funds | $2.2B | 1.7x | |
Aug-25 | Staar Surgical | | Staar Surgical Co is a manufacturer of lenses. It designs, develops, manufactures, and sells implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. The company also makes lenses that are used in surgery to treat cataracts. The company offers two types of products: Implantable Collamer lenses (ICL) and intraocular lens (IOL). The ICLs are used in refractive surgery and IOLs are used in cataract surgery. The majority of its sales are generated from the ophthalmic surgical product segment. | Alcon | $1.5B | 4.9x | |
Dec-25 | Teleflex Medical OEM | | Teleflex Medical OEM provides contract design, manufacturing, and assembly services for medical devices. The unit supplies extrusion tubing, catheters, medical wires, sheath sets, sutures, and fibers, supporting clients from concept through regulatory compliance, prototyping, and full production. | Montagu | $1.5B | - | |
Aug-25 | OrganOx | | OrganOx is an Oxford-headquartered medical device company that commercializes the Metra system for normothermic machine perfusion of donor livers during transplantation. Approved by FDA in 2020 and CE marked since 2018, the technology maintains organs at body temperature for up to 24 hours, improving utilization rates by 30 percent. OrganOx systems operate in 50 US and European centers, partnering with NHS Blood and Transplant. | Terumo | $1.5B | 21x | |
Sep-25 | Semler Scientific | | Semler Scientific Inc is a United States based company that is engaged in providing technology solutions to improve the clinical effectiveness and efficiency of healthcare providers. It focuses on developing, manufacturing, and marketing proprietary products and services that assist customers, including insurance plans, physicians, and risk assessment groups, in evaluating and treating chronic diseases. The company markets its vascular-testing product under the QuantaFlo brand, which is a four-minute in-office blood flow test. also invest in bitcoin and have adopted bitcoin as its treasury reserve asset. Company's healthcare technology solutions business is predominant operational focus, providing cash flows and enabling it to pursue bitcoin. | Strive Asset Management | $1.4B | 33x | |
May-25 | Antylia Scientific | | Antylia Scientific is a global supplier of bioprocessing equipment and life sciences products, encompassing peristaltic pumps under Masterflex brands such as I/P, L/S, and B/T, plus single-use tubing and flow meters. The Vernon Hills, Illinois-headquartered company also offers Environmental Express for sampling, Traceable for monitoring, SPEX for standards, ZeptoMetrix for diagnostics, and Cole-Parmer consumables, serving pharma, biopharma, and environmental sectors. | Brookfield Asset Management | $1.3B | - | |
Apr-26 | Avanos Medical | | Avanos Medical Inc is a medical technology company engaged in the development and commercialization of products for pain management and patient care. The company has two reportable segments: Specialty Nutrition Systems and Pain Management and Recovery. The Specialty Nutrition Systems segment provides enteral feeding and neonatal products. The Pain Management and Recovery segment offers surgical pain and recovery products, including pain pumps and radiofrequency ablation solutions for the treatment of chronic pain. | American Industrial Partners | $1.3B | 7.0x | |
Mar-26 | Ametris | | Ametris offers wearable digital health devices and data solutions for clinical research in healthcare. | Signant Health | $1.1B | - |
Most active buyers of medical devices companies
Boston Scientific, Asker Healthcare Group and Stryker are the most active acquirers of medical devices companies in the last three years.
See all medical devices acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Boston Scientific | | Boston Scientific produces less invasive medical devices that are inserted into the human body through small openings or cuts. It manufactures products for use in angioplasty, blood clot filtration, kidney stone management, cardiac rhythm management, catheter-directed ultrasound imaging, upper gastrointestinal tract diagnostics, interventional oncology, neuromodulation for chronic pain, and treatment of incontinence. The firm markets its devices to healthcare professionals and institutions globally. Foreign sales account for roughly 36% of the firm's total sales. | PenumbraValencia TechnologiesNalu Medical+2 | 11 | |
Asker Healthcare Group |  | Asker Healthcare Group AB is a provider of medical products and solutions that drive progress in the European healthcare sector. The company is engaged in building and acquiring companies to support the healthcare system to improve patient outcomes, reduce the total cost of care, and ensure a fair and sustainable value chain. The company also offers a range of value-added solutions to support its suppliers and customers in, for example, market access, efficiency, and sustainability. | InnoMedicusnovus medoudshoorn chirurgische techniek+2 | 9 | |
Stryker | | Stryker designs, manufactures, and markets an array of medical equipment, instruments, consumable supplies, and implantable devices. The product portfolio includes hip and knee replacements, extremities, endoscopy systems, operating room equipment, embolic coils, hospital beds and gurneys, and orthopedic robotics. Stryker remains one of the three largest competitors in reconstructive orthopedic implants and holds the leadership position in operating room equipment. Roughly one-fourth of Stryker's total revenue currently comes from outside the United States. | Inari MedicalNICOVertos Medical+2 | 6 | |
Alcon |  | Alcon is one of the leading visioncare companies in the world. Following nine years as a Novartis subsidiary, it was spun off as a public company in April 2019. Alcon operates in two segments: visioncare and surgical. Visioncare comprises contact lenses, lenscare solutions, and a suite of ocular health products. With brands like Dailies, Total1, and Air Optix, Alcon controls about one fourth of the US contact lens market. Surgical comprises intraocular lenses, ophthalmic surgical equipment, and consumables used during surgeries. Its main products include Centurion, a phacoemulsification device used during cataract surgeries, and a portfolio of IOLs including PanOptix and Vivity. Alcon has one of the largest installed bases of eye surgical equipment in the world. | Staar SurgicalLumiTheraAurion Biotech+2 | 5 | |
Edwards Lifesciences | | Spun off from Baxter International in 2000, Edwards Lifesciences designs, manufactures, and markets a range of medical devices and equipment for advanced stages of structural heart disease. It has established itself as a leader across key products, including surgical tissue heart valves, transcatheter aortic valves, and transcatheter mitral and tricuspid valve technologies. The firm derives about 60% of its total sales from outside the US. | Vectorious Medical TechnologiesJC MedicalEndotronix+2 | 5 | |
Eli Lilly | | Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Lilly's key products include Verzenio for cancer; Mounjaro, Zepbound, Jardiance, Trulicity, Humalog, and Humulin for cardiometabolic; and Taltz and Olumiant for immunology. | CrossBridge BioSiteOne TherapeuticsPoint Biopharma+2 | 4 | |
Zimmer Biomet | | Zimmer Biomet designs, manufactures, and markets orthopedic reconstructive implants as well as supplies and surgical equipment for orthopedic surgery. With the acquisitions of Centerpulse in 2003 and Biomet in 2015, Zimmer holds the leading share of the reconstructive market in the United States, Europe, and Japan. Roughly two-thirds of total revenue is derived from sales of large joints; another fourth comes from extremities, trauma, sports medicine, and related surgical products. The firm spun out its dental and spine businesses in 2022. | Monogram OrthopedicsMonogram TechnologiesParagon 28+1 | 4 | |
EssilorLuxottica |  | EssilorLuxottica is a combination of the leading manufacturer of premium frames and sunglasses and the leading manufacturer of optical lenses. Both companies are significantly larger than the next biggest competitor and command over 15% of the fragmented global eyewear market. The company has a broad geographical presence, with around 37% of sales in Europe, 45% in North America, and the rest in Asia and Latin America. | Optegra Eye Health CareCellview ImagingEspansione Group SpA+2 | 4 | |
Safe Life | | Safe Life is a Swedish distributor of automated external defibrillators equipped with support services for client expansion. The Stockholm-based firm supplies AED units to public venues and businesses, including training resources and maintenance programs to professionalize emergency response markets. | SalvavidasAEDMAX.PLresQshock+2 | 4 | |
Merit Medical Systems | | Merit Medical Systems Inc is a medical equipment company that develops and manufactures products for interventional cardiology, radiology, and endoscopy procedures. The firm reports two segments which are Cardiovascular and Endoscopy. The majority of the revenue is earned from the Cardiovascular segment which consists of cardiology and radiology medical device products that assist in diagnosing and treating coronary artery disease, peripheral vascular disease, and other non-vascular diseases and includes embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, and interventional oncology and spine devices. | View Point MedicalBiolifeCook Medical (Lead Management Portfolio unit)+1 | 4 |
Founders and investors we've worked with
We've supported winning builders across medical devices and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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