Valuation Benchmarks

Comparables Analysis

Recent exits prove that clinically-validated, data-rich sleep/neuro platforms fetch 4–7x revenue multiples.

Revenue Multiples (2023-2025)

Axonics7.2x
Neuro-Stim$3.7B
Silk Road5.9x
Neuro-Vascular$1.16B
VirtuOx5.1x
Sleep Diagnostics$0.45B
Better Tx4x
Digital CBT$0.08B
NightWare (Target)4.0x - 6.0x

Market Signals

Deep Buyer Pool

Large-cap med-tech (BSX, ResMed) and digital therapeutics consolidators remain acquisitive.

Clinical Premium

FDA clearance plus RCT data lifted Axonics & Silk Road multiples into the upper 6–7x range.

Closed-Loop Edge

Algorithms that adapt in real-time commanded ≥1 turn higher multiple (Axonics).

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