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Pharma, biotech and medical devices

Medical device company financial model, built free.

A three-statement Excel model for a medical device company, built from your own figures and checked to balance.

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  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Designs and sells medical devices, capital equipment or diagnostics, often with recurring consumables and service revenue on an installed base.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Medical device company sample model.xlsx
The Summary sheet of the sample medical device company model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a medical device company.

  1. How it earns revenue3 formulas
    Device sales and gross margin · All medical devices
    Device revenueConsumables revenueCapital system salesRental of placed systemsService contracts
    Device sales and gross margin · All medical devices
    Cost of goods soldCost of consumablesCost of systems soldCost of service
    Device sales and gross margin · All medical devices
    Systems placed at costNew systems placed (company-owned)Manufacturing cost per system
  2. What drives its costs3 formulas
    Warranty provisions · Across the business
    Warranty expenseProduct sales revenuefrom all unitsWarranty expense as % of revenue
    Warranty provisions · Across the business
    Warranty provisionOpening provisionWarranty expenseWarranty claims paid
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

23 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Hardware service and support contractsInstalled base × service revenue per unit
  • InventoryWeighted average cost
  • Warranty provisionsWarranty as % of revenue
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Case selectionStackable stress toggles
  • Burn and runwayRunway to the forecast cash-out date
  • Regulatory approvals and market accessApproval dates by marketWhen each device can be sold in each market, and with what probability, given regulatory clearance and reimbursement.
  • Device sales and gross marginInstalled base and consumablesRevenue from devices, capital equipment, consumables and service, and the cost of goods sold.
  • Capacity and productionFeed × conversion yield
  • Sales volumes by productBase units × growth
  • Pricing and pass-throughPrice with annual increases
Key numbers

The numbers it tracks.

  1. 01units sold
  2. 02installed base
  3. 03recurring revenue share
  4. 04gross margin
  5. 05R&D to sales
  6. 06EBITDA margin
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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Every healthcare model

Looking for a medical device company financial model template? Ours arrives built for your business, with your figures in it.

Running a small business? Read what goes into a small business financial model.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.