Re-estimation of Valuation Methods for Medical-Device Enterprises at Different Financing Stages

DOI

10.2991/978-2-38476-585-0_70How to use a DOI?

Keywords

Medical Devices; Enterprise Valuation; Start-ups

Abstract

As global demographic ageing intensifies and healthcare demand escalates, the medical-device sector has become a focal point for capital allocation. Valuation of these enterprises, however, remains highly intricate owing to protracted research and development (R&D) horizons, rigorous regulatory oversight, and pronounced revenue uncertainty. Conventional relative multiples (e.g., price-to-earnings, price-to-sales) and absolute discounted-cash-flow frameworks exhibit limited efficacy when applied to pre-revenue or revenue-volatile start-ups. This study introduces a precedent-transaction–anchored valuation paradigm that bifurcates firms into two distinct stages: (i) core product already commercialized and (ii) core product pre-commercial. Stage-specific valuation determinants are delineated, permitting calibrated premia and discounts relative to the selected comparable. Empirical calibration using Shenzhen MGI Tech Co., Ltd, Qitan Technology Ltd., Shangyang Medical and others corroborates the model’s validity and precision across successive private placement rounds. Relative to traditional methodologies, the proposed framework delivers markedly superior accuracy and operational applicability for early-stage medical-device enterprises, furnishing investors and entrepreneurs with a more robust valuation reference.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Hongji Li
PY  - 2026
DA  - 2026/06/18
TI  - Re-estimation of Valuation Methods for Medical-Device Enterprises at Different Financing Stages
BT  - Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025)
PB  - Atlantis Press
SP  - 621
EP  - 631
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-2-38476-585-0_70
DO  - 10.2991/978-2-38476-585-0_70
ID  - Li2026
ER  -