Nelson Advisors European HealthTech and MedTech IPO Predictions 2026 and 2027

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.​

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.

Read the report https://www.healthcare.digital/single-post/european-healthtech-and-medtech-ipo-predictions-2026-and-2027