European HealthTech and MedTech IPO Predictions 2026 and 2027
- Nelson Advisors
- 21 minutes ago
- 10 min read
Executive Summary
The European healthcare technology IPO landscape is entering a phase of "Rational Exuberance" in 2026, following a prolonged drought stretching from late 2021 through 2025. The IPO window is reopening—early February 2026 saw biotech companies pull in more than $1 billion from public markets in a single week, including Belgium's Agomab Therapeutics scoring a $200 million NASDAQ listing.
However, the European HealthTech IPO market remains highly selective, accessible primarily to companies demonstrating industrial-grade financial metrics, clinical validation, and compliance moats. The trend is decisively toward US listings (the "Delaware Flip") to access deeper liquidity, though European exchanges are reforming aggressively to retain homegrown champions.
Premium valuations in 2026–2027 will be reserved exclusively for companies with high gross margins (60–80%), clear paths to profitability, and AI-driven operational efficiency—signalling the definitive end of the "growth at all costs" era.
The IPO Window: Reopening but Selective Early 2026 Signals
The biotech IPO window has shown unmistakable signs of reopening in early 2026. In the busiest seven-day stretch for biotech IPOs in about a year, four companies burst onto public markets, collectively raising over $1 Billion. Key listings included:
Agomab Therapeutics (Belgium): $200 million NASDAQ IPO—Europe's most notable early-2026 listing
Eikon Therapeutics (US): $381 million listing
Veradermics (US): $256 million NYSE debut
SpyGlass Pharma (US): $150 million NASDAQ listing
Market analysts predict 30–35 biotech IPOs globally in 2026, a meaningful recovery from just 11 in 2025. However, the market is bifurcating: product-focused companies with clinical data are forming the backbone of the window, while platform-oriented issuers are testing how far investor appetite extends.
Structural Constraints for European Companies
Despite the thaw, the European IPO market remains structurally challenged relative to the US. The IPO market in Europe is "highly selective, accessible primarily to mega-cap listings or highly profitable tech-enabled firms". The traditional venture lifecycle (Seed to IPO) has been disrupted, with the rise of "Private IPOs" and Continuation Funds as alternative liquidity mechanisms.
The key structural issue is Europe's limited exit infrastructure. As Galen Growth noted, 2026 represents a "put up or shut up" moment for European digital health, if the ecosystem can deliver exits that justify the 4.1x increase in late-stage deal sizes seen in 2025, it will cement its status as a true peer to the US; if not, a valuation correction may follow.
Top European IPO Candidates: 2026–2027
Tier 1: Near-Term Candidates (2026)
Company | Country | Sector | Est. Valuation | Likely Venue | Status |
CMR Surgical | UK | Surgical Robotics | $3–4B | LSE or NASDAQ | Dual-track: IPO or $4B acquisition |
Huma | UK | Digital Health Platform | $300M+ raised | LSE | Widely considered prime IPO candidate 2026 |
Oura Health | Finland | Wearables/Health Data | ~$11B | TBD (likely NASDAQ) | CEO confirms IPO "certainly an option"; $1B revenue |
Kry | Sweden | Digital Healthcare | ~$2B (peak) | TBD | Strong health tech IPO contender |
Agomab Therapeutics | Belgium | Immunology Biotech | $200M raised at IPO | NASDAQ | Completed Feb 2026 |
Tier 2: Medium-Term Candidates (Late 2026–2027)
Company | Country | Sector | Est. Valuation | Likely Venue | Status |
Doctolib | France | Digital Health Platform | ~$6.4B | Euronext or NASDAQ | On watchlists; secondary investment discussions ongoing; no confirmed filing |
Neko Health | Sweden | Preventative Diagnostics | $1.8B | TBD | Expanding to US (NYC spring 2026); rapid growth phase |
Sword Health | Portugal/US | Digital MSK/AI Care | $4B | NASDAQ | CEO guides to 2028, but could accelerate to late 2026 |
Flo Health | UK | FemTech | $1B+ | TBD | First femtech unicorn; expanding to menopause market |
Owkin | France | AI Drug Discovery | $1B+ | NASDAQ | Sanofi-backed Federated Learning leader |
Isomorphic Labs | UK | AI Drug Discovery | $600M raised | NASDAQ | Alphabet subsidiary; AlphaFold legacy |
Corti | Denmark | AI Co-Pilot | Soonicorn | TBD | $60M Series B; AI for clinical consultations |
Distalmotion | Switzerland | Surgical Robotics | Soonicorn | TBD | $150M Series G; targeting US ASC market |
CMR Surgical (UK) — The Litmus Test
CMR Surgical is arguably the most closely watched European MedTech IPO candidate for 2026. Valued at approximately $3–4 billion, CMR is the primary European challenger to Intuitive Surgical's Da Vinci system in the surgical robotics space, with over 1,000 Versius systems installed globally.
In late 2025, reports indicated CMR was exploring a potential sale valued around $4 billion, engaging advisors to weigh a strategic exit against an IPO. This "dual-track" approach—weighing an IPO on the LSE or NASDAQ against acquisition by a US medtech giant (Medtronic, J&J, or Stryker)—highlights the high stakes. CMR's trajectory serves as a "litmus test for the scalability of European hardware Deep Tech". Key considerations include:
FDA clearance for Versius (July 2025) as a major de-risking milestone
The surgical robotics market is projected to reach $14 billion by 2026 at an 11% CAGR
The capital burn required to compete globally with Intuitive is immense, and investors are watching closely to see if CMR can bridge the gap to profitability
Oura Health (Finland) — The Revenue Powerhouse
Oura is perhaps the strongest European candidate by financial metrics alone. CEO Tom Hale has openly stated the company has "hit the thresholds of size, trajectory, scale and growth" needed for an IPO, calling it "certainly an option". Key metrics:
Expected $1 billion in revenue in 2025, doubling 2024 performance
Reported $11 billion valuation target in a potential Series E round
Raised a $900 million Series E led by Fidelity Management & Research Company
The timing of an Oura IPO, potentially 2026 or 2027, will depend on broader market conditions, but the company's scale makes it one of the most credible European healthtech IPO candidates in a generation.
Doctolib (France) — The Category Leader in Waiting
Doctolib is Europe's dominant digital healthcare platform, serving 80 million patients and 900,000 healthcare professionals across France, Germany, and Italy. Valued at $6.4 billion in 2022, the company is currently in discussions for a secondary investment (with Generation Investment Management) rather than pursuing an immediate IPO.
Key considerations for timing:
Doctolib appears on 2026 IPO watchlists, but no confirmed filing exists
The company is not yet profitable, focusing on reinvestment for growth
A secondary round at a relatively flat valuation suggests the company may be seeking additional runway before going public
Most likely listing timeline is late 2026 or 2027, depending on profitability trajectory
Huma (UK) — The LSE Candidate
Huma, which has raised over $300 million and aggressively acquired assets (iPLATO, Aluna) to build a "hospital-at-home" ecosystem, is widely considered a prime IPO candidate for the London Stock Exchange in 2026. The company positions itself as "the AWS of digital health," offering a regulatory-cleared platform (FDA Class II, EU MDR Class IIb) that pharma and health systems can build upon. Its strategy of capturing infrastructure-level value rather than application-level revenue aligns well with public market preferences for platform businesses.
Neko Health (Sweden) — The Expansion Play
Founded by Spotify's Daniel Ek, Neko Health is valued at $1.8 billion and is aggressively expanding—opening its first US clinic in New York in spring 2026. With over 10,000 people scanned and 100,000 on the waiting list, the company is in hyper-growth mode. An IPO is more likely a 2027 event, once the US expansion has gained commercial traction and revenue metrics are proven at scale.
Financial Benchmarks for IPO Readiness
The 2026 public market has established rigorous thresholds, fundamentally higher than the 2020–2021 vintage:
Metric | MedTech Companies | HealthTech/Digital Health |
Minimum Annual Run-Rate Revenue | $40M–$60M+ | $200M+ |
Target Gross Margin | 65%–80% | 60%–80% (Hinge Health set bar at 83%) |
Required Growth (2–3 yr CAGR) | 25%–30% | 20%–25% |
Profitability | Clear path to EBITDA positive | Non-GAAP operating income or FCF positive trajectory |
These elevated thresholds are the direct consequence of companies staying private longer during the 2022–2024 downturn. Public investors now require significant evidence of scale and cost efficiency. The Hinge Health benchmark—83% adjusted gross margins and positive non-GAAP operating income—has become the gold standard for digital health.
Listing Venue Dynamics: NASDAQ vs. European Exchanges: The "Delaware Flip" Trend
The dominant trend among high-growth European HealthTech companies is the "Delaware Flip"—restructuring to US domiciles to access deeper liquidity and higher multiples via NASDAQ listings. By 2026, top-tier European healthtech companies are expected to command valuations at parity with US counterparts, necessitating access to deep US capital pools.
The UK BioIndustry Association notes that British biotechs considering going public will predominantly be looking across the Atlantic: "It's where we see depth of capital markets and the quality investors". Law firms in London report multiple companies are "eyeing the NASDAQ".
European Exchange Reforms
European exchanges are fighting back. Deutsche Boerse and Euronext have rolled out sweeping reforms:
Deutsche Boerse: Slashed post-IPO capital increase fees; Germany's Future Financing Act (2023) relaxed listing requirements and enabled SPACs
Euronext: Launched a European Common Prospectus in 2024, standardising cross-border listings in English
UK FCA: Removed requirements for shareholder votes on certain transactions and lifted restrictions on dual-class share structures
Baker McKenzie expects "at least two new London listings for biotechs" in 2026. The UK government's commitment of $100 million to SV Health Investors' SV8 Biotech fund and efforts to mobilise British pension fund capital into biotech are creating additional tailwinds.
Regulatory Forces Shaping the Landscape
EU AI Act (Full Enforcement March 2026)
The EU AI Act introduces a binary filter for HealthTech AI investment. Medical AI tools classified as "high-risk" must meet stringent requirements for data governance, human oversight, and transparency. This effectively renders "black box" AI models un-investable in the European clinical context, redirecting capital toward explainable AI architectures.
EU MDR/IVDR
The Medical Device Regulation has created capital-intensive barriers to entry that are "largely untenable for standalone SMEs lacking significant balance sheet depth". The costs of Notified Body certification, post-market surveillance, and clinical data generation act as a strategic filter, companies that have secured regulatory approvals possess "compliance moats" that now serve as significant financial assets.
European Health Data Space (EHDS)
The EHDS is described as "the single most significant structural driver for HealthTech investment in 2026". By mandating that data holders make electronic health data available for secondary use, the EU has created a new asset class: curated clinical data. Companies positioned to monetise this data infrastructure (Owkin, Huma) are likely beneficiaries.
2027 Outlook: The Maturation Wave - Expected Pipeline
By 2027, the European HealthTech IPO pipeline is expected to feature:
Sword Health: CEO has publicly guided to a 2028 IPO, but market observers note that secondary liquidity pressures and the performance of peer Hinge Health could accelerate the timeline to 2027. The company is cash-flow positive with a $240 million revenue run rate.
Doctolib: If profitability milestones are achieved, a 2027 listing on Euronext or NASDAQ remains plausible, given its category dominance and $6.4 billion valuation.
Neko Health: Following US market entry in 2026, a 2027 listing would capitalise on proven transatlantic demand.
Flo Health: As Europe's first femtech unicorn ($1B+ valuation), Flo is expanding into menopause and B2B employee benefits channels—a 2027 listing would follow further revenue diversification.
Isomorphic Labs: With $600 million raised and Alphabet backing, a 2027 NASDAQ listing is plausible if clinical pipeline candidates emerge from its AI drug discovery platform.
Market Structure Expectations for 2027
Several structural factors suggest 2027 could see a broader opening for European HealthTech IPOs:
Valuation convergence: The gap between European and US healthtech valuations is closing, driven by aggressive US PE and growth equity scouting in Europe. By 2027, this parity should be firmly established.
Exit pressure: With $180–400 billion in annual revenue losing patent exclusivity for major medtech/pharma incumbents between 2026 and 2030, corporate venture arms will accelerate both M&A and IPO support activity.
European exchange maturation: If Deutsche Boerse and Euronext reforms demonstrate results by retaining at least some high-profile 2026 listings, investor confidence in European venues could improve for 2027.
GLP-1 ecosystem: Companies that successfully integrate with the GLP-1 wave (digital companions, monitoring platforms) will be particularly well-positioned for 2027 listings.
Key Risks and Headwinds
AI valuation bubble: Experts caution that AI stock excitement is "overheated," increasing the risk of a market correction that could depress HealthTech valuations regardless of individual performance.
Geopolitical uncertainty: US tariff policies and trade headwinds continue to challenge market stability—Agomab had to navigate a US government shutdown and geopolitical volatility before successfully listing.
European liquidity gap: Europe's exit infrastructure, particularly large-scale M&A and deep public markets—continues to lag North America. If the 4.1x increase in European late-stage deal sizes cannot be justified by exits, a valuation correction will follow.
Stock market sell-off risk: Despite the positive outlook, the early February 2026 stock market volatility demonstrated that the long-term outlook for healthcare technology IPOs remains subject to broader market sentiment.
Regulatory burden: EU MDR costs, AI Act compliance, and the fragmentation of 27+ regulatory environments continue to slow European go-to-market cycles relative to the US.
Strategic Implications for Advisors and Investors
For M&A advisors operating in European HealthTech, the 2026–2027 IPO cycle creates a dual dynamic:
Dual-track mandates will increase: Companies like CMR Surgical exemplify the trend of running simultaneous IPO and M&A processes, creating opportunities for advisory firms positioned at the intersection of both exit routes.
"Compliance-driven M&A" as IPO alternative: Large strategics are acquiring companies not just for technology, but to secure regulatory approvals that serve as financial assets. Companies that fail to meet IPO thresholds will become M&A targets.
The "Private IPO" phenomenon: With secondary transaction volumes projected to exceed $210 billion, some European companies may opt for secondary-market liquidity events rather than traditional IPOs, altering the advisory landscape.
Geographic arbitrage closing: As European valuations approach US parity, the window for acquiring European assets at a discount is narrowing—creating urgency for strategic buyers.
The 2026–2027 period will separate companies with genuine "compliance moats," interoperable data assets, and industrial logic from those reliant on narrative-driven growth. For European HealthTech, the test is no longer whether capital can be raised, but whether the ecosystem can deliver exits at levels that justify its increasingly American-style pricing.
Nelson Advisors > European MedTech and HealthTech Investment Banking
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